Company Registration No. 2073471 {England and Wales) Charty Registration No. 702372 SHROPSHIRE AND WEST MIOLAND5 AGRICULTURAL SOCIETY AMNUAL REPORT AND UNAUDITEO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 *A8FHIED6• 27110r2022 COMPANIES HQVSE #16 SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr N Sadler Mr M James Mr P Thorneycroft Mr L Jackson Mrs R Alton Mrs D Evans Secretary Mr N Sadler Charity number 702372 Company number 2073471 Registered office The Agricultural Showground BeMck Road Shrewsbury Shropshire SY12PF Independent examiner James Holyoak & Parker Limited 1 Knights Court Archers Way Battlefield Entewse Par* Shrewsbury SY1 3GA Society President Mr R H(*ne Bankers HSBC 33 - 36 High Street Shrewsbury Shropshire SY1 1SL SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY CONTENTS Page Trustees reprmt In¢Jependenl examinerfs report Statement of financial activities Balance sheet Notes to the financial statements 6-15 SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021 The trustees present their annual report and ffina￿al stateme￿5 for the year ended 31 December 2021. The financial statements have been prepared in &cordarKe wth the accounting policies set out in note 1 to the financial slatements and comply with the societls governing document. the Companies Act 2006 and Accounting and Reporting by Charities". Statement of Recommendea Practice applicable lo charitie5 preparing their 8¢¢ounls i accordance with the Financial Repo￿.ng Standard appli¢able in the UK and Republic of Ireland (FRS 1021" leffecb've 1 January 20191. Objectives and activities Charitable objectives To promole agriculture and all of its various branches, e￿OUrage skJ"Il and industry in all of its trades, crafts and professions and to an annu31 show to help to promote all of the above. Short temi objè¢tive$ The main objective in 2021 was lo recover fr(Nn Ihe effecls of flc(*Jing in 2019r20 and also to re-establish the Society as it recOVe￿d from the effects of COVID-19. This was being led by a five-year business plan which we have put into pracb"ce. We have now suGcessfiJlly pa￿ off ihe final balance on the Creditors Voluntary Agree￿ent ICVAI. The trustees are conslanuy mindfvl of the fact that our $(Kcess and iThJeed failure is very much sjbject to the vagaries of the climate. We have been ￿allY fortunate with Ihe weather for the Show over the last few years and this year's event Iwhich was delayed until July as a result of the COVID restrictions) did, in fact, make a 5rnall profit and the 8onfire and Fireworks night was a sell-oul wth more than 5000 attendees earning a substantial profit. Camping and caravanning were our main income stream during the eartier part of the year as this was allowed nder the COVID restrictions and. as foreign travel was still restricted. we were very busy throtlghout the year. In the latter part of the season Showground leth.ngs stsrted to resume and generate salisfaclory income On￿ again. We conlinue to inuease the number of pemianenl electn"c hook-ups for caravanning leading to a growth in the number of hirers and return bookings. The Charity Shops. now numbering five. continue to be very SUC￿$fiJI and, combined ¥￿th the surplus stock donated from the weekly car bool sales. produce a healthy income which provides a cash flow during the winter months when events are less frequent and also take away some of the pressure caused by our susceptitility to nter flooding. The prime objective of the trustees remains the delivery of an annual County Show and every other activity at the Showground Is towards this end. The trustees are however aware of their Tespon5ibililies to the fam)ing ¢ommunity in Shropshire and, although we had to curtail payments during the main COVID period. we are now financially sound enough again to provide funding in the fom) of bursaries to agri¢ultural students who are studying in the county, we are also underpinning the Shropshire Federab"on of Young Farmers Club5 in various ways and Village Halls continue to be supported via the Community Counal of Shropshire. The Iruslees have paid due regard to guidan￿ is$￿ by the Charity Commission in deciding what activitie5 the soaety should undertake. Volunteers The Show is organised int¢ seetions.. Horse. Catue. Sheep, Poultry, Marketing, Membership, Food Hal and Gales. each seth'on has an organising committee who report to the Show Chaimian. Mr Neale Sadler. Volunteers provide very Considerable contribution lo the Society in assisting with the preparations and running of the County Show, but also al a number of other fundraisiThJ events the Showground throughout the year. Truslees ¢ontribule a considerable level of b.me in their tssk of rUnn￿g the Society. The benefit to the Society of the work of the Truslees, Section commrttees and Volunteers Is significant in helping to reduce Costs. SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Achievements and performance The 2021 show, whilst being somewhat hybrid in nature. was a successful show wih a good attendance boosted by people's desire lo attend evenls again after the easing of Ihe COVID restriclion5. Based upon the very positive feedback we received about the show. it vffjs a major success. Finan¢Blly. we are on a stslse fooling, and we are rK)w Iwking towards ftjrther improvements to the Showground. Financial review Risk management The major risks, to which the tharity is exposed, as identified by the Trustees. have reviewed and systems have been established to manage those risks. Structure. govemance and management The society is a company limited by guarantee and a registered charity governed by its memorandum and artides of association. Every member of the Souety has guaranteed to contribute up to £10 in the event of a winding up. The Iruslees. who are a150 the diredors for the purpose of company law, and wtho served during the year an¢J up to the date of signature of the financial slatemenls were". Mr N Sadler Mr M James Mr P Thorneycroft Mr L Jackson Mrs R Alton Mrs D Evans Our main Sponsors, The GrèenhDUS Gioup of Companies, continue lo support us both financially and throu9h their business acumen and Mr Martin Jarnes is a Twslee appointed by them to sit on the Board". this Wds thar final year of Sponsorship as per the initial agreement. Trustees who are appointed are wuired to be subscribing members of the ￿"ety and duly elected by a meeting of the Trustee Board. Trustees are recruited for their expertise in a variety of fields relevant to the activities of the Society" these in¢lude agricultu￿, education. advert15ing and commercial experien¢e and .finan¢e. The Society requires Trustee5 to be familiar with company law and charity law as it applies lo the activities of the Society and where induction is required this is provided by the voluntary sector support unit of Shropshire Community Support. The Trustees meet bi•monthly and at each meeting review forecast income and expenditure over the pr￿edIng months as well as commrtrnents lo expenditure and projected income over tt* succeeding Iwo monlhs. We ￿ntInue to seek new Trustees. p8rti¢vlarfy those with a financi81 background to fill the Treasurer's role although, as we have now moved ovef to a new ac¢ountsng system whi¢h ensures that our financial statements are much easier lo prooluce and are far more accuiate, we see this role now as being a Management Accounting role rather than the more tradrtional Treasurer, The trustees report was approved by the Board of Trustees. Mr L Jackson Trustee 6 October 2022 SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY I report to the Iruslees on my examination of the finanoal slalements of Shropshire and West Midlands Agricultural Society (the societyl for the year ended 31 December 2021. Responsibilities and basis of report As the trustees of the society land also its diiectors for the purposes of company law) you are responsible for the preparation of the finanual slatements in a¢cordan¢e with the requirements of the C(Ampanies Act 20C6 {the 2006 Acll Having satisfied myself that the financial slalemenls of the Society are not required lo be audited under Part 16 01 the 2006 Act and are eligible for independent examination, I report in respect of my examination of the society's financial statements ¢arried ¢)Lrt under section 145 of the charib.es A¢t 2011 Ilhe 2011 Adl. In ¢arrying out my examination I have followed all the applicable Directions given by Ihe Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement Since the society's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I mnfim? that l am qualthed to undertake the examination beGause l am a member of , which is one of the listed bodies. I have completed my exarnirbalion. l ¢x)nfimi that no matters have come to my attentton in wnneCti(￿ with the examinats'on giving Me cause to believe that in any material respect.. accounling iecords were not kept in respect of the society as required by seth'on 386 of the 2006 Act., or the financial statements do not accord with those records", or the financial statements do not comtyy wth the accounting requirements of section 396 of the 2006 Act other than any ￿qlIlreMent that the accoLrnts give a true and fair view which is nol a matter considered as part of an independent exarninab"on", or the finan¢ial slalemenls have r)ol been prepared in accordan¢e with the methods and prin¢iples of the Statement of Recommended P¥actice for accounting and reportin9 by charities applicable lo charities preparing their accounts in accordan¢e wrth the Financial Reporting Stsndard applicable in the UK an Repvblic of Ireland IFRS 1021. I have no concems and have come afX0S5 no other mattefs in connection wth the examination to which attention should be drawn in this report in order to enable a proper understanding of the finanual statements lo be reached. James Holyoak & Parker Limited 1 Knights Court Archers Way Battlefield Enterprise Park Shrewsbury SY1 3GA Dated.. 6 Oclober 2022 SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 Unrestrlcted Unrestrlcted funds funds 2021 2020 Notes In Voluntary incorne 2,505 6,142 Show Shops Other activities for generating fun(Js Other Income 171.865 189.139 131.36$ 146,743 28.817 117.517 39,413 164.374 Total in¢omg 643.617 356,263 en iture on= Cost of show Cost of shops Other expenses Governance 74,913 202,139 284.198 8,174 23,776 199.589 110,028 6.835 Total charilable expendlture 569.424 340,228 Net incomE for thè yearl Net movement in funds 74.193 16,035 Fund balances at 1 January 2021 122,364 106,329 Fund balances at 31 D&cember 2021 1￿,557 122,364 The ststemenl of financial aclivrties indudes all gains and h)5ses recogni5ed in the year. All income and expendilure derive from continuir¥J activities. The statement of financ181 a¢tiVrt￿S also complie5 the requirements for an income and expenditure account under the Companies Act 2006. SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY BALANCE SHEET ASAT31 DECEMBER 2021 2021 2020 Notes Fixed assets Tangible assets 10 111,246 91,694 Current assets Stocks Deblors Cash al bank in hand 11 12 2,298 9,137 190.272 2.795 21.888 113.444 201.707 138,127 Teditors- amounts falling due within one year 15 161.3961 (32.457) Net current assels 140.311 105,670 Totsl ass•ts le55 Gurfynt liabilitie$ 251.557 197,364 Crgditoys.. amount5 falling due after More than one year 16 (55,0001 (75,000) Net assets 1￿,557 122,364 Income funds Unreslricled funds 196,557 122,364 196,557 122,364 The company is entitled to the exemption from the audit reqU1￿ment contained in se¢tion 477 of the Companies Act 2006, for the year ended 31 DeGember 2021. The directors acknovAedge their responsibilities for complying wtth the requirements of the Companies Act 2006 wrth respect to accounting records and the preparab.on of financial slatements. The members have n¢1 required the company to obtsin an audit of it5 financial stslemenls for the year in question in accordance with section 476. These financial statements have been prepared in accc*dan¢e wilh the provisions applicable to companies subject to the small companies regitne The finanaal statements were approved by the Trustees on 6 Octoter 2022 Mr Trustee Company registration number 2073471 SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies Charity infomiation Shropshire and West Midlands Agricultural Society is a private Company limited by guarantee incorporated in England and Wales. The registered office is The Agricultural Showground. Berwick Road, Shrewsbury, Shropshire, SY1 2PF. 1.1 Accounting convention The financial statements have been prepared in accordar￿e wth the society's Igoverning documentl, the Companies Act 2006, FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland fFRS 102.) and the Charities SORP "Accounting and Reporting ty Charities.. Statement ol Recommended Prachce applicable to charities preparing th￿r a¢￿UnIS in accordance with the Financial Reporting Slandard applicable in the UK and Republi¢ of Ireland IFRS 102)" (effective 1 January 2019). The society is a Public Benefit Entity as defined by FRS 102. The society has taken advantsge of the provisions in the SORP for charities not lo prepare a Statement ot Cash Flows. The financial statements a￿ prepared in sterling, which is the funcb.onal cU￿neY of the society. Monetary amounts in these financial statements are rcMJnded to the nearest £. The financial statements have been prepared under historicxl cost convention. The principal accounting polieies adopted are set out below. 1.2 Going concern At the lime of approving the financial stslemenls. the trustees have a reasonable exr*clation that the KKiety has adequate resources to contsnue in operational existence for the foreseeable future. Thus the trwtees ¢onlinue lo adopt the goiry ¢¢ncem b35is of a¢¢ounb"ThJ in preparing the finanual slalements. 1.3 Charitable funds Unrestricted funds are available lor use at the disfftts.on of trustees in furtherance of their Charitable objectives. Restricted thjnds are subject lo specrfic CCKKlitions by dor￿r5 as lo how they may be used. The purposes and uses of the reslrided lunds are set out in the notes to the financial statements_ Endowment funds are subject to sFecific conditions by donors that the capital must be maintained by the strciety. 1.4 Income Income is recognised when the society is legalty entitled to it after any perforTnance conditions have been met, th& amounts Can be measured reliably. ar￿ il is prOba1￿e that income ￿11 be received. Cash donations are recognised on rtteipt. Other don81ions a￿ recognised On￿ Ihe has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations receivetl under Gift Aid or deeds of covenant is ￿COUn15ed at the lime of the donation. Legacies are recognised on rewpt or otherwise if the society has been notified of an impending d6lribuiion. the amount is known, and receipt is expected_ If the amount is ￿t known, the legacy. is treated as a contrngent asset. All membership subscriptions are credited as received. Sponsorship income nomally takes account of "in kind" assistance including loans of equipment m￿e free of charge. Costs would nomially have been increased by the same amount as if we had paid for these items. However. for these accounts those figures have not been induded_ SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting polic5es (Continued) Vvhere g¢*)ds, Servi￿ and labour are [￿0v￿ed free of charge and the value can be reasonably quantified, an appropriate amounl of voluntary income is recognised in the Statement of Financial Aclivrties and is matched by an equivalent amount under an #p￿￿p￿#te heading. 1.5 Expendlture Expenditure is reGognised Mce there is a legal or constructive obligation to transfer gconomic bgnefit to a third party, it is probable that a transfer of economic benefrts wll be requI￿d In settlement, and the amount of the obligab.on can be measure(I reliably. Expendrture is classified by activty. The costs of each activty are made up of the total of dIr￿t costs and shared costs, including support costs involved in undertaking each ath"vty- Dire¢t costs attribulatAe lo a single activity are allocated directly to that activity. Shared costs which contribute to rn0￿ than one activity and support costs which are not altn"bulable to a single a¢b"¥ity a￿ appO￿on￿ betsveen those aclivilEs on a basis consistent wlh the use of resources. Central staff costs are allocated on the basis of time Spent, and depreaation charges afe allocated on the ports'on of the asset's use. 1.6 Tangible fixed assets Tangible fixeé assels are initially measured at C05t and subsequently measured al Cost or valuation, net of depreciation and any impairment losses. Depfeciation is recogni5ed so as to write off cost or valuation of assets less their ￿sIdUal values over their useful lives on the following ba$e$'. Propety Improvements Show ground equipment Trophies and cups Computers Motor vehicles 10% on c05t 10% on c051 Not depreciated 20% 10 33°h on c05t 20% on cost The gain or loss arigng on ￿ disposal of an asset is detemiined as the difference btheen the sale proceeds arKI the ¢arrwng value of the 855et. and is recognised in the 5tstement of financial activities. Depreciation 1$ not charged wthin the year of acquistion. The trophies and cups held by the sooety are induded ￿thin tsngible fixed assets at market value. 1.7 Impaim)gnt of fixed assets Al each reporb.ng end dale, the society revie** the carwng amounts of rts tangible assets lo deterniine whether there is any indication that Ih05e assets have suffered an irnpaitment loss. If any such Ind￿allon exists. the re¢overable amount of the asset is estsmale(l in order to detemiine the extent of the impairment loss (if any). 1.8 Stocks Stocks are ststed at the lower of cost and estimated selling Pri￿ less costs to complete and sell. C05t comprises direct matenals and, where aP￿1¢able. direct latK•ur costs and those overheads that have been incurred in bringing the stocks lo their present bcation and ￿ndItion. Items held for distribution at no or nominal ¢onsiderats"on are measuftd the lovM of replacement cost and cost. Net realisable value is the esb"m*ed Selling price less all estimated costs of completion and costs to be incurred in marketing, selling and di5tn"bub"tNI. SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting pollcles (Continued) 1.9 Cash and ca$h equNal•nts Cash and cash equivalents include cash in hand. deposits held at call wth banks, other short-lemi liquid investments wth original maturities of thiee months or less. and bank ovwdrafts. Bank overdrafts are ghown wrthin borrowings in Current li8bilib"es. 1.10 Financial instruments The society has elected to apply the prowsions of Section 11 'Basic FinanrAal Instruments. and Section 12 'Oth&r Financial Instruments Issues. of FRS 102 to all of rts finantial instruments. Financial instruments are recognised in the societys balance sheet when the sooety becomes paty to the contractual provisiorh5 of the instrument. Financial assets and liabilities are offset, wth the net amounts presented in ihe financial slalements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the assel and settle the liabklty srmultaneousty. Basic fjnaftcial assets Basic financial a5sels, which incIL￿e debtors and cash and bank balances, are initially measured at transaclion price induding Iransaction costs and are subsequentty carried at amortised c05t using the effective interest method unless the arrangement consblute5 a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financ￿1 assets ciassrfied as ￿CeIVable wrthin one year are not amortised. 8asic Ilnancial liabilllNes Basic financial li8bililies. including Gredilors and bank loans a￿ initially recoyni5ed at IransaGtion price unless the arrangement constitutes a financing transaction. %there the debt instrument is measured al the present value of the lulure payments discounted al a market rate of interest. Financial liabilities classified as payable wrthin one year are not amortised. Debt instruments are subsequentw carried at amortised cost. using the effeetive interest rate method. Trade creditors are obligations to pay for goods or seryices thal have been acquirecl in the or¢Jinary course of operations from suppliers. Amosjnts payable are classtfied as current liabilities if payment is due within one year or less. If not. they are presented as noTrGurrent liabililies. Trade credrtors are recogniseé initially al transaction price and subsequently measured at amorhsed c05t using the effective interest method. De￿OgnitIon of financial liabilities Financial liabilitses are dere￿nised when the srxievs conlractual obligations expire or are discharged or cancelled. 1.11 Employee beneflts The cost of any unused PK)liday enbtlement is recognised in the period in which the employee's services are received. Temiination benefits a￿ recognised immediately a* an expense wheri Ilie SLLIELY is deiiionstrably committed to terminate the employment of an employee or to provide teminats.on b￿fits. 1.12 Retirement benefits Payments to defined ￿n￿"bUttOn retirement benefft schemes are charged as an expense as they fall due. SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Crltlcal accounting estimates and Judgements In the application of the society's accountirvj pdicies. Ihe tnjstees are required to make judgements, estimates arhd assumptio￿5 about the carying amount of assets and liabililie5 that are not readily appa￿nI from othor sources. The estimates and associated assumplions are based on historical experience and other factors that are ¢onsifJered tr> be relevant. Actual results may differ from Ihese eskn"mates. The estimates and underfying assUmptic￿S are re￿eWed an Ong￿ng basis. Rewsions to accounting eslim8les are reGognised in the period in which the estirnale is revised where the revision affects cmly that period. or in the period of the revision and fviure periods %there the revision affects both current and future periods. Voluntsry Incom8 Unrestricted Unrestricted funds ftjnds 2021 2020 Donations and gifts 2,505 6,142 Clraritable activities Show Total 2021 Show Shop5 Totsl 2020 2021 2021 2020 2020 Income Gift aid 171.865 183.776 5.363 355,641 5,363 28,617 113.233 4.284 142.OSO 4,284 171.865 189.139 361.004 28,817 117.517 146,334 Other actlvttles for generatlng funds Unreslrlcted Unrestricted funds lunds 2021 2020 Letting income Fundraising events 101,995 29,370 36,628 2,785 Other activities for generats.ng fijnds 131,365 39,413 SHROPSHIRE AND WEST MIDLANDSAGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Other income Unrestricted Unrestricted funds funds 2021 2020 Govemment 5UPPOrt grants for coronavinJs Job retenlion scheme income 1 LIO,296 48,447 52,500 111,874 148.743 164.374 Charitable activities Cost of show 2021 Cost of shops 2021 Other Govemance expenses 2021 Total 2021 Total 2020 2021 Staff costs Depreciation Show Telephone License fees Postsge and stationery Repairs and maintenance Ground maintenance Rates and water Light and heal Insurance IT and sofv4are Rent Bank charges Interest payable Advertising ar￿ publicity Professional fees Other expenses 133.048 81.322 26.121 214.370 26.121 74.913 5.119 1.037 4.427 34,866 9,385 776 34,550 23,801 9,356 72,791 4,378 1,223 4,668 2,800 44,843 174,624 22.272 23.776 4,910 656 2.667 7,551 8,276 1,639 22,317 424 74.913 1.4 3.623 1,037 2,202 34,866 9,385 776 28.676 23.801 9,356 30,250 4.378 1.223 4,668 2.225 5.874 42.541 38.508 2,780 1,133 1,890 2.835 23.970 2.800 5.374 16,955 22.514 74.913 202,139 284.198 8.174 569,424 340,228 74,913 202.139 284.198 8.374 569,424 340,228 10- SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Charitablè activitiès {Continuedl For the year ended 31 De¢ember 2020 Cost of show Cost of shops Other Governan¢e expenses Totsl 2020 Staff costs Depreciation an