Company Registration No. 2073471 (England and Walosl Charity Reglstratlon No. 702372 SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY CONTENTS Page Truslees report Independent examinerfs report statement of financial activities Balance sheet Notes to the financial statements 6-16
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr N Sadler Mr P Thorneycroft Mrs D Evans Mr D Parsons Mr S Rouse Mr D Edwards {Appointed 12 March 2023) (Appointed l March 2023) (Appointed 1 March 2023) Secretary Mr N Sadler Charlty number 702372 Company number 2073471 Reglstered offlce The Agricultural Showground Berwick Road Shrewsbury Shropshire SY1 2PF Indep6ndent examlner James Holyoak & Parker Limited 1 Knights Court Archers Way Baltlefield Enterprise Park Shrewsbury SY1 3GA Soclety Presldent Mrs Margaret Thrower Bankers HSBC 33 - 36 High Street Shrewsbury Shropshire SY11SL
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the society's governing document, the Companies Act 2006 and "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). Objectlves and actlvltle5 Charltable obJe¢tlves To promote agrÉcullure and all of its various branches, encourage skill and industry in all of its trades, crafts and professions and to hold an annual show to help to promote all of the above. Short term objectlves The main objective in 2023 was to recover from the effects of flooding in late 22 and early 23 and also to re- establish the Society as il recovered from the effects of COVID-19. This was being led by a five-year business plan which we have put into practice. The trustees are constantly mindful of the fact that our success and indeed failure is very much subject lo the vagaries of the climate. We have been really fortunate wlh the weather for the Show over the last few years and this year's event did, in fact, make a small loss and the Bonfire and Fireworks night was difficult as the weather was very poor. Camping and cgravanning continues to be a main income stream,. We contlnue to increase the numb8r of permanent electric hook-ups for caravanning leading to a growth in the number of hirers and return bookings. The Charity Shops, now numberlng six, continue to be very successful and, combined with the surplus stock donated from the weekly car boot 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 susceplitility to winter flooding. The prime objective of the trustees remains the delivery of an annual County Show and every other activlty at the Showground is towards this end. The trustees are however aware of their responsibilities to the farming community 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 form of bursaries to agricultural students who are studying in the county, we are also underpinning the Shropshire Federation of Young Famiers Clubs in various ways and Village Halls continue to be supported via the Communily Council of Shropshire. Volunteers The Show is organised into sections.. Horse, Callle, Sheep, Poultry, Marketing, Membeiship. Food Hall and Gates, each seclion has an organising committee who report to the Show Chairman, Mr Neale Sadler. Volunteers provide a very considerable contribution to the Society in assisting with the preparations and running of the County Show, but also at a number of other fundraising events on the Showground throughout the year. Trustees contribute a considerable level of time in their task of running the Sociely. The benefit to the Society of the work of the Trustees, Section committees and Volunleeis is significant in helping to reduce costs. Achlevements and performance The 2023 show, was a successful show with a good attendan. Based upon the very positive feedback we received about the show, it was a major success. Financially, we are on a stable fooling, and we are now looking towards further improvements to Showground, although electricity costs remain a signifi'cant concern.
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financlal review Rlsk management The major risks, lo which the charity is exposed. as identified by the Trustees, have been reviewed and systems have been established to manage those risks. Structure, governance and management The society is a company limited by guarantee and a registered charity governed by its memorandum and articles of association. Every member of the Sociely has guaranteed to contribute up to £10 in the event of a winding up. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the dale of signature of the financial statements were.. Mr N Sadler Mr P Thorneycroft MrB D Evans Mr D Parsons Mr S Rouse Mr D Edwards {Appointed 12 March 2023) (Appointed 1 March 2023) (Appointed 1 March 2023) Trustees who are appointed are required to be subscribing members of the Society and duly elected by a meeting of Ihe Trustee Board. Trustees are recruited for their expertise in a variety of fields relevant to the activities of the Society,. these include agriculture, education, advertising and commercial experience and finance. The Society requires Trustees lo be familiar with company law and charity law as it applies to the activities of the Society and where induction is required Ihis is provided by the voluntary sector support unil of Shropshire Community Support. The Trustees meet bi-monlhly and at each meeting review forecast income and expendilufe over the preceding months as well as commitments to expenditure and projected income over the succeeding two months. We continue to seek new Trustees, particularly those with a financial background to fill the Treasurer's role although, as we have now moved over to a new accounting syslem which ensures that our financial statements are much easier to produce and are far more accurate. we see this role now as being a Management Accounting role rather than the more Iraditional 'Treasurer' The trustees report was approved by the Board of Trustees. Mr N Sadler Trustee 9 September 2024
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY I report to the trustees on my examination of the financial statements of Shropshire and West Midlands Agricultural Society (the society) for the year ended 31 December 2023. Responslblllties and basis of report As the trustees of the society (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance wilh the requirements of the Companies Act 20C6 (the 2006 Act). Having satisfied myself that the financial statements of the society are not required to 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 carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145151(b} of the 2011 Act. Independent examlner'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 confirm that l am qualified to undertake the examination because l am a member of IENTER IN DATABASE cy10151, which is one of the listed bodies. 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 that in any material respect.. accounting records were not kept in respect of the society as required by section 386 of the 2006 Act., or the financial statements do not accord with those records., or the financial statements 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 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK an Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. James Holyoak & Parker Llmited 1 Knights Court Archers Way Battlefield Enterprise Park Shrewsbury SY13GA Daled.. 9 September 2024
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Unrestrlcted funds 2022 Notes Income and endowments from: Donations and legacies arita Show Shops 624 450 297,761 358,005 253,267 292,455 Other trading activities Investments other income 142,364 836 1,830 188,171 2,333 Total income 801.420 736,676 Expendlture on: Cost of show Cost of shops Other expenses Governance 133,204 293,696 381,184 19,737 159,423 211,503 377,481 5,718 Total charitable &xpgndlture 827,821 754,125 Total expendlture 827,821 754,125 Net expendlture and movem8nt In funds (28,401) (17,4491 Reconciliatlon of funds: Fund balances at 1 January 2023 179,108 196,557 Fund balances at 31 December 2023 152,707 179,108 The statement of financial aclivities includes all gains and losses recognised in ihe year. All income and expenditure derive from continuing activities.
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets 14 86,971 104,510 Current assets Stocks Debtors Cash at bank and in hand 15 16 2,170 17.353 111.694 3,140 18,249 188,261 131.217 Credltors: amounts falling due wlthln one year 189,650 18 {42.981) {75,052) Net current assets 88,236 114,598 Total assets less current Ilabllitles 175,207 219,108 Credltors: amounts falllng due after more than one year 19 (22,500) (40,000) Net assets 152,707 179,108 The funds of the 8oclety Unrestricted lunds 21 152,707 179,108 152,707 179,108 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question In accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the twstees on 9 September 2024 Mr N Sadler Trustee Company registration number 2073471 (England and Wales)
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023 Crltlcal acGountlng estimates and judgements In the application of the society's accounting policies, the trustees are required to make judgemenls, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimate5. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which Ihe estimate is revised where the revision affects lY that period, or in the period of the revision and future periods where the revision affects both currenl and future periods. Accountlng pollcies Charlty infomiatlon 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, Bemick Road, Shrewsbury, Shropshire, SY12PF. 2.1 Accountlng conventlon The financial statements have been prepared in accordance with the sociely's Igoverning documentl, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" {"FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement ol Recommended Praclice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 20191. The society is a Public Benefit Entity as defined by FRS 102. The society has taken advantage of the provisions In the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the sociely. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The princlpal accounling policies adopted are set out below. 2.2 Golng concern At the time of approving the financial statements, the trustees have a reasonable expectation that the society has adequate resources to continue in operational exislence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 2.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and use5 of the reslricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the society. 2.4 Incorne Income is recognised when the society is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ac¢ountlng policles (Continued) Cash donations are recognised on receipt Other donations are recognised once the society has been notified of the donation, unless perf0mlan Gonditions require deferral of the amount. Income tax recoverable in relation to donation5 received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or othewse if the society has been nolified of an impending distribution. the amount is known. and receipt is expected. If the amount is not known, the legacy is Irealed as a contingenl asset. All membership subscriptions are credited as received. Sponsorship income normally takes account of in kind" assistance including loans of equipment made free of charge. Costs would normally have been increased by the same amount as if we had paid for these items. However, for these accounts those figures have not been included. Where goods, services and labour are provid8d free of charge and the value can be reasonably quantified, an appropriate amount of voluntary income is recognised in Ihe Statement of Financial Activities and is matched by an equivalent amount under an appropriate heading. 2.5 Expenditure Expenditure is recognised once there is a legal or constructive obligalion to transfer economic benefit to a third party, it is probable that a Ifansfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by 8clivity. The costs of each activity are made up of the total of dIrt costs and shared costs, including support costs involved in undertaking each activity. Direct costs atlribulable to a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not allrtbutable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Cenlral staff costs are allocaled on the basis of time spent, and depiecialion charge5 are allocated on the portion of the asset's use. 2.6 Tanglble flxed assets Tangible fixed assets are initially measured at cost and subsequenlly measured at cost or valuation, net ol depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following ba5es'. Property Improvements Show ground equipment Trophies and cups Computers Motor vehicles 10% on cost 1 OOA on cost Not depreciated 20C/o to 330/0 on c05t 20% on cost The gain or105s arising on the disposal of an asset is determined as Ihe difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. Depreciation is not charged within the year of acquisition. The trophies and cups held by the society are included within tangible fixed assets at market value.
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 2.7 Impalrment of flxed assets At each reporting end date, the society reviews the carrying amounts of its tangible assets to detemiine whether there is any indication that those assets have Suffered an impairment loss. If any such indication exists, the recoverable amounl of the asset is estimated in order to determine the extent of the impairment loss {if any). 2.8 stocks Slocks are stated at the lower of cost and estimated selling price less costs to Complete and sell. Cost comprises direct materials and, where applicable. direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacemenl cost and c05t. Net realisable value is the estimated selling price less all eslimated costs of completion and costs to be incurred in marketing, selling and distribution. 2.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid inveslments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 2.10 Financial Instruments The soclety has elecled lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the socieltys balance sheet when the society becomes party to the contractual provisions of the instrumenl. Financial assets and liabilities are offset, with the net amounts presented in Ihe financial statements, when Ihere is a legally enforceable righl to set off the recognised amounts and there is an intention to seltle on a net basis or to realise the asset and settle the liability simultaneously. Baslc financlal assets Basic financial assets. which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently Carried at amortised cost using the effective interest melhod unless the arrangement constilutes a financing Iransaclion. where the transaction is measured at the present value of the future receipts discounted at a markel rate of inlerest. Financial assets classified as receivable within one year are not amortised. Basic financlal liabilltles Basic financial liabi5ities. including creditors and bank loans are initially recogni5ed at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabililies if paymenl is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the society's contraclual obligation5 expire or are discharged or cancelled.
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcies {Contlnued) 2.11 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are received. Termination benefits are recognised immediately as an expense when the society is demonstrably committed to terminate the employmenl of an employee or to provide termination benefits. 2.12 Retirement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall du8. Income from donatlons and legacles Unrestrlcted funds 2023 Unrestrlcted funds 2022 Donations and gifts 624 450 Income from char5table actlvltles Unrestricted funds 2023 Unrestrlcted funds 2022 Show Sale of goods 297,761 253,267 Shops Sale of goods Gift Aid 347,508 10,497 288,926 3,529 655,766 545,722 Income from other tradlng actlvltles Unrestricted Unrestrlcted funds funds 2023 2022 Letting income Fundraising events 89,895 52,469 134,883 53,288 other activities for generating funds 142,364 188,171
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from Investments Unrestricted Unrestricted funds funds 2023 2022 Interest receivable 836 Other Incomg Unrestrlcted Unrestricted funds funds 2023 2022 Government support grants for coronavirus Rent for pod 2,333 1,830 1,830 2,333 Grants payable Cost of show 2023 Grants to the community.. other 4,616 10-
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltable activities Cost of show 2023 Cost of shops 2023 Other Governance expenses 2023 Total 2023 Total 2022 2023 Staff costs Depreciation Show Telephone License *ees Postage and stationery Repairs and maintenance Ground maintenance Rates and water Light and heat Insurance IT and SOfare Rent Bank charges Interest payable Advertising and publicity Professional fees Other expenses 182.604 138,311 22,084 4,240 2,329 1,191 3,140 40,695 17.708 170 60,062 13.417 12.447 9,625 3,682 3,897 25,096 320,915 22,084 132,828 5,360 1,191 10,305 40.S95 17,708 170 70,797 13,417 12,447 65,315 3,682 3,897 25,096 3,500 73,798 264,575 22,509 159,423 3,090 1,401 7,328 46,224 17,778 278 60,101 11,339 5,348 73,298 3,175 3,191 19,607 3,240 52,220 128,588 3,031 7,165 10,735 55,690 3,500 16,237 34,471 23,090 128,588 293.698 381,184 19.737 823,205 754,125 Grant funding of activities (see note 8) 4,616 4,616 133,204 293,696 381,184 19,737 827,821 754,125 11
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable aGtivities (Contlnued For the year ended 31 December 2022 Cost ol show Cost of shops other Governance expenses Total 2022 staff costs Depreciation and impairment Show Telephone License fees Postage and stationery Repairs and maintenance Ground maintenance Rates and wat8r Lighl and heat Insurance IT and software Renl Bank charges Interest payable Advertising and publicity Professional fees other Gharitable expenditure 121,786 142,789 22,509 264,575 22,509 159,423 3,090 1,401 7,328 46,224 17,778 278 60,101 11,339 5,348 73,298 3,175 3,191 19,607 3,240 52,220 159.423 2.268 822 1,401 2,813 46,224 17,778 278 44,428 11,339 5,348 26,250 3,175 3,191 19,607 4,515 15,673 47,048 3,240 2,478 20,213 29,529 159.423 211,503 377,481 5,718 754,125 159,423 211,503 377,481 5,718 754,125 Analysis by fund Unrestricted funds 159,423 211,503 377,481 5,718 754,125 10 Net movement In funds 2023 2022 The net movement in funds is stated after chargingl(crediting)- Depreciation of owned tangible fixed assets 22,084 22,509 11 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the society during the year. 12-
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Employees The average monthly number of employees during the year was.. 2023 Number 2022 Number Administration Shop 17 13 Total 19 15 Employment costs 2023 2022 Wages and salaries Social security costs Other pension costs 290,601 11,721 4,593 249,434 10,878 4,263 306,915 264,575 There were no employees whose annual remuneration was more than £60.000. 13 Taxation The charity is exempt from taxation on ils activities because all ils income is applied for charitable purposes. 14 Tangible fixed assets Property Showground Trophies and Improvements 8quipment cups Computsrs Motor v8hlc19S Total Cost At 1 January 2023 Additions 125.321 104,479 1,733 21,536 25,358 2,813 39,123 315,817 4,546 At 31 December 2023 125,321 106,212 21,536 28,171 39,123 320,363 Depreclation and impalrment At 1 January 2023 Depreciation charged in the year 77.747 80,623 22.021 30,917 211,308 11,693 4,243 3,271 2,877 22,084 At 31 December 2023 89,440 84,866 25,292 33,794 233,392 Carrylng amount At 31 December 2023 35,881 21,346 21.536 2.879 5,329 86,971 At 31 December 2022 47,574 23.856 21,536 3.338 8,206 104,510 13-
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Stocks 2023 2022 Finished goods and goods for resale 2.170 3,140 16 Debtors 2023 2022 Amounts falling due wlthln one year: Trade debtors Prepayments and accrued income 1,580 15,773 17,329 920 17,353 18,249 17 Loans and overdrafts 2023 2022 Bank loans 37,500 55,000 Payable within one year Payable after one year 15,000 22,500 15,000 40,000 18 Credltors: amounts falllng due wlthln one year 2023 2022 Notes Bank loans Other taxation and social security Trade creditors Accruals and deferred income 17 15,000 15,000 12,639 18.168 29,245 10.721 17,260 42,981 75,052 19 Credltors: amounts falling due after more than one year 2023 2022 Notes Bank loans 17 22,500 40,000 14-
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Retirement benefit schemes Deflned contrlbutlon schemes 2023 2022 Charge to profit or loss in respect of defi'ned conlribulion schemes 4,593 4,263 The society operates a defi'ned contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the society in an independently administered fund. 21 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and granlors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2023 Incomlng resources Resources expended At31 December 2023 General funds 179,108 801,420 (827,821) 152,707 Previous year". At 1 January 2022 Incoming resources Resources expended At31 December 2022 General funds 196,557 736,676 (754,1251 179,108 15-
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 22 Operatlng lease commltments At the reporting end dale the society had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2023 2022 Within one year Between two and five years 11,500 2,875 23,500 14,375 14,375 37,875 16-