Company Registration No. 2073471 (England and Wales) Charity Registration No. 702372
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
CONTENTS
| Page | |
|---|---|
| Trustees report | 2 - 4 |
| Independent examiner's report | 1 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 18 |
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 | ||
| Mr A Hill | (Appointed 1 November | |
| 2024) | ||
| Secretary | Mr N Sadler | |
| Charity number | 702372 | |
| Company number | 2073471 | |
| Registered office | The Agricultural Showground | |
| Berwick Road | ||
| Shrewsbury | ||
| Shropshire | ||
| SY1 2PF | ||
| Independent examiner | James Holyoak & Parker Limited | |
| 1 Knights Court | ||
| Archers Way | ||
| Battlefield Enterprise Park | ||
| Shrewsbury | ||
| SY1 3GA | ||
| Society President | Anna Turner His Majesties Lord Leftenant of Shropshire | |
| Bankers | HSBC | |
| 33 - 36 High Street | ||
| Shrewsbury | ||
| Shropshire | ||
| SY1 1SL |
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 2024.
Responsibilities 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 with the requirements of the Companies Act 2006.
Having satisfied myself that the financial statements of the society are not required to be audited under Part 16 of the Companies Act 2006 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. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Since the society’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, 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:
-
1 accounting records were not kept in respect of the society as required by section 386 of the Companies Act 2006.
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
-
4 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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
James Holyoak & Parker Limited
1 Knights Court Archers Way Battlefield Enterprise Park Shrewsbury SY1 3GA Date: ............................
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SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024.
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).
Objectives and activities
Objectives:
Charitable Objectives. - To promote agriculture 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 Objectives. - The main objective in 2024 was to consolidate from the effects of flooding in late 23 and early 24 and also to re-establish the Society as it recovered from the effects of COVID-19.
The trustees are constantly mindful of the fact that our success and indeed failure is very much subject to the vagaries of the climate. We have been really fortunate with the weather for the Show over the last few years and this year’s event did, in fact, make a loss and the Bonfire and Fireworks night was a successful.
Camping and caravanning continues to be a main income stream. We continue to increase the number of permanent electric hook-ups for caravanning leading to a growth in the number of hirers and return bookings.
The Charity Shops, now numbering six, and continue to be successful although a slight downturn this year and with some investment into the till system and some refurbs on the shops has reduced the expected income, 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 susceptibility to winter 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 responsibilities to the farming community in Shropshire and, we are also underpinning the Shropshire Federation of Young Farmers Clubs in various ways and Village Halls continue to be supported via the Community Council of Shropshire.
Volunteers
The Show is organised into sections: Horse, Cattle, Sheep, Poultry, Marketing, Membership, Food Hall and Gates, each section 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 Society. The benefit to the Society of the work of the Trustees, Section committees and Volunteers is significant in helping to reduce costs.
Achievements and performance
The 2024 show, was a successful show with a good attendance. Based upon the very positive feedback we received about the show, it was a major success.
Financially, the year was a difficult one financially, and we are now looking towards further stability and improvements to the Showground, although electricity costs remain a significant concern.
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SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Financial review
Risk management
The major risks, to 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 Society has guaranteed to contribute up to £10 in the event of a winding up.
Trustees who are appointed are required to be subscribing members of the Society 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 include agriculture, education, advertising and commercial experience and finance. The Society requires Trustees to be familiar with company law and charity law as it applies to 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 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, we see this role now as being a Management Accounting role rather than the more traditional ‘Treasurer’.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr N Sadler
Mr P Thorneycroft Mrs D Evans Mr D Parsons Mr S Rouse Mr D Edwards Mr A Hill (Appointed 1 November 2024)
Trustees who are appointed are required to be subscribing members of the Society 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 include agriculture, education, advertising and commercial experience and finance. The Society requires Trustees to be familiar with company law and charity law as it applies to 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 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 system 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 traditional ‘Treasurer’
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SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees report was approved by the Board of Trustees.
.............................. Mr N Sadler Trustee Date: .............................................
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SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 3 | 1,035 | 624 |
| Charitable activities | |||
| Show | 4 | 306,175 | 297,761 |
| Shops | 4 | 312,927 | 358,005 |
| Other trading activities | 5 | 200,554 | 142,364 |
| Investments | 6 | 1,519 | 836 |
| Other income | 7 | 21,026 | 1,830 |
| Total income | 843,236 | 801,420 | |
| Expenditure on: | |||
| Charitable activities | |||
| Cost of show | 9 | 128,400 | 133,204 |
| Cost of shops | 9 | 314,780 | 293,696 |
| Other expenses | 9 | 418,800 | 381,184 |
| Governance | 9 | 11,143 | 19,737 |
| Total charitable expenditure | 873,123 | 827,821 | |
| Total expenditure | 873,123 | 827,821 | |
| Net expenditure and movement in funds | (29,887) | (26,401) | |
| Reconciliation of funds: | |||
| Fund balances at 1 January 2024 | 152,707 | 179,108 | |
| Fund balances at 31 December 2024 | 122,820 | 152,707 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Fixed assets Tangible assets 14 Current assets Stocks 15 Debtors 16 Cash at bank and in hand Creditors: amounts falling due within one year 19 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 20 Net assets The funds of the society Unrestricted funds 22 |
2024 £ 3,125 51,343 75,184 129,652 (81,810) |
£ 96,254 47,842 144,096 (21,276) 122,820 122,820 122,820 |
2023 £ 2,170 17,353 111,694 131,217 (42,981) |
£ 86,971 88,236 175,207 (22,500) 152,707 152,707 152,707 |
|---|---|---|---|---|
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 2024.
The director acknowledges his 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 trustees on .........................
..............................
Mr N Sadler
Trustee
Company registration number 2073471 (England and Wales)
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SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024
1 Critical accounting estimates and judgements
In the application of the society’s accounting policies, the trustees are required to make judgements, 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 to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2 Accounting policies
Charity information
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.
2.1 Accounting convention
The financial statements have been prepared in accordance with the society's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". 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 society. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2 Going 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 existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 Charitable 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 uses of the restricted 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 Income
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.
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SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2 Accounting policies
(Continued)
Cash donations are recognised on receipt. Other donations are recognised once the society has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the society has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent 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 provided free of charge and the value can be reasonably quantified, an appropriate amount of voluntary income is recognised in the 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 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 are allocated on the portion of the asset’s use.
2.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Property Improvements 10% on cost Show ground equipment 10% on cost Trophies and cups Not depreciated Computers 20% to 33% on cost Motor vehicles 20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
The trophies and cups held by the society are included within tangible fixed assets at market value.
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SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
2 Accounting policies
(Continued)
2.7 Impairment of fixed assets
At each reporting end date, the society reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
2.8 Stocks
Stocks 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 replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
2.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments 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 society has elected to 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 society's balance sheet when the society becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, 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 asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised 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 at 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 liabilities if payment 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 contractual obligations expire or are discharged or cancelled.
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SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
2 Accounting policies
(Continued)
2.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the society is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 1,035 | 624 |
| Income from charitable activities | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Show | ||
| Sale of goods | 306,175 | 297,761 |
| Shops | ||
| Sale of goods | 310,093 | 347,508 |
| Gift Aid | 2,834 | 10,497 |
| 619,102 | 655,766 |
- 4 Income from charitable activities
5 Income from other trading activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Letting income | 121,948 | 89,895 |
| Fundraising events | 78,606 | 52,469 |
| Other activities for generating funds | 200,554 | 142,364 |
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SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
6 Income from investments
| Unrestricted | Unrestricted | |||
|---|---|---|---|---|
| funds | funds | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Interest receivable | 1,519 | 836 | ||
| 7 | Other income | |||
| **Unrestricted ** | Unrestricted | |||
| funds | funds | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Net gain on disposal of tangible fixed assets | 5,000 | - | ||
| Government support grants for coronavirus | - | 1,830 | ||
| Rent for pod | 1,830 | |||
| 21,026 | 1,830 | |||
| 8 | Grants payable | |||
| Cost of | Cost of | |||
| show | show | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Grants to the community: | ||||
| Other | 4,935 | 4,616 |
-
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SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
9 Charitable activities
| Staff costs Depreciation Show Telephone License fees Postage and stationery Repairs and maintenance Ground maintenance Rates and water Light and heat Insurance IT and software Rent Bank charges Interest payable Advertising and publicity Professional fees Other expenses Grant funding of activities (see note 8) |
Cost of show 2024 £ - - 123,173 - - - - - - - - - - - 292 - - - 123,465 4,935 128,400 |
Cost of shops Other expenses Governance 2024 2024 2024 £ £ £ 197,433 130,729 - - 21,436 - - 3,459 - 3,866 4,136 - - 320 - 4,305 3,402 - - 23,778 - - 22,010 - - 131 - 16,937 95,883 - - 16,791 - - 18,894 - 55,960 15,375 - - 4,407 - - 2,638 - - 23,519 - - - 3,668 36,279 31,892 7,475 314,780 418,800 11,143 - - - 314,780 418,800 11,143 |
Total 2024 £ 328,162 21,436 126,632 8,002 320 7,707 23,778 22,010 131 112,820 16,791 18,894 71,335 4,407 2,930 23,519 3,668 75,646 868,188 4,935 873,123 |
Total 2023 £ 320,915 22,084 132,828 5,360 1,191 10,305 40,695 17,708 170 70,797 13,417 12,447 65,315 3,682 3,897 25,096 3,500 73,798 |
|---|---|---|---|---|
| 823,205 4,616 |
||||
| 827,821 |
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SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
9 Charitable activities
(Continued)
For the year ended 31 December 2023
| Cost of show Cost of shops Other expenses Governance £ £ £ £ Staff costs - 182,604 138,311 - Depreciation and impairment - - 22,084 - Show 128,588 - 4,240 - Telephone - 3,031 2,329 - License fees - - 1,191 - Postage and stationery - 7,165 3,140 - Repairs and maintenance - - 40,695 - Ground maintenance - - 17,708 - Rates and water - - 170 - Light and heat - 10,735 60,062 - Insurance - - 13,417 - IT and software - - 12,447 - Rent - 55,690 9,625 - Bank charges - - 3,682 - Interest payable - - 3,897 - Advertising and publicity - - 25,096 - Professional fees - - - 3,500 Other charitable expenditure - 34,471 23,090 16,237 128,588 293,696 381,184 19,737 Grant funding of activities (see note 8) 4,616 - - - 133,204 293,696 381,184 19,737 Analysis by fund Unrestricted funds 133,204 293,696 381,184 19,737 10 Net movement in funds 2024 £ The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements - Depreciation of owned tangible fixed assets 21,436 Profit on disposal of tangible fixed assets 5,000 |
Total 2023 £ 320,915 22,084 132,828 5,360 1,191 10,305 40,695 17,708 170 70,797 13,417 12,447 65,315 3,682 3,897 25,096 3,500 73,798 |
|---|---|
| 823,205 4,616 |
|
| 827,821 | |
| 827,821 | |
| 2023 £ - 22,084 - |
11 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the society during the year.
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SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
12 Employees
The average monthly number of employees during the year was:
| Administration Shop Total Employment costs Wages and salaries Social security costs Other pension costs |
2024 Number 2 15 17 2024 £ 300,013 10,241 4,137 314,391 |
2023 Number 2 17 |
|---|---|---|
| 19 | ||
| 2023 £ 290,601 11,721 4,593 |
||
| 306,915 |
Redundancy and termination payments totalling £6,257.35 were made in the reporting period.
There were no employees whose annual remuneration was more than £60,000.
13 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 14 Tangible fixed assets Property Improvements Show ground equipment Trophies and cups Computers £ £ £ £ Cost At 1 January 2024 125,321 106,212 21,536 28,171 Additions - 6,725 - - Disposals - - - - At 31 December 2024 125,321 112,937 21,536 28,171 Depreciation and impairment At 1 January 2024 89,440 84,866 - 25,292 Depreciation charged in the year 9,019 4,557 - 760 Eliminated in respect of disposals - - - - At 31 December 2024 98,459 89,423 - 26,052 Carrying amount At 31 December 2024 26,862 23,514 21,536 2,119 At 31 December 2023 35,881 21,346 21,536 2,879 15 Stocks Finished goods and goods for resale 16 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income |
|
|---|---|
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SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 17 Loans and overdrafts Bank loans Payable within one year Payable after one year 18 Finance lease obligations |
2024 £ 22,500 15,000 7,500 |
2023 £ 37,500 |
|---|---|---|
| 15,000 22,500 |
||
| Future minimum lease payments due under finance leases: Within one year Within two and five years Creditors: amounts falling due within one year Notes Bank loans 17 Obligations under finance leases 18 Other taxation and social security Trade creditors Accruals and deferred income Creditors: amounts falling due after more than one year Notes Bank loans 17 Obligations under finance leases 18 |
2024 £ 2,782 13,776 16,558 2024 £ 15,000 2,782 13,725 38,028 12,275 81,810 2024 £ 7,500 13,776 21,276 |
2023 £ - - |
|---|---|---|
| - | ||
| 2023 £ 15,000 - - 10,721 17,260 |
||
| 42,981 | ||
| 2023 £ 22,500 - |
||
| 22,500 |
19 Creditors: amounts falling due within one year
20 Creditors: amounts falling due after more than one year
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SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 21 | Retirement benefit schemes | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Defined contribution schemes | £ | £ | |
| Charge to profit or loss in respect of defined contribution schemes | 4,137 | 4,593 |
The society operates a defined 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.
22 Unrestricted 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 grantors 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 General funds Previous year: At 1 General funds |
January 2024 Incoming resources Resources expended At 31 December 2024 £ £ £ £ 152,707 843,236 (873,123) 122,820 January 2023 Incoming resources Resources expended At 31 December 2023 £ £ £ £ 179,108 801,420 (827,821) 152,707 |
|---|---|
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SHROPSHIRE AND WEST MIDLANDS AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
23 Operating lease commitments
At the reporting end date the society had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
| Within one year Between two and five years |
2024 £ 2,875 - 2,875 |
2023 £ 11,500 2,875 |
|---|---|---|
| 14,375 |
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