Southwell And District Agricultural Soci - Charities report - 19.3.2

REGISTERED COMPANY NUMBER: 02748260 (England and Wales)

REGISTERED CHARITY NUMBER: 1021210

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2019

for

Southwell And District Agricultural

Society

Page

Report of the Trustees

1

to

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6

to

7

Notes to the Financial Statements

8

to

13

The trustees who are also directors of the charity for the purposes of the Companies Act 2006,

present their report with the financial statements of the charity for the year ended

31 December 2019. The trustees have adopted the provisions of 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 2015).

OBJECTIVES AND ACTIVITIES

Objectives and activities

The objective of the charity is to promote agriculture and to such end generally improve it in all

branches and to encourage skill and industry in it and in all trades, crafts and professions

connected with it. The trustees confirm that they have referred to the Charity Commission's

general guidance on public benefit in their review of the company's objective. The principal

activity of the charity is to promote the Southwell and District Annual Ploughing Match and

Agricultural Show.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the year the Society continued to promote its objectives by holding its' annual show in

Thoresby Park. The trustees continue to pursue the Society's stated objectives.

Financial Review

The financial statements accompanying this report show a net surplus for the year amounting to

£6,420 (2018 £36,084) and total funds available at the year end of £243,728 (2018 £237,308).

The Society made distributions of £5,000 to Nottinghamshire Young Farmers Club and £773 to

Lincolnshire and Nottinghamshire Air Ambulance.

FINANCIAL REVIEW

Reserves policy

The reserves of the charity have been reviewed and it was concluded that in order to allow the

charity to be managed efficiently and to provide a buffer in the event of cancellation at a future

show or low attendance due to poor weather, the unrestricted funds not committed should equate

to a minium of one and half years resources expended.The end reserves are maintained in ready

cash form to enable the Society to meet its capital and revenue expenditure .

FUTURE PLANS

The Trustees will continue to pursue the Society's stated objectives .

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Southwell & District Agricultural Society is a company limited by guarantee (as defined by

Companies Act 2006) governed by its Memorandum and Articles of Association dated 25th August

1992. It is registered with the Charity Commission.

Organisational structure

General Committee

The General Committee of the Society has absolute control over the affairs and property of the

Society.The committee consists of the Chairman and Vice Chairman and until otherwise

determined by the Society all other members of the Society excluding the Honorary Members.

Trustees

The day to day operation of the Society's activities is entrusted to the Trustees who report to the

General Committee.The trustees are directors of the Company as well as its trustees in the terms

of the Charities Act.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02748260 (England and Wales)

Registered Charity number

1021210

Registered office

Foxhall Lodge

Foxhall Road

Nottingham

Nottinghamshire

NG7 6LH

Trustees

J P Jackson Farm manager

P I White Farmer

T R Hardstaff Farmer (resigned 4.3.19)

C M Collingham Farmer (appointed 4.3.19)

Independent Examiner

Philip Staniforth FCA

Staniforth & Co

Foxhall Lodge

Foxhall Road

Nottingham

Nottinghamshire

NG7 6LH

Bankers

National Westminster Bank plc

1 Market Place

Newark

Nottinghamshire

NG24 1DY

This report has been prepared in accordance with the special provisions of Part 15 of Companies

Act 2006 relating to small companies.

Approved by order of the board of trustees on 10 March 2020 and signed on its behalf by:

P I White - Trustee

Independent examiner's report to the trustees of Southwell And District Agricultural

Society ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year

ended 31 December 2019.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law)

you are responsible for the preparation of the accounts in accordance with the requirements of the

Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under

Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my

examination of your charity's accounts as carried out under section 145 of the Charities Act 2011

('the 2011 Act'). In carrying out my examination I have followed the Directions given by the

Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

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:

1.	accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts 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

accounts to be reached.

Philip Staniforth FCA

Staniforth & Co

Foxhall Lodge

Foxhall Road

Nottingham

Nottinghamshire

NG7 6LH

10 March 2020

31.12.19

31.12.18

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

1,349

1,110

Charitable activities

Annual Show

156,428

175,182

Investment income

2

2,832

1,592

Total

160,609

177,884

EXPENDITURE ON

Charitable activities

Annual Show

154,189

141,800

NET INCOME

6,420

36,084

RECONCILIATION OF FUNDS

Total funds brought forward

237,308

201,224

TOTAL FUNDS CARRIED FORWARD

243,728

237,308

31.12.19

31.12.18

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Tangible assets

6

83

105

CURRENT ASSETS

Stocks

7

83

83

Debtors

8

-

3,103

Investments

9

78,973

76,998

Cash at bank

168,744

158,424

247,800

238,608

CREDITORS

Amounts falling due within one year

10

(4,155

)

(1,405

)

NET CURRENT ASSETS

243,645

237,203

TOTAL ASSETS LESS CURRENT LIABILITIES

243,728

237,308

NET ASSETS

243,728

237,308

FUNDS

12

Unrestricted funds

243,728

237,308

TOTAL FUNDS

243,728

237,308

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees on 10 March 2020 and were signed on its behalf by:

J P Jackson - Trustee

P I White - Trustee

C M Collingham - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under

FRS 102, 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 2015)', Financial Reporting

Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland' and the Companies Act 2006. The financial statements have been prepared under

the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has

entitlement to the funds, it is probable that the income will be received and the amount can

be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive

obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified

under headings that aggregate all cost related to the category. Where costs cannot be

directly attributed to particular headings they have been allocated to activities on a basis

consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over

its estimated useful life.

Mobile Toilets

-

20% on reducing balance

Office equipment

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion

of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the

charity. Restrictions arise when specified by the donor or when funds are raised for

particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the

financial statements.

2.	INVESTMENT INCOME

31.12.19

31.12.18

£

£

Deposit account interest

857

425

Julian Hodge interest

1,975

1,167

2,832

1,592

3.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.19

31.12.18

£

£

Depreciation - owned assets

22

28

4.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended

31 December 2019 nor for the year ended 31 December 2018.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2019 nor for the

year ended 31 December 2018.

5.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

fund

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

1,110

Charitable activities

Annual Show

175,182

Investment income

1,592

Total

177,884

EXPENDITURE ON

Charitable activities

Annual Show

141,800

NET INCOME

36,084

RECONCILIATION OF FUNDS

Total funds brought forward

201,224

TOTAL FUNDS CARRIED FORWARD

237,308

6.	TANGIBLE FIXED ASSETS

Mobile

Office

Toilets

equipment

Totals

£

£

£

COST

At 1 January 2019 and 31 December 2019

1,134

4,066

5,200

DEPRECIATION

At 1 January 2019

1,134

3,961

5,095

Charge for year

-

22

22

At 31 December 2019

1,134

3,983

5,117

NET BOOK VALUE

At 31 December 2019

-

83

83

At 31 December 2018

-

105

105

7.

STOCKS

31.12.19

31.12.18

£

£

Stocks

83

83

8.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Other debtors

-

603

Prepayments

-

2,500

-

3,103

9.	CURRENT ASSET INVESTMENTS

31.12.19

31.12.18

£

£

Julian Hodge account

78,973

76,998

10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts (see note 11)

4,110

1,339

Accrued expenses

45

66

4,155

1,405

11.

LOANS

An analysis of the maturity of loans is given below:

31.12.19

31.12.18

£

£

Amounts falling due within one year on demand:

Bank overdraft

4,110

1,339

12.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.19

in funds

31.12.19

£

£

£

Unrestricted funds

General fund

237,308

6,420

243,728

TOTAL FUNDS

237,308

6,420

243,728

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

160,609

(154,189

)

6,420

TOTAL FUNDS

160,609

(154,189

)

6,420

Comparatives for movement in funds

Net

movement

At

At 1.1.18

in funds

31.12.18

£

£

£

Unrestricted funds

General fund

201,224

36,084

237,308

TOTAL FUNDS

201,224

36,084

237,308

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

177,884

(141,800

)

36,084

TOTAL FUNDS

177,884

(141,800

)

36,084

A current year 12 months and prior year 12 months combined position is as follows:

Net

movement

At

At 1.1.18

in funds

31.12.19

£

£

£

Unrestricted funds

General fund

201,224

42,504

243,728

TOTAL FUNDS

201,224

42,504

243,728

A current year 12 months and prior year 12 months combined net movement in funds,

included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

338,493

(295,989

)

42,504

TOTAL FUNDS

338,493

(295,989

)

42,504

13.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2019.

14.	COMPANY LIMITED BY GUARANTEE

The charity is a company limited by membership guarantees.