Bakewell Agricultural & Horticultural So - Charities report - 21.1

REGISTERED COMPANY NUMBER: 02949715 (England and Wales)

REGISTERED CHARITY NUMBER: 1045165

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2020

for

Bakewell Agricultural & Horticultural

Society

Page

Reference and Administrative Details

1

Report of the Trustees

2

Trustees' Responsibility Statement

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6

to

7

Notes to the Financial Statements

8

to

13

TRUSTEES

I T Else - Chairman

G G Crawford

P E Lunn

L J Robbins

A Tipple

COMPANY SECRETARY

G G Crawford

REGISTERED OFFICE

Bahs Society Office

Agricultural Business Centre

Agricultural Way

Bakewell

Derbyshire

DE45 1AH

REGISTERED COMPANY NUMBER

02949715 (England and Wales)

REGISTERED CHARITY NUMBER

1045165

INDEPENDENT EXAMINER

Hadfields Chartered Accountants

Commerce House

658B Chatsworth Road

Chesterfield

Derbyshire

S40 3JZ

SOLICITORS

Taylor & Emmet LLP

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 2020. 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 2019).

OBJECTIVES AND ACTIVITIES

Objectives and activities

Public benefit

- To promote improvement in the breeding and rearing of livestock

- The invention and improvement of agricultural and horticultural implements

- The encouragement of skill and industry in agriculture, horticulture and forestry.

Significant activities

The rental of freehold land

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Financial Instruments

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Objectives and Policies

The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity's policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

Credit Risk

The charity's principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Approved by order of the board of trustees on 4 June 2021 and signed on its behalf by:

I T Else - Chairman - Trustee

The trustees (who are also the directors of Bakewell Agricultural & Horticultural Society for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charity SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees of the charity on 4 June 2021 and signed on its behalf by:

Ian Else

Chairman and Trustee

Independent examiner's report to the trustees of Bakewell Agricultural & Horticultural Society ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020.

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.

M A Hadfield

FCA

Hadfields Chartered Accountants

Commerce House

658B Chatsworth Road

Chesterfield

Derbyshire

S40 3JZ

4 June 2021

2020

2019

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

1,426

5,103

Other trading activities

2

7,707

29,422

Investment income

3

49,327

93,640

Other income

25,000

396,831

Total

83,460

524,996

EXPENDITURE ON

Raising funds

4

22,744

6,869

Charitable activities

Costs of generating voluntary income

29,237

127,368

Other

17,694

59,302

Total

69,675

193,539

NET INCOME

13,785

331,457

RECONCILIATION OF FUNDS

Total funds brought forward

423,118

91,661

TOTAL FUNDS CARRIED FORWARD

436,903

423,118

2020

2019

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Tangible assets

9

11,602

4,378

CURRENT ASSETS

Debtors

10

4,785

2,565

Cash at bank and in hand

445,658

465,894

450,443

468,459

CREDITORS

Amounts falling due within one year

11

(24,941

)

(48,861

)

NET CURRENT ASSETS

425,502

419,598

TOTAL ASSETS LESS CURRENT LIABILITIES

437,104

423,976

CREDITORS

Amounts falling due after more than one year

12

(201

)

(858

)

NET ASSETS

436,903

423,118

FUNDS

13

Unrestricted funds

436,903

423,118

TOTAL FUNDS

436,903

423,118

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 and authorised for issue on 4 June 2021 and were signed on its behalf by:

I T Else - Chairman - 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 2019)', 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.

Governance costs

These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including the independent examination, strategic management and trustees' meetings and reimbursed expenses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

in accordance with the property

Plant and machinery

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

2.	OTHER TRADING ACTIVITIES

2020

2019

£

£

Other income

3,707

29,392

Sponsorship

-

30

Bank switch incentive

4,000

-

7,707

29,422

3.	INVESTMENT INCOME

2020

2019

£

£

Rental income

47,980

47,517

Hire of showground

958

43,246

Interest on cash deposits

389

2,877

49,327

93,640

4.	RAISING FUNDS

Raising donations and legacies

2020

2019

£

£

Support costs

22,744

6,869

5.	NET INCOME/(EXPENDITURE)

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

2020

2019

£

£

Depreciation - owned assets

636

300

Sundry show expenses

892

27,279

Surplus on disposal of fixed assets

-

(396,831

)

6.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.

7.	STAFF COSTS

The average monthly number of employees during the year was as follows:

2020

2019

Management

1

2

No employees received emoluments in excess of £60,000.

8.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

fund

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

5,103

Other trading activities

29,422

Investment income

93,640

Other income

396,831

Total

524,996

EXPENDITURE ON

Raising funds

6,869

Charitable activities

Costs of generating voluntary income

127,368

Other

59,302

Total

193,539

NET INCOME

331,457

RECONCILIATION OF FUNDS

Total funds brought forward

91,661

TOTAL FUNDS CARRIED FORWARD

423,118

9.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2020

7,764

22,726

30,063

60,553

Additions

-

7,860

-

7,860

At 31 December 2020

7,764

30,586

30,063

68,413

DEPRECIATION

At 1 January 2020

4,595

22,510

29,070

56,175

Charge for year

-

556

80

636

At 31 December 2020

4,595

23,066

29,150

56,811

NET BOOK VALUE

At 31 December 2020

3,169

7,520

913

11,602

At 31 December 2019

3,169

216

993

4,378

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

VAT

-

1,415

Prepayments

4,785

1,150

4,785

2,565

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

3,147

6,867

Social security and other taxes

468

288

Pension Fund

104

-

VAT

2,870

-

Accruals and deferred income

15,171

-

Accrued expenses

3,181

41,706

24,941

48,861

12.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Deferred life members subscriptions

201

858

13.	MOVEMENT IN FUNDS

Net

movement

At

At 1/1/20

in funds

31/12/20

£

£

£

Unrestricted funds

General fund

423,118

13,785

436,903

TOTAL FUNDS

423,118

13,785

436,903

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

83,460

(69,675

)

13,785

TOTAL FUNDS

83,460

(69,675

)

13,785

Comparatives for movement in funds

Net

movement

At

At 1/1/19

in funds

31/12/19

£

£

£

Unrestricted funds

General fund

91,661

331,457

423,118

TOTAL FUNDS

91,661

331,457

423,118

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

524,996

(193,539

)

331,457

TOTAL FUNDS

524,996

(193,539

)

331,457

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

Net

movement

At

At 1/1/19

in funds

31/12/20

£

£

£

Unrestricted funds

General fund

91,661

345,242

436,903

TOTAL FUNDS

91,661

345,242

436,903

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

608,456

(263,214

)

345,242

TOTAL FUNDS

608,456

(263,214

)

345,242

14.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2020.