Southwell And District Agricultural Soci - Charities report - 21.1

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 2020

FOR

SOUTHWELL AND DISTRICT AGRICULTURAL

SOCIETY

Page

Report of the Trustees

1

to

2

Statement of Financial Activities

3

Balance Sheet

4

to

5

Notes to the Financial Statements

6

to

10

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 aims

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 principle 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 was not able to promote its objectives by holding its' annual show due to Government restrictions in relation to COVID-19.

FINANCIAL REVIEW

Financial position

The financial statements accompanying this report show a net loss for the year amounting to £9,318 (2019 Net surplus £6,420) and total funds available at the year end of £234,410 (2019 £243,728).

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

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 of a future show or low attendance due to poor weather, the unrestricted funds not committed should equate to a minium of one and a half years resource expenses. The end reserves are maintained in ready cash form to enable the Society to meet its capital and revenue expenditure.

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 the 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

14 London Road

Newark

Nottinghamshire

NG24 1TW

Trustees

C M Collingham

J P Jackson

P I White

Company Secretary

Mrs A M Hardstaff

Approved by order of the board of trustees on 10 May 2021 and signed on its behalf by:

P I White - Trustee

2020

2019

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

21

1,349

Charitable activities

Annual show and dinner

17,164

156,428

Investment income

2

1,271

2,832

Total

18,456

160,609

EXPENDITURE ON

Charitable activities

Annual show and dinner

27,774

154,189

NET INCOME/(EXPENDITURE)

(9,318

)

6,420

RECONCILIATION OF FUNDS

Total funds brought forward

243,728

237,308

TOTAL FUNDS CARRIED FORWARD

234,410

243,728

2020

2019

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Tangible assets

5

66

83

CURRENT ASSETS

Stocks

6

182

83

Investments

7

79,689

78,973

Cash at bank

154,953

164,634

234,824

243,690

CREDITORS

Amounts falling due within one year

8

(480

)

(45

)

NET CURRENT ASSETS

234,344

243,645

TOTAL ASSETS LESS CURRENT LIABILITIES

234,410

243,728

NET ASSETS

234,410

243,728

FUNDS

9

Unrestricted funds

234,410

243,728

TOTAL FUNDS

234,410

243,728

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 10 May 2021 and were signed on its behalf by:

P I White - Trustee

C M Collingham - Trustee

J P Jackson - 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.

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

Computer 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

2020

2019

£

£

Deposit account interest

555

857

Julian Hodge interest

716

1,975

1,271

2,832

3.	NET INCOME/(EXPENDITURE)

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

2020

2019

£

£

Depreciation - owned assets

17

22

4.	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.

5.	TANGIBLE FIXED ASSETS

Mobile

Computer

Toilets

equipment

Totals

£

£

£

COST

At 1 January 2020 and 31 December 2020

1,134

4,066

5,200

DEPRECIATION

At 1 January 2020

1,134

3,983

5,117

Charge for year

-

17

17

At 31 December 2020

1,134

4,000

5,134

NET BOOK VALUE

At 31 December 2020

-

66

66

At 31 December 2019

-

83

83

6.

STOCKS

2020

2019

£

£

Stocks

182

83

7.	CURRENT ASSET INVESTMENTS

2020

2019

£

£

Julian Hodge account

79,689

78,973

8.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Accrued expenses

480

45

9.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.20

in funds

31.12.20

£

£

£

Unrestricted funds

General fund

243,728

(9,318

)

234,410

TOTAL FUNDS

243,728

(9,318

)

234,410

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

18,456

(27,774

)

(9,318

)

TOTAL FUNDS

18,456

(27,774

)

(9,318

)

Comparatives for 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

Comparative 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

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

237,308

(2,898

)

234,410

TOTAL FUNDS

237,308

(2,898

)

234,410

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

179,065

(181,963

)

(2,898

)

TOTAL FUNDS

179,065

(181,963

)

(2,898

)

10.	RELATED PARTY DISCLOSURES

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

11.	COMPANY LIMITED BY GUARANTEE

The charity is a company limited by membership guarantees.