Southwell And District Agricultural Soci - Charities report - 22.2

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 2022

FOR

SOUTHWELL AND DISTRICT AGRICULTURAL

SOCIETY

Page

Report of the Trustees

1

to

2

Independent Examiner's Report

3

Statement of Financial Activities

4

Balance Sheet

5

to

6

Notes to the Financial Statements

7

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 2022. 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 continued to promote its objectives by holding its annual show in Farnsfield. The trustees continue to pursue the Society's stated objectives.

FINANCIAL REVIEW

Financial position

The financial statements accompanying this report show a net deficit for the year amounting to £2,800 (2021 - net surplus £34,417) and total funds available at the year end of £266,027 (2021- £268,827).

The Society made distributions of £7,500 to Nottinghamshire Young Farmers Club (2021 - £5,000).

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 minimum 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

Ms E Cross

Independent Examiner

Duncan & Toplis Limited

14 London Road

Newark

Nottinghamshire

NG24 1TW

Approved by order of the board of trustees on 27 February 2023 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 2022.

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.

Ian Phillips

Duncan & Toplis Limited

14 London Road

Newark

Nottinghamshire

NG24 1TW

27 February 2023

2022

2021

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2,587

3,500

Charitable activities

Annual show and dinner

193,624

160,210

Investment income

2

24

659

Total

196,235

164,369

EXPENDITURE ON

Raising funds

Raising donations and legacies

15,779

-

15,779

-

Charitable activities

Annual show and dinner

183,256

129,952

Total

199,035

129,952

NET INCOME/(EXPENDITURE)

(2,800

)

34,417

RECONCILIATION OF FUNDS

Total funds brought forward

268,827

234,410

TOTAL FUNDS CARRIED FORWARD

266,027

268,827

2022

2021

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Tangible assets

5

2,283

2,854

CURRENT ASSETS

Stocks

6

182

182

Debtors

7

1,440

5,999

Investments

8

184,460

80,239

Cash at bank

79,012

182,075

265,094

268,495

CREDITORS

Amounts falling due within one year

9

(1,350

)

(2,522

)

NET CURRENT ASSETS

263,744

265,973

TOTAL ASSETS LESS CURRENT LIABILITIES

266,027

268,827

NET ASSETS

266,027

268,827

FUNDS

10

Unrestricted funds

266,027

268,827

TOTAL FUNDS

266,027

268,827

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 27 February 2023 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.

Plant and machinery

-

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

2022

2021

£

£

Deposit account interest

24

108

Julian Hodge interest

-

551

24

659

3.	NET INCOME/(EXPENDITURE)

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

2022

2021

£

£

Depreciation - owned assets

571

713

Deficit on disposal of fixed assets

15,779

-

4.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

5.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 January 2022 and 31 December 2022

3,534

5,167

8,701

DEPRECIATION

At 1 January 2022

1,614

4,233

5,847

Charge for year

384

187

571

At 31 December 2022

1,998

4,420

6,418

NET BOOK VALUE

At 31 December 2022

1,536

747

2,283

At 31 December 2021

1,920

934

2,854

6.

STOCKS

2022

2021

£

£

Stocks

182

182

7.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Prepayments and accrued income

1,440

5,999

8.	CURRENT ASSET INVESTMENTS

2022

2021

£

£

Listed investments

184,460

-

Julian Hodge account

-

80,239

184,460

80,239

9.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Accrued expenses

1,350

2,522

10.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.22

in funds

31.12.22

£

£

£

Unrestricted funds

General fund

268,827

(2,800

)

266,027

TOTAL FUNDS

268,827

(2,800

)

266,027

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

196,235

(199,035

)

(2,800

)

TOTAL FUNDS

196,235

(199,035

)

(2,800

)

Comparatives for movement in funds

Net

movement

At

At 1.1.21

in funds

31.12.21

£

£

£

Unrestricted funds

General fund

234,410

34,417

268,827

TOTAL FUNDS

234,410

34,417

268,827

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

164,369

(129,952

)

34,417

TOTAL FUNDS

164,369

(129,952

)

34,417

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

Net

movement

At

At 1.1.21

in funds

31.12.22

£

£

£

Unrestricted funds

General fund

234,410

31,617

266,027

TOTAL FUNDS

234,410

31,617

266,027

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

360,604

(328,987

)

31,617

TOTAL FUNDS

360,604

(328,987

)

31,617

11.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2022.

12.	COMPANY LIMITED BY GUARANTEE

The charity is a company limited by membership guarantees.