REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements |
for the Year Ended 31 October 2023 |
for |
The Garstang and District Agricultural |
and Horticultural Society Limited |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements |
for the Year Ended 31 October 2023 |
for |
The Garstang and District Agricultural |
and Horticultural Society Limited |
The Garstang and District Agricultural |
and Horticultural Society Limited |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
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 | 11 |
The Garstang and District Agricultural |
and Horticultural Society Limited (Registered number: 03157989) |
Report of the Trustees |
for the Year Ended 31 October 2023 |
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 October 2023. 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 companies' principal objectives, as set out in the Memorandum of Association are:- |
To promote and encourage the causes and aims of agriculture, horticulture, forestry and industry for the public benefit and to improve and advance them in all their branches and in all trades, crafts and professions connected with them. |
The principal activity undertaken to achieve the above objectives is the organisation and arrangement of the Garstang and District Annual Agricultural Show. |
ACHIEVEMENT AND PERFORMANCE |
In the opinion of the Trustees, the charity has performed as well as it could. The show was held, as usual, early in August and was severely affected by the weather. The reduced turnover resulted in a £35,755 deficit, compared to a surplus of £28,651 in 2022. |
FINANCIAL REVIEW |
Financial position |
The Statement of Financial Activities shows a net deficit for the year of £35,755 and our reserves stand at £169,128 in total. Cash reserves stand at £66,272. |
Investment policy and objectives |
Under the memorandum and articles of association, the charity has the power to make any investment which the trustees see fit. The trustees feel at this time that the funds are needed to run the following year's show and the lack of further capital investment is found to be satisfactory at this time. |
Reserves policy |
The present level of funding is adequate to support the show's future in the medium term and the trustees consider the financial position of the charity to be satisfactory. |
FUTURE PLANS |
The trustees continue to take actions to strengthen the Society's financial position. We hope to attract more attendances to the annual show by continuing to build on the support of the local community and increasing the awareness of the general public further afield. The committee is hopeful for better weather and financial result to 31st October 2024. |
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. |
The charity is established as a company limited by guarantee, and not having share capital, under the Companies Act 2006. The operation of the company is governed by the Memorandum and Articles of Association. |
All directors of the company are also trustees of the charity, and there are no other trustees. All of the trustees named on page 1 served throughout the year. The board has the power to appoint additional trustees as it considers fit to do so. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
The Garstang and District Agricultural |
and Horticultural Society Limited (Registered number: 03157989) |
Report of the Trustees |
for the Year Ended 31 October 2023 |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
Chloe Bardsley |
Towers + Gornall Ltd |
Chartered Certified Accountants |
River View |
96 High Street |
Garstang |
Preston |
Lancashire |
PR3 1WZ |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
The Garstang and District Agricultural |
and Horticultural Society Limited |
Independent examiner's report to the trustees of The Garstang and District Agricultural and Horticultural Society Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2023. |
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. |
Chloe Bardsley |
Towers + Gornall Ltd |
Chartered Certified Accountants |
River View |
96 High Street |
Garstang |
Preston |
Lancashire |
PR3 1WZ |
14 June 2024 |
The Garstang and District Agricultural |
and Horticultural Society Limited |
Statement of Financial Activities |
for the Year Ended 31 October 2023 |
2023 | 2022 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities | 2 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 204,883 |
The Garstang and District Agricultural |
and Horticultural Society Limited (Registered number: 03157989) |
Balance Sheet |
31 October 2023 |
2023 | 2022 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 10 |
Unrestricted funds | 204,883 |
TOTAL FUNDS | 204,883 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 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. |
The Garstang and District Agricultural |
and Horticultural Society Limited (Registered number: 03157989) |
Balance Sheet - continued |
31 October 2023 |
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 |
The Garstang and District Agricultural |
and Horticultural Society Limited |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
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. |
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. | OTHER TRADING ACTIVITIES |
2023 | 2022 |
£ | £ |
Ticket sales and gate |
Trade space and food hall |
Other income | - | 557 |
Show ball and fundraising | 4,307 | 1,772 |
The Garstang and District Agricultural |
and Horticultural Society Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
3. | INVESTMENT INCOME |
2023 | 2022 |
£ | £ |
Grazing rent |
Deposit account interest |
Rural Payments Agency | 1,633 | 1,939 |
Environment Agency | - | 1,500 |
4. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 October 2023 nor for the year ended 31 October 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 October 2023 nor for the year ended 31 October 2022. |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Other |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 204,883 |
The Garstang and District Agricultural |
and Horticultural Society Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
7. | TANGIBLE FIXED ASSETS |
Freehold | Show |
property | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2022 |
Additions |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Other creditors |
10. | MOVEMENT IN FUNDS |
Net |
At | movement | At |
1.11.22 | in funds | 31.10.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 204,883 | (35,755 | ) | 169,128 |
TOTAL FUNDS | (35,755 | ) | 169,128 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 127,176 | (162,931 | ) | (35,755 | ) |
TOTAL FUNDS | ( |
) | (35,755 | ) |
The Garstang and District Agricultural |
and Horticultural Society Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
10. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
At | movement | At |
1.11.21 | in funds | 31.10.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 176,232 | 28,651 | 204,883 |
TOTAL FUNDS | 176,232 | 28,651 | 204,883 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 171,904 | (143,253 | ) | 28,651 |
TOTAL FUNDS | 171,904 | (143,253 | ) | 28,651 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
At | movement | At |
1.11.21 | in funds | 31.10.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 176,232 | (7,104 | ) | 169,128 |
TOTAL FUNDS | 176,232 | (7,104 | ) | 169,128 |
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 | 299,080 | (306,184 | ) | (7,104 | ) |
TOTAL FUNDS | 299,080 | (306,184 | ) | (7,104 | ) |
The Garstang and District Agricultural |
and Horticultural Society Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
11. | RELATED PARTY DISCLOSURES |