The trustees present their annual report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)
The charity's objectives are the encouragement of agriculture generally. This includes further education and improvement in the care and breeding of all agricultural livestock, domestic animals, produce, pets and horticulture.
The trustees are conscious of the need to ensure that the charity's aims and actions continue to serve the promotion of agriculture and horticulture and the advancement of education in those industries for the public benefit.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
2023 was a stable year for the Association although a regular hirer in the form of the Working Belgian Sheep Dog Society decided that it no longer had enough people to help to set up their Annual Dog Agility show in September and so this event was cancelled.
The Easter “Thame Country Show” organised by Living Heritage took place over its normal Easter Weekend.
The Annual Sheep Fair, organised by The Thame Farmers Auction Mart Ltd went ahead, which always gives local Farmers the chance to meet and discuss trade and harvest matters more informally, it also brings buyers and vendors from as far away as Cumbria, Devon and the Isle of Anglesey.
In September we host the Thame Food Festival which is a well- attended two day event showcasing locally produced food and drink along with creative and engaging live cookery demonstrations.
The continued use of the Showground by Chinnor Rugby Club allows them to build on their Colts, Junior and Ladies teams.
The residual Show equipment is loaned from time to time to Showground users and some is also used by the organisers of the Boarstall Fete and Otmoor Challenge, which we are pleased to support.
We have finally concluded a new lease with the telecoms Mast providers, they have paid a “one off” fee to us to renew their long lease but the annual payments now are much lower – as is the case across the Country.
The Annual Tractor Run took place in December, organised by Princes Risborough Young Farmers and was a great success, they have re-booked for 2024.
The 2023 year was profitable thanks to being able to host various events during the year, the Association is limited in just how many events it can run because of the lack of infrastructure in terms of internal roads/ tracks and power/ water/ facilities. If the weather is kind then there is minimal damage, if however we have a wet period then the set- up, event and take down damage is significant and long lasting, this then means that subsequent events may suffer. As a result we cannot actively market the Showground for regular use in its current form and in 2024 money will be spent replacing Fences and Gates that are at the end of life. We are in discussion with 21st Century Thame to plant some new lengths of hedgerow on the Showground to create wildlife corridors and also to act as permanent boundaries in time.
The Trustees continue to explore alternative uses for the Showground site.
Reserve Policy and Risk Management
The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure that appropriate controls are in place to provide reasonable assurance against fraud and error.
The Charity was established to promote and encourage Agriculture and Horticulture generally, it currently achieves this by making its land available for equestrian, agricultural and rural activities including hosting a major Annual Sheep Fair run by the local Auction Mart.
In our current form the Association should have no trading risk, minimal expenditure and be able to show a small profit year on year so long as there is not too much money spent on maintenance and we do not get involved in supporting events that cannot be run profitably.
The reliance on annual outdoor events for the main source of our income is a constant challenge as the events themselves rely on good weather and remaining popular in order to survive. An alternative regular income stream from the Showground would offer additional security.
The balance sheet shows a historical valuation of the Showground, it’s true market value may well exceed that and the Association and it’s Officeholders (who are governed by the Charity Commission) needs to constantly bear in mind a duty to make the most of its assets where it can.
The charity is a company limited by guarantee, registration number 04102052, charity number 1084349. The charity was established on 3 November 2000 under a Memorandum of Association delineating the objects and powers of the Charitable Company and is governed under its Articles of Association.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Trustees are appointed at the Annual General Meeting of the Company and will serve a minimum term of three years. At each AGM the longest serving officers will automatically retire. Trustees can offer themselves to be re-elected. There is currently no maximum number of trustees but at all times there must be a minimum of two. Historically the Trustees have typically been active show section leaders as well as current and past Presidents and Vice President. The Trustees receive no remuneration for their work.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of The Thame And Oxfordshire County Agricultural Association (the charity) for the year ended 31 December 2023.
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
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 that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements 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
the financial statements 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 financial statements to be reached.
Jemima King
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The Thame And Oxfordshire County Agricultural Association is a private company limited by guarantee incorporated in England and Wales. The registered office is 30 Upper High Street, Thame, Oxfordshire, OX9 3EZ.
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Incoming resources are amounts invoiced to third parties and represent the total value of sales invoices, together with admission receipts, entries and membership, and relate wholly to the continuing principal activity in the United Kingdom. Subscriptions for life membership are accounted for in the period in which they are received. The value of services provided by volunteers has not been included.
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 are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
No depreciation is provided on freehold property, ground improvements or trophies. It is the company's policy to maintain the land and property in such condition that the value as a whole is not impaired by the passage of time.
Trophies are included at an insurance valuation carried out in October 1998 by R Gatward Limited, registered valuer. R Gatward Limited is an unrelated external party. Any element of depreciation would, in the opinion of the directors, be immaterial.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
Showground hire
Telephone mast
Repairs and groundwork
Utilities and insurance
Bank charges and interest
Governance costs includes payments to the Independent Examiner of £2,160 (2022- £2,100) for fees.
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. (2022: £nil)
There were no trustees' expenses paid for the year ended 31 December 2023. (2022: £nil)
The average monthly number of employees during the year was: nil. (2022: nil)
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2022 - none).