Charity registration number 293579
Company registration number 01978359 (England and Wales)
THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
Directors and Trustees
R H C Ward
D Wallis
S Reed - Treasurer
G Belshaw - Vice Chairman
K Gamlen
A Brown - Chairman
A Goodwin
A Stephens
Secretary
Mr A Brown - Chairman
Charity number
293579
Company number
01978359
Registered office
Milford Farm
Lifton
Devon
United Kingdom
PL16 0AT
Accountants
Azets
Lime Court
Pathfields Business Park
South Molton
Devon
United Kingdom
EX36 3LH
THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Trustees' report
1 - 4
Accountants' report
5
Statement of financial activities
6
Balance sheet
7
Notes to the financial statements
8 - 16
THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The Trustees, who are also directors of the charity for the purposes of the Companies Act, present their annual report and the financial statements for the year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in March 2005 in preparing the annual report and financial statements of the charity. Legal and administrative information is shown on page 1.

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 trust's governing document, 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).

Objectives and activities

The Charity is constituted as a company limited by guarantee, and is therefore governed by a memorandum and articles of association.

The Trust has held the same aims and objectives for many years to promote the study of the fairground in its every aspect, including its institutions, social history, history of British Showmen, the development of fairground amusements, mechanical rides, transport and popular entertainments and the various related art forms, to the public.

 

The way that we achieve our interaction with the public objectives is via the operation of Dingles Fairground Museum (renamed in 2022 following the previous guise of Dingles Fairground Heritage Centre).

 

Following discussions with Trustees over several years we have expanded the Trust’s powers to enable the operation of a Trading subsidiary and to separate the trading and operation of the museum from the aims and objectives of the Trust. The museum operation is now performed by the Fairground Heritage Trading Limited and a separate set of accounts have been prepared and published.

Effect of Covid-19.

This financial year started with the museum opening for the first time since 2020. The Trust had built a capital reserve for this and the majority had been invested in the financial year 2021-22, however several commitments were still outstanding in the first quarter of the 2022-23 financial year. As a result, these accounts see a large net outlay as the capital investment is concluded.

 

Government Support.

The Trust received discretionary rate relief during this financial year from West Devon B.C. the Trust did not receive any further Government grant support

 

Trustees

One of our Trustees stood down during the financial year: Ms Helen Overton. Helen was instrumental in reopening Dingles Fairground Museum and served as our Project and Operations Manager.

The Trustees would like to formally record our thanks to Helen and are delighted that, although she has stood down as a Trustee she has offered to continue to help the Trust with their time and advice.

 

THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

Site

The charitable aims of the Fairground Heritage Trust is to preserve historic fairground equipment, imagery and memorabilia for future generations and that means that the Trust’s collection must be secure and be presented to the public. The Trustees have recognised for many years that the location was becoming unviable as a single-theme indoor museum attraction which is not an all-year-round attraction. Costs are increasing, far in excess of revenue and there is insufficient local population to do justice to the venue. As previously reported, in May 2021 our landlord took the decision to not complete the extension to the 2020 building and to sell the site. This put the Trust’s activities and collection in jeopardy and the Charities Commission and South West Museums Development were notified. The site was sold to new owners in January 2024.

 

While we are grateful for the support of the new owners the decision to close Dingles Fairground Museum was ratified in the AGM held in December 2023 and steps are now underway to move the collection and return the site to the new owners by the end of December 2025.

 

To that final objective heads-of-agreements have been signed with Statfold Narrow Gauge Museum Trust and Hollycombe Steam Trust and these arrangements will be finalised in the forthcoming year.

 

Funding

The focus for the Trust was on pairing with new sites to host the collection and as a result no new grant funding applications were made. Therefore this year’s accounts show income from sales , gift-aid and some sundry income

 

Collection

The collection of the Trust was increased through the purchase of a replica pusher from Paul Mitchel and the Tiger and Panther banner that was previously on loan.

 

Infrastructure

While spend has been kept to a minimum we have invested in card payment facilities on a change machine and have upgraded the mechanicals on others to improve cash-flow and offer a +ve visitor experience.

 

Volunteers

To all of our Trustee, Volunteers and friends, we would like to thank them all for the time and effort they put it into another year of successful operation that has seen the museum reopen; an activity that many thought was impossible.

 

Conclusion

These accounts document a year of reflection for the Trusts with the museum operating at arms-length, and the future of the collection being finalised to ensure that the collection is held safely for future generations, with the Trust returning to its roll of preserving the history of the British fairground, adding to the Collection and working to protect its assets in uncertain times.

 

 

 

 

 

Financial review

The Statement of Financial Activities shows a net outflow of funds for the year of £16,270 (2023: £71,102), and overall reserves at 31 March 2024 of £941,985 (2023: £958,255). The financial statements have been prepared on a going concern basis.

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The trustees continue to develop plans for the future in order to build up reserves and assets to secure the Trust in the long term. Through the work of the Hon. Treasurer and prudent management, the balance sheet remains strong in readiness for future investment. The trustees have the power to invest surplus funds as benefits the Charity.

The trustees has assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

 

They also maintain an active risk log which is reviewed on a regular basis.

Structure, governance and management

The trust is a company limited by guarantee which was incorporated on 16 January 1986. It registered with the Charity Commission as a charity on 29 January 1986.

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:

R H C Ward
D Wallis
S Reed - Treasurer
G Belshaw - Vice Chairman
K Gamlen
A Brown - Chairman
A Goodwin
A Stephens
H Overton
(Resigned 11 November 2023)

All directors of the company are also trustees of the charity, and there are no other trustees. All of the trustees named on the Legal and Administrative Information page served in the year and meet on a regular basis to discuss the affairs and finance of the Charity. The Board has the power to appoint additional trustees as it considers fit to do so, which comes from nominations received. They are trained by induction from the existing trustees, and are informed of their responsibilities, and by the experience they bring to the Charity.

 

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 actively review the major risks which the charity faces on a regular basis, and combined with an annual review of the controls over the financial systems, will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the charity and confirm they have taken steps to mitigate the significant risks.

 

Trustees A Brown and S Reed are also directors of Fairground Heritage Trading Ltd.

 

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The trustees are required by company law to prepare financial statements for each financial year which give a true and fair view of the financial activities of the charity and of its financial position at the end of that year. In preparing those financial statements the trustees are required to:

 

(a)    select suitable accounting policies and apply them consistently;

 

(b)    make judgements and estimates that are reasonable and prudent;

 

(c)    state whether the policies adopted are in accordance with the Companies Act 2006 and with applicable accounting standards and statements of recommended practice, subject to any material departures disclosed and explained in the financial statements;

 

(d)     prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue in operation.

 

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

 

The trustees' report was approved by the Board of Trustees.

S Reed - Treasurer
Trustee
Dated: 9 November 2024
THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE FAIRGROUND HERITAGE TRUST FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Fairground Heritage Trust for the year ended 31 March 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 15 August 2022. Our work has been undertaken solely to prepare for your approval the financial statements of The Fairground Heritage Trust and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Fairground Heritage Trust and the charity's trustees as a body, for our work or for this report.

It is your duty to ensure that The Fairground Heritage Trust has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of The Fairground Heritage Trust. You consider that The Fairground Heritage Trust is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of The Fairground Heritage Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Azets
9 November 2024
Lime Court
Pathfields Business Park
South Molton
Devon
EX36 3LH
United Kingdom
THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
18,349
-
18,349
20,541
21,000
41,541
Charitable activities
4
5,305
-
5,305
20,355
-
20,355
Total income
23,654
-
23,654
40,896
21,000
61,896
Expenditure on:
Raising funds
5
4,766
-
4,766
8,064
-
8,064
Charitable activities
6
35,158
-
35,158
124,934
-
124,934
Total expenditure
39,924
-
39,924
132,998
-
132,998
Net expenditure for the year/
Net movement in funds
(16,270)
-
(16,270)
(92,102)
21,000
(71,102)
Fund balances at 1 April 2023
593,875
364,380
958,255
685,977
343,380
1,029,357
Fund balances at 31 March 2024
577,605
364,380
941,985
593,875
364,380
958,255

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
26,309
28,990
Heritage assets
11
834,099
830,779
860,408
859,769
Current assets
Stocks
13
-
3,216
Debtors
12
43,874
33,300
Cash at bank and in hand
45,722
66,816
89,596
103,332
Creditors: amounts falling due within one year
14
(8,019)
(4,846)
Net current assets
81,577
98,486
Total assets less current liabilities
941,985
958,255
Income funds
Restricted funds
16
364,380
364,380
Unrestricted funds
577,605
593,875
941,985
958,255

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 9 November 2024
S Reed - Treasurer
Trustee
Company registration number 01978359
THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
1
Accounting policies
Charity information

The Fairground Heritage Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Milford Farm, Lifton, Devon, PL16 0AT, United Kingdom.

1.1
Accounting convention

The financial statements have been prepared in accordance with the trust's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The trust is a Public Benefit Entity as defined by FRS 102.

 

The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the trust. 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.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust 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.

1.3
Charitable funds

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 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.

1.4
Incoming resources
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
1.5
Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recognised as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. The charity is not registered for VAT and all expenditure includes this where appropriate.

 

All expenditure is accounted for on an accruals basis.

 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes costs that can be allocated directly to such activities, costs of an indirect nature necessary to support them and costs associated with meeting the constitutional and statutory requirements of the charity.

1.6
Tangible fixed assets

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:

Fixtures, fittings & equipment
6 years straight line, and 3 years straight line

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.

1.7
Impairment of fixed assets

At each reporting end date, the trust 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).

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9
Cash and cash equivalents

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.

THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
1.10
Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
3
Donations and legacies
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
2024
2023
2023
2023
£
£
£
£
Donations and gifts
18,349
20,541
-
20,541

Restricted Funds grants and donations received

-
-
21,000
21,000
18,349
20,541
21,000
41,541

 

4
Charitable activities

Activity for Generating Funds

Activity for Generating Funds

2024
2023
£
£
Sales within charitable activities
5,305
13,205

Income from auction sales

-
7,150
5,305
20,355
5
Raising funds
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Fundraising and publicity

Purchases for resale

3,301
658

Advertising and marketing

888
1,092

Brochures, leaflets and signage

33
5,957
Support costs
544
357
Fundraising and publicity
4,766
8,064
4,766
8,064
THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
6
Charitable activities
2024
2023
£
£
Staff costs
-
34,730

Postages, couriers and transport

498
522

Project manager expenses

-
8,394

Bank charges

83
486

Collection repairs

4,205
3,214

Infrastructure repairs

551
25,433

Rent

15,000
12,500

Insurance

780
10,984

Electricity, fuel and water

-
1,485

Telephone

24
355

Depreciation

8,262
7,331

Day to day running costs

2,717
15,757

Accountancy

1,999
2,310
Legal fees
1,039
1,433
35,158
124,934
35,158
124,934
Analysis by fund
Unrestricted funds
35,158
35,158
For the year ended 31 March 2023
Unrestricted funds
124,934
124,934
7
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
8
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Employees
(Continued)
- 13 -
Employment costs
2024
2023
£
£
Wages and salaries
-
34,730
£9,950 of the wages and salaries expense in 2023 relates to payments made to trustee, Helen Overton, the project and operations manager during the year ended 31 March 2023.
There were no employees whose annual remuneration was more than £60,000.
9
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

10
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2023
64,568
Additions
5,581
At 31 March 2024
70,149
Depreciation and impairment
At 1 April 2023
35,578
Depreciation charged in the year
8,262
At 31 March 2024
43,840
Carrying amount
At 31 March 2024
26,309
At 31 March 2023
28,990
THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
11
Heritage assets
Heritage Assets at cost
£
At 1 April 2023
830,779
Purchases
3,320
At 31 March 2024
834,099

The Fairground Heritage Trust owns a collection of vintage fairground rides. These assets are purchased by the charity and have a collective value of £834,099 as at 31 March 2024 (2023: £830,779). The Trustees do not have a general acquisitions and disposals policy but look at each asset on a case by case basis. The assets are held at cost, less any relevant depreciation or impairment.

 

These items are on display to the public or held in safekeeping in order to preserve them permanently for the nation.

 

The table below shows the analyysis of acquisitions for the last 5 years:

 

 

2024

2023

2022

2021

2020

 

£

£

£

£

£

Cost brought forward

830,779

799,006

781,928

781,928

701,981

Additions

3,320

31,773

24,078

-

79,947

Disposals

-

-

(7,000)

-

-

Cost carried forward

834,099

830,779

799,006

781,928

781,928

 

12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Fairground Heritage Trading Limited Loan
43,874
33,300
13
Stocks
2024
2023
£
£
Closing stock
-
3,216
THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
14
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
6,685
3,302
Trade creditors
98
366
Accruals and deferred income
1,236
1,178
8,019
4,846
15
Retirement benefit schemes

The trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the trust in an independently administered fund.

16
Restricted funds

The Income Funds of the charity include restricted funds comprising the following capitalised, and unexpended balances of, donations and grants held on trust for specific purposes.

 

Movement in funds
Movement in funds
Balance at
1 April 2022
Incoming resources
Balance at
1 April 2023
Incoming resources
Balance at
31 March 2024
£
£
£
£
£
NHMF - Moonrocket
90,000
-
90,000
-
90,000
Roger Alford Defibrillator Fund
95
-
95
-
95
West Devon - Covid Receipts
25,000
-
25,000
-
25,000
Association of Independent Museums - Conservation Grants wood boxing
4,606
-
4,606
-
4,606
Arts Council
187,179
21,000
208,179
-
208,179
West Devon BC - Retail & Lesiure Support Grant
36,500
-
36,500
-
36,500
343,380
21,000
364,380
-
364,380
17
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Total
£
£
£
Fund balances at 31 March 2024 are represented by:
Unrestricted Funds
Restricted Funds
Tangible assets
26,309
-
26,309
Heritage assets
744,099
90,000
834,099
Current assets/(liabilities)
(192,803)
274,380
81,577
577,605
364,380
941,985
THE FAIRGROUND HERITAGE TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
18
Related party transactions
Transactions with related parties

During the year the trust entered into the following transactions with related parties:

Included in Debtors is a loan from Fairground Heritage Trading Ltd to support cashflow. The closing balance as at 31 March 2024 is £43,873.99 (2023: £33,299.97).

 

Utilities costs are recharged between the two companies on an arm's length basis.

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