The trustees present their annual report and financial statements for the year ended 31 December 2025.
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.
In 2025 we hosted the regular events of the Easter Country Show organised by Living Heritage which is a two day event over the Easter Bank Holiday Weekend and also the Thame Food Festival which runs at the end of September and is a two day celebration of Artisan Food retailers, both were well attended and enjoyed good weather.
Another event on the Showground is the Thame Sheep Fair run by Thame Farmers Market, this year they held both Fairs as the calendar dates allowed them the required no of days between auctions to use the site. The Blue Tongue restrictions for Wales prevented some of the usual buyers from attending but good prices were still achieved overall and most of the animals presented found new owners.
The site is used for car/ vehicle parking and as a base by the organisers of the Town Fair in September and also for the Tractor Run in December, organised by the Princes Risborough Young Farmers Club and is a fantastic spectacle as Tractors and other Vintage vehicles parade through the Town all dressed up for “Christmas”, it raises significant funds for local Charities.
Chinnor Rugby Club have use of the Showground from October through to April for their Junior/ Mini and now Ladies teams to practice on.
The newly planted hedge needed to be watered during the Summer which the volunteers from 21st Century Thame dealt with and most plants have survived, so it is nice to see the “green corridor” taking shape.
The charity's total income for the year was £18,700 (2024: £22,150), with the main sources being donations and legacies. Expenditure totalled £17,031 (2024: £9,676), primarily relating to direct charitable expenditure. This resulted in a net income and movement of funds of £1,669 (2024: £12,474).
This year we incurred costs to replace some of the perimeter fencing around the Showground and replaced gates that had fallen in to disrepair which is ongoing important work, there is always more to do in this respect. The Main Ring now needs to be removed or replaced and this is a difficult choice as the Association no longer have need for this and the event organisers that work with have confirmed that they have no need for it either, but it does seem wrong not to have a “Main Ring” facility to offer for potential Showground Hirers.
Increased usage of the Showground by the Rugby Club over the winter months impacts the roads into the ground and CRFC have done some work at their own cost to reinstate these. We have also spent money on “Road Planings” to fill the various potholes.
The 2025 year was profitable for the Association, thanks largely to Volunteer help from local farmers and contractors who cut the grass to take a very modest crop of hay and avoid the need for us having to pay for the field to be topped on a regular basis, and we get help from others to spread the road planings and also volunteer help to deal with any water pipe repairs of improvements. The Chairman assists the Showground hirers with their set up for water and grass management.
The Trustees continue to explore alternative uses for the Showground Site in order to seek best value from the asset.
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 agricultural and rural activities including hosting an 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.
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 Thame And Oxfordshire County Agricultural Association for the year ended 31 December 2025, 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.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 26 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of The Thame And Oxfordshire County Agricultural Association 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 Thame And Oxfordshire County Agricultural Association and the charity's trustees as a body, for our work or for this report.
It is your duty to ensure that The Thame And Oxfordshire County Agricultural Association 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 surplus of The Thame And Oxfordshire County Agricultural Association. You consider that The Thame And Oxfordshire County Agricultural Association 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 Thame And Oxfordshire County Agricultural Association. 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.
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.
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. (2024: £nil)
There were no trustees' expenses paid for the year ended 31 December 2025. (2024: £nil)
The average monthly number of employees during the year was: nil. (2024: 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 year (2024 - none)