Reglstsred numbor: 02630481 Chartty number: 1003898 THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Limited by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Limited by Guarantee) CONTENTS Page Reference and Admlnlstrative Details of the Company. its Trustses and Advisers Trustees. Report Independent Audftors. Report on the Flnancial Statements Statement of Flnanclal AcllvltS8s 8-10 11 Balance Sheet 12 Statement of Cash Flows 13 Notes to the Flnanclal Stalemonts 14-33
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Llmlted by Guarantee) TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Mr S Ackrfll. Chalr Mr D Barr Mr S Coventy Mr P Frankel Ms J Marcham (resigned 9 February 2023) Mr S Pallett (appointed 25 May 2023) Mr N Wallis REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Company registered number 02630481 Charlty reglsternd number 1003898 Registered office Newbury Showground Priors Court, Hermitage Thatcham Berkshire RG18 9QZ Company $8cretsry Mr D Barr Independent auditors James Cowper Kreston Audit Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Banker5 National Westminster Bank PLC 30 Market Place Newbury Berkshire RG14 5AJ Page 1
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Limited by Guarantse) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of Th8 Newbury & District Agricultural Society (the company) for the year ended 31 December 2023. The Trustees confirm thal the Annual Report and financial statements of the company cornply with the currenl statutory quirements. the requirements of the companvs governing d0ment and the provisions of the Statement of Recommended PraGlice (SORP) applicable to charities pparIng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)- Since the company qualifies as small under section 383, the strategic report required of mediurn and large companies under The Companies Act 2006 (Strategic Report and Directorfs Report) Regulations 2013 is not required. Structure, Gov•rnancg and Managemonl status and Admlnistration The Society is constituted by the Memorandum and Articles of Association dated January 2009 as amended by the sla1 resolution of the society passed on 6th July 2023. The Newbury & District Agricultural Society is Company Limited by Guarantee. as defined by the Companies Act 2006. and it also a Registered Charity. Organisatlonal Structure Responsibility for the general policy, strategy and wellbeing of the Society rests with the Board of Management who are (excluding the non voting members) the Trustees of the Society. By convention the Immediate Past Chaimian of the Shows Council attends the Board but is non voting and Is not a trustee. There was no "Show, in 2020. 2021 or in 2022. There was a show in 2023 which was run by the Board of the Society. together with the help of the Section Heads and volunteers. The Members of the Board of Management in 2023 wer8: Mr S Ackrill, Elected member and Board Chairman Mr D Barr. Elected member Mr N Wallis. Elected member Mr P Frankel. Elected member Mr S Coventry- Shows Council Mrs J Marcham. Resigned 9 February 2023 Mr S Pallett. Co-opted - Appointed 25 May 2023 Remuneration Pollcy The Societys airn is to ensure that its levels of remuneration for key management personnel are equitable and will enable tt to attract. retsin and motivate individuals wlth the qualities, experience and skills needed to fulfil the Societys objectives. The basis of the policy is that each empbyee should be paid in line with market rates for comparab18 positions. balanced by affordablllty to a relatively small not for profit organisation. Trustees are unremunerated but may claim reasonable expenses. Page 2
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, Governance and Management {continued Risk Management The Trustees have given ¢onslderdtion to th8 major risks to which th8 Charlty was exposed and satisfied themselves that systems or procedures were in place in order to manag8 those risks. Risks are Identified and assessed and appropriat8 controls were established throughout the year. Particular emphasis was placed over the reportlng period on ensuring the foundations of good governance. sound employment practice and th8 gen8ral Health & Safety and wellbeing of employees, visitors and contractors. The main risk identified is that of financial rlsk. During the year the revenue from the letting of the Showground has been optimised and all overh8ads have been monitored and kept to a minimum. The Society brought back the Newbury Show for the first time in four years and with close control over costs managed to record a surplus in the 8V8nt. Following the year end the Trustees became aware of a flaw in the authorfsation and supervision of activities Sn the Sodety was identified whlch result8d in a large volume of waste materfal belng brought to site of whlch a significant proportion is soil. Procedures are being put in place to ensure this cannot happen in the future. Objectlves and Activities The Objects for which the Society is 8stsblished. as set out in the Memorandum and Articles of Association, are: To promote, advance and improve for th8 publi¢ benefit agriculture, hortlculture, forestry and rural crafts and skills in all their branches and fomis to encourage interest. skill and industry In agricultur8, horticulture, forestry. rural crafts and skills and all trades. crafts. businesses and professions connected th@roWith. To promote, advance and improve the education of the publlc in matters connected with agriGuliure, horticulture, forestry, rural businesses, crafts and skills. To educat8 the public in the need to preserve the countryside and wildlife thereof for the public benefft. In part. this has been achleved by the holding of shows for the exhibition of livestock, farm produce. horticultural produce, machinery, implements, anlmal feedstuffs, fertilisers, seeds and other things appertaining to agrlculture, for the encouragement of interest, skill and industry in agrlcullure, horticulture, forestry, rural crafts and skills and in all trades, crafts, and educational materials and techniques connected with agriculture and the preservation of th8 countryside and in connection wlth such shows to judge and award prizes. Th8 Objects are kept under review to reflect changes in agrlculture. Tural businesses and the countyside. Publlc Beneflt The Trustees have ref8rred to the guidance in the Charity Commission's general guidance on Publi¢ Benefit when revlewing our aims and ob]ectlves and in planning our future activities to 8nsure that the Society contlnues to provide ¢onslderable public b8n8fit to the wider communlty. This has b8en partly met by holding the annual Newbury Show which had many thousands of vlsltors attending the event. The show gave the public a very tangible connection to agriculture, horticulture. forestry and rural crafts and skills as well as the countryside and its traditions The Local On Farm Competitions continue to promote th8 highest standards of industry and skill in agriculture. Unforbjnately. the annual Ploughing Match had to be cancelled due to the weath8r. Page 3
THE NEW8URY & DISTRICT AGRICULTURAL SOCIErY (A Company Llmllgd by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, Gov•rnanc8 and Managoment (contlnued) The activities undertaken with schools conlributed very significantly to the Societys educational object. Fundralslng The Societls fundraising activities are largely administered by employees and volunteers of the Society. The Society has not subscribed to any voluntary fundraising regulator or standards. No complaints were received in the period gardIng any fundraising activities. Ail fundraising activities are kept under review by the Societys management to ensure that vulnerable people are not unduly pressured. or activities are unreasonabFy persistent. Achievemonls and Perfornianco The 'usual' main activities of Ihe Society are to hold the 'Newbury Shov/, hold the Society Ploughing Match and On Farm Competits"ons, run our education programme, and rent the showground to other events to generate further income. Following on from successful years in both 2021 and 2022 the Board have continued durlng 2023 with work to stabiltS8 the finances further, lettings for events on the showground remained constsnt during the year and are still showing an increase of around 25/0 against 2019 {pre Covld). The Board has continued with a plann8d program of both maintaining and improving the Societys assets, both the Trentham and Trencherwood ele¢tri¢ gates were refurbished during the year, New fencing has been installed adjac8nt to two of the fire lanes on the showground, various other fence repairs have taken place as required and a scheduled replacem8nt programme for replacing fences on the Showground has been reintroduced. Regular newsletters have continued to b8 circulated to not just members but also to the wider communities, ke8ping people up to date as the Society's situation wntinues to improve. The Board continues to work dosely wlth the local communttles through both Chleveley and Hermitage Parish Counclls to ensure that the Society can make b8tt8r use of the Showground to Increase the income for the Society, but not to the detriment of the local communities. The 2023 year saw Education activities continue to exceed the pre-covid level of 2019. DuTlng the year the Education Officer visited 83 different schools, spent 121 days out of the office on school business I visits, engaged with 5226 pupils and covered 4996 miles. As well as the various workshops and cookery schools ther& were Design. Make and Market Challenges and the introduction of a debating compelition between local schools. The highlight of the year was the muGh-awaited return of 'Newbury Show.. The focus of the show was very much based around Agriculture with. for the first time, a 'lo¢al producers, area dedicated to businesses based within 15 miles of the showground. Feedback received from both Society members and the public alike was very positive with the ovenNhelming message that the show had returned to its 'AgricuEtural Roots.. As well as giving the general public the opportunity to see Agriculture first hand the massive amount of work involved in putting on the show that was undertaken by volunteers enablod the show to also retum a surplus. Unfortunately, the very wel autumn weather caused the Ploughing Match to be cancelled along with the prize giving from the On Farm Competitions that had taken place earlier in the year. The schools competitions that were due to be judged at the Ploughing Match we subsequently judged at a later date. Pag8 4
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Umited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2023 Structure, Governance and Management (continued) Plans for Future Periods With the support of the local communities an application was submitted to West Berkshire Council (WBC) for some easing of the cuent S106 planning striCtl0nS which coupled with the more usable 'Society Building, should enable the Society to increase the lettings on the Showground. The Board continues to work with WBC and is hopeful the restrictions of the winter Glosed season will be amended for 2024-25. The Board are pleased to confirm the retum of the Newbury Show In September 2024, Flnanclal Review Revlew of the Flnanclal Statemonts The Trustees are pleased to confirm that the year ended 31 December 2023 resulted in a surplus of £136,445 (inclusive of a £46,039 legacy) compared to £59.080 for the year ended 31 Dec8mber 2022. Incoming resources for the year increased from £307,611 to £1.047,225. The main increase was due to the retum of the Newbury Show where the Income was £704,591. Outgoing resources for the year increased from £248.531 to £910.780. The main increase was due to the costs associated with holding the Newbury Show of £645.496. Net assets at the year end amounted to £1,652,769 {2022: £1,516,324). Of th8s8, £54.068 are restricted. unStrICted funds total £1.598,701. Included in these are deslgnated funds of £991,546 which represent th8 cost of the Soclety Building less an annual depreciation charge. The remaining unrestricted funds of £607,155 provide for sustaining the level of Gharitable activities. Reserves Policy The Board has examined the Charitys requirements for reserves in light of the main risks to the organisation. Its policy has been that the unrestricted funds not invested in tangible fixed assets held by the charty should represent beeen 114 and 112 of the annual expenditure of the 'Newbury Show.. This policy was based on the perceived potential risks to the Society if the Show was cancelled (for example, due to bad weather) at short notice. as significant costs would have already been committed and would not be recoverable. The annual expenditure of the last Show in 2023 was £645.496. Totsl Unrestricted Funds at 31 December 2023 are £1.598,701. Unrestricted ndS not invested in the tangible fixed assets at 31 December 2023 represent 940/0 of th8 2023 Newbury Show costs. Land and Property Valu8S An independent valuation of th8 Showground has not been carrled out thin the last fiv8 years. The Trustees are of the oplnlon that the value of the Showground and Society Building is In excess of the book value shown In the financial statements. Page 5
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Going Concern The financial statements of the Newbury & District Agricultural Society ('NADAS') for the year ended 31st December 2023 have been prepared on a going concem basis. The Society has made a surplus of £136.445 for the year ended 31st December 2023 and is forecasting a small surplus in 2024. The Board Members continue to fOS on maximising revenue from the Showground and minimising overheads to ensure the Society is able to meet all of its liabilities as they fall due and therefore believes the Society can continue for the foreseeable future. Post Balance Sheel Events Following the year end the Trustees became aware of illegal dumping of soil and other waste material. The incident is under investigation by the Environment Agency. The Trustees are working closely with the authorities to assist them with their enquiries and to mitigate any potential financial or reputational damage to the Society. ststemenl of Trustees. responsibilitles The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance wilh applicable law and United Kingdom ArLounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the finanaal statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and applicatb)n of resources. including its income and expenditure. for that period. In preparing these flnancial statements, the Trustees are required to: select suitable accounting policies and then apply them consistontly, observe the methods and principles of the Charities SORP (FRS 102)". make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statemenls. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate aOUntIng records that are sufficient to show and explain the CoMpanS transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable Ihern to ensure that the financial statements Comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditors Each of the persons who are Trustees at Ihe time when this Trust88s' Report is approved has confimied that: so far as that TNstee is aware, there is no relevant audit information of which the charitls auditors are unaware. and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitVs auditors are aware of that information. Page 6
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Llmited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Audltors The auditors, James Cowper Kreston Audit, have indicated their viillingness to contlnue in offlce. The designated Trustees will propose a motion reappointing the auditors at a m88ting of the Trustees. Approved by order of the members of the board of Trustees and slgned on their behalf by Mr S Ackrlll Chair of Trust Date: Page 7
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Llmlted by Guarantee) INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE NEWBURY & DISTRICT AGRICULTURAL SOCIErY Oplnlon We have audited the financial statements of The Newbury & District Agricultural Society (the 'charitable compan1} for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Bal8nce Sheet. the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Financial Reporting Standard applicab18 in the UK and Republic of Ireland, {United Kingdom Generally Accepted Accounting Practlce). In our opinion the financial statements: give a true and fair view of the state of the charitable wmpanls affairs as at 31 December 2023 and of its incoming resources and applicatlon of resources, including Its incom@ and expenditure for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi. and have been prepared in accordan¢e with the requir8m8nts of the Companies Act 2006. Basls for opinion We conducled our audit in accordance with Internatlonal Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Audltors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audlt of the financial statements in the United Kingdorn, induding the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provid8 a basis for our opinion. Concluslons relatlng to going ¢onc•rn In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accountlng in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or condltions that, individually or collectively, may cast significant doubt on the charitable companvs ablllty to continue as a going concem for a period of at least twelve months from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 8
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Llmltsd by Guarantee} INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (CONTINUEDI Other Informatlon The other information comprises the information included in the Annual Report other than the financial statem8nts and our Auditors, Report thereon. The Trustees are responsible for the other information Contained within the Annual Report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assuran conclusion Ihereon. Our responsibillty Is to read the other information and, in doing so, consider whether the other infomi8tion is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears lo be materialty misstated. If we identify such materfal Inconsistencies or apparent material misstatements, we are required to determine wh8th8r this glves rise to a material misstatement in th8 financial slatements themselves. If, based on the work we have performed, w8 conclude that there Is a material misstatement of this other infonnatlon, we are requlred to report that fact. We have nothing to report in this regard. Oplnlon on other matter8 prescribed by the Companles A¢t 2006 In our opinion, based on the work undertaken In the course of the audit: the informatlon given in the Trustees, Report for the financial year for which the flnancial statements are prepared is consistent with the financial statements. the Trust88s' R8POrt has been prepared in accordan with applicable legal requir8m8nts. Matters on which we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtalned In the course of the audit, we have not identified material mlsstatements in the Trustees, Report. We have nothlng to report in respect of the following matters in relation to which Companies Act 2006 requlres us to to you if, in our opinlon: adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us; or the financial ststements are not in agreement with the accounting records and retums; or certain disclosures of Trustees, remuneration speclfied by law are not made: or we have not received all the Information and explanations we require for our audit., or the Trustees were not entitled to pr8pare the financial statements In accordance with the small companies r8gime and take advantage of the small companies, exemptions in pr8paring th8 Trustees. Report and from the requlrement to prepare a Strategic Report. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of th8 charilable company for the purposes of company law) are responsible for the preparation of the financial stat8ments and for being satisfied that they give a true and falr view, and for such internal control as th8 Trustees determlne Is necessary to enable the preparation of financial statements that are free from material misstatement. wh8ther due to fraud or error. In preparing the financial statements, the Twstees are responsibl8 for assessing the charitable company's ability to continue as a going concern, disclosing, as appllcable, matters related to going concern and using the going concern basis of accounting unless the Truste8s erther intend to liquidate the charitable company or to cease operations. or have no realistic altemative but to do so. Page 9
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Limitsd by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (CONTINUED) Audltors. responsibilitles for the audh of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemen( )Nhelher due to fraud or error. and to issue an Auditors. Report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS {UK) will aknys detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economi¢ decisions of users taken on the basis of these financial ststements. Irregulaiities. including fraud, are instances of non-Gompliance with laws and regulations. We design procedures in line wilh our responsibilitl8S. Outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: Enquiry of management and thos8 charged with govemance around actual and potential litigation and claims: Enqulry of management and those charged with govemance to identify any materlal Instances of noncomplianGe with laws and regulations; Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with appllcable laws and regulations., Performing audit work to address the risk of irregularities due to management override of controls. including testlng of journal entries and other adjustments for appropriateness. evaluating the business rationale of significant transactions outside the nornial course of busin&ss and reviewing accounting estlmates for evidence of bias. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc. .uklauditorsres onsibilities. This description forms part of our Auditors, Report. Use of our report This report Is made solely to the charitable companys members, as a body. In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitsble CoMpanS members those rnatters we are required to state to them in an Auditors, Repx)rt and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and its members. as a body. for our audit work. for this report. or for the opinions we have formed. Fiona Hawkins Bsc (Hons) MSC FCA (Senior Statutory Auditor) for and on behalf of James Cowper Kreston Audit Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshlre RG19 6AB Date: 2610612024 Page 10
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Limtted by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Restrieted Unrestricted fvnds funds 2023 2023 Total funds 2023 Total funds 2022 Nots Income from: Donations and grants Charitable activities Other trading activities Investments 50,989 20,536 389.787 579,062 6.851 71,525 389.787 579.062 6.851 29.007 3,096 274,257 1.251 Total income 50,989 996.236 1,047,225 307.611 Expendlture on: Ralsing funds Charitable advltles 119,467 785,940 119.467 791,313 508 248,023 5,373 Tolal expenditure 5.373 905,407 910,780 248.531 Net movemenl in funds 45,616 90,829 136,445 59.080 Reconciliation of funds: Total funds brought fojward Net movement in funds 8N52 45,616 1.507,872 90,829 1.516.324 136,445 1,457.244 59.080 Total funds carrled forward 54,068 1.598,701 1,652,769 1,516,324 Page11
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company L5mited by Guarantse) REGISTERED NUMBER= 02630481 BALANCE SHEEr AS AT 31 DECEMBER 2023 2023 2022 Nots Flxed aJ¥¢ts Tangible assets Investrnenls 12 1N93,572 100 1,524,251 100 1 h93.672 1,524,351 Current assets Debtors Invostments Cash at bank and in hand 13 14 44,048 1SO.000 218.886 27,941 322.616 412,933 350,557 Creditors: amount8 falllng due within one year 15 1116.063) {105,031) Net ¢urrent assets 296,870 245.526 Total assets less ¢urr•nt Ilabllftlwd 1,790,542 1,769,877 Credit+Jrs: amounts falllng due after more than one year 16 (137.773) (253,553) Total net assets 1,652,769 1,516,324 Charlty funds Rgstrfcted funds Unrestricted funds 17 17 54,068 1,598,701 8,452 1,507,872 Total funds 1.652,769 1.518.324 Tha financial 8tatemerrt8 have beon prepared In accordance with the provrJlon8 applicable to enfjtle8 subject to the small companies reyime. The financial statements were approved and authorised fcf issue by the Trustees and signed on their behalf by. Mr S Ackrfll Chair of Trustee8 Dato: 2016124 Mr D Barr Tru8tee The note8 on pages 14 to 33 form pat of these financial statemants. Page 12
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Llmlted by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Note Cash flows from oporatlng activiti•s Net cash used in operating activities 20 167,018 132.873 Cash flows from Investlng actlvltles Dlvldends, interests and rents from investrn8nts Purthase of investm8nts 6,851 (150.000) 1,251 Net Cash (used In)Iprovlded by invosting actlvltles {143,149) 1,251 Cash flows from flnanclng activities Repayments of borrowing (127,600) {31,022) Nel rAsh used in financlng actlvltles (127,600) (31,022) Change in cash and cash equlvalents in the year Cash and cash equivalents at the beginning of the year (103.731) 103,102 322.616 219.514 Cash and cash equlvalents at tho ond of the year 21 218,885 322,616 Th8 notes on pages 14 to 33 form part of these financial statements Page13
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Limited by Guatantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles 1.1 Basls ol proparallon of flnancial statements The financlal statements have been prepared in accordance with the Charities SORP {FRS 102) - Accounting and Reporting by Chaiities: 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 Financial Reporknng Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. The Newbury & District Agricultural Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initialty recognised at historical cost or Iransaction value unless otheNise stated in the relevanl accounting policy. 1.2 Company Status The Newbury & District Agricultural Society Is a Company limited by guarantee. In the event of the Society being wound up each member is liable to contribute an amount not exceeding £1. The Society is also a registered charlty. number 1003898. If upon the windlng up of the company there remains. after the satisfaction of all its debts and liabilities. any property whatsoever the same shall not be paid or distributed among the members of the Sociely but shall be 9iven to some other charitable institution having objects similar to the Society. 1.3 Income The recognltion of incom8 from tegacies is dependent on 8Stablishing 8ntitl8ment. the probability of receipt and the ability to 8Stirnate with sufficient accuracy the amount receivable. Evidence of entitl8m8nt to a legacy exists when the Company has suffici8nt evidence that a glft has been left to them (through knowledge of the existen of a valld will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estste. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amounl receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured. All income is recognised once the company has entitlement to the income. it is probable that th8 income will be received and the amount of income receivable can be measured reliably. Gifts in kind donated for distribution are included at valuation and recognised as incoma when they arg distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the company where this can be quantified and a third party is bearing the Gost. No amounts are included in the financial statements for servi$ donated by volunteers. Donated services or facilitie5 are recognised when the company has control over the item. the value can be quantified and a third party is bearing the cost. Income from Ilfe memberships is rgcognised in full on receipt. Income from trade stands, rents receivable and sundry income is included on a receivable basis when the Society becomes entitled to the income. Income from social functions is recognis8d on a received basis. Income from investments is stat8d at the gross amount recelvable. Page 14
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Llmlted by Guarant••) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles (continued) 1.3 Income (contlnued) Show income relates to admissions, trade stands income, sponsorship. entry fees and car parking. This is included on a recervable basis. Income tax recoverable In relation to donations received under Gift Aid or deeds of covenant is recognised at th8 time of the donalion. 1.4 Expenditure Expenditure is recognised once th8r8 is a legal or constructive obllgallon to transfer economic benefit to a third paty. It Is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation Can be measured reliably. Expendrture is classified by actlvlty. The costs of each 8Ctivity are mad8 up of the total of dired costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated direclly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributab18 to a single aclivity are apportioned between those activities on a basis consistent wilh the use of reSoUrs. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the proportion of the asset's use. Support costs are those costs incurred dlrectly in support of expenditure on the objects of the Society. Costs of generating funds a costs incurred In attractlng voluntary income. and those incurred in tradlng actlvities that raise funds. 1.5 Going concern The Trustees believe the Soclety will be able to meet its liabilities, contingent or otherwise. as they fall due. over th8 n8Xt e1ve months. The Trustees thefOre believe the Society can continue for the foreseeable future and as such the financial statements have been prepared on the going concern basis. 1.6 Tanglble flxed assets and dépreclatlon Tanglble fixed assets are induded at cost and are not subject to a pollcy of revaluation. Tangible fixed assets are capitallsed If they cost over £1,0TrJ. A review for impaimient of a fixed asset is carried out if events or changes in ¢lrcumstan¢es indicate that the Carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and th8ir recoverable amounts are recognised as impaimients. Impairment losses are re¢ognlsed in the Siatement of financial activiti8s incorwrating income and expendlture account. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off th8 Cost of fixed assets, less thelr estimated residual value, over their expected useful Ilves on the following bases.. Freehold land Showground buildings Machinery Office fumishings Computer equipment Office premises Not depreciated Over 5 to 50 y8ars on straight line basis 250/c* reduclng balance 25 % reducing balan Over 3 years on straight line basis Over 25 years on stralght Ilne basis Page 15
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (contlnued) 1.7 Operating leases Rentals under operating leases are charg8d to the Statement of Financlal Activities on a straight line basis over the lease term. 1.8 Taxatlon Th8 charity is exempt from corporation tax on its charitable activities. 1.9 Intaresl recoivable Interest on funds held on deposit Is included when recelvable and the amount can be measured reliably by the Company. this is nonnally upon notification of the int8r8St paid or payable by the Bank. 1.10 Ponsions cost8 and other postwretlremenl benefits The Society contributes to personal defined contribution p8nsion schemes for all qualifylng employees who ar8 not opted out. Contributions payable for the year are charged as r8sour¢es expended in the Statement of Financial Activities. 1.11 Fund accounting G8neral funds are unrestricted funds whlch are available for use at th8 discretion of the Trustees in furtherance of the general objectives of the Company and 1¢h have not been designated for other purposes. Deslgnated funds comprise unrestricted funds that have been set aslde by the Trustees for particular purposes. The aim and use of each designated fund is s8t out in the notes to the financlal statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which hav@ b88n raised by the Company for particular purpos8s. The costs of raising and admlnlsterlng such funds are charged against the sp8cific fund. The aim and use of each restricted fund is set out In the notes to the financlal ststements. Investment income. galns and bsses are allocated to the appropriate fund. 1.12 Debtors Trade and other debtors ar8 re¢ognised at the settlement amount after any trade discount offered. Prepayrnents are valued at the amount prepaid net of any trade discounts due. 1.13 Deferred Income D8f8rred Income relales to lettings income and deposits for the following financial year and specrfic donations. 1.14 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposlt or similar account. Page 16
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng poli¢i•s (contlnued) 1.1 S Llabllltles and provlslons Liabilities are recognised when there is an obligatlon at the Balance Sheet date as a result of a past event. it Is probable that a transfer of economi¢ benefit will be requlred In settlement, and the amount of the settlement Can be estlmated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for th8 goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obllgatlon. 1.16 Flnanclal Instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial Instruments. Basic financial instruments are Initial recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans 1¢h are subsequently measured at amortised cost uslng the effectiv8 interest method. Crltlcal accounting estlmat•$ and areas of Judgement Th8 preparation of the financlal statements requires management to make judgements, estlmates and assumptions that aff8Ct the amounts reported for assets and liabilities as at the balancè sheet date and the amounts reported for revenues and exp8nses during the year. However, the nature of estimation means that actual outcomes could dlffer from those estimates. The followlng judgements {apart from those involving estimates) had had the most significant effect on amounts recognised in th8 financial statements. Critical accounting estimates and assumptions: Tangible fixed assets (see note 12) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and resldual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider Issues such as the remalnlng life of th8 asset and projected disposal values. Page 17
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Limltsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Voluntary income Restricted Unrestrlcted funds fund8 2023 2023 Total funds 2023 Total funds 2022 Sponsorship Donations Grants Legacies Gift aid Annual subscriptions and guest badges 6,437 6,565 2,000 1,450 3,500 46,039 3.918 5,368 3,500 46,039 210 16,408 210 16.408 734 13.271 50,989 20.536 71,525 29,007 Total 2022 3.850 25.157 29,007 Sponsorship includes sponsorship-in-kind of £11,000 {2022- £nil) relating to services donated to the Society. Income from other tradlng aetivities Income from fundraising evenls Unrestrlcted funds 2023 Total funds 2023 Totsl funds 2022 Trade stands Sponsorship Catering concession Showground hire Social functions Sundry income 182.578 61,048 63,500 254,943 333 16.660 182.578 61.048 63.500 254,943 333 16,660 800 264,606 379 8.472 Total 2023 579,062 579,062 274,257 Totsl 2022 274.257 274,257 Page 18
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment income Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Deposit account interest 6.851 6.851 1.251 Totsl 2022 1.251 1,251 Income from charitable activities Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Admissions- Show Car parking - Show Stable and penning- Show Programmes and catabgu8s - Show Entry fees 340,590 41,638 2,337 2,439 2,783 340,590 41.838 2,337 2,439 2,783 3.096 Total 2023 389,787 389,787 3,096 Totsl 2022 3.096 3,096 Page 19
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on raising funds Fundralslng trading expenses Unrestrlcted funds 2023 Total funds 2023 Totsl funds 2022 Tradestands Showground lettings Social events Support costs Wages and salaries Social securty costs Other pension costs 35,725 38.455 472 20,098 23,755 313 35,725 38,455 472 20.098 23.755 313 649 Total 2023 119,467 119.467 508 Total 2022 508 508 Analysls of expenditure on charitable actlvltles Summary by fvnd typo Restrlcted Unrestricted funds funds 2023 2023 Tolal 2023 Totsl 2022 Showground Education 423 4.950 760,918 25,022 761,341 29,972 221,233 26.790 T¢)tal 2023 5,373 785,940 791,313 248.023 Total 2022 26,790 221.233 248.023 Page 20
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Limitsd by Guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of •xpendlture by actlvltles Actlvities undertaken directly 2023 Support costs 2023 Total funds 2023 Total funds 2022 Showground Education 572.064 29.972 189,277 761,341 29,972 221,233 26.790 Total 2023 602,036 189,277 791.313 248,023 Total 2022 86.741 161,282 248.023 Page 21
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Limited by Guaranleej NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expendituro by actlvlties (contlnued} Analysls of support costs Total funds 2023 Total funds 2022 Wages and salaries Recruitment (J)sts Depreciation Showground expenses Management and admin expenses General support costs Governance costs 55,915 217 30.643 41.014 36.306 16,318 8,864 46,331 33.137 28.525 13,024 31.565 8,700 189,277 161,282 10. Auditors. remuneration 2023 2022 Fees payable to the Companys auditor for the audit of the Company's annual accounts 7,480 6.985 Fees payable to the CompanVs auditor in respect of. Accounts preparation services not included above 1,320 1.115 Page 22
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Llmlted by Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Staff costs 2023 2022 Wages and salaries Social security costs Other pension costs 99,492 1,250 2,595 59.251 740 1.784 103.337 61,775 Redundancy paymenls were made in the year totalling £4,469 (2022.. £Nil). The average number of persons employed by the Company during the year was as follows: 2023 2022 Average number of ernployees No employee received remuneration amounting to rn0 than £60.000 in eilher year. The key management personnel of the Society comprises the Trustees. Page 23
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Llmitèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Tanglble flxed assets Office Other Freehold Showground furnishlngs Offlce flxed property buildings Machinery & equipment premlses assets Total Cost or valuation At 1 January 2023 472.882 1,873,425 107,491 42,739 (4,799) 79,178 100 2.575.815 (4,799) Disposals At 31 December 2023 472,882 1,873.425 107.491 37.940 79,178 100 2.571,016 Depreclation At 1 January 2023 Charge for the year On disposals 833.585 101,205 42,334 74.440 1.051.564 28,385 1.572 126 {4,763) 560 30.643 <4,763> At 31 December 2023 861.970 102,777 37.697 75,000 1.on.444 Net book value At 31 December 2023 472.882 1.011,455 4,714 243 4,178 100 1.493.572 At 31 December 2022 472.882 1,039.840 6.286 405 4.738 100 1.524.251 The net ljook valu8 at 31 December 2023 represents fixed assets used for dired charitable purposes of £1,489,151 (2022: £1,519,108) being fre8hold land. showground buildings. machinery and other fixed assets. The remainlng net book value of £4.421 {2022: £5.143) represents the fixed assets used for managem8nt and administration purposes. The market value of the land and buildings is in excess of the net book value. Pag8 24
THE NEWBURY & DISTRICT AGRICULTURAL SOCIErY (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Debtors 2023 2022 Trade debtors Other debtors Prepayments and accrued income 31,517 12.993 582 14.366 12.531 44,048 27,941 14. Current assel investments 2023 2022 Bank deposit account 150.000 15. Credltors: Amounts falllng due withln one year 2023 2022 Bank overdrafts Bank loans Trade creditors Other taxatlon and social security Other credttors Accruals and deferred income 87 21.513 3,914 5,690 2,094 82,765 2,471 33,333 13,469 3.310 2.339 50.109 116,063 105,031 2023 2022 Deferred income at 1 January 2023 Resources deferred during the year Amounts released from previous periods 19,065 60,115 (19.065) 30,314 (11.249) 60,115 19,065 Bank loans of £11,458 (2022: £23,333) are secured on freehold land owned by the Charlty. Page 25
THE NEWBURY & DISTRICT AGRICULTURAL SOCIErY (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Creditors: Amounts falllng due after more than one year 2023 2022 Bank loans 137,773 253.553 Bank loans of £118.774 (2022.. £224,717) are secured on freehold land owned by th8 Charity. Page 26
THE NEWBURY & DISTRICT AGRICULTURAL SOCIErY (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement of funds Statement of funds - Current year Balance at 31 December 2023 Balance at 1 January 2023 Incomo Expendlture Unrestrlcted funds Designated funds The Society Building 1,015,659 {24113) 991,546 General funds General funds 492.213 996,236 (881.294) 607.155 Total Unrestrictsd funds 1.507,872 996,236 (905,4071 1,598,701 Restrlcted fund8 Capital reserve fund Reach fund Other restricted fund Education fund Equine fund 2.243 5,759 450 (373) 1,870 5,759 400 (50) (4.950) 4,950 46.039 46.039 8,452 50,989 (5,373) 54,068 Total of funds 1,516.324 1,047,225 (910,780) 1.652.769 Page 27
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Llmlled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement of funds (continued) Designated funds The Society Building The Society Building was transferred from restricted to designated in 2017 and expenditure relates to depreciation. Re8tri¢ted funds Capltal reserve fund This represents funds restricted and used for the bulldlng of office premises on the site. An annual deprecialion charge of 40A of cost is r818ased each year in to the general fund. Reach fund The Reach fund investment grant is to enable the Newbury & District Agricultural Society to explore becoming a knowledge hub to further facilitate the provision of rural based education to tts various publics as well as being able to develop knovAedge transfer capacity in "agritech" agricultural and horticultural advancements and developments. The funds will be used to develop the business case for any future infrastructure developmenls. Education fund The restricted fund for education projects was created in 2008 from funds raised by the West Woodhay Garden Show. Further funds have been raised by Past Presidents, Chairm8n and th8 Education Committee. Equlne fund This represents funds reslricled for the provision of trophy or trophies with approprfate prizes for local tum out in the prlvate drlvlng class. Page 28
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 17. Slal•ment of funds (eonllnued) Statement of funds - prior year Balance at 31 December 2022 Balance at 1 January 2022 Transf8rs inlout Income Expenditure Unrestrl¢ted funds Deslgnat•d funds The Society Building 1.039.772 {24.113) 1.015.659 General funds General funds 408,647 303.761 {197,628) {22,567) 492.213 Total Unrestrfctod fvnds 1,448.419 303.761 (221,741) (22,567) 1.507.872 Restrlcted funds Capital reserve fund Reach fijnd Oth8r restrided fund Education fund 2,616 5,759 450 (373) 2,243 5,759 450 3.850 {26,790) 22,940 8,825 3,850 (26.790) 22,567 8,452 Total of funds 1,457,244 307,611 (248.531) 1,516,324 Page 29
THE NEWBURY & DISTRICT AGRICULTURAL socIErY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Summary of funds Summary of funds - current year Balance at 31 Balance al 1 January 2023 December 2023 Income Expenditure Designated funds General funds Restricted funds 1,015,659 492.213 8.452 {24,113) (881,294) {5,373} 991,546 607,155 54.068 996.236 50.989 1,516,324 1.047,225 {910,780) 1.652,769 Summary of funds - prior year Balance at 31 December 2022 Balance at 1 January 2022 Transfers inlout Income Expenditure Designated funds General funds Restrl¢ted funds 1,039,772 408,647 8.825 (24,113) (197,628) (26,790) 1.015.659 492.213 8.452 303.761 3,850 (22,567) 22.567 1,457.244 307,611 (248,531) 1,516,324 19. Analysls of net assets between funds Anatysis of net assets between funds - current year Rostrlcted Unrestrlcted funds funds 2023 2023 Total fvnds 2023 Tangib18 fix8d assets Fixed 8888t investments Current assets Creditors due wilhin one year Creditors du8 in more than one year 1,870 1,491,702 1,493,572 100 100 360,735 412,933 {116,063) (116,063) {137,773) 1137,773) 52,198 Totsl 54,068 1.598,701 1,652,769 Page 30
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Analysls of net assets between funds (continued) Analysls of nel assets between funds - prlor year Restrlcted Unrestricted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 2.243 1,522,008 1.524,251 100 100 344.348 350,557 (105.031) (105.031) (253.553) {253.553} 6,209 Total 8,452 1,507.872 1.516.324 20. Reconciliation of net movement in funds to net cash flow frorn operating activities 2023 2022 Net income for the year {as per Statement of Financial A¢livities} 136,445 59.080 Adjustments for: D8pre¢latlon charges Dividends, interests and rents from investments Loss on the sale of fixed assets Decreasel{increasel in debtors Increase in creditors 30,643 (6,851> 36 (16,107) 22,852 33,136 (1,251) 13,359 28,544 Net cash provlded by operating activitles 167,018 132.873 21. Anaty818 of ¢ash and cash equlvalents 2023 2022 Cash in hand 218,885 322.616 Total cash and cash equlvalents 218.885 322,816 Page 31
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 22. Analys18 of changes in nel debt At31 December 2023 January 2023 Cash flows Cash at bank and in hand Bank overdrafts r8payable on demand Debt due within 1 year Debt due after 1 year Liquid investments 322,616 (2,471) {33,333) (263,553) 1103,731) 2,384 11,820 115,780 150,000 218.885 187) (21,513) (137.773> 150,000 33,259 176.253 209,512 23. Contlngent Ilabblities Following the year end a large volume of waste material was brought on site. The Environment Agency are investigating the incident and the procedure is likety to tske over a year. It is not possible to determine or quantify whether any liability, financial or otherwise. will fall on the Society. 24. Operallng lease commitments At 31 December 2023 the Company had Comrnitments to make future minimum lease payments under non-cancellable operatlng leases as follows: 2023 2022 Within 1 year Between 2 - 5 years 1.356 816 3.383 2,172 3,383 25. Related party transactlons In the normal course of its business, the Society may enter into transactions with some of the Trustees of the Society, or wlth flms to which they are connected. All such transactions are on an arms, length basis. During the year, two Trustees received r8imbursed expenses which totalled £732 (2022: £1,039 - I0 Trustees). These costs related to travel. subsistence and repairs and maintenance costs reimbursed. During the year companles controlled by Trustees provided sponsorship of £3,250 to the Soclety for the Show {2022: £500). Page 32
THE NEWBURY & DISTRICT AGRICULTURAL SOCIETY (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 26. Controlling party The Sociely is controlled by the Board of Management Members l Trustees. Details relating to transactions with Board of Management members are stated in the previous note. Pag8 33