REGISTERED CHARITY NUMBER: 1012634
MID-SOMERSET AGRICULTURAL SOCIETY
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

MID-SOMERSET AGRICULTURAL SOCIETY
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENTS
PAGE
Reference and Administrative Infomiation
Annual Report of the Trustees
Independent Examiner's Report
Statement of Financial, ActÉvities
Balance Sheet
Notes to the Financial Statements
9-13
Page[1

MID-SOMERSET AGRICULTURAL SOCIETY
REFERENCE AND ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023
Charity Registration Number: 1012634
Patrons
Formally HRH The Prince of Wales
Trustees
RGEddy
T Allen, DL
l Harvey
P Hooper, OBE
A Yeoman, OBE, DL
Honorary Treasurer
A W Staples CPA
Trust Secretary and
th
B W Bartlett (until 28 November 2023)
th
R A Weelen (from 28 November 2023)
Principal Office
Mid-somerset Agricultural Society
Cannard's Grave Road
Shepton Mallet
Somerset BA4 4GF
Bankers
Lloyds Bank PIC
24-26 High Street
Wells
Somerset BA5 2SJ
Solicitors
Bartlett Gooding & Weelen
57 High Street
Shepton Mallet
Somerset BA4 5AQ
Independent Examiner
L Greaves FCA
Doulting
Somerset
Constitution
The Mid-somerset Agricultural Society is constituted under a Trust Deed dated 20 March 1992. Ilt was
registered with the Charity Commission on 7 July 1992, registered Charity Number 1012634.
Page12

MID-SOMERSET AGRICULTURAL SOCIETY
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their Report and unaudited Financial Statements for the year ended 31 December
2023.
The reference and administration information set out on page 1 forms part of this report.
OBJECTIVES AND ACTIVITIES
The objects of the Charity are to foster and improve the practice of agriculture generally and in particular
in the Mid-somerset area
The Trustees are ratified by the members at the Annual General Meeting.
Public Benefit
The Trustees confirm they have referred to the guidance contained in the Charity Commission's general
guidance on public benefit when reviewing the Charity's aims and objectives and in planning future
activities.
ACHIEVEMENTS. PERFORMANCE AND RESULTS
2023 was the third Mid Somerset Agricultural Show on the new show site with attendance numbers similar
to 2022. The Society held the usual non-show events aimed at promoting the Society and supporting it
financially. There was modest use of the site by third parties, in line with our charitable aims, providing a
new revenue stream and raising funds for the Society. As a result, total revenue from charitable activities,
both show and non-show, was marginally up on 2022 and up 20 % on pre-COVID 2019 activities. Support
from members and sponsors was again very strong with revenue marginally down on 2022 when the focus
had been very much on gaining sponsorship for the new show site and building. Promised sponsorship for
site and buildings has now been fully paid with no further sponsorship commitments outstanding.
As expected, the costs of running the show reflected rising costs of supplying services for the Main Show
but were well controlled under challenging economic conditions with an increase in show expenses of
£2,315. Depreciation was up £4,232 primarily due to the new show building and further investment in
development of the show field. Other non-show related administrative costs were up £13,014 with the
addition of a new member of staff to support the development of plans for new events aimed at increasing
revenues and reducing risk.
The net movement in revenues for the year totalled £14,259 (2022: £42,738). The bank balance at the
year-end totalled £32,634 (2022: £28,633). The development of the show-site has largely been completed
apart from some additional planned tree planting and modest site improvements. No accruals were made
as any additional cost is expected to be covered by the normal income of the Society and extra use of the
site.
Free reserves at 31 December 2023 totalled £30,939 (2022: £20,602).
Page13

MID-SOMERSET AGRICULTURAL SOCIETY
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
FINANCIAL REVIEW
The reserves of the Charity that were freely available for charitable use at the year end were:
2023
2022
Total reserves
Less:
Fixed assets used for charitable purposes
524,035 509,776
(493,096) (489,174)
Free reserves
30,939
20,602
Reserves
With the new show site building and development now completed, the Charity has no ongoing projects or
financial commitments and the reserves reported should enable the trustees, if they so decide, to pursue
the Society's objectives in the foreseeable future.
Investment Powers and Policy
The trustees, investment powers allow them to invest as they think fit in any form of investment authorised
by law for the investment of Charity monies or in the stocks and shares of any nature of any company
incorporated in the United Kingdom of Great Britain and Northern Ireland or on deposit with any bank,
insurance company or building society.
RISK MANAGEMENT
The major risks to which the charity is exposed, as identified by the trustees,, have been reviewed and
systems have been established to mitigate the risks.
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance
with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements
for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming
resources and application of resources of the charity for that period. In preparing these financial
statements, the trustees are required to:
select suitable accounting policies and then apply them consistently.
observe the methods and principles in the Charities SORP;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material
departures discEosed and explained in the financial statements" and
Page14

MID-SOMERSET AGRICULTURAL SOCIETY
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
STATEMENT OF TRUSTEES, RESPONSIBILITIES (CONTINUED)
The trustees are responsible for keeping sufficient accountrng records that disclose with reasonable
accuracy at any time the financial position of the chaiity and to enable them to ensure that the financial
statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and
the provisions of the trust deed. They 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.
Approved by the Trustees on
(4 YLJLkn4
and signed on their behalf by:
ee
PageJ5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
MID-SOMERSET AGRICULTURAL SOCIETY
FOR THE YEAR ENDED 31 DECEMBER 2023
I report on the Financial Statements of the Charity for the year ended 31 December 2023. which are set
out on pages 7 to 13.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The charÉty's trustees are responsible for the preparation of the financial statements. The charity's trustees
consider that an audit is not required for this year under section 144{2) of the Charities Act 2011 (the 2011
Act) and that an independent examination is needed.
It ss my responsibility to=
examine the accounts under section 145 of the 2011 Act"
to follow the procedures laid down in the General Directions given by the Charity Commissioner
under section 145{5){b) of the 2011 Act; and
to state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER'S REPORT
My examination was carried out in accordance with the General Directions given by the Charity
Commissioner. An examination includes a review of the accounting records kept by the charity and a
comparison of the financial statements presented with those records. It also includes consideration of any
unusual items or disclosures in the financial statements, and the seeking of explanations from you as
trustees concerning any such matters. The procedures undertaken do not provtde all the evidence that
would be required in an audit and, consequently no opinion is given as to whether the financial statements
present a "true and fair view" and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER'S STATEMENT
In connection with my examination, no matter has come to my attention:
which gives me reasonable cause to believe that, in any material respect, the requirements:
(a) to keep accounting records in accordance with section 130 of the 2011 Act; and
(b) to prepare financial statements which accord with the accounting records and to comply with
the accounting requirements of the 2011 Act have not been met; or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the
financial statements to be reached.
Mr L. Greaves FCA
Date:
zk rt6LnGL 2-0)
Page16

MID-SOMERSET AGRICULTURAL SOCIE
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
Total
Unrestricted
Funds
2023
Total
Funds
2022
Note
INCOMING RESOURCES
Incoming Resources from
Charitable Actrvities
141,015 140,085
Incoming Resources from
Generated Funds
Voluntary Income
Investment Income
98,379 108,227
Total Incoming Resources
239,394 248,312
RESOURCES EXPENDED
Charitable Activities
Governance Costs
225,135 205,574
Total Resources Expended
225,135 205,574
NET MOVEMENT IN FUNDS
14,259
42,738
FUND BALANCES BROUGHT
FORWARD
509,776 467,038
FUND BALANCES CARRIED
FORWARD
524,035 509,776
All activities of the Charity are continuing operations.
The notes on pages 9 to 12 form an integral part of these Financial Statements.
Page17

MID-SOMERSET AGRICULTURAL SOCIETY
BALANCE SHEET
AS AT 31 DECEMBER 2023
2023
2022
Note
FIXED ASSETS
Tangible Fixed Assets
493,096
489,174
493,096
489,174
CURRENT ASSETS
Debtors
Cash at Bank
3,222
32,689
316
28,688
35,911
29,004
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR
4,972
8,402
NET CURRENT ASSETS
30,939
20,602
NET ASSETS
524,035
509,776
FUNDS
Unrestricted Funds
524,035
509,776
Approved by the Trustees on
and signed on their behalf by:
Lr
, Trustee
The notes on pages 9 to 13 form an integral part of these Financial Statements.
Page18

MID-SOMERSET AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ACCOUNTING POLICIES
Basis of Accounting
The accounts have been prepared in accordance with Accounting and Reporting by Charities=
Statement of Recommended Practice applicable to charities preparing their accounts in accordance
with the Financial Reporting Standard for Smaller Entities published on 16 July 2014, the Financial
Reporting Standard for Smaller Entities (FRSSE) and the Charities Act 2011 and applicable
regulations.
The principle accounting policies which have been adopted on a consistent basis within that
convention are set out below.
Incoming Resources
Income is recognised in the period in which the Charity is entitled to receipt and the amount can be
measured with reasonable certainty.
Donations and any associated income tax reclaimable from H M Revenue & Customs are recognised
on a receivable basis. Donations received for the general purposes of the Charity are credited to
unrestricted funds. Donations subject to specific wishes of the donors are credited to the relevant
restricted funds.
Donated services and facilities are included as intangible income to the extent that they are
recognised as representing real value to the Charity. Intangible income is valued at an estimate of
the gross value to the Charity being the price the Charity estimates it would pay in the open market
for such servI￿S or facilities.
Resources Expended
Resources expended are accounted for in the period in which they are incurred. The irrecoverable
element of VAT is included within the item of expense to which it relates.
Where an item of expenditure falls directly w5thin one cost category, it is attributed to that category
only. Where expenditure involves more than one category it is apportioned on a reasonable and
justifiable basis.
Governance costs comprise the costs of the charitable administration and complying with
constitutional and statutory requirement aspects of the Charity. They are the costs associated with
the strategFC as opposed to the day to day management of the Charity's activities.
Tangible Fixed Assets
Land and building comprises the land and buildings on which the show is held.
Depreciation
Tangible fixed assets (excluding land) are depreciated to residual value on their estimated useful
economic life at the following rates:
Page19

MID-SOMERSET AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
ACCOUNTING POLICIES (CONTINUED
Freehold Buildings
Improvement to Properties
2.5 % Straight line
Plant and Machinery
5 % Straight line
Computer and offi￿ Equipment
15 % Reducing balance
33.33 % Straight line
The amortisation rate on the new show-site building was reduced from 100/0 to 2.5 % in 2022 to bring
this in line with accepted depreciation rates for this type of building.
Amortisation
AmortisatÉon of the intangible asset is calculated to write off the cost over its useful economic life as
follows:
Website design
33.33 % Straight line
Impaimient Review
In accordance with FRS15 a review has been carried out on the land which is not depreciated. So
far these have confirmed that the amount at which the assets are stated in the accounts is not less
than the recoverable amount.
Listed Investments
Investrnents are included in the balance sheet at their market value at the balance sheet date.
Realised and unrealised gains and losses on investments are included in the Statement of Financial
Activities in the year in which they arrse. Investment income is credited to income on an accruals basis.
Unrestricted Funds
The funds are held so that they can be used in accordance with the Charity's objects at the discretion
of the Trustees.
TRUSTEES. REMUNERATION
The Trustees received £Nil remuneration from the Charity during the year (2022: £Nil). £Nil expenses
were reimbursed to trustees (2022= £Nil).
ANALYSIS OF INCOMING RESOURCES
2023
2022
Incoming Resources from Charitable Activities:
Trade Stands
Car Park
Catertng Concession
Wine Bar and Lunches
Entries
Functions including Pre-show Party
Pictures/Raffle/Books/other event income
Auction and Sale of Cheese
Profit on sale of asset
44.679
40,402
21,970
7,931
14,930
4,407
1,234
5,462
40,578
43,072
20,418
9,919
15,453
5,780
620
4,245
141,015 140,085
Paqe t 10

MID-SOMERSET AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
ANALYSIS OF INCOMING RESOURCES (CONTINUED)
2023
2022
Voluntary Income:
Subscriptions
Sponsorship - show
Sponsorship- new show site and building
Tax Reclaim on Subscriptions
5,423
63,026
28,990
940
5,701
64,147
35,000
3,379
98,379 108,227
Investment Income:
Bank and Investment Interest
ANALYSIS OF RESOURCES EXPENDED
2023
2022
Charitable Activities:
Show Expenses
Subscriptions, Affiliation Fees and Licences
Depreciation
Printing, Postage, Stationery and Office Costs
Bank Charges / IT costs
Secretary costs
Charitable donations
160,853 158,538
983
609
13,752
9,520
4,326
6,264
8,569
6,518
35,981
24,125
671
225,135 205,574
Governance Costs:
Independent Examination
Page111

MID-SOMERSET AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
TANGIBLE FIXED ASSETS
Office and
Website Land and Plant and Computer
Design Buildings Machinery Equipment
Total
Costlvaluation
At 1 January 2023
Additions
Disposals
5,275
501,580
11,353
6,844
4,087
12,025 525,724
2,234 17,674
At 31 December 2023
5,275
512,933
10,931
14,259 543,398
Depreciation
At 1 January 2023
Eliminated on disposal
Charge for the year
5,275
14,458
4,792
12,025 36,550
12,086
921
745 13,752
At 31 December 2023
5,275
26,544
5,713
12,770 50,302
Net Book Value
At 31 December 2023
486,389
5,217
1,490 493,096
At 31 December 2022
487,122
2,052
489,174
All tangible fixed assets are used in direct furtherance of the Charity's objectives.
DEBTORS
2023
2022
Accounts receivable
Prepayments and Accrued income
622
2,600
316
3,222
316
Page | 12

MID-SOMERSET AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
CREDITORS
2023
2022
Accruals and Income received in advance
4,972
8,402
Page | 13