REGISTERED CHARITY NUMBER: 1012634 MID-SOMERSET AGRICULTURAL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
MID-SOMERSET AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS PAGE Reference and Administrative Information Annual Report of the Trustees Independent Examiner's Report Statement of Financial Actlvities Balance Sheet Notes to the Financial Statements 9-13 Page11
MID-SOMERSET AGRICULTURAL SOCIETY REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024 Charity Registration Number: 1012634 Patrons His Majesty the King Trustees RGEddy E Allen, DL l Harvey P Hooper, OBE A Yeoman, OBE, DL Z K Pollard (from 21st October 2024) Honorary Treasurer l R Bristol ACA Trust Secretary R A Weelen Principal Office MÈd-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 ts constituted under a Trust Deed dated 20 March 1992, and was amended on 17 June 2024 by way of an Extraordinary General Meeting and submitted to the Charities Commission. It Jwas 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 2024 The Trustees present their Report and unaudited FinancÉal Statements for the year ended 31 December 2024. 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 appointed 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 2024 saw the fourth holding of the Mid Somerset Agrtcultural Show on the new site, with attendance back to pre-covid numbers. The society was also able to hold the usual, and some new non-show events aimed at supporting the Society and supporting it financially. As a result, totat revenue from charitable activities for both show and non-show events were £239,370. Support from members and sponsors was again very strong with revenue similarly to 2023. As expected, the costs of running the show drd reflect general trends in line with inflation and show costs increased by £13,854 (8.601.). The net movement in revenues for the year totalled (£5,887) (2023: £14,259). The bank balance at the year-end totalled £32,890 (2023: 28,633). Free reserves at 31 December 2024 totalled £32,725 (2023: £30,939). Page13
MID-SOMERSET AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED FINANCIAL REVIEW The reserves of the Charity that were freely available for charitable use at the year end were: 2024 2023 Total reserves Less: Fixed assets used for charitable purposes 518,748 524,035 (486,023) (493,096) Free reserves 32,725 30,939 Reserves 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 deposÈt 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 financÉal 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 trie 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 disclosed and explained in the financial statements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue tn business. Page14
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 responsÈble 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 nd signed on their behalf by= Trustee Page15
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MID-SOMERSET AGRICULTURAL SOCIETY FOR THE YEAR ENDED 31 DECEMBER 2024 I report on the Financial Statements of the Charity for the year ended 31 December 2024, which are set out on pages 7 to 13. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The charity'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 is 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 provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the fÉnancial 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 connectton 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 accountÈng 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: Page16
MID-SOMERSET AGRICULTURAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Total Unrestricted Funds 2024 Total Funds 2023 Note INCOMING RESOURCES Incoming Resources from Charitable ActÈvities 159,803 141,015 Incoming Resources from Generated Funds Voluntary Income Investment Income 79,567 98,379 Total Incoming Resources 239,370 239,394 RESOURCES EXPENDED Charitable Activities Governance Costs 245,257 225,135 Total Resources Expended 245,257 225,135 NET MOVEMENT IN FUNDS (5,887) 14,259 FUND BALANCES BROUGHT FORWARD 524,035 509,776 FUND BALANCES CARRIED FORWARD 518,148 524,035 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 2024 2024 2023 Note FIXED ASSETS Tangible Fixed Assets 486,023 493,096 486,023 493,096 CURRENT ASSETS Debtors Cash at Bank 755 32,970 3,222 32,689 33,725 35,911 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 1,600 4,972 NET CURRENT ASSETS 32,725 30,939 NET ASSETS 518,148 524,035 FUNDS Unrestricted Funds 518,148 524,035 prove¢ by tees on 22 iTrnd signed on their behalf by: Trustee The notes on pages 9 to 12 form an integral part of these Financial Statements. Page18
MID-SOMERSET AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basls 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 Financtal 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 ivithin that convention are set out below. Incoming Resources Income Ès 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 f unds. 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 services 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 within one cost category, it is attributed to that category only. Where expenditure involves more than one category it is apportioned on a reasonable and justtfiable basis. Governance costs comprise the costs of the charitable administratÉon and complying with constitutional and statutory requirement aspects of the Charity. They are the costs associated with the strategic 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 2024 CONTINUED ACCOUNTING POLICIES (CONTINUED Freehold Buildings 2.5 % Straight line Improvement to Properties 5 % Straight line Plant and Machinery 15°/. Reducing balance Computer Equipment 33.33 % Straight line The amortisation rate on the new show-site building was reduced from 10 % to 2.5 % to bring this in line with accepted depreciation rates for thts type of building. Amortisation Amortisation of the intangible asset is calculated to write off the cost over its useful economic life as follows: Website design 33.33 % Straight line Impairment 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 Investments are included in the balance sheet at their market value at the balance sheet date. RealÉsed and unrealised gains and losses on investments are included in the Statement of Financial Activities in the year in which they arise. 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 (2023: £Nil). £Nil expenses were reimbursed to trustees (2023= £Nil). ANALYSIS OF INCOMING RESOURCES 2024 2023 Incoming Resources from Charitable Activities: Trade Stands Car Park Catering Concession Wine Bar and Lunches EntrÉes Functions including Pre-show Party PictureÈ/RafflelBookslother event income Auction and Sale of Cheese Room Hire 45,295 46,585 23,701 9,247 14,921 6,580 4,543 5,538 3,393 44,679 40,402 21,970 7,931 14,930 4,407 1,234 5,462 159,803 141,015 Page | 10
MID-SOMERSET AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED ANALYSIS OF INCOMING RESOURCES (CONTINUED) 2024 2023 Voluntary Income: Subscriptions Sponsorship - show Sponsorship- new show site and burlding Tax Reclaim on Subscriptions 5,738 69,041 1,000 3,788 5,423 63,026 28,990 940 79,567 98,379 Investment Income: Bank and Investment Interest ANALYSIS OF RESOURCES EXPENDED 2024 2023 Charitable Activities: Show Expenses SubscrÉptions, Aff iliation Fees and Licences Depreciation Printing, Postage, Stationery and Office Costs Bank Charges / IT costs Secretary Costs Charitable Donations 174,707 160,853 447 983 14,798 13,752 4,788 4,326 7,263 8,569 42,444 35,981 810 671 245,257 225,135 Governance Costs: Independent Examination Pagel 11
MID-SOMERSET AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED TANGIBLE FIXED ASSETS Website Land and Plant and Office Design Buildings Machinery Equipment Total Costlvaluation At 1 January 2024 Additions Disposals 5,275 512,933 1,288 10,931 5,594 14,259 543,398 843 7,725 At 31 December 2024 5,275 514,221 16,525 15,102 551,123 Depreciation At 1 January 2024 Eliminated on disposal Charge for the year 5,275 26,544 5,713 12,770 50,302 12,151 1,622 1,025 9,519 At 31 December 2024 5,275 38,695 7,335 13,795 36,550 Net Book Value At 31 December 2024 475,526 9,190 1,307 486,023 At 31 December 2023 486,389 5,217 1,490 493,096 All tangible fixed assets are used in direct furtherance of the Charity's objectives. DEBTORS 2024 2023 Accounts Receivable Prepayments and Accrued income 755 622 2,600 755 3,222 Page | 12
MID-SOMERSET AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED CREDITORS 2024 2023 Accruals and Income received in advance 1,600 4,972 Page | 13