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