2022-09-30-accounts - Mid Devon Town And Country Show Society Limited

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REGISTERED COMPANY NUMBER: 02867043 (England and Wales)

REGISTERED CHARITY NUMBER: 1029231

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 30 September 2022

for

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

Contents of the Financial Statements FOR THE YEAR ENDED 30 SEPTEMBER 2022

		Page
Chairman's Report		1
Report ofthe Trustees	2	to	3
Independent Examiner's Report		4
Statement of Financial Activities		5
Balance Sheet		6
Notes to the Financial Statements	7	to	12
DetailedStatementofFinancialActivities	13	to	14

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

Chairman's Report FOR THE YEAR ENDED 30 SEPTEMBER 2022

| would like to thank the Volunteers, the Supporters, Sponsors and the Office in helping with the 2022 show. We had a wonderful show and the number of visitors through the gates is reflected in a very strong healthy set of accounts. | would like to thank William Withers & Co for the preparation of the accounts. The healthy balance sheet allows us to further our charitable aims of Education in Agriculture, and as we enter our 30th year we reflect on the vision and dynamism of our founders all those years ago who with the help of so many local organisations enabled the Mid Devon Town and Country Show to be what it is today. We continue to invest in the show, securing its future for another 30 years whilst supporting agriculture, town and country businesses in Mid Devon, who use the show to showcase their potential.

Page 1

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ;

OBJECTIVES AND ACTIVITIES

Objectives and aims

The principal objectives of the Society are:

1) to promote and advance agriculture for the benefit of the public and to seek and generally improve and publicise it in all its branches and to encourage skill and industry in it and in all trades, crafts and professions connected with it.

2) for the primary purpose of raising money for the pursuance of its Principal Objects to hold an annual agricultural show provided that the Society shall not be obliged to hold a show in any year in relation to which the Council of the Society shall resolve that holding such a show is impracticable and not in the interest of the Society.

ACHIEVEMENT AND PERFORMANCE

Charitable activities ; Free entry tickets to shows organised by the society are given to all children from the Mid Devon area to help with their understanding of farming and other rural activities. The show charity for the year was Devon Air Ambulance and_ this enabled that charity to promote it's work and raise funds on the day of the show. The society continues to support young people with grants to further their education and experience.

FINANCIAL REVIEW

Principal funding sources

The principal sources of income are the proceeds from the Mid Devon Show, members subscriptions, donations and sponsorship plus rent from land owned by the Society.

The surplus from all sources for the year to 30 September 2022 was £60,314 (2021: (£12,180)).

Investment policy and objectives

Under the Memorandum and Articles of the Society, the Charity has the power to make any investments the Council sees fit, but there are no surplus funds available for investment.

Reserves policy

The trustees consider a certain level of reserves is required in order to run the Society in an orderly and prudent manner.

The Society's income and potential losses are variable depending on show day weather and other imponderables. The long term policy of this Society is to maintain reserves of at least two years recurring expenditure.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its memorandum and articles of association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

At the annual general meeting, one third of the members of the Council shall retire from office. The members of the Council to retire in every such year shall be those who have been longest in office since their last election. A retiring member of the Council shall be eligible for re-election until he shall have served 10 consecutive years as a member of the Council. New members are actively recruited from suitably qualified ordinary members of the Society.

Organisational structure

The Mid Devon Town and Country Show Society was incorporated on the 28 October 1993. The activities are overseen by a Council of the Society which shall consist of a chairman, vice chairman and until otherwise determined by the Society in general meeting not less than 15 and not more than 45 other members of the Society.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 02867043 (England and Wales)

Registered Charity number

1029231

Page 2

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2022

Registered office

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||||||||| |---|---|---|---|---|---|---|---| |Quayside|House|Highland|Terrace| |Barrington|Street| |Tiverton| |Devon| |EX16|6PT| |Trustees| |Mrs|J|Ayres|Farmer| |E|J|Berry|Councillor| |K|D|Browse|Farmer|(appointed|7/1/2022)|(resigned|30/9/2022)| |Mrs|RH|M|Chanin|Farmer|(appointed|7/1/2022)| |A N|Cottey|Farmer| |G|R|Cox|Farmer| |Mrs|M|Daw|Farmer|(resigned|9/1/2022)| |T|Hamlin|Auctioneer| |Mrs|RE|J|Hamlin|Farmer| |R|Hill|Farmer| |MW|Huxtable|Farmer|(appointed|7/1/2022)| |J|AT|Lee|Farmer| |R|Lewis|Tree|Surgeon|(appointed|7/1/2022)| |A M|Overhill|Chartered|Surveyor| |P|F|Pugsley|Retired|Solicitor| |||L|Pugsley|Solictor| |C|E|Rowland|Farmer| |AW|J|Sloley|Retired|(resigned|1/4/2022)| |R|S|Sweet|Company|Director| |R W|Taylor|Retired| |R|Stagg|Chartered|Surveyor| |W|J|Withers|Chartered|accountant| |M|J|Pring|Farmer| |Mrs|C|L|Heaven-Roberts|Hotelier| |Ms|S|Norman| |B|D|Mildon|(appointed|10/1/2022)| |Company|Secretary| |W|J|Withers| |Solicitors| |Ashfords| |Ashford|House| |Grenadier|Road| |Exeter| |Approved by order of the board|of trustees on Bl|irfea2e|and signed on|its behalf by:|

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W J Withers - Secretary

Page 3

Independent Examiner's Report to the Trustees of Mid Devon Town And Country Show Society

Independent examiner's report to the trustees of Mid Devon Town And Country Show Society (‘the Company’) | report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2022.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act'). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. Independent examiner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. | can_ confirm that | am qualified to undertake the examination because | am a registered member of Institute of Chartered Accountants in England & Wales which is one of the listed bodies.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

is accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3: the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr P Lewis-Bending ACA Institute of Chartered Accountants in England & Wales Date: BN tN ec

Page 4

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022

					30.9.22	30.9.21
		Unrestricted funds	Designated fund	Restricted fund	Total funds	Total funds
	Notes	£	£	£	£	£
INCOME AND ENDOWMENTS
FROM
Donations and legacies		10,225	.	-	10,225	5,428
Othertrading activities	2	334,569	-	-	334,569	226,239
Investment income	3	101	-	-	101	12
Total		344,895	-	-	344,895	231,679
EXPENDITURE ON
Raising funds		190,386	-	-	190,386	180,834
Charitable activities
Generating Funds		93,195	-	-	93,195	63,025
Charitable activities		1,000	-	-	1,000	-
Total		284,581	-	-	284,581	243,859
NETINCOME/(EXPENDITURE)		60,314	-	-	60,314	(12,180)
RECONCILIATION OF FUNDS
Total funds brought forward		203,272	-	25,000	228,272	240,452
TOTAL FUNDS CARRIED
FORWARD		263,586	-	25,000	288,586	228,272

The notes form part of these financial statements

Page 5

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

		BALANCE SHEET	BALANCE SHEET
		30 SEPTEMBER 2022
					30.9.22	30.9.21
		Unrestricted funds	Designated fund	Restricted fund	Total funds	Total funds
	Notes	£	£	£	E	£
FIXED ASSETS
Tangible assets	8	108,772	-	-	108,772	121,276
CURRENT ASSETS
Debtors Cash at bank and in hand	9	. 224,852	- -	- 25,000	- 249,852	4,671 179,634
		224,852	-	25,000	249,852	184,305
CREDITORS
Amounts falling due within one
year	10	(61,038)	-	.	(61,038)	(65,309)
NET CURRENT ASSETS		163,814	-	25,000	188,814	118,996
TOTAL ASSETS LESS
CURRENT LIABILITIES		272,586	-	25,000	297,586	240,272
CREDITORS
Amounts falling due after more
than one year	11	(9,000)	-	-	(9,000)	(12,000)
NETASSETS		263,586	-	25,000	288,586	228,272
FUNDS	14
Unrestricted funds					263,586	203,272
Restricted funds					25,000	25,000
TOTALFUNDS					288,586	228,272

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on cdf LR | SAB cer and were signed on its behalf by:

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~~
A N Cottey - Trustee
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The notes form part of these financial statements

Page 6

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

Notes to the Financial Statements FOR THE YEAR ENDED 30 SEPTEMBER 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 5% on cost Improvements to property - in accordance with the property Plant and machinery - 20% oncost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees

Restricted funds can only be used for particular restricted purposes within the objects of the Society. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

OTHER TRADING ACTIVITIES

OTHER TRADING ACTIVITIES
	30.9.22	30.9.21
	£	725
Entrance	195,238	118,838
Trade stands	56,408	79,192
Exhibitors Sponsorship	16,142 27,300	3,870 17,200
Catalogues	5,425	3,420
Catalogue advertising	1,870	3,248
Food outlets	24,575	200
Hire of generators & equipment	7,611	271
	334,569	226,239

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continued...

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022

3: INVESTMENT INCOME

INVESTMENT INCOME
	30.9.22	30.9.21
	£	£
Deposit account interest	101	12
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
	30.9.22	30.9.21
	£	pa
Depreciation - owned assets	12,504	12,708
Hireofplantandmachinery	6,046	1,574

TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 September 2022 nor for the year ended 30 September 2021.

Trustees’ expenses

There were no_ trustees’ expenses paid for the year ended 30 September 2022 nor for the year ended 30 September 2021.

STAFF COSTS

The average monthly number of employees during the year was as follows:

				30.9.22	30.9.21
	Administration			2	2
	No employees received emoluments in excess of£60,000.
7;	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
		Unrestricted	Designated	Restricted	Total
		funds	fund	fund	funds
		£	£	£	£
	INCOME AND ENDOWMENTS FROM
	Donations and legacies	5,428	-	-	5,428
	Other trading activities	226,239	-	-	226,239
	Investment income	12	-	-	12
	Total	231,679	-	-	231,679
	EXPENDITURE ON
	Raising funds	180,834	-	-	180,834
	Charitable activities
	Generating Funds	63,025	-	-	63,025
	Total	243,859	-	-	243,859
	NET INCOME/(EXPENDITURE)	(12,180)	-	-	(12,180)
	RECONCILIATION OF FUNDS
	Totalfundsbroughtforward	215,452	-	25,000	240,452

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continued...

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2022

7.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
		Unrestricted funds	Designated fund	Restricted fund	Total funds
		£	£	£	E
	TOTAL FUNDS CARRIED FORWARD	203,272	-	25,000	228,272
8.	TANGIBLE FIXED ASSETS
			Improvements
		Freehold	to	Plant and
		property	property	machinery	Totals
		£	£	£	ba
	COST
	At 1 October 2021 and 30 September 2022	103,073	88,421	10,479	201,973
	DEPRECIATION
	At 1 October 2021	9,144	68,775	2,778	80,697
	Charge for year	1,524	9,825	1,155	12,504
	At 30 September 2022	10,668	78,600	3,933	93,201
	NET BOOK VALUE
	At 30 September 2022	92,405	9,821	6,546	108,772
	At30September2021	93,929	19,646	7,701	121,276

Included in cost or valuation of land and buildings is freehold land of £72,593 (2021 - £72,593) which is not depreciated.

9.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		30.9.22	30.9.21
		ra	£
	Trade debtors	-	4,671
10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		30.9.22	30.9.21
		£	£
	Other loans (see note 12)	42,032	50,000
	Trade creditors	12,239	5,542
	Other creditors	3,000	6,000
	Accruals and deferred income	2,017	2010
	Accrued expenses	1,050	1,050
		61,038	65,309

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continued...

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022

11.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN	ONE YEAR
			30.9.22	30.9.21
			£	e
	Other loans (see note 12)		9,000	12,000
12.	LOANS
	An analysis ofthe maturity of loans is given below:
			30.9.22	30.9.21
			2	£
	Amounts falling due within one year on demand:
	Other loans		42,032	50,000
	Amounts falling due between two and five years:
	Other loans - 2-5 years		9,000	12,000
13.	SECURED DEBTS
	The following secured debts are included within creditors:
			30.9.22	30.9.21
			£	£
	Other loan		12,000	18,000
	The other loan from The Tiverton Agricultural Association is secured against the		freehold property	owned by the
	Society.
14.	MOVEMENT IN FUNDS
			Net
		At	movement	At
		1.10.21	in funds	30.9.22
		¥	£	£
	Unrestricted funds
	General fund	193,272	60,314	253,586
	Revaluation reserve	10,000	-	10,000
		203,272	60,314	263,586
	Restricted funds
	Restricted	25,000	.	25,000
	TOTAL FUNDS	228,272	60,314	288,586
	Net movement in funds, included in the above are as follows:
		Incoming	Resources	Movement
		resources	expended	in funds
		£	£	£
	Unrestricted funds
	General fund	344,895	(284,581)	60,314
	TOTALFUNDS	344,895	(284,581)	60,314

The other loan from The Tiverton Agricultural Association is secured against the freehold property owned by the Society. 14. MOVEMENT IN FUNDS

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continued...

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2022

14. MOVEMENT IN FUNDS- continued

Comparatives for movement in funds

		Net
	At	movement	At
	1.10.20	in funds	30.9.21
	E	E	£
Unrestricted funds
General fund	205,452	(12,180)	193,272
Revaluation reserve	10,000	-	10,000
	215,452	(12,180)	203,272
Restricted funds
Restricted	25,000	-	25,000
TOTAL FUNDS	240,452	(12,180)	228,272
Comparative net movement in funds, included in the above are as follows:
	Incoming	Resources	Movement
	resources	expended	in funds
	£	£	£
Unrestricted funds
General fund	231,679	(243,859)	(12,180)
TOTALFUNDS	231,679	(243,859)	(12,180)

A current year 12 months and prior year 12 months combined position is as follows:

		Net
	At	movement	At
	1.10.20	in funds	30.9.22
	£	52	£
Unrestricted funds
General fund	205,452	48,134	253,586
Revaluation reserve	10,000	-	10,000
	215,452	48,134	263,586
Restricted funds
Restricted	25,000	-	25,000
TOTALFUNDS	240,452	48,134	288,586

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

	Incoming	Resources	Movement
	resources	expended	in funds
	£	£	£
Unrestricted funds
General fund	576,574	(528,440)	48,134
TOTALFUNDS	576,574	(528,440)	48,134

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continued...

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022

RELATED PARTY DISCLOSURES

Mr P Lewis-Bending is a director at William Withers & Co Ltd. Mr W Withers is also a director at William Withers & Co Ltd, and a trustee of the charity. The examination has been carried out in accordance with the code of ethics set by the ICAEW and the guidance (CC32) set by the Charity Commission for England and Wales and steps have been taken to ensure the examination has been carried out in a wholly independent manner.

Page 12

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022

	30.9.22	30.9.21
	£	£
INCOME AND ENDOWMENTS
Donations and legacies
Patrons and member	8,500	4,603
Rent/grass keep	1;725	825
	10,225	5,428
Other trading activities
Entrance	195,238	118,838
Trade stands	56,408	79,192
Exhibitors Sponsorship	16,142 27,300	3,870 17,200
Catalogues	5,425	3,420
Catalogue advertising	1,870	3,248
Food outlets	24,575	200
Hire ofgenerators & equipment	7,611	271
	334,569	226,239
Investment income
Deposit account interest	101	12
Total incoming resources	344,895	231,679
EXPENDITURE
Raising donations and legacies
Tentage	25,063	34,199
Hire of Equipment	34,274	53,331
Security Gate Tellers	6,989 9,411	7,512 14,878
Catalogues & booklets	10,937	10,892
Transport	5,485	5,225
Judges Expenses	7,772	802
Prizes and rosettes	10,989	10,474
First Aid	5,305	4,386
Other Attractions	8,990	9,586
Traffic management	16,970	-
Advertising	8,588	7,064
Show Ground Rent	25,156	12,698
Site Costs	7,407	4,476
Professional Fees	4,341	3,750
Members, Stewards evening	1,803	1,561
	189,480	180,834
Other trading activities
Bank loan interest	906	-
Charitable activities
Sundries	96	-
Charitable Activities	-	200
Grants to individuals	1,000	-
	1,096	200
Supportcosts

This page does not form part of the statutory financial statements

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MID DEVON TOWN AND COUNTRY SHOW SOCIETY

	DETAILED STATEMENT OF FINANCIAL ACTIVITIES
	FOR THEYEAR ENDED 30 SEPTEMBER 2022
		30.9.22	30.9.21
		£	£
Support costs
Management
Office Salaries		42,187	19,910
Hire of plant and machinery		6,046	1,574
Insurance		7,833	6,932
Lightand heat		1,855	678
Telephone		2,264	3,050
Office expenses		11,345	6,248
Freehold property		1,524	1,524
Improvements to property Plantand machinery		9,825 1.:155,	9,825 1,359
		84,034	51,100
Finance
Bank charges		9,065	11,725
Total resources expended		284,581	243,859
Netincome/(expenditure)		60,314	(12,180)

This page does not form part of the statutory financial statements

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