REGISTERED COMPANY NUMBER.. 02867043 (England and Wales) REGISTERED CHARITY NUMBER: 1029231 Report of the Trustees and Unaudited Financlal Statements for the Year Ended 30 September 2024 for MID DEVON TOWN AND COUNTRY SHOW SOCIETY
MID DEVON TOWN AND COUNTRY SHOW SOCIETY Contents of the Financial Statements FOR THE YEAR ENDED 30 SEPTEMBER 2024 Page Chairman's Report Report of the Trustees Independent Examlnerf$ Report Statement of Flnancial Activities Balance Sheet Notes to the Financial Statements 9 to 14 Detailed Statement of Flnanclal Activltles 15 to 16
MID DEVON TOWN AND COUNTRY SHOW SOCIErY Chairman's Report FOR THE YEAR ENDED 30 SEPTEMBER 2024 I would like lo thank the trustees and direthrs for their support, and I have pleasure in submilling these accoLJnts on their behalf. The accounts certainly make for better reading than last year with a £ 20,967 deficit transferred into a £72.548 net surplus. This has allowed us lo future proof the IT provision for the show, with the purchase of new computers for the show office. and also prudently putting some of the reseNes into a high interest savings account. Your council is kept up lo dale with the shows progress throughout the year, with two meetings and the AGM, and the day-lo-day management of the society through a strong committee who meet every 5 weeks or so lo ensure the finance and organisalion is on track. I know that we are unique amongst other one-day shows in this respect, others are envious of our hands on approach and regular weekly meetings wlh key stakeholders in the show sel up. 11 is just one of the reasons why the Mid Devon Show is respected so much amongst our show community. The weather this year was certainly of benefit lo us, and the forecast can so easily turn us from profit making to a loss, unfortunately this is one variable we have no control over. I would like lo thank Withers Steele and our Hon. Treasurer in the preparation of these accounts and for their support in the management of the show finances and payroll during the year. Angus Cottey Ch an, (,,1 z-* Page 1
MID DEVON TOWN AND COUNTRY SHOW SOCIETY Report of tha Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Iruslees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial slalemenls of the charity for the year ended 30 September 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Slalemenl of Recommended Practice 8pplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {effective 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and alms The principal objectives of the Society are.. I I lo promote and advance agriculture for the benefit of the public and lo seek and generally improve and publicise il in all ils branches and to encourage skill and industry in il and in all trades, crafts and professions connected with it. 21 for the primary purpose of raising money for the pursuance of ils Principal Objects lo hold an annual agricultural show provided that the Society shall not be obliged lo 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 activlties Free entry lickels lo shows organised by the society are given to all children from the Mid Devon area to help with their understanding of faming and other rural activities. The show charity for the year was Marie Curie and this enabled that charity to promote il's work and raise funds on the day of the show. The society continues lo 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 lo 30 September 2024 was £ 72,548 compared with a defieil for the 2023 year of£20,967. Investment policy and objectives Under the Memorandum and Articles of the Society, the Charity has the power lo make any investments the Council sees fil. during the year £150,000 was invested in a high interest savings acwunl. Reserrfes policy The Iruslees consider a certain level of reserves is required in order to run the Socigly in an orderly and prudent manner. The Sles 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 al least two years recurring expenditure. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by ils memorandum and articles of association and conslitules a limited company, limited by guarantee, as defined by the Companies Act 2006. Recrultment and appointm8nt of new trustees Al the annual general meeting, on& third of the members of the Council shall retire from office. The members of the CoLJncil lo 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-eleetion 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. Page 2
MID DEVON TOWN AND COUNTRY SHOW SOCIETY Rgport ofihe Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT 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 meets'ng not less than 15 and not more than 45 other members of the Society. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02867(143 (England and Wales) Registered Charity number 1029231 Registered office 6 Oaklands Court TIVERTON Devon EX16 6TG Trustees Mrs J Ayre Farmer (resigned 1211120241 Mrs R H M Chanin Farmer A N Colley Farmer G R Cox Farmer (resigned 121112024) T Hamlin Auctioneer Mrs R E J Hamlin Farmer R Hill Farmer J A T Lee Farmer (resigned 1211120241 R Lewis Tree Surgeon A M Overhill Chartered Surveyor Mrs J E A Penny Retired lappoinled 121112024} {resigned 71312024} P F Pugsley Reb'red Solicitor l L Pugsley Retired Solictor C E Rowland Farmer R S Sweet Retired Company Director R W Taylor Retired R Stagg Chartered Surveyor (resigned 121112024) W J Withers Chartered Accountant (resigned 1211120241 M J Pring Farmer Mrs C L Heaven-Roberts Hotelier Ms S Norman Banker B D Mildon Farmer N Thomas Yardsman A Short Farmer Miss K M Todd Landlord E J Berry lappoinled 1211120241 Mrs M E Daw lappoinled 1211120241 R C Hopper (appointed 1211120241 M W Huxtsble {appointed 1211120241 Company Se¢retary Mr5 E Ford Sollcltors Ashfords Ashford House Gren8dier Road Exeter Page 3
MID DEVON TOWN AND COUNTRY SHOW SOCIETY Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2024 Approved by order of the board of trustees on ............................................. and signed on its behalf b. Ford - Secretary Page 4
Independent Examlnerfs 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 (Yhe Company'l I report to the charity Iruslegs on my examination of the accounts of the Company for the year ended 30 September 2024. Responsibilities and basis of report As the charity's Iruslees of the Conipany land also ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Ael'l. Having satisfied myself that the accounts of the Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitls accounts 85 carried out under Section 145 of the Charities Act 2011 {'Ihe 2011 Act'l. In carrwng out my examination I have followed the Directions given by the Charity Comrnission under Section 145{51 Ibl of the 2011 Act. Independent examinerfs statgment Since your ¢hariVs gross income exceeded £250,000 your examiner musl be a member of a listed body. I can confirm that l am qualified lo undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no mallers have come lo my allenlion in connection with Ihe examination giving me cause lo believe.. aecounling records were not kept in respect of the Company as required by Section 386 of the 2006 Act., or the accounts do not accord with those records., or 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 maller considered as part of an independent examination-, or the accounts have not been prepared in accordance wth 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 IFRS 10211. I 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 lo be reached. ILQ Mr P Lewis-Bending ACA Date.. Page 5
MID DEVON TOWN ANO COUNTRY SHOW SOCIETY Statemont of Financial Activitie$ FOR THE YEAR ENDED 30 SEPTEMBER 2024 30.9.24 Total funds Unrostricled Designated funds fund 30.9.23 Total funds Reslricled fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 13,543 13,543 14,822 Other trading activities Investment income 377.567 5,728 377,567 5.728 292,107 2,461 Total 396,838 396,838 309,390 EXPENDITURE ON Raising funds 235,921 235,921 233,318 Charitable activities Generating Funds Charitable activities 81,650 4,357 81,650 4,357 94,976 2,063 Other 2.362 2,362 Total 324,290 324,290 330,357 NET INCOMEIIEXPENDITUREI 72,548 72,548 120,9671 RECONCILIATION OF FUNDS Total funds brought forward 242,619 25.000 267,619 288,586 TOTAL FUNDS CARRIED FORWARD 315,167 25,000 340,167 267,619 The notes form part of these financial statements Page 6
MID DEVON TOWN AND COUNTRY SHOW SOCIETY Balance Sheet 30 SEPTEMBER 2024 30.9.24 Total funds 30.9.23 Total funds Unrestricted Designated funds fund Restricted fund Notes FIXED ASSETS Tangible assets 99,265 99,265 96.446 CURRENT ASSETS Debtors Cash al bank and in hand 864 247,975 864 272,975 13,190 207,607 25,000 248,839 25,000 273,839 220.797 CREDITORS Amounts falling due wf(hin one year 10 120,7441 (20,744) 127,2341 NET CURRENT ASSETS 228,095 25,000 253.095 193.563 TOTAL ASSETS LESS CURRENT LIABILITIES 327,360 25,000 352,360 290,009 CREDITORS Amounts falling du8 after more than one year 112,1931 112.1931 122,390) NET ASSETS 31 5,167 25.000 340,167 267,619 FUNDS Unreslricled funds Restricted funds 315,167 25,000 242,619 25,000 TOTAL FUNDS 340,167 267,619 The charitable company is enlilled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024. The members have nol required the company lo obtain an audit of ils financial slalements for the year ended 30 September 2024 in accordance wth Section 476 of the Companies Act 2006. The Iruslees acknowledge their responsibilities for lal ensuring that the charitable company keeps aceounling records that comply with Sections 386 and 387 of th& Companies Act 2006 and preparing financial statements which give a true and fair view of thg slate of affairs of the charitable company as al 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 slalements, so far as applicable to the charitable company. Ibl The notes form part of Ihgse financi81 statements Page 7 continued...
MID DEVON TOWN AND COUNTRY SHOW SOCIETY Balance Sheet- continued 30 SEPTEMBER 2024 These finarkcial statements have been prepared in accordance with the provisions applicable lo charitable eompanies subject lo the small companies regime. The financial statements were approved by the Board of Trustees and aulhorised for issue on and were signed on ils behalf by.. Ii ttey- Trustee The notes form part of these finaneial statements Page 8
MID DEVON TOWN AND COUNTRY SHOW SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 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 IFRS 1021 'Accounling and Reporting by Charities.. Ststement of Recommended Piaclice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Ael 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 society has enlitlemenl lo the funds, It is probable that the income wll be received and the amount can be measured reliably. Expenditure Liabilities a recognised as exper)dilure as soon as there is a legal or constructive obligation committing the society lo 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 lo particular headings they have been allocated lo activities on a basis consistent with the use of resources. Grants offered subject lo conditions which have not been met al the year end data are noted as a commitment but not accrued as expgndilure. Tanglble fixed assets Depreciation is provided al the following annual rates in order lo write off each asset over its estimated useful life. Freehold propety Improvements to propety Plant and machinery 50/0 on cost in accordance with the propety 15% on reducing balance Taxation The charity is exempl from corporation lax on ils charitable activities. Fund accountlng Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Reslricled funds can only be used for particular reslricled purposes wlhin the objects of the Society. Reslriclions arise when specified by the donor or when funds are raised for parbcular restricted purposes. Hlre purchase and leasing commitments Rentals paid under operating leases are charged to Ihe Statement of FirFan¢ial Activities on a straight line basis over the period of the lease. Page 9 continued...
MID DEVON TOWN AND COUNTRY SHOW SOCIETY Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024 OTHER TRADING ACTIVITIES 30.9.24 30.9.23 Entrance Trade stands Exhibitors Sponsorship Catalogues Catalogue advertising Food oullels Hire of generators & equipment 200,821 74,903 20,259 28,379 5,390 2,065 35,856 9,894 130,668 71,612 13,772 28,558 3,505 4.665 30,583 8.744 377,567 292.107 INVESTMENT INCOME 30.9.24 30.9.23 Deposlt account interest 5,728 2,461 NET INCOMEI{EXPENDITUREI Net incomellexpendilurel is slated after chargingllcredib'ngl: 30.9.24 30.9.23 Depreciation - owned assets Hire of plant and machinery 3,083 3,176 12,326 4,668 TRUSTEES. REMUNERATION AND BENEFITS There were no Iruslees, remuneration or other benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023. Trustees. gxpenses There were no Iruslees, expenses paid for the year ended 30 September 2024 nor for the year ended 30 September 2023. STAFF COSTS The average monthly number of employees during the year was as follows-. Administration 30.9.24 30.9.23 No employees received emoluments in excess of £60,000. Page 10 continued...
MID DEVON TOWN AND COUNTRY SHOW SOCIErY Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Designated funds fund Reslricled fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 14.822 14.822 Other trading activities Investment income 292.107 2,461 292,107 2,461 Total 309,390 309,390 EXPENDITURE ON Raising funds 233,318 233,318 Charitable activities Generating Funds Charitable activities 94,976 2,063 94,976 2,063 Totsl 330,357 330.357 NET INCOMEIIEXPENDITURE) {20.9671 120,9671 RECONCILIATION OF FUNDS Total funds brought fotward 263,586 25,000 288.586 TOTAL FUNDS CARRIED FORWARD 242,619 25,000 267,619 TANGIBLE FIXED ASSETS Improvements lo propety Freehold property Plant and machinery Totals COST Al 1 October 2023 Additions Disposals 103,073 88,421 6,486 10,479 201,973 6,486 1584} {5841 AI 30 September 2024 103,073 94,907 9,895 207,875 DEPRECIATION Al 1 October 2023 Charge for year 12,192 1,527 88,421 721 4,914 835 105,527 3,083 At 30 September 2024 13,719 89.142 5.749 108,610 NET BOOK VALUE AI 30 Sèplember 2024 89,354 5,765 4,146 99,265 AI 30 September 2023 90,881 5,565 96,446 Ineluded in cost or valuation of land and buildings is freehold land of £72,59312023 - £72,593} which is not depreciated. Page11 continued...
MID DEVON TOWN AND COUNTRY SHOW SOCIETY Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024 DEBTORS: AMOUNTS FALLING DUE WtTHIN ONE YEAR 30.9.24 30.9.23 Trade debtors Prepayments 864 8,810 4,380 864 13,190 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.9.24 30.9.23 Other loans {see note 121 Trade creditors Social security and other taxes Accruals and deferred income 10,198 6,891 2,020 1,635 9,943 6,893 9,550 20,744 27,234 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 30.9.24 30.9.23 Other loans (see note 12) 12,193 22,390 12. LOANS An analysis of the maturity of loans is given below.. 30.9.24 30.9.23 Amounts falling due within one year on demand.. Other loans 10.198 9,943 Amounts falling due between Iwo and five years.. Other loans - 2-5 years 12,193 22,390 13. MOVEMENT IN FUNDS Nel movement in funds Al 1.10.23 Al 30.9.24 Unrgstricted funds General fund Revaluation reserve 232,619 10.000 72.548 305,167 10,000 242.619 72,548 Restrleted funds Restricted 315,167 25,000 25.000 TOTAL FUNDS 267,619 72,548 340,167 Page 12 continued...
MID DEVON TOWN AND COUNTRY SHOW SOCIETY Notes to tho Financial Slatements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024 13. MOVEMENT IN FUNDS - continued Nel movement in funds, included in the above are as follows- Incoming resources Resources expended Movement in funds Unrestricted funds General fund 396,838 1324,2901 72,548 TOTAL FUNDS 396,838 1324,2901 72,548 Comparatives for movement in fund$ Nel movement in funds At 30.9.23 1.10.22 Unrestrictgd funds General fund Revaluation reserye 253,586 10,000 120,9671 232,619 10,000 263.586 Reytricted funds Reslricled {20,9671 242,619 25,000 25,000 TOTAL FUNDS 288,586 120,9671 267,619 Comparative nel movement in funds. included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 309,390 1330,3571 120,9671 TOTAL FUNDS 309,390 (330,3571 120.9671 Page 13 continued...
MID DEVON TOWN AND COUNTRY SHOW SOCIETY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2024 MOVEMENT IN FUNDS- continued 13. A current year 12 months and prior year 12 months combined position is as follows.. Nel movement in funds Al 1.10.22 Al 30.9.24 Unre5trlcted fund¥ General fund Revaluats'on reserve 253,586 10,000 51,581 305,167 10,000 Restrfcted funds Reslricled 263,586 51,581 315,167 25,000 25,000 TOTAL FUNDS 288,586 51.581 340,167 A current year 12 months and pnor year 12 months combined nel movement in funds, included in the above are as follows". Incoming resources Resources expended Movement in funds Unrestricted funds Geneml fund 706,228 1654,6471 51,581 TOTAL FUNDS 706,228 1654,6471 51,581 14. RELATED PARTY DISCLOSURES Mr P Lews-Bending is a director al Withers Steele Chartered Accountants. Mr W Withers is also a director at Withers Steele Chartered Accountants, 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 ICC321 set by the Charity Commission for England and Wales and steps have been taken to ensu the examination has been carried out in a wholly independent manner. Page 14
MID DEVON TOWN AND COUNTRY SHOW SOCIETY Detailed Statement of Financial Activlties FOR THE YEAR ENDED 30 SEPTEMBER 2024 30.9.24 30.9.23 INCOME AND ENDOWMENTS Donatlons and legacie$ Patrons and member Renvgrass keep 11,743 1.800 13,022 1,800 13,543 14.822 Other trading activities Entrance Trade stands Exhibitors Sponsorship Catalogues Catalogue advertising Food outlets Hire of generators & equipment 200.821 74,903 20,259 28,379 5,390 2,065 35,856 9,894 130,668 71,612 13,772 28.558 3.505 4,665 30,583 8,744 377,567 292,107 Investment Incgrne Deposit account interest 5,728 2,461 Total Incoming resources 396,838 309.390 EXPENDITURE Raising donations and legacies Tenlage Hire of Equipment Security Gale Tellers Catslogues & booklets Transport Judges Expenses Prizes and rosettes First Aid Other Attractions Traffic management Show Office Assistsnce Advertising Show Ground Rent Sile Costs Professional Feés Members, Stewards evening 41.426 43,058 8,405 11,431 24,426 6,275 2,221 11.728 3,500 12,681 20,214 1,009 35,610 46,454 7,910 13,056 6,293 5,850 2,164 9,457 3,500 12,095 30.302 19,683 21,829 11,514 5,207 1,445 24,526 17,545 6,328 234,773 232,369 Other trading activltles Bank loan interest 1.148 949 This page does not form part of the slatulory financial ststemenls Page 15
MID DEVON TOWN AND COUNTRY SHOW SOCIETY Detailed Statement of Flnancial Activitles FOR THE YEAR ENDED 30 SEPTEMBER 2024 30.9.24 30.9.23 other trading activitle$ Charitable actlvitios Charitable Activities Grants lo individuals 4,357 1,613 750 4,357 2.363 Support costs Management Office Salaries Hire of plant and machinery Insurance Light and heal Telephone Office expenses Sundries Freehold propety Improvements lo propety Plant and machinery 46,658 3,176 9,288 1,999 1,338 11,320 26 1,527 721 835 47,707 4,668 7,851 1,989 2,044 11,921 1,524 9.821 981 76,888 88,506 Finance Bank charges 7,124 6,170 Totsl resources expended 324.290 330.357 Net ineomellexpenditure) 72,548 120.9671 This page does not form part of the slatulory financial slalemenls Page 16