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2023-11-30-accounts

THE DORCHESTER AGRICULTURAL SOCIETY

REPORT AND ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

Charity no: 1066401

Company no: 3473496

Chartered Accountants

THE DORCHESTER AGRICULTURAL SOCIETY

CONTENTS

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Page
Legal and administrative information 1
Report of the Board of Management 2 - 5
Independent Examiner's report 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the accounts 10 - 17
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THE DORCHESTER AGRICULTURAL SOCIETY

LEGAL AND ADMINISTRATIVE INFORMATION

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Charity name The Dorchester Agricultural Society
(organisers of The Dorset County Show)
Charity number 1066401
Company registration number 3473496
Show office Agriculture House
Acland Road
Dorchester
Dorset DT1 1EF
telephone 01305 264249
e-mail info@dorsetcountyshow.co.uk
website www.dorsetcountyshow.co.uk
Officers
President Mr Peter Clark
Deputy President Mr Michael Miller
Chairman Mr Jason Bowerman
Vice Chairman Mr Benjamin Best
Treasurer Mr John Hoskin
Company Secretary Mrs Lisa Cartwright
 not trustee/director
Trustees/directors Mr Jason Bowerman
Mr Wakely Cox (resigned 1 January 2023)
Mr John Hoskin
Mr Neil Martin
Mr Simon Mills
Mrs Nicola Ralph (resigned 31 October 2023)
Mr Benjamin Best
Mr Paul Dunlop
Miss Hannah Martin
Mr James Cossins (appointed 15 December 2023)
Advisors
Independent examiner Ian Carrington M.A.(Oxon) F.C.A.
Edwards & Keeping, Chartered Accountants, Dorchester
Accountants Edwards and Keeping, Chartered Accountants, Dorchester
Bankers Svenska Handelsbanken AB (publ), Dorchester
Investment advisors Charles Stanley
Solicitors Porter Dodson, Dorchester
Trophy valuers H Y Duke and Sons
Land agents Symonds and Sampson, Dorchester
Veterinary surgeons Dorset Equine Vets
Synergy Farm Health
Medical officer Dr Paul Andrews
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- 1 -

THE DORCHESTER AGRICULTURAL SOCIETY

REPORT OF THE BOARD OF MANAGEMENT FOR THE YEAR ENDED 30 NOVEMBER 2023

The Board of Management present their report and accounts for the year to 30 November 2023 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes. The accounts comply with the Charities Act 2011, the Companies Act 2006, the charitable company's memorandum and articles and 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) published on 16 July 2014 (as amended by Update Bulletin 1 published on 2 February 2016).

Objectives and activities for the public benefit

The Society's objects and principal activities are the promotion of agriculture in all its branches in particular by holding Shows, and the support of such charitable institution or charitable purpose as the trustees shall determine.

The Society has applied its funds for the year in the furtherance of its objectives in educating the public by holding the annual County Show on 2 and 3 September 2023. Income and expenditure for the year are set out in note 3 to the accounts.

In 2015 a new restricted Education Fund was set up to commemorate the Society's 175th anniversary. This will initially provide finance for transport costs to enable school children to visit suitable farms, horticultural business and rural enterprises. The positive benefits of children visiting farms, food production facilities, nurseries and rural enterprises is immeasurable and contributes greatly to a better understanding of where their food comes from. The Society made charitable donations from the restricted 1840 Education Fund of £500 in 2023 (2022 - £4,429); this Fund has now been rebranded as The Fabulous Food and Farming Fund.

The Society is highly dependent on the voluntary work carried out by stewards and members of the various committees, but no estimate of monetary value has been placed on this work in the accounts.

Strategies for Achieving Objectives:

The Annual Dorset County Show as a showcase for best practice in Agriculture, Horticulture, Rural Trade and Industry. Develop plans to increase the awareness and number of applicants of the Dorchester Agricultural Society Fabulous Food and Farming Fund aimed at educating children on the topics of Agriculture, Horticulture, Rural Trade and Industry. Maintain the profile of Dorset County Show throughout the year, building relationships locally and encouraging joint working initiatives. Building on the profile of the Dorchester Agricultural Society as a whole. The Society Trustees and Show Council work to in line with the Strategy agreed by the Society.

Public Benefit:

The Society Trustees confirm that they have referred to the guidance of the Charity Commission on Public Benefit whilst reviewing the charitable aims, objectives and plans for the future.

Achievements and performance

The 2023 Dorset County Show was held on the weekend of 2nd and 3rd September 2023. This followed the return of the Show post Covid in 2022 and saw a significant increase in attendees, exhibitors and traders.

Conditions for the Show were almost ideal, with two sunny days, despite torrential rain in the week before. A record attendance was achieved, helped by a refreshed layout, a new approach to the marketing and very popular main ring attractions.

The challenges of 2022, in particular ticket processing on the Gates were addressed, although the record attendance led to some delays entering the car parks. This has been considered and new protocols are in place for 2024. Increasing costs continue to be encountered and all aspects of the Show are monitored to identify opportunities to optimise delivery.

The Fabulous Food and Farming area of the Show again proved very popular. Demonstrating and explaining the wide variety of agricultural activity throughout the county, continues to be a focus for the Society. The section committee is supported by very knowledgeable and enthusiastic volunteers. Throughout the year, the Fabulous Food and Farming Fund continued to support local schools, with advice as to opportunities to visit local farms, alongside funding to meet the increasing costs of such important educational outings.

Livestock and Equine Sections saw another excellent display of exhibitors, showcasing the best of the best in their class. This was also the case for our other competitions including Shearing, Homecraft, Horticulture, Blacksmiths and Vintage Tractors. Entries rose again, with a number already achieving pre-pandemic numbers.

- 2 -

THE DORCHESTER AGRICULTURAL SOCIETY

REPORT OF THE BOARD OF MANAGEMENT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

Sponsors, Agricultural Trade and associated industries continued to return in 2023. The contribution and role of the Society in showcasing Dorset agriculture, rural life and the County overall being increasingly recognised.

General traders increased in both number and variety from 2022, indicating a return of confidence. The longer-term impact of Covid and the re-balancing of the retail sector continues to be seen, but a noticeable increase in smaller entities, many county based, was seen.

The Society were delighted that the President of the Society, Peter Clark attended the Show with Linda on both days, as well as providing their support to the other Society events throughout the year.

The Dorset County Spring Show was held again at the Jubilee Hall, Poundbury, by kind permission of the Duchy of Cornwall. The Horticulture and Homecraft entries were strong and the respective committees worked hard to deliver a quality and enjoyable day.

The 2023 Dorset County Tractor Run was held. This annual event was again well supported and enables enthusiasts to meet and socialise, while also highlighting the work of the Society and encouraging involvement. The Society was also delighted to support the Sheep Dog Trials in September.

The new Show Secretary was appointed from November 2022 and the 2023 Show reflected his immediate impact on the event, in particular the new layouts and attention to direct marketing. The Society has been strengthened by both his appointment, together with the dedicated work of the Company Secretary.

Financial review

The overall deficit was £19,547 (2022 - £144,114).

Total income was £784,794 (2022 - £606,966) and expenditure was £799,372 (2022 - £711,726). There was an unrealised loss of £5,833 (2022 - loss of £26,492) on the revaluation of investments.

Total funds held amount to £591,088 which exceeds the targets set by the Board in its reserve policy.

Investment policy

The Board, in conjunction with the investment managers, has considered the most appropriate policy for investing funds on the Society's behalf, with a view to providing a regular income from investments whilst taking capital profits from time to time.

The investment portfolio is diversified in various sectors, holding investments in cash, fixed interest securities and equities.

Reserves policy

Following the assessment of risks faced by the Society, the Board has established a reserves policy to maintain free reserves at a level that equates to between six months and twelve months gross expenditure. This provides sufficient funds both to cover working capital requirements and also to cover salaries, administration and support costs in the event of the Show being cancelled.

Free reserves are those unrestricted funds not otherwise designated or committed to tangible fixed assets and amounted to £533,502 at 30 November 2023 (£552,969 in 2022). Gross expenditure for the year amounted to £799,372, so free reserves fall within the target level.

Restricted funds totalled £49,493 and total funds £591,088 at 30 November 2023. The trustees therefore consider that there are sufficient funds to enable the Society to continue to operate for the foreseeable future.

- 3 -

THE DORCHESTER AGRICULTURAL SOCIETY

REPORT OF THE BOARD OF MANAGEMENT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

Future plans

The Society continues to work on growing several annual events and increasing donations and awareness of the newly branded Fabulous Food and Farming Fund (formerly the 1840 Education Fund).

The Society aims to continually improve on its objective of promoting agriculture in all its branches in particular by holding Shows and the support of such charitable institution or charitable purpose as the trustees shall determine by promoting and encouraging more grant applications from educational establishments under the auspices of the Fabulous Food and Farming Fund and encouraging visitors to all of the annual events.

Strategies for Achieving Objectives

-The Annual Dorset County Show as a showcase for best practice in Agriculture, Horticulture, Rural Trade and Industry.

-To hold events to support other local charities as well as boosting the Fabulous Food and Farming Fund.

Structure, governance and management

Governing document

The society was founded in 1840 and is established as a company limited by guarantee (incorporated 28 November 1997) and registered as a charity with the Charity Commission (registered 28 November 1997). The affairs of the Society are governed by its articles of association (adopted 24 April 2019). The liability of the members in the event of the Society being wound up is limited to a sum not exceeding £1.

Recruitment and appointment of trustees

The charity trustees are also directors for the purposes of company law and under the company's articles are collectively known as the Board of Management. Members of the Board of Management are elected by the members of the Society at the Annual General Meeting; The Board members retire at the end of their term.

Trustee induction and training

The Dorchester Agricultural Society encompasses a broad mix of individuals with diverse skills and experience to ensure that all strands of Membership and Stakeholders are represented.

Induction and training

All Trustees are familiar with the work of the Dorchester Agricultural Society. Trustees are given induction training,

- 4 -

THE DORCHESTER AGRICULTURAL SOCIETY

REPORT OF THE BOARD OF MANAGEMENT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

Organisational structure

A Board of Trustees manage the Society, meeting on a monthly basis with support from the Show Secretary and Company Secretary. The effectiveness and frequency of these meetings are regularly reviewed.

Conflict of Interests register is maintained and declarations are made at each full Board Meeting.

The Board of Management is made up by the President and Vice President (not trustees), the Chairman, Vice-Chair, Treasurer and six additional Trustees.

Trustees are sought by the Society on a skills basis to ensure wherever possible there is a broad depth of knowledge.

The Dorchester Agricultural Society Show Council is made up of the Society Chairman, Vice-Chair, Treasurers, Secretaries and capacity for 30 members (currently 21 members) all of whom are members of the Society subcommittees. This is an annual term of office and re-election takes place in September each year.

The Dorchester Agricultural Society Show Council are tasked with the organisation of the Dorset County Show, Dorchester Agricultural Society Ploughing Match and The Spring Show; the Council meet on a regular basis as a group and as separate committee sections.

Board performance, financial management, society structure and effectiveness are regularly considered by the Board of Management.

ASAO – Membership of the Association of Show and Agricultural Organisations has provided up to date information on legislation and changes due to the Pandemic. ASAO are members of the Events Industry Forum who are liaising directly with the Department for Media, Culture and Sport.

The Purple Guide has been written by The Events Industry Forum in consultation with the events industry. Its aim is to help those event organisers who are duty holders to manage health and safety, particularly at large-scale events.

Sub-committees of the Board of Management

The following sub-committees of the Board of Management are:

Risk management

The Board has examined the major strategic, business and operational risks which the Society faces and confirms that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

This report has been prepared taking advantage of the small companies’ exemption of section 415A of the Companies Act 2006.

Approved by the Board on 3 April 2024

and signed on its behalf by Mr J Bowerman

- 5 -

THE DORCHESTER AGRICULTURAL SOCIETY

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DORCHESTER AGRICULTURAL SOCIETY

I report to the charity trustees on my examination of the accounts of the company for the year ended 30 November 2023 which are set out on pages 7 to 17.

Responsibilities and basis of report

As the charity 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, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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

  1. 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

  2. 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).

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 to be reached.

17 April 2024

Ian Carrington M.A.(Oxon) F.C.A. ICAEW

Edwards & Keeping Chartered Accountants Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

- 6 -

THE DORCHESTER AGRICULTURAL SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 NOVEMBER 2023

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Unrestricted Restricted Total funds Total funds
funds funds 2023 2022
Notes £ £ £ £
Income
Subscriptions and donations 2 42,883 - 42,883 30,608
Charitable activities
Show income 3 720,800 - 720,800 556,805
Charity income 3 406 9,783 10,189 11,844
Investments 4 10,922 - 10,922 7,709
Total income 775,011 9,783 784,794 606,966
Expenditure
Raising funds
Investment management fees 4,297 - 4,297 4,676
Charitable activites
Show expenditure 3 702,754 9,806 712,560 632,785
Grants payable 5 500 500 4,429
Support costs 6 82,015 - 82,015 69,836
Total expenditure 789,066 10,306 799,372 711,726
Net expenditure for the year before
investment gains and losses (14,055) (523) (14,578) (104,760)
Realised gains/(losses) on disposal of
investments 11 864 - 864 (12,862)
Unrealised losses on revaluation of
investments 11 (5,833) - (5,833) (26,492)
Net expenditure for the year 7 (19,024) (523) (19,547) (144,114)
Reconciliation of funds
Funds brought forward 560,619 50,016 610,635 754,749
Funds carried forward 14 541,595 49,493 591,088 610,635
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Company no: 3473496

THE DORCHESTER AGRICULTURAL SOCIETY

BALANCE SHEET AS AT 30 NOVEMBER 2023

Notes
£
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
12
18,058
Cash at bank and in hand
296,117
314,175
Liabilities
Creditors: amounts falling
due within one year
13
(50,949)
Net current assets
Net assets
Funds
Unrestricted income funds - general funds
Restricted income funds - Fabulous Food and Farming Fund
14		 2023
£
8,093
319,769
327,862
263,226
591,088
541,595
49,493
591,088		 £
5,626
303,981
309,607
(35,537)		 2022
£
7,650
328,915
336,565
274,070
610,635
560,619
50,016
610,635

For the year ended 30 November 2023, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The financial statements were approved and authorised for issue by the Board on 3 April 2024

and signed on its behalf by Mr J Bowerman

- 8 -

THE DORCHESTER AGRICULTURAL SOCIETY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2023

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2023 2022
Notes £ £
Cash flow from operating activities 16 (20,034) (66,947)
Interest paid (20) (33)
Net cash flow from operating activities (20,054) (66,980)
Cash flow from investing activities
Payments to acquire tangible fixed assets (2,909) (7,066)
Payments to acquire investments (112,843) (97,782)
Receipts from sales of investments 112,949 109,046
Dividends received 8,227 6,820
Interest received 2,695 889
Net cash flow from investing activities 8,119 11,907
Net decrease in cash and cash equivalents (11,935) (55,073)
Cash and cash equivalents at 1 December 2022 324,038 379,111
Cash and cash equivalents at 30 November 2023 312,103 324,038
Cash and cash equivalents consists of:
Cash at bank and in hand 296,117 303,981
Cash held by brokers 15,986 20,057
Cash and cash equivalents at 30 November 2023 312,103 324,038
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- 9 -

THE DORCHESTER AGRICULTURAL SOCIETY

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 NOVEMBER 2023

1 Accounting policies

(a) Basis of preparation

The Dorchester Agricultural Society is a private charitable company limited by guarantee and incorporated in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these accounts.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements 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 applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.

The accounts have been prepared on a going concern basis under the historical cost convention, with the exception of investments which are included at fair value. The accounts are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these accounts are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was needed. No restatements were required.

(b) Income

All income is included in the statement of financial activities when the Society has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount receivable can be measured reliably. No expenditure is netted off income. The following specific policies are applied to particular categories of income:

Subscriptions and donations includes members subscriptions, donations and royalties accounted for when receivable. Donations made in kind are included at the value of the materials or equipment supplied. The Society is highly dependent on the voluntary work carried out by stewards and members of the various committees, but no estimate of monetary value has been placed on this work in the accounts.

Investment income includes any related tax recoverable.

Income from charitable activities represent Show income including sponsorship accounted for when receivable.

(c) Expenditure

Expenditure is recognised on an accruals basis as soon as there is a legal or constructive obligation committing the Society to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes any VAT which cannot be fully recovered.

Costs of raising funds comprise investment management costs.

Charitable expenditure comprises those costs incurred by the Society in the delivery of its charitable activities and services. Direct costs specific to the Show and grants payable are allocated to charitable activities, together with indirect costs required to support the charitable activities. It is estimated that 75% of Secretary and Secretariat salaries relate directly to the Show, whilst the balance is allocated to support costs.

- 10 -

THE DORCHESTER AGRICULTURAL SOCIETY

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

(d) Leases

Rental costs under operating leases are charged to the statement of financial activities in equal amounts over the period of the lease.

(e) Taxation

As a registered charity, the Society benefits from rates relief and is generally exempt from income tax and capital gains tax, but not from VAT. The Society is VAT registered, and any irrecoverable VAT is included in the cost of those items to which it relates.

(f) Tangible fixed assets

Tangible fixed assets in excess of £250 and for continuing use by the Society are initially recorded at cost, or in the case of donated assets, at a valuation. Depreciation of fixed assets is provided at the following annual rates in order to write off the cost or valuation less any residual value of each asset over its estimated useful life:

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||| |---|---| |Showground construction|10% on cost| |Trophies and equipment|20% on cost| |Website development|33% on cost| |Computer equipment|25% on cost| |Office furniture and equipment|20% on cost|

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Asset values are reviewed annually and any impairment identified written off to the statement of financial activities.

(g) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in the statement of financial activities if the shares are publicly traded or their fair value can otherwise be measured reliably.

(h) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

(i) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(j) Pensions

From 1 April 2017 the Society has operated a defined contribution plan for the benefit of its employees through the National Employment Savings Trust auto-enrolment scheme. Contributions are expensed as they become payable.

(k) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Board of Management in furtherance of the general objectives of the Society and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Society for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the accounts.

- 11 -

THE DORCHESTER AGRICULTURAL SOCIETY

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

2
Subscriptions and donations
Members' subscriptions
Fabulous Food and Farming Fund donations
General donations		 2023
2022
£
£
41,997
28,694
-
-
886
1,914
42,883
30,608
3
Show income and expenditure
2023
2023
2023
£
£
£
Show income
Charity
Fabulous
Show
Night
Food
Gate admissions and car parking
401,324
Show sponsorship and donations
47,291
Tradestands
188,497
Catering concessions
36,795
Entry fees
33,199
Caravan income
-
Catalogues and show guides
2,524
Spring show admissions
199
Spring show trade and sponsorship
6,837
Rental income
-
Members bar income
4,134
Income from subscriptions and donations was £30,608 (2022 - £30,608) of which £30,608
attributable to unrestricted and £nil (2022 - £nil) was attributable to restricted funds.		 2023
2022
£
£
Total
401,324
316,470
47,291
37,505
188,497
154,433
36,795
12,673
33,199
26,889
-
2,925
2,524
-
199
-
6,837
-
-
1,600
4,134
4,310
(2022 - £30,608) was
Charity Fundraising
Other charity income		 720,800
9,783
406		 720,800
556,805
10,189
11,844
9,783
-
721,206		 730,989
568,649
Show direct expenditure
Salaries - Secretary/Temporary Secretary (75%)
Salaries - Secretariat (75%)
Employer's national insurance (75%)
Employer's pension costs (75%)
Showground rent and rates
Showground utilities
Showground and equipment maintenance and repairs
Insurance
Hire of Show equipment
Attractions
Judges, stewards and catering
Labour, contractors and service providers
Prize money
Rosettes and prize cards
Marketing and PR
Printing and stationery
Postage
Subscriptions and royalties
Sundry Show costs
Members bar costs
Depreciation of Show fixed assets
Charity Night
Charitable donations
Charity Night costs		 33,750
12,577
15
805
30,349
10,772
2,765
11,617
276,984
28,994
22,508
173,931
36,097
7,659
29,770
12,979
4,548
2,432
1,175
-
1,516
9,174
1,511
632
-		 33,750
28,071
12,577
18,854
15
-
805
402
30,349
30,159
10,772
7,032
2,765
1,722
11,617
8,202
276,984
261,895
28,994
13,930
22,508
23,949
173,931
158,302
36,097
32,129
7,659
2,703
29,770
20,904
12,979
1,677
4,548
3,936
2,432
1,999
1,175
1,375
-
-
1,516
4,584
10,685
8,960
632
2,000
9,806
-
702,754		 712,560
632,785
Net Show direct surplus/(deficit) (23)
-
18,452		 18,429
(64,136)

- 12 -

THE DORCHESTER AGRICULTURAL SOCIETY

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

4
Investment income
Dividends and interest on UK listed investments
Interest on UK cash deposits
5
Grants payable
Fabulous Food and Farming Fund
Wyke Regis Infant School
Spetisbury School
Milborne St Andrew
St Mary's Puddletown
Puddletown First
Broadmayne First
Charminster First
Winterbourne Valley
Cerne Abbas
Damers
Witchampton
St Nicholas Primary School
All investment income in both years is attributable to unrestricted income funds.		 2023
£
8,227
2,695
10,922
2023
£
500
-
-
-
-
-
-
-
-
-
-
-
500		 2022
£
6,820
889
7,709
2022
£
-
360
550
440
770
550
660
110
220
300
274
195
4,429

Expenditure on grants was £500 (2022 - £4,429) of which £500 (2022 - £4,429) was attributable to the restricted Fabulous food and farming fund and £nil (2022 - £nil) to the restricted charity night fund, the remainder from unrestricted funds.

A further £2,008 (2022: £nil) worth of trade stand spaces were given free of charge this year.

6
Support costs
Salaries - Secretary/Temporary Secretary (25%)
Salaries - Secretariat (25%)
Employer's pension costs (25%)
Office rent and rates
Telephone
Computer and website costs
Hire of office equipment
Legal and professional fees
Bank charges and card processing fees
Interest payable
Sundry expenses
Depreciation of office furniture and equipment
Independent examination
Accountancy
Trustees' insurance		 2023
£
11,250
4,192
268
6,750
1,599
16,478
1,118
18,225
15,130
20
515
950
700
3,450
1,365
82,015		 2022
£
9,357
6,285
134
6,921
1,719
17,201
1,118
13,784
7,367
33
491
591
650
3,200
985
69,836

Expenditure on support costs was £82,015 (2022 - £69,836) of which £82,015 (2022 - £69,836) was attributable to unrestricted and £nil (2022 - £nil) was attributable to restricted funds.

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THE DORCHESTER AGRICULTURAL SOCIETY

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

7
Net income for the year
Net income for the year is stated after charging:
Accountants' fees
Independent examination
Edwards and Keeping - accountancy
- other services
Depreciation
8
Staff costs
Gross salaries (Secretary/Temporary Secretary and Secretariat)
Employer's national insurance
Employer's pension costs - defined contribution plan		 2023
£
700
3,450
-
2,466
2023
£
61,769
20
1,073
62,862		 2022
£
650
3,160
40
5,175
2022
£
62,566
-
536
63,102

The average number of employees during the year was 2 (2022 - 2). No employee received remuneration amounting to more than £60,000 in either year. Pension costs are allocated to unrestricted fund charitable expenditure on the same basis as salaries.

9 Trustees and related parties

No Board members received remuneration or were reimbursed for expenses in the current or preceding year. Board members are covered by indemnity insurance, the cost of which, £1,365 (2022 - £985), is included in support costs.

There were no related party transactions in the year.

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THE DORCHESTER AGRICULTURAL SOCIETY

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

10
Tangible fixed assets
Showground
construction &
improvements
£
Cost
At 1 December 2022
183,802
Additions
-
183,802
Depreciation
At 1 December 2022
177,652
Charge for the year
874
At 30 November 2023
178,526
Net book value
At 30 November 2023
5,276
At 30 November 2022
6,150
At 30 November 2023		 Trophies
&
Website
equipment
development
£
£
90,434
3,254
434
-
90,868
3,254
89,828
3,253
642
-
90,470
3,253
398
1
606
1		 Computer
equipment
£
26,917
2,343
29,260
26,308
786
27,094
2,166
609		 Office
furniture &
equipment
£
11,615
132
11,747
11,331
164
11,495
252
284		 Total
£
316,021
2,909
318,930
308,372
2,466
310,838
8,093
7,650
11
Investments
UK listed investments
Fair (market) value at 1 December 2022
Acquisitions at cost
Disposal proceeds
Realised gain on disposal of investments
Unrealised gain on revaluation
Fair (market) value at 30 November 2023
Cash deposits held by brokers at 30 November 2023
12
Debtors
Prepayments and accrued income
Other debtors
VAT		 2023
£
308,858
112,843
(112,949)
864
(5,833)
303,783
15,986
319,769
2023
£
4,245
13,813
-
18,058		 2022
£
359,476
97,782
(109,046)
(12,862)
(26,492)
308,858
20,057
328,915
2022
£
3,485
1,471
670
5,626

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THE DORCHESTER AGRICULTURAL SOCIETY

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

13
Creditors: amounts falling due within one year
Accruals and receipts in advance
Other taxes and social security costs
Other creditors
14
Funds
Unrestricted
Restricted
General
Fabulous
Funds
Food &
Farming Fund
£
£
At 1 December 2022
560,619
49,993
Income for the year
775,011
-
Expenditure for the year
(789,066)
(500)
Net losses on investment assets
(4,969)
-
At 30 November 2023
541,595
49,493
Represented by:
Tangible fixed assets
8,093
-
Fixed asset investments
319,769
-
Net current assets
213,733
49,493
541,595
49,493		 2023
£
14,835
5,044
31,070
50,949
Restricted
Charity
Night Fund
£
23
9,783
(9,806)
-
-
-
-
-
-		 2022
£
13,810
1,001
20,726
35,537
Total
funds
£
610,635
784,794
(799,372)
(4,969)
591,088
8,093
319,769
263,226
591,088

The Society's funds primarily comprise unrestricted funds which are expendable at the discretion of the trustees in furtherance of the objects of the Society.

During 2015 a restricted 1840 appeal fund was set up to celebrate the Society's 175th anniversary. Funds raised are to be used for educational purposes. This is now called the Fabulous Food and Farming Fund.

The Board considers that there are sufficient funds to enable the Society to continue to operate for the foreseeable future.

15 Operating leases - lessee

Total future minimum lease payments under non-cancellable operating leases are as follows:

Not later than one year
Later than one and not later than five years		 2023
£
1,308
249
1,557		 2022
£
5,546
1,557
7,103

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THE DORCHESTER AGRICULTURAL SOCIETY

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

----- Start of picture text -----
16 Reconciliation of net income to net cash flow from operating activities 2023 2022
£ £
Net expenditure for the year (19,547) (144,114)
Dividends received (8,227) (6,820)
Interest receivable (2,695) (889)
Interest payable 20 33
Depreciation of tangible fixed assets 2,466 5,175
Losses/(gains) on investments 4,969 39,354
Decrease/(increase) in debtors (12,432) 20,881
Increase/(decrease) in creditors 15,412 19,433
Net cash flow from operating activities (20,034) (66,947)
----- End of picture text -----

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