mailes Goldie CHARIERED ACCOUNfANTS REGISTERED NUMBER:03243762 REGISTERED CHARITY NUMBER: 1068658 Driffield Agricultural Society Unaudited Financial Statements 30 September 2024 SD-0216323-1-6 ICAEW CHARTERED ACCOVNTANT5
Driffield Agricultural Soclety Contents of the Flnancial Statements for the year onded 30 September 2024 Page Report of the Trusteas Indepéndent Examlnerfs Report Statement of Flnanclal Actlvltlas Balance Sheet Notes to the Flnanclal Statements 10 to 20
Driffield Agrlcultural Society Report of the Trustees for the year ended 30 September 2024 The Irustees who are also directors of the charity for the purposes of the Companies Act 2006. present their report wilh the financial statements of the charity for the year ended 30 September 2024. The Iruslees have adopted the provisions of Accounting and Reporting by Charilies.. 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 activities of the charitable company in the year under review were those of the advancement of the science and practise of agriculture. horticullure and kindred trades, professions and activities. To advance education for the public benefit. Ensurlng our work dellvers our alms A Board of seven Directors meet on a regular basis. These Direclors are also the Truslees of the Society. The Show Committee and Education Committee meet up to 4 times a year working on the activities of the Society. Regular meetings enable the membership to be integral to the workings of the organisation. At the start of all meetings a Director will give a report on Ihe health of the Society and all committee members will be kept up lo date with Sociely based activity. This process helps to keep the Society focused on ils charitable objectives and activities. The Board have referred to the guidance contained in the Charity Commission's general guidance on public benefil when reviewing the aims and objectives. The Trustees consider how planned activities contribute to the aims and objectives of the Society. How our activltles dellver publlc beneflt and who beneflts from our 8eNices? The Society runs a range of educational activities Ihal benefil both members of the Society, the public and school children from a range of backgrounds. These indude the following: 'An evening with.. ' held in March 24, with guesl speaker Mark Atkinson from Atkinsons Action Horses delivering an especially enlertaining talk on diversifying from dairy farming to horsemanship, with over 250 members and the public attending. The Society's seventh Schools, Food and Faming Day hosted at the showground saw over 1,800 key stage 2 children from approximately 45 schools from across the East Riding and Hull. Over 70 outdoor educational stands were set up for the day which allowed businesses and organisations to interact with the children to tell the slory of food production and aspects of rural life. The event was hailed a tremendous success. The society aims to run this aclivity again in 2025. The Society held their second careers event titled Countryside Careers Evening for students from key stage 3 upward. Parents and carers were also invited to the event, along with anyone interested in career change. 50 businesses l exhibitors attended the event. Education once again played an important part in the annual Driffield Show. which returned to a traditional one-day format. Educalion aspects at the show this year included the Young Growers Challenge and Honey Show, with lalks and demonstrations being held in the Horticullure tent. Schools from across the East Riding took part in the Young Growers Challenge. Ladies in Pigs provided food demonstrations in their mobile food theatre. The Livestock section gave visitors Ihe opportunity to see cattle. sheep. pigs and horses up close along with the chance to speak to liveslock exhibitors. The agricultural demonslration area displayed an array of heavy farming machinery to the public along with tutorials on cultivation practIS. The Countryside Area showcased gundogs in action and also gave visitors the opportunity to try pond dipping. interspersed with fly fishing demonstrations throughout the day. Page 1
Driffield Agrlcultural Society Report of the Trustees for the year ended 30 September 2024 Throughout the year, the Society supports a wealth of local clubs, groups, and charities by subsidising their showground rental and site equipment hire either in part or fully. The financial value of this support equates to c. £30,000. A selection of beneficiaries are listed below: Driffield Rugby Club consisting of.. Thirteen acres of field to use as five rugby pitches rent free Sixteen acres of land for use each weekend during the season lo support parking mini rugby vehides Access to additional parking for key matches Macmillan Cancer Christmas Fayre - subsidised rentals. East Riding Young Farmers Club County offi - peppercorn rental and subsidised room hire. East Riding Railway Restoration Trust - subsidised rentals. East Yorkshire Long Distance Walkers - subsidised rentals. Driffield and District Scouts - subsidised rentals and free use of the field on available evenings. 3 x Annual Poultry Shows - subsidised renial - cancelled due to bird flu. Local Food Network - free trade stand at the Driffield Show. In summary, 110 local clubs and charitable groups supported, accessing over 1,028 fundraising items, saving the charities over £8,000 in hire charges. The Sociely's Chief Executive (outgoing Nov 2) is an appointed council member the Association of Shows and Agricultural Organisations (ASAO), who plays an active role in the management team ensuring Agricultur81 Societies are both represenled and supported by relevant bodies and Government. This has proved beneficial to the Society. Slgnificant activities The main charitable event of the charity is the Driffield Agricultural Show, which was held on 17th July this year. The Show brings logelher Ihe local farming, rural and urban communities together and promotes the principal activity of the charitable company. The Events Centre was completed in 2015 through the Charity's subsidiary Company, Driffield Showground Events Limited. The aim of this facility is to generale income to both protect the Society from poor weather costs al its main event (the Driffield Show) and also to further its charitable activities. Grantmaklng Whilst the Society do not offer grants. it holds a restricted fund to assist the annual delivery of four bursaries to studenls from the Y025 postcode area. The Focus of our work The Society's objects are the advancement of the science and praciise of agricullure, horticulture and kindred trades, professions and activities. To advance education for the public benefit. To further these objectives the Society look to encourage and promote agricultural educalion, research and knowledge, transfer and enhance the understanding of agriculture and land management practise amongst the wider populalion and, to encourage and advance suslainabilily through responsible stewardship of land and related resources consistent with the needs of fulure generations and thriving rural economy. Volunteers The charily relies heavily on volunteers, both members and non-members, and committee and nonwcommitlee representatives. None of the members of the Board received any benefils from the charily during the year. There were over 1.500 volunteer opportunities during the last financial year. Page 2
Driffiald Agricultural Society Report of the Trustees for the year ended 30 September 2024 ACHIEVEMENT AND PERFORMANCE Charitable activities The main charitable activities of the charity were those of the advanment of the science and practise of agricultural, horticullure and kindred trades, professions and activities. To advance education for the public benefit. FINANCIAL REVIEW Principal funding sources The charity is funded by a bank currenl account. At ils core, the current account is designed for frequent use. Unlike savings accounts, which are intended for accumulating funds over time. Ihe society current account is all aboul accessibility and convenien. Investment pollcy and objectives The Agricullural Society maintains an adequate current account to meet its day-to4ay requirements. The main Natwest account and other accounts used for the retention of this money are annually reviewed by the Board and any changes to the CharItS inveslments reviewed before the end of each term. Re8erves policy It has been agreed that the Society should in besl practice mainlain at least £150,000 in cash reserves. After a period of consolidation and the significant impact of COVID-19, this fund now needs to be restored to a working level. This will be achieved over a five year period. This will ensure the continued safe use of the Society's facilities and rental resources, which will help prepare the Society for impactful events in future which may inhibit the generation of profit Ihrough the cancellation of the annual show, educational events and any other critical fundraising activity. As an example, this occurred with the fool and mouth outbreak in 2001, poor weather during the summer of 2011 and 2012 and Ihe pandemic in 2020121. The Society holds both restricted and unreslricled reserves. Delails of the restricted reserves are included in note 21 to the financial stalement. Unrestricted reserves can be spent as and when deemed necessary by the trustees, bul normally in Ihe pursuit of the Society's charitable objeclives and in line with current fundraising practises. The reserves policy will be reviewed annually by the Trustees of Ihe Society. As at 30 September 2024 the Sociely held unrestricted reserves of £1,152,362 (2023.. £1,166,786) and restricled reserves totalling £35,725 {2023 £40,818) see note 21. Funds In deficlt The charity has no funds in deficit. General The total income for the year amounted to £146.472 (2023.. £154,784). Resources expended in the year amounled to £167,033 (2023.. £208,658). resulting in a net deficit for the year of £19,517 (2023.. £53,314) after recognising unrealised gains on investments of £1.044 {2023: £560). Future developments During the year, the Society have moved forNard considerably with regards lo developing the facilities on their showground through the wholly owned subsidiary, Driffield Showground Events Limited. Most of this work is now complete with this forthcoming year's focus being to develop Ihe Driffield Show and its other events onsile further. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Driffield Agricultural Society is governed by the Articles of Association of the company dated 29 August 1996. latest amendment January 2018. Page 3
Driffield Agricultural Society Report of the Trustees for the year ended 30 September 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees Five Trustees were appointed at the initial Annual General Meeling (AGM) of the Sociely's membership on the 27 February 2018. Each will sit a five-year tenure. One trustee will terminate their tenure each year at the AGM. Each year the members are sought to nominate a new Board member at the AGM. This cycle ensures rotation whilst maintaining a good knowledge bank on the Board. The Chairman and Treasurer of the Society get an automatic seat on the Board. Organlsallonal structure The charity has a Board which meet on a regular basis and are responsible for strategic direction and policy decisions. A full time Chief Executive is supported by a part time Society Manager, a part lime Rental Manager and an Accounts Manager to manage the day-to-day administrative affairs. The Society Treasurer has regular input into the financial running of the organisalion. Inducllon and tralnlng of new trustees New trustees are briefed on their legal obligations under charity and company law, the contents of the Articles of Association, the decision-making process and the current performance of the charity on joining the Board. Trustees are encouraged to attend external training courses which will assist them in their role. Some examples include.. Financial risk management. Board evaluation. Diversity, equality and indusion. Strategic planning Key management r•muneratlon The Society's trustees and the senior managemenl leam comprise the key management personnel of the sociely. All trustee's give their time freely and Iruslees, do not receive remuneration. The pay of the salaried staff is reviewed annually and pay increases are assessed on a year-to-year basis dependent upon average earnings and the performance of the society. The remuneration benchmark is the range paid for similar roles wilhin a Society with the pay maximum no greater than Ihe highest benchmarked salary for a comparable role. Wider network The charity operates solely from its Offi in Driffield Showground. Related partles The charity has a 100°/0 interest in Driffield Showground Events Limited. The activity of Driffield Showground Events Limited is the rental and organisation of non-charitable events on Ihe Driffield Showground. The charity operates a current account with Driffield Showground Events Limiled. Rlsk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. A trustee (also acting as Treasurer) inspects the accounts on a quarterfy basis and reports back to the Board. These systems have been established to enable regular moniloring of these risks so thal their impact can be lessened. The trustees met 8 times during 2024 to review Society activity. A Risk Management Assessment has been written considering the strategic. operational, administrative, and other areas of the business that is reviewed annually at Trustee level. Page 4
Drlffield Agricultural Society Report of the Trustees for the year ended 30 September 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03243762 (England and Wales) Registered Charity number 1068658 Registered office Driffield Showground Driffield Road Kelleythorpe Driffield East Yorkshire Y025 9FB Trustees P W Bradbury - Treasurer. annual appointmenl Mrs F M Gilliat- Outgoing chair of the Board (resigned 13.2.2024) S R W Rowley- Incoming chair of the Board T J Burdass (appointed 13.2.2024) G M Hamilton (appointed 13.2.2024) M R Swann (resigned 13.2.2024) Mrs S J Woodall T E Richardson S E Bradshaw Company Secretary T G Woodall Independent Examiner Smalles Goldie Chartered Accountants Regent's Court Princess Slreel Hull East Yorkshire HU2 88A Bankers Natwest Bank PIC 60 Market Place Beverley East Yorkshire HU17 8AA D R Tite was the chief executive offir throughout the year. resigning in November 2024. T G Woodall was subsequently appointed as chief executive officer, to whom the Society delegate day-to-day management. Approved by order of the board of t£ustees on 6 December 2024 and signed on ils behalf by: SRWRowley- Page 5
Independent Examiner's Report to the Trustees of Driffield Agrlcultural Society Independent examinerfs report to the trustees of Driffield Agricultural Society ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2024. Responsibilities and basls 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 independenl examination, I report in respect of my examination of your charily's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed Ihe Directions given by Ihe Charity Commission under Seclion 145(5) (b) of the 2011 Act. Independent examlnerfs 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: accounting 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 wilh the accounting requirements of Section 396 of the 2006 Act other Ihan any requiremenl that the accounls give a true and fair view which is not a matter considered as parl of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Pfaclice for accounting and reporting by charities (applicable lo 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 lo enable a proper understanding of the accounts to be reached. S. T. Bramall, Bsc., FCA Smalles Goldie Chartered Accountants Regent's Court Princess Street Hull East Yorkshire HU2 8BA 6 December 2024 Page 6
Driffield Agricultural Society Statement of Financial Activitles for the year ended 30 September 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund funds Notes INCOME AND ENDOWMENTS FROM Grants, donations and subscriptions 41,252 2,500 43,752 65,354 Charltable activities Education activities 21.396 21.396 24,755 Fundraising activities Investment income 5.507 70,808 3,925 1,084 9.432 71,892 9,205 55,470 Total 138,963 7,509 146,472 154,784 EXPENDITURE ON Charitable activities Agricultural Society Education activities Community share station 129,067 24,320 129,067 27,501 10,465 176,427 29,340 2,891 3,181 10,465 Total 153 387 167,033 208,658 Nel gains on investments 560 NET INCOMEI(EXPENDITURE) (14,424) (5,093) (19,517) (53,314) RECONCILIATION OF FUNDS Total funds brought forward 1,166,786 40,818 1,207,604 1,260,918 TOTAL FUNDS CARRIED FORWARD 1,152 362 1,188,087 1,207,604 The notes form part of these financial statements Page 7
Driffield Agricultural Society Balance Sheet 30 September 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund funds Notes FIXED ASSETS Tangible assets Investments 13 14 342,049 342,049 353,531 24,969 26,012 342,050 26,012 368,062 378,500 CURRENT ASSETS Debtors Cash at bank and in hand 15 944,272 6,466 944,272 948.975 1g,605 9,713 950,738 9,713 960,451 968,580 CREDITORS Amounts falling due within one year 16 (50,680) (50,680) (43,530) NET CURRENT ASSETS 900,058 9,713 909 771 925,050 TOTAL ASSETS LESS CURRENT LIABILITIES 1.242.108 35,725 1,277,833 1,303,550 CREDITORS Amounts falling due after more than one year 17 (89,746) (89,746) (95.946) NET ASSETS 1152 362 35,725 1188 087 1,207,604 FUNDS Unreslricted funds Restricted funds 21 1,152,362 1,166,786 40,818 TOTAL FUNDS 1188,087 1,207,604 The charitable company is entitled lo exemplion from audit under Seclion 477 of the Companies Act 2006 for the year ended 30 September 2024. The members have not required the company to oblain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Acl 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 preparing financial statements which give a true and fair view of the state of affairs of the charilable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requiremenls of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 21KJ6 relating to financial statements. so far as applicable to the charitable company. (b) The notes form part of these financial statements Page 8 continued...
Driffield Agricultural Society Balance Sheet- continued 30 September 2024 These financial statements have been prepared in accordan with the provisions applicable to charitable companies subject lo the small companies regime. The financial statements were approved by the Board of Trustees and aulhorised for issue on 6 December 2024 and were signed on its behalf by.. P W Bradbury- Trustee owley - Trustee The notes form part of these financial statements Page 9
Driffield Agricultural Society Notes to the Financial Statements for the year ended 30 September 2024 ACCOUNTING POLICIES Basis of preparing the financlal statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance wilh the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporling Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Slandard 102 'The Financial Reporting Slandard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exceplion of investments which are included at market value. Income All income is recognised in the Statement of Financial Activities once the charily has entitlement to the funds, it is probable Ihat the income will be received and the amount can be measured reliably. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commitling the charity to Ihat expenditure. it is probable Ihat 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 Ihal aggregate all cost related tothe category. Where costs cannot be directly attribuled to particular headings they have been allocated to activities on a basis consistent with the use of resources. Governance costs Governance costs include those costs incurred governing the charity and its, assels and are primarily associated wilh conslitutional and statutory requirements. Allocatlon and apportlonment of support costs Support costs are those functions that assist the work of the society but do nol directly undertake charitable activities. Support costs indude an element of personnel payroll and back office costs allocated as governance costs which support the society's activities. Tanglble flxed assets Depreciation is provided at the following annual rates in order to write off each assel over its estimated useful economic life: Freehold land Freehold buildings Fixtures and fittings Unrestricted Restricted not depreciated 2°/0 on cosl 10/0 on reducing balance 20Q/o on cost or length of project on project expenditure Taxatlon The charity is exempt from corporation tax on its charitable activities. Fund accountlng Unrestricted funds can be used in accordan with the charitable objectives at the discretion of the trustees. The restricted funds can only be used for speufic objectives as stipulated by the donor. Legal status of the charftable company The group is limited by guarantee and has no share capital. The liability of each member. in the event of winding up. is limited to £10. Life membershlp and corporate Subscriptions Subscriptions received are credited to deferred income and released to income as follows: Lrfe members under 60 - over 25 years Life members over 60 - over 15 years Corporate subscriptions - over 10 years Page 10 continued...
Driffield Agricultural Society Notes to the Financial Statements - continued for the year ended 30 September 2024 ACCOUNTING POLICIES - continued Operating lease rentals Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the period of the lease. Fixed asset Investments Investments in subsidiaries are slated at cost less impairmenl. Listed investments are stated at fair value. Volunteers The value of services provided by volunleers is nol incorporated in these financial statements. Details of the contributions made by volunteers can be found in the Report of the Trustees. GRANTS, DONATIONS AND SUBSCRIPTIONS 2024 2023 General donations Member subscriptions - Annual renewal Member subscriplions - Life membership Grants 6,897 32,073 4,782 8,580 32,664 5.410 18,700 Grants received, included in the above. are as follows.. 2024 2023 Local Growth Fund 18,700 FUNDRAISING ACTIVITIES 2024 2023 Fundraising - Santa's Sleigh An evening wilh... Next generation group 3,925 3,340 3,301 3,672 2,232 9,432 9,205 INVESTMENT INCOME 2024 2023 Rents received from Driffield Showground Events Limited Dividends received Interest received from Driffield Showground Events Limited Deposit account interest 5,000 1,086 65,728 78 5,000 836 49.571 63 71,892 55,470 Page 11 continued...
Driffield Agricultural Society Notes to the Financial Statements - contlnued for the year ended 30 September 2024 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Educational events 21,396 24.755 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 7) Support costs (see note 8) Totals Agricultural Society Education activities Community share station 87.181 27,501 41,886 129,067 27.501 125 147 41,886 167,033 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Staff costs Rates and water Insurance Light and heat Telephone Postage and stationery Irrecoverable VAT Sundries Donations General site show An evening with.. costs Next generation group Rent Travelling expenses Repairs and maintenance Depreciation Education events Bursaries 39,385 8,909 543 10,616 360 1,648 3,237 1,466 25 651 1,500 1,474 8,250 597 12,897 7,693 22,846 68,974 8,077 543 10,615 333 1,135 1,343 1,355 1,480 1,413 8,250 1,222 22,827 5,999 24,640 3,050 125.147 161,256 Page 12 continued...
Driffield Agricultural Society Notes to the Flnancial Statements - continued for the year ended 30 September 2024 SUPPORT COSTS Governance costs Agricultural Society Support costs, included in the above, are as follows.. Governance costs 2024 Agricultural Society 2023 Total 8Ctivities Staff costs Insurance Telephone Postage and stationery Rent Accountancy Subscriptions and training Staff recruitment and advertising Loan interest Depreciation of tangible fixed assets 13,129 543 360 1,646 8,250 2,685 2,322 2,363 2,895 7,693 22,878 543 333 1,135 8,250 2,310 3,532 2,422 41,886 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is slated after chargingl{crediling)'. 2024 2023 Depreciation - owned assets Operating lease rentals 15,386 16.500 11,997 16,500 10. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or olher benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023. Trustees. expenses There were no truslees. expenses paid for the year erKled 30 September 2024 nor for the year ended 30 September 2023. Page 13 continued...
Driffield Agrlcultural Society Notes to the Flnancial Statements - continued for the year ended 30 September 2024 11. STAFF COSTS 2024 2023 Wages and salaries Social security costs 52,485 29 88,822 3,030 91,852 The average monthly number of employees during the year was as follows: 2024 2023 Groundsmen Administration Events No employees received emoluments in excess of £60,000. A proportion of the salary cost for 6 employees was recharged to the trading subsidiary company from the parent charity in the year ended 30 September 2024 (2023.. 6). 12. COMPARATIVES FOR THE sTATEmEr OF FINANCIAL ACTIVITIES Unreslricted Restricted fund funds Total funds INCOME AND ENDOWMENTS FROM Grants, donalions and subscriptions 65,354 65,354 Charltable actlvltle8 Education aclivities 24,755 24,755 Fundraising aclivities Investment income 5,904 54,634 3,301 836 9,205 55,470 Total 150,647 4,137 154,784 EXPENDITURE ON Charitable actlvSties Agricultural Society Education activities Community share slation 176.427 26.053 176,427 29,340 2,891 3,287 2,891 Total 202,480 6,178 208,658 Net gains on investments 560 560 NET INCOMEI(EXPENDITURE) (51.833) (1,481) (53,314) RECONCILIATION OF FUNDS Total funds brought forward 1,218,619 42,299 1.260,918 TOTAL FUNDS CARRIED FORWARD 1,166,786 40,818 1,207,604 Page 14 continued.
Drlffield Agricultural Society Notes to the Financial Statements - continued for the year ended 30 September 2024 13. TANGIBLE FIXED ASSETS Fixtures and fittings Freehold property Totals COST At 1 October 2023 Additions Disposals 375,094 650 168,975 3,254 14,095) 544,069 3,904 14,095) At 30 September 2024 158 134 533 878 DEPRECIATION At 1 October 2023 Charge for year Eliminated on disposal 70,930 3,859 119,608 11,527 14,095) 190,538 15,386 14,095) At 30 September 2024 117,040 191829 NET BOOK VALUE At 30 September 2024 300,955 41,094 342 049 At 30 September 2023 304,164 49,367 353,531 Included in cost or valuation of land and buildings is freehold land of £154,563 {2023 - £154,563) which is not depreciated. 14. FIXED ASSET INVESTMENTS Shares in group Listed undertakings inveslmenls Totals COST I MARKET VALUE Al 1 October 2023 Revaluations 24,969 1,044 24,970 At 30 September 2024 26,013 PROVISIONS At 1 October 2023 and 30 September 2024 NET BOOK VALUE At 30 September 2024 26,013 At 30 September 2023 24,969 24,969 There were no investment assets outside the UK. Page 15 continued...
Drlffield Agricultural Society Notes to the Financial Statements - continued for the year ended 30 September 2024 14. FIXED ASSET INVESTMENTS- contlnued The company's investments at the balan sheet date in the share capital of companies include the following.. Drlffield Showground Events Limited Registered office: Driffield Showground. Driffield Road, Kelleythorpe. Driffield, Y025 9FB Nature of business: Rentals and organisation of events Class of share.. Ordinary holding 100 2024 2023 Aggregate capital and reser4es Profit for the year (446,810) 24,651 (471,460) 56,155 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 . 2023 Trade debtors Amounts owed by group undertakings Prepayments and accrued income 2,034 938,113 944,850 944,272 948,975 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans (see note 18) Other loans (see note 18) Hire purchase (see note 19) Trade creditors Social security and other taxes Deferred income Accrued expenses 1,899 10,000 1,911 10,000 5,722 3,660 3,453 11,964 6,820 10,388 3,316 18,348 6,729 50,680 43,530 Page 16 ontinued...
Driffield Agricultural Soclety Notes to the Financial Statements - continued for the year ended 30 September 2024 17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loans (see note 18) Other loans (see note 18) Deferred income - 1-5 years Deferred income - over 5 years 15,185 34,000 16,516 24,045 17,072 44,000 13,289 21,585 89,746 95,946 Deferred Income Deferred income includes the life members subscriptions which are released over 25 years for under 60 year old's, 15 years for over 60 year old's and 10 years for corporate memberships paid. The movement is as follows.. 2024 2023 Balance at the start of Ihe year New life membership Amounl released lo income 38,720 11,000 44,305 (5,585) Balance at the end of the year 44,427 38,720 18. LOANS An analysis of the maturity of loans is given below.. 2024 2023 Amounts falling due within one year on demand.. Bank loan NFU interesl free loan 1,899 10,000 1,911 10,000 11,899 11,911 Amounts falling between one and two years: Bank loan NFU interest free loan 1,899 11,000 2,325 12,899 12,325 Amounts falling due between and five years: Bank loan NFU interest free loan 5,697 23,000 5,319 34,000 28,697 39,319 Amounls falling due in more than five years: Repayable by instalments: Bank loan 7.589 9,428 All of the above loans are repayable by instalmenls. Page 17 continued...
Driffield Agricultural Soclety Notes to the Financial Statements- continued for the year ended 30 September 2024 19. LEASING AGREEMENTS Minimum lease payments under hire purchase fall due as follows: 2024 2023 Nel obligations repayable.. Within one year 5,722 20. SECURED DEBTS The following secured debts are included within credilors.. 2024 2023 NFU interest free loan Bank loan 44,000 17,084 54,000 18,983 61.084 72,983 21. MOVEMENT IN FUNDS Nel movement in funds At 1.10.23 At 30.9.24 Unrestrlcted fund8 General fund 1,166,786 (14,424) 1,152,362 Restrlcted funds Rotary Bursary fund Share Station Meadley Bursary Fund 30,353 10.465 2,872 110,465) 2,500 33,225 40,818 TOTAL FUNDS 1,207,604 19,517) 1188 087 Net movement in funds, included in the above are as follows: Incoming reSoUrS ReSoUrS expended Gains and Movement losses in funds Unrestricted funds General fund 138,963 {153,387) (14,424) Restrlcted funds Rolary Bursary fund Share Station Meadley Bursary Fund 5.009 {3.181) (10.465) 1,044 2,872 (10,465) 2,500 2,500 7,509 13,646 1,044 TOTAL FUNDS 146,472 167,033) 1.044 19,517) Page 18 continued.
Driffield Agricultural Society Notes to the Financial Statements - continued for the year ended 30 September 2024 21. MOVEMENT IN FUNDS - contlnued Comparatives for movement in funds Net movement in funds At 1.10.22 At 30.9.23 Unrestricted funds General fund 1,218,619 (51.833) 1,166,786 Restrlcted funds Rotary Bursary fund Share Station 28,943 13.356 1,410 2,891) 30,353 10,465 42,299 1.481 40,818 TOTAL FUNDS 1,260,918 53.314) 1,207,604 Comparative nel movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and Movement losses in funds Unrestrlcted funds General fund 150.647 (202,480) (51,833) Restrlcted funds Rotary Bursary fund Share Station 4,137 (3.287) 560 1,410 4,137 6,178 560 1,481 TOTAL FUNDS 154.784 208,658) 560 53,314) Restricted funds: Rotary Bursary Fund This fund was established on receipt of assets from the Rotary Club of Driffield Trust Fund in 2021. The assets are specifically to be used to provide up lo 4 bursaries per annum to students from a Y025 postcode studying Agriculture. Carpentry, Medicine or Music at a further or higher educalional establishment. One bursary is available each year per subject on application lo the Society. Share Station This fund was established following the receipt of a grant awarded by HEY Smile Foundation in 2022. The granl covers project costs to fund the Share Station. a facilily for local voluntary groups and organisations to share various equipment owned by the charity. Meadley Bursary Fund This fund was established following the receipt of a donation from Phil Meadley in 2024. The fund will support four individuals annually to further their training or experience within agriculture. Those receiving funding musl have been born or reside within Ihe East Riding of Yorkshire. the bursary is a maximum of £500 per year per individual and can also be used tovRrds expenses when attending training or an event. The bursary is open to all ages. Page 19 continued...
Driffield Agricultural Society Notes to the Financial Statements- contlnued for the year ended 30 September 2024 22. RELATED PARTY DISCLOSURES The charitable company has a current account with its wholly ovmed subsidiary, Driffield Showground Evenls Limited. As at 30 September 2024, the charitable company was owed £938,113 (2023.. £944,849) by its subsidiary. During the year, the charitable company charged rent of £5,000 (2023: £5.000) and interest of £65,728 (2023: £49,571) to the subsidiary. Page 20