2022-10-31-accounts

Governance	Governance
The directors and trustees are appointed by the Executive Commifiee with ratification		at the following
Annual General Meeting. Every year, one third ofths directors must resign and stand for rs-election.
The society is administered on a day to day basis by the secretary, with decisions being taken by
the Executive Commifiee or Trustees during regular routine meetings. Ifrequired, Ad Hoc meetings
are convened. The Executive Committee reports to a General Commifiee to keep that		body informed
ofprogress	in the development ofthe show.
The society was incorporated as a company limited by guarantee on 26June 1998and is
registered	with the charity commission (no. 1071618).The charity took over assets of	the former
charity North Devon Agricultural Society (no. 1043968)which ceased on 2 November		1998.
The charity	is governed by its Memorandum and Articles ofAssociation adopted on 26June 1998.
Ob'acts Or aniaation andActivities
Charitable	objects
The advancement of agriculture and horticulture for ths benefit of the pubkc in North Devon and
surrounding	areas and to support or assist such other charitabl institutions or purposes as the
company shall from time to time determine.
The trustees have complied with the duty in ths 2011Charitiss Act to have the due regard
to guidance	published by the Charity Commission.
Powers
In furtherance ofthe objects but not otherwise, the society may exercise the following		powers:
	To hold an annual show or shows;
2)	To raise funds and to invite and receive contributions provided that the society shall not
	undertake any permanent trading activities in raising funds for its charitable	object and
	shall conform to any requirements of law.
3)	To buy, take on lease or in exchange any property necessary for the achievement ofthe
	objects and to maintain and equip it for use.
4)	Subject to any consents required by law to sell, lease or dispose ofany part ofthe property
	ofths somety.
5)	Subject to any consents required by law to borrow money and to charge afi	or any perl	of
	the property of the society with the repayment ofthe money so borrowed.
6)	To buy the services ofsuch individuals (who shall not be Directors) as are	necessary for
	the property pursuits ofths oblects.
7)	To co-operate with other charities, voluntary bodies and statutory authorities	operating	in
	furtherance ofthe objects or ofsimilar charitable purposes and to exchange	information
	and advice with them.
8)	To establish or suppoh any charitable trusts, associations or institutions formed for afi or
	any ofthe objects.
9)	To appoint and constitute such advisory commifises as the Executive Committee may think
	fit.
10)	To do afi such lawful things as are necessary for the achievement of the above objects.
	1

Vo untee
All committee members snd show stewards ars volunteers and without their valuable	support and work
it is unlikely that the show would be abls to take place in its cunent form.
Investment P I
The society does not have a specific investment policy. The commifise have delegated	powers to the
secretary to move monies bshveen the bank acoounts as required in order to obtain the
best rate ofreturn.
Finances
The aaached finandal statements show the current state ofthe finances which the Trustees consider
to be sound. There was a surplus ofgeneral funds offif 7,241 for the year and general	funds cerned
forward of2140,401
The Trustees Intend to continue holding the annual show in furtherance ofthe key objectives ofthe
socieiy, which isto provide a good family one day show.
i kfifiana ament Polio
The committee meet reguiarily to to monitor the risks that the society faces and to establish systems
and strategies to minimize these. The principal risks are those ofthe loss ofthe show	due to either
weather problems or disease outbreaks such as foot and mouth. The committee hopes to reduce these
by impmvlng the sll weather facilitiss on the showground snd building up reserves to finsnce this.
~Rsorves EEgfi Itis the policy ofthe sodety to hold free reserves eta sufficient level to enable Itto continue operating		In the
event offite loss of two successive annual shows.
The annual agricultural show is open to the general public and entrance fees are kept	as low as economically
possible.

Trustees:			W Harper
			HG Dart
			MJ Ley		(Chairman)
			KComings
			GFG Kivell
			DJ Snow
			EQuick		(Vice Chairman)
			I Allin
			P Ley
			C Norman
			G Underhill
			G Phillips
			C Hill
			C Dart
			Mrs BSavory		President
			L Pyle
			Theresa Soanes
Charity Number:			1071618
Company	Number:		3588826
Bankers:			Lloyds TSBpic
			5 High Street
			Bideford
			Devon
Solicffors:			Peter, Peter &Wright
			Grenvllle House
			The Quay
			Bideford
			Devon
Accountants:			Arete
			Lime Court
			Pathgslds	Business Park
			South Molton
			Devon
			EX363LH
Registered	Otffce:		Lime Court
			Pathfields	Business Park
			South Molton
			Devon
			EX363LH
Administration		Office	15George	Arcade
			South Molton
			Devon
			EX363AB

			FO	R THE YEAR ENDED	31OCTOBER 2022
					UnrestHcled	Total
				Note	Funds	2022	2021
					6	5	6
Income nd En	wments		From
Voluntary income Investmsnt income					10,157 13	10,157 13	22,416 118
Charitable Activities					311,980	311,980	1,667
Total income					322,151	322,151	24,201
~adit fs
Costs ofcharitable	activities				304,910	304,910	71,876
Total Expenditure					304,910	304,g10	71,876
Nef Income for the		year before other
mcognlssd gains					17,241	17,241	(47,675)
Other recognised	gains
Net income for the year					17,241	17,241	(47,675)
Total funds brought		forward			123,160	123,160	170,835
Total funds carried		forward			140,401	140,401	123,160

	Note		2021
			8
Ejfi~fiats Tangible assets	10	24,846	28,723
Current Assets
Debtors		11,662	6,157
Cash at bank and in hand		106,258	96,274
		117,920	102,431
Creditors:
Amounts falling due within one year	12
Net Current Assets		115,555	94.437
Net Assets		, 0
Capital and Reserves General fund	13	119,220	101,979
Revaluafion reserve	13
Total Reserves		140,401

1	ACCOUNTING POLICIES
(a)	Basis of preparation offinancial statements
	Ths accounts have been prepared in accordance with	ths society's govering document,
	the Companies Act 2006 and "Accounting and Reporting by charities:Statement		of
	Recommended Practice applicable to charities preparing their accounts in accordance
	with the Financial Reporting Standard applicabls in the	UK and Republic ofireland (FRS102)"
	(as amended for accounting periods commencing from 1 January 2016).The trust isa Public
	Benefit Entity as define by FRS102.
	Ths society has taken advantage ofthe provisions in ths SORP for charitiss applying			FRS		102	Update
	Bulletin 1 not to prepare a Statement ofCash Flows.
(b)	Fund accounting
	Restricted Funds. The society has no restricted funds.
	Unreslricied funds. These are donations and other incoming resources receivable or generated						for	the
	objects ofthe charity without further specific purpose and which the charity may		use	for its purpose
	at its discretion.
(c)	Income recognition
	Income represents subscriptions received together with other income received		from	charitable			activities
	during the period.
	Incoming resources are accounted for on a receivable	basis. Unless stated, no	incoming		resources				have
	been included in the SOFA nst ofexpenditure.
	Voluntary income is reoeived by way of donations and	gifts and is included in full in the Statement of
	Financial Activities when receivable. Gifts donated for resale are included as income			when		they	are	sold.
	Donated assets ars included at the value lo the charity	where this can bs quantified		and a third			party		is
	bearing the cost.
	Donated services and facilities are included at the value to the charity where this can be quantified.							Ths
	value ofservices provided by volunteers has not been	included.
(d)	Expenditure recognition
	Expenditure is recognised as soon as there is a legal or constructive obligation		committing			the
	charity to that expenditure, it is probable that settlement	will be required and the	amount		of
	the obligation can bs measured reliably. The society is	not registered for VAT and afi
	expenditure indudes this where appropnate.
	Afi expenditure is accounted for an accruals basis.
	Charitable expenditure comprises those costs incurred	by the society in ths delivery		of its
	activities and services for its beneficiaries. It includes costs that can be allocated
	directly to such activities, costs ofan indirect nature necessary to supporl them		and
	costs associated with meeting the constitutional and statutory requirements ofthe charity.
(e)	Stocks
	Stock is included at cost.
	Fixed assets and depreciation
	Tangible fixed assets ars included in Ihe accounts at oost less accumulated depreciation				unless
	revalued. Gains and losses on disposal and revaluation	oftangible fixed assets	are charges			or
	credited to the SOFA.
	Depreciation is provided by the society to write down the cost oftangible fixed assets			to their
	estimated residual value over the period oftheir expected useful economic lives		as follows:
	Cups- 60year straight line basis.
	Equipment- 20%reducing balance.
	Improvements- The period ofthe unexpired lease on the show ground.
	Where there are indications that the values oftangible	fixed assets may have become impaired,					the
	directors carry out a full impairment review and assets	are wrifien down to their	recoverable			amounts
	as necessary.

2	VOLUNTARY			INCOME						Unrestricted	Total
										Funds	2022	2021
											E	E
	Membership			subscriptions						9,132	9,132	5,896
	Donations		and grants							1,025	1,025	8,622
	Job Retention			Scheme Grant								7,898
										10157	10,157	22 416
3	INVESTMENT INCOME
										Unrestricted	Total
										Funds	2022	2021
											E	E
	UK bank interest									13	13	118
4	INCOME FROM CHARITABLE							ACTIVITIES
										Unrestricted	Total
										Funds	2022	2021
										E	E	E
	Show income:					Entry fees				16,320	16,320	369
						Trade stands				68,392	68,392	203
						Net gate receipts				180,315	180,315
						Selling	rights			16,916	16,916
						Sponsorship			money	24,520	24,520	1,095
						Sundry	receipts			5,517	5,517
										311980	311,980	1667
5	EXPENDITURE									Unrestricted	Total
										Funds	2022	2021
										E	E	E
	Direct show		expenditure							202,663	202,663	27,294
	Sundry expenses									1,215	1,215	162
	Depreciation									3877	3,877	645
										207,755	207,755	26,811
	Support costs			(note 6)						97,155	97,155	45,065
										304910	304,910	71 876
6	SUPPORT		COSTS
										Unrestricted	Total
										Funds	2022	2021
										E	E	E
	Honorarium									200	200	350
	Secretary's		fees &		expenses					25,515	25,515	23,741
	Secretary's		assistants'			fees				9,700	9,700	2,420
	ONce rent									9,312	9,312	5,349
	Electricity									2,885	2,885	1,612
	Advertising									13,247	13,247	59
	Printing, stationery				and	computer		software		11,869	11,869	1,385
	Telephone	and		administration			costs			8,784	8,784	4,307
	ANliatiorl fees									241	241	60
	Dinner and	other meetings								3,268	3,268	120
	Charitable donations									6	6
	Oflice Service			Charges								1,009
	Bank charges									3,910	3,910	69
	Accountants'		fees -		independent				examination	700	700	650
					other services					1,122	1,122	972
	Equipment	Hire								3,648	3,648	2,962
	Legal fees									510	510
	Repairs and		renewals							2,237	2,237
										97155	97155	45065

OPERATING LEASES	OPERATING LEASES
The society's annual commitments		for rental payments	under non-cancellable		lease as	at 31
October 2022 were as follows:
Operating leases which expires:						2022 f	2021 5
Within one to five years						10,925	10,925
The terms ofthe agreement	state	that the licence runs	ungil August 2024.
TANGIBLE FIXEDASSETS						Leasehold
			Cups	Equipment		Imp'vmnts	Total
Costfveluation
As at 1 November 2021			21.815		53,443	70,767	146,025
Additions in period
As at 31 October 2022			21,815		53,443	70,767	146,025
Depreciation
As at 1 November 2021			5,528		46,697	65,077	117,302
Charge for the period			436		1,012	2,429	3,876.65
As at 31 October 2022			5,984		47,709	67,506	121,179
Net book value:
As st 31October 2022			15,851		5,734	3,261	24,846
As at 31 October 2021			16,287		6,746	5,690	28,723

11	DEBTORS
						2022	2021
						6	6
	Operating debtors					4,189	460
	Prepayments Stock					6,640 833	4,581 1,116
	Other debtors
						11,662	6,157
~2	CREDITORS
						2022	2021
	Creditors: amounts			falling dus within one year		6
	Operating creditors					833	6,891
	Amounts received			in advance
	Accruals and deferred				income	1,532	1,103
						2,365	7,994
13	RESERVES
	Unrestricted	funds
						Revs/usf/on	General
						Reserve	Fund
	At 1 November		2021			21,181	101,979
	Surplus/(Oeacit)		in	ths	year		17,241
	At 31October		2022