Charity Registration No. 1071618
NORTH DEVON AGRICULTURAL SOCIETY
TRUSTEES' REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023
NORTH DEVON AGRICULTURAL SOCIETY
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mark Ley Brenda Savery Carol Norman Gill Underhill Louise Pyle Chris Dart Chris Hill Grania Phillips Henry Dart Graham Kivell Peter Ley Ian Allin Elizabeth Quick David Snow Alice Watson Matthew Latham Secretary Mrs. T Soanes Charity number 1071618 Independent examiner Azets Lime Court Pathfields Business Park South Molton Devon EX36 3LH United Kingdom
NORTH DEVON AGRICULTURAL SOCIETY
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 - 10 |
NORTH DEVON AGRICULTURAL SOCIETY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2023
The trustees present their report and accounts for the year ended 31 October 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the The society's governing document, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
Structure, governance and management
The society was incorporated as a company limited by guarantee on 26 June 1998 and 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 of Association adopted on 26 June 1998.
The trustees who served during the year were: Mark Ley Brenda Savery Carol Norman Gill Underhill Louise Pyle Chris Dart Chris Hill Grania Phillips Henry Dart Graham Kivell Peter Ley Ian Allin Elizabeth Quick David Snow Alice Watson (Appointed 10 March 2023) Matthew Latham (Appointed 10 March 2023)
The directors and trustees are appointed by the Executive Committee with ratification at the following Annual General Meeting. Every year, one third of the directors must resign and stand for re-election. The society is administered on a day to day basis by the secretary, with decisions being taken by the Executive Committee or Trustees during regular routine meetings. If required, Ad Hoc meetings are convened. The Executive Committee reports to a General Committee to keep that body informed of progress in the development of the show.
The trustees has assessed the major risks to which the The society is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Objectives and activities
Charitable objects
The advancement of agriculture and horticulture for the benefit of the public in North Devon and surrounding areas and to support or assist such other charitable institutions or purposes as the company shall from time to time determine.
The trustees have complied with the duty in the 2011 Charities Act to have the due regard to guidance published by the Charity Commission.
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NORTH DEVON AGRICULTURAL SOCIETY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
Powers
In furtherance of the objects but not otherwise, the society may exercise the following powers:
1) 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 of theobjects and to maintain and equip it for use.
4) Subject to any consents required by law to sell, lease or dispose of any part of the property of the society.
5) Subject to any consents required by law to borrow money and to charge all or any part of the property of the society with the repayment of the money so borrowed.
6) To buy the services of such individuals (who shall not be Directors) as are necessary for the property pursuits of the objects.
7) To co-operate with other charities, voluntary bodies and statutory authorities operating in furtherance of the objects or of similar charitable purposes and to exchange information and advice with them.
8) To establish or support any charitable trusts, associations or institutions formed for all or any of the objects.
9) To appoint and constitute such advisory committees as the Executive Committee may think fit.
10) To do all such lawful things as are necessary for the achievement of the above objects.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the The society should undertake.
Achievements and performance
Review of Development, Activities and Achievements
The society's principle source of funding is derived from the annual show.
Volunteers
All committee members and show stewards are volunteers and without their valuable support and work it is unlikely that the show would be able to take place in its current form.
Investment Policy
The society does not have a specific investment policy. The committee have delegated powers to the secretary to move monies between the bank accounts as required in order to obtain the best rate of return.
Financial review
Finances
The attached financial statements show the current state of the finances which the Trustees consider to be sound. There was a deficit of general funds of £97,504 for the year and general funds carried forward of £42,897
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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NORTH DEVON AGRICULTURAL SOCIETY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
Plans for the future
Future Plans
The Trustees intend to continue holding the annual show in furtherance of the key objectives of the society, which is to provide a good family one day show.
Risk Management Policy
The committee meet regularily to to monitor the risks that the society faces and to establish systems and strategies to minimize these. The principal risks are those of the loss of the show due to either weather problems or disease outbreaks such as foot and mouth. The committee hopes to reduce these by improving the all weather facilities on the showground and building up reserves to finance this.
Reserves Policy
The aim of the society was and is to hold sufficient reserves to be able to cover two consecutive shows. However two years cancelled due to Covid have depleted those reserves and although we had a brilliant attendance in 2022, the increased costs and drop in exhibitor trade immediately following Covid meant that profit was minimal.
With the atrocious weather in 2023 seriously impacting on our gate income on the day, we find ourselves in a position where expenditure is exceeded income 3 out of the previous 4 years - which is unprecedented.
The Society are determined to continue, as we do have the back up of our assets which, were we to find ourselves suffering another defect in 2024, we can sell to offset some of the expenditure. And a lot of work has been going on to reduce costs, meaning that a “normal” year next year will bring in a better level of return to the society.
Public Benefit
The annual agricultural show is open to the general public and entrance fees are kept as low as economically possible.
On behalf of the board of trustees
Mark Ley
Trustee Dated: 20 June 2024
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NORTH DEVON AGRICULTURAL SOCIETY
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORTH DEVON AGRICULTURAL SOCIETY
I report on the accounts of the The society for the year ended 31 October 2023, which are set out on pages 5 to 10.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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(i) examine the accounts under section 145 of the 2011 Act;
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(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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(iii) to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 130 of the 2011 Act; and
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(ii) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
have not been met; or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Azets
Elizabeth Smith ACA FCCA CTA Lime Court Pathfields Business Park South Molton Devon EX36 3LH United Kingdom
Dated: 20 June 2024
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NORTH DEVON AGRICULTURAL SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2023
| 2023 Notes £ Incoming resources from generated funds Donations and legacies 2 230,500 Investment income 3 437 Total incoming resources 230,937 Resources expended 4 Charitable activities Direct show expenditure (225,700) Support costs (102,741) Total resources expended (328,441) Net (expenditure)/income for the year/ Net movement in funds (97,504) Fund balances at 1 November 2022 140,401 Fund balances at 31 October 2023 42,897 |
2022 £ 322,137 13 |
|---|---|
| 322,150 | |
| 207,754 | |
| 97,155 | |
| 304,909 | |
| 17,241 123,160 |
|
| 140,401 |
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NORTH DEVON AGRICULTURAL SOCIETY
BALANCE SHEET
AS AT 31 OCTOBER 2023
| 2023 Notes £ £ Fixed assets Tangible assets 9 22,296 Current assets Stocks 1,785 Debtors 10 1,223 Cash at bank and in hand 18,843 21,851 Creditors: amounts falling due within one year 11 (1,250) Net current assets 20,601 Total assets less current liabilities 42,897 Income funds Unrestricted funds Unrestricted income funds 21,716 Revaluation reserve 21,181 42,897 42,897 The accounts were approved by the Trustees on 20 June 2024 Mark Ley Elizabeth Quick Trustee Trustee |
2022 £ 833 10,829 106,258 117,920 (2,365) 119,220 21,181 |
£ 24,846 115,555 |
|---|---|---|
| 140,401 | ||
| 140,401 | ||
| 140,401 | ||
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NORTH DEVON AGRICULTURAL SOCIETY
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023
1 Accounting policies
1.1 Basis of preparation
The accounts have been prepared under the historical cost convention modified to include the revaluation of certain fixed assets.
The accounts have been prepared in accordance with applicable accounting standards, the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005 and the Charities Act 2011.
1.2 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Leasehold improvements The period of the unexpired lease on the show ground Equipment 20% reducing balance Cups 50 year straight line basis
1.3 Stock
Stock is valued at the lower of cost and net realisable value.
1.4 Fund accounting
Restricted Funds . The society has no restricted funds.
Unrestricted funds. These are donations and other incoming resources receivable or generated for the objects of the charity without further specific purpose and which the charity may use for its purposeat its discretion.
1.5 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 net of expenditure.
Voluntary income is received 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 are included at the value to the charity where this can be 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. The value of services provided by volunteers has not been included.
1.6 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 be measured reliably. The society is not registered for VAT and all expenditure includes this where appropriate.
All expenditure is accounted for an accruals basis.
Charitable expenditure comprises those costs incurred by the society in the delivery of its activities and services for its beneficiaries. It includes costs that can be allocated directly to such activities, costs of an indirect nature necessary to support them and costs associated with meeting the constitutional and statutory requirements of the charity.
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NORTH DEVON AGRICULTURAL SOCIETY
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
| 2 3 4 |
Incoming resources from generated funds Donations and gifts Income from charitable activities Donations and gifts Unrestricted funds: Donations & grants Membership subscriptions Income from charitable activities Unrestricted funds: Entry fees Trade stands Gate receipts Selling rights Sponsorship money Sundry receipts Investment income Income from unlisted investments Total resources expended Charitable activities Direct show expenditure Activities undertaken directly Support costs |
2023 £ 10,771 219,729 230,500 1,115 9,656 10,771 11,075 83,601 82,112 15,631 22,851 4,459 219,729 2023 £ 437 2023 £ 225,700 102,741 328,441 |
2022 £ 10,157 311,980 |
|---|---|---|---|
| 322,137 | |||
| 1,025 9,132 |
|||
| 10,157 | |||
| 16,320 68,392 180,315 16,916 24,520 5,517 |
|||
| 311,980 | |||
| 2022 £ 13 |
|||
| 2022 £ 207,754 97,155 |
|||
| 304,909 |
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NORTH DEVON AGRICULTURAL SOCIETY
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
5 Support costs
| Support costs | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Honorarium | 650 | 200 |
| Secretary's fees & expenses | 28,835 | 25,515 |
| Secretary's assistants | 8,907 | 9,700 |
| Office rent | 7,708 | 9,312 |
| Electricity | 2,974 | 2,885 |
| Advertising | 13,463 | 13,247 |
| Printing, stationery and computer software | 15,066 | 11,869 |
| Telephone and administration costs | 7,275 | 8,784 |
| Affiliation fees | 582 | 241 |
| Accountancy | 1,506 | 1,822 |
| Dinner and other meetings | 3,514 | 3,268 |
| Charitable donations | 2,000 | 6 |
| Bank charges | 2,518 | 3,910 |
| Equipment hire | 4,306 | 3,648 |
| Legal fees | 944 | 510 |
| Repairs and renewals | 2,494 | 2,237 |
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year, but 2 of them were reimbursed a total of £859.96 travelling expenses (2022: no expenses were reimbursed).
7 Employees
Number of employees
The average monthly number of employees during the year was:
| 2023 | 2022 |
|---|---|
| Number | Number |
| 2 | 1 |
8 Operating leases
The society's annual commitments for rental payments under non-cancellable lease as at 31 October 2023 were as follows:
| 2023 | 2022 | |
|---|---|---|
| Operating leases which expires: | £ | £ |
| Within one to five years | 13,110 | 10,925 |
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NORTH DEVON AGRICULTURAL SOCIETY
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
| 9 Tangible fixed assets Equipment £ Cost or valuation At 1 November 2022 21,815 Additions - At 31 October 2023 21,815 Depreciation Depreciation charged in the year 436 At 1 November 2022 and at 31 October 2023 6,400 Net book value At 31 October 2023 15,415 At 31 October 2022 15,851 10 Debtors Trade debtors Prepayments and accrued income 11 Creditors: amounts falling due within one year Trade creditors Accruals |
Cups Leasehold improvemen ts £ £ 53,443 70,767 450 - 53,893 70,767 866 1,698 48,575 69,204 5,318 1,563 5,734 3,261 2023 £ 1,223 - 1,223 2023 £ - 1,250 1,250 |
Total £ 146,025 450 |
|---|---|---|
| 146,475 | ||
| 3,000 124,179 |
||
| 22,296 | ||
| 24,846 | ||
| 2022 £ 4,189 6,640 |
||
| 10,829 | ||
| 2022 £ 833 1,532 |
||
| 2,365 |
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