Charity reglstration number 1071618 Company registratlon number 03588826 (England and Wales) NORTH DEVON AGRICULTURAL SOCIETY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
NORTH DEVON AGRICULTURAL SOCIETY LEGALAND ADMINISTRATIVE INFORMATION Trustees lan Allin Charles Boundy Arnber Buckpitt Chris Dart Henry Dart Graham Kivell Matthew Latham Mark Ley Peter Ley Carol Norman Grania Phillips Louise Pyle Elr2abeth Quick Brenda Savery David Snow Alice Watson (Appointed 8 March 20241 (Appointed 8 March 2024) Secretary Mrs. T Soanes Charity number 1071618 Company number 03588826 Registered office Lime Court Pathlields Business Park South Molton Devon United Kingdom EX36 3LH Independent examiner Azets Lime Court Palhfields Business Park South Mollon Devon Uniled Kingdom EX36 3LH Bankers Lloyds Bank 5 High Street Bideford EX39 2AD Soli¢itors Peter Peter & Wright 6-8 For& Street Holsworthy Devon United Kingdom EX22 6ED
NORTH DEVON AGRICULTURAL SOCIETY CONTENTS Page Trusteès, report Independent examinérfs report St8t8ment offlnanoal activities Balance sheet Notes to th8 financial statements 10-20
NORTH DEVON AGRICULTURAL SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 OCTOBER 2024 The trustees present their annual report and financial statements for the year ended 31 October 2024. The accoLints have been prepared in accordance with the accounting policies set out in note 1 lo the accoLJnls 8nd comply with the society's governing document, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities. issued in March 2005. The Trustees. who are 81so Direclors of the Charity for the purposes of the Companies Acl 2006. submit Iheir Annual Report and accounls lor the North Devon Agricullural Society (the Company) for the year ended 31 October 2024. The Trustees confirm that the Annual Report {which also meets the requirements of a Difector's Report) and financial slalemenls comply with current stalulory requirements. These accounts have been prepared in accordance with Accounting and Reporting by Charitl8s'. Statement of Recommended Practice applicable to charities preparing their 2ccounls ii) accordance with the Financial Reporting Standard app1[ble in the UK and Republic of Ireland IFRS102) (effective 1 January 20191 as delailed in the accounting policies. Company and charity law require. the Trustees lo prepare financial slatemenls for each financial year, which give a true and fair view of the slate of Ihe Society's affairs at the er)d of the period. and of the surplus or deficit for that period. The Trustees confirm that suilable accounting policies have been used 2nd applied consistently and that reasonable and prudent juijgemenls and estimates have been made in the preparation of the financial statements for the year ended 31 October 2024. The Trustees also confirm that applicable UK accounting stsndards have been followed and that the financial statements have been prepared on a going concern basis Objectives and a¢tlvities Charitable ob'ects The advancement of agriculture and horticulture for the benefit of the public in North Devon and surrounding areas and lo support or assist such other chaTitable institutions or purposes as the company shall from time to lime determine. One day agricultural based show focussing on agrbcultural e(Jucalion and rural life including showc2sing a wide range of agricultural as well as local businesses in North Devon. not connected to the agricultural sectOT. The trustees have complied with the duty in the 2011 Charities Act lo have the due regard to guidance published by the Charity Commission.
NORTH DEVON AGRICULTURAL SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Powers In furtherance of the objects but not otherwise. the society may exerc4se the following pow8rs.' l) 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 pem8nent trading activities in raising funds for its charitable object and shall conform to any requirements ol law. 3) To IKry, lake on lease or in exchange any property necessary for the achievement of theobjects and to maintsin and eqLliP li for use. 4) Subject to any consents required by law to sell, lease or disr)ose of any part of the property of the society. 5) Subject lo any consents required by law to borrow money and to charge all or any part of the propety of the society with the repayment of the Money so borrowed. 6) To buy the seNices of such individuals {who shall not be Directors) as are necessary for the property pursuits of the objecls. 7) To co-operate with other charities, voluntsry bodies and statutory aulhorilies operating in furiher8nce of the objects or of similar charitable purposes and lo exchange infonnation and advicè with them. 8) To establish or support any charitable trusts. associations or institution5 formed for all or any of the objects. 9) To appoint and Gonslitute such advisory ¢ommittees 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 Ihe Charity Commission in deciding what activities the SOCi6ty should undertake.
NORTH DEVON AGRICULTURAL SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Achievements and performance Revle of Develo ment Activities and Achievements The societls pririciple source of funding is derived from the annu81 show. North Devon Show is a one day agricultural show in North Devon, promoting education of agriculture, with North Devon and business within the North Devon area, attracting between 16,000- 20.000 visitor per year. Provide educational informative day out lo include agricLTrltural education and wider PLkrsuits and supporting businesses. showing a diversity of other businesses In North Devon being a rural area. Equally maintaining the proposed budget figures wilh mindfulness of expenditure. Sponsorship is sought from IoGal businesses, exhibitors and individuals to help cover outgoing expenditure. Annual non-refundable Membership from individuals sold in advance. The most significant positive and negative factor outside of the Society's control is the weather, adverse weather reduces gate numbers and good weather increases numbers with extreme adverse weather causing last minute cancellation. Adverse weather will greatly reduce the number of attending visltors. The Economic climate is oul of the control of the Society which could affect the attendance numbers, likewise agricultural disease alerts as well as nalional health alerts listed by the Government. Volunteers All committee members and show stewards are volunteers and wilhoul their valuable support and work il is unlikely that Ihe show would be able to take pla in ils current fo. Investmont Pollc The society doas not have a specific investment policy. The committee have delegated powers lo the secretary to rnove monies between the bank accounts as required in (xder to obtdin the best rale of return. Financial review Flnances The attached financial slalements show the current slate of Ihe finances which Ihe Trustees rL)nsider to be sound. There was a surplus of general funds of £19.588 and reslricled funds of £4,145 for the year 12023.. deficit of £97.504) and general funds carried fotward of £62,485 wilh reslricled funds carried foTward of £4,145 12023.. £42,897) It is the policy of the society that unrestricted funds which have nol been designated for a specific use should be maint2ined al a level equivalent lo between Ihree and six month's expenditure The trustees consider that reseNes al this level will ensuie thal, in the event of a significant drop in fvnding. they will be abl8 lo continue the society's currenl activities while consideration is given to ways in which additional funds may be raised_ This level of reserves has been maintained thToughoul the year. The society is not yel in a comfortable financial position for where the society would like lo be. however, the Trustees are working to re-build the deficit. The principal uncertainly facing this Charity is the we81her. The weather is key due to the annual show being held on agricultkjral land and not hard slanding. Temporary roadway is erected lo alleviale a cancellation and loss of income with marquee converage covering some areas of the showground. Another principle risk is the rising cost of Suppliers services which we are continually monitoring by price comparisons. The Asset Register is undertaken annually and monitored for any tangible fixed assel whlch is not reqLJired going foMard for the future shows and will be sold accordingly lo release funds for the Society. Caulion is taken on expenditure 50urcing new income and continually fc4lowing avenues io increase the Society's income streams to build up selVeS and be in 8 comfortable financial position lo cover Iwo ¢onseculive forthcoming Shows.
NORTH DEVON AGRICULTURAL SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Goin Concern While Ihe Tiuslees believe Ihal the society can continue fo trade as a going wncern with the Current level of reseNes there is material uncenainty regardiiig this as one of the niain income streams for the show. ticket sales. is very much dependent on the weather on the day. The Society had a successful year, achieving a surplus of £24,847, following the deficit of £97.504 in 2023. While this ha8 improved the level of reseNes held by the society, the reserves held do not shield the SOGiely from the impact of another deficit due lo adverse weather. therefore raising material uncertainty over the going concern of the Society. By nature, due to the Society's income relying on the single show day a year, weather conditions pose an unconlrollable variable for the society, which can not aGcuralely be budgeted for. The Trustees are awarp. of this material risk. and in the previous and current period. lighter financial control has be.en exercised. as domonstrated in the reduced expenditure and increase in re8erves seen this year. The diieclors, having considered the above, continue lo adopt the going cncern basis in preparing the financial statements which assumes that the company w(11 continue in operation for the foreseeable future. Plans for future periods Future P ans 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 Mana ement Polic The committee tneel regularily to lo monitor the risks that the society faces and to eslablish systems and strategies lo minimize these. The principal risks are those of the loss of the show due lo either weather problems oi disease outbreaks such as foot and mouth. The committp.e hopes to reduce these by improving the all weather facilities on the showground and building up rese8$ to finance Ihis. Reserves Polic The aim of the society was and is to hold sufficient Teserves to be able lo cover bNo consecutive shows. However o years cancelled due to Covid have depleted those reserves and although the Society 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 imp8cling on the gate income on the day, the society is in a p05ilion where expenditure is exceeded income 3 out of Ihe previous 4 years - which is unprecedented. The Society were determined to continue in 2024, knowing it does have the backup of it's assets which, were the society to suffer another deficit, il can sell to offset some of the expenditure. And a lot of work has taken place round budgeting lo reduce Costs. to ensure that an "average" year will bring in a beller level of return to the society to support rebuilding our reserves. Publi¢ Benefit The annual agricultural show is open to the general public arnd entrance fees are kept as low as economically possible. Structure. governancè and management The society was incorporated as a company limited by guarantee on 26 June 1998 and Is regislered wilh the charity corrmission (no. 10716181. The charity look over assets of Ihe former charity North Devon Agricultur21 Society {no. 1043968) which ceased on 2 November 1998. The charity is governed by its M6morandum and Articles of Association reviewed and fe-adopled in February 2021.
NORTH DEVON AGRICULTURAL SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 The Iruslees, who are also the director.8 for the purpose of company law, and who served during the year and up lo the date of signature of the financial statements were.. lan Allin Charles Boundy Amber Buckpilt Chris Dart Henry Darl Graham Kivell Matthew Latham Mark Ley Peter Ley Carol Noman Grania Phillips Louise Pyle Elizabeth Quick Brenda Savery David Snow Alice Walson (Appointed 8 March 20241 {Appoinled 8 March 20241 The diredors and trustees are appointed by the Executive Committee with ratification al the following Annual General Meeling. Every year, one third of the directors musl resign and stand for re-election. The society Is administered on a day to day basis by the seGretary, 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 lo keep that body ir)formed of progress in the development of the show. A Welcome and Introduction by the Chairman takes pla with other key staff members induding a copy 2nd review of the Charily's governing document. annual and monthly reports. briefing on the Charity's financial position, including income, expenditure. and reserves. Trustees have regular updates from the Show Office on relevant training courses. workshops and conferences. The Society's subscription to the Association of Agricullvral Organisations provide regular infomiation on latest guidelines. The present Ch2iman, Mark Ley and the Society Secretary. Theresa Soanes deal with the day-to-day ffianagement of the chanly. The Trustees have overall responsibility for ensuring that the Charity has an appropriate system of controls. financial and othenvise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any lime the financial p05ilion of the Charity. ensuring that the financial slalements comply with the Companies Act 2006 and Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that". the methods and principles in the Charities SORP are observed. the Charity is operating efficiently and effectively. ils assets are safeguarded against un8Uthorised use or disposltion. proper records are maintained, and financial information Ljsed within the Ch8rily or for publication is reliable. the Charity complies with relevant laws and regulations. the systems of internal control are designed lo provide reasonable, bul not absolute. assurance against malerial misslatement or loss. They inclLJde: regular consideration by the Trustees of financial results. variance from budgels, non-financial performance indicalors and benchmarkillg reviews. delegalion of authority and segregation of duties. identrfieation and management af risks.
NORTH DEVON AGRICULTURAL SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 The CoMpanS current policy concerning the payment of trade creditOTS IS to follow the CBI'S Prompt Payers Code {copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 10U>. The company's current policy conceming the payment of trade creditors 15 to= settle the teftns of payment with suppliers when agreeing the tems of each transaction.. ensure that suppliers are made aware ol the terms of payrnent by inclusion of the relevant terms in conlr8cts- and pay in accordance with the company's contractual and other legal obligations. The In]stees' report was pproved by the Board of Twstees. Mark Ley Director Elizabeth Quick Director Date'..o.¥-o¥..- ?og.S......
NORTH DEVON AGRICULTURAL SOCIETY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORTH DEVON AGRICULTURAL SOCIETY I report lo the trustees on my examination ol the financial slaternents of North Devon Agricullural Society (the 50cielyl for the year ended 31 October 2024. Responsibllltles and basys of report As the trustees of the society land also its directors for the purposes of company lawl you are responsible for the preparalion of the financial slalemenls in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied rnyself that the financial slalemenls of the society are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report respect of my examination of the society s financial statements carried oul under sect¢on 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charily Commission under seclion 145{5llb) of the 2011 Act. Independent examlnerfs statement Since the society's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm Ihal l am qualified lo undertake the exarninalion because l am a member of . which is one of the listed bodies. I have compleled my examination. I confirm that no matters have come to my altenlion in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the society as required by section 386 of the 2006 Act.. or the financial slatemenls do not accord with Ihose records- or the financial slalemenls do not comply with the accounting requirements of section 396 of the 2006 Act other than any reqtrement that Ihe accounts give a true and fair view which is not a matter considered as part of an inifependenl examination", or the financial statements have not been prepared in accordance with the methods and prin¢iples of the Statement of Recommended Praclice for accounting and reporting by charilies applicable lo charities preparing their accounts in accordance with the FinanGial Repurting Standard applicable in the UK and Republic ol Ireland IFRS 102). I have no concerns and have come across no other matters in connection with the examination lo which altenlion should be drawn in this repc>rt in order lo enable a proper underslanding of Ihe financial slalements lo be reached. Azet$ Elizabeth Smtth ACA FCCA CTA Lime Court Pathfields Business Park South Molton Devon EX36 3LH United Kingdom
NORTH DEVON AGRICULTURAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2024 Unrestricted Restrl¢ted funds funds 2024 2024 Total Unrestrlcted funds 2023 2024 Notes Income from: Donations and legacies Charitable activities Investrnents 10.273 285.882 294 6,705 16.978 10,771 219,729 437 294 Total income 296.449 6,705 303,154 230.937 onditure on. Raising funds 185 185 1952) Charitable activities 275,562 2.560 278.122 329,393 Total expenditure 275.747 2,560 278,307 328.441 Nel incominglloutgoing) resources before Iransfers 20.702 4.145 24,847 (97,504) Gross transfers behveen funds (1.114) 1,114 Net incomel{expenditurel for the yearl Net movement in funds 19,588 5,259 24.847 (97.504) Fund balances at 1 November 2023 42,897 42,897 140,401 Fund balancos at 31 October 2024 62,485 5,259 67,744 42.897 The statement of financial activities includes all gains 8nd losses recognised in the year. All income and expervjiture derive from continuing 8Ctivilies. The statemenl of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
NORTH DEVON AGRICULTURAL SOCIETY BALANCE SHEET AS AT31 OCTOBER 2024 2024 2023 Notes Fixed assets Tangible assets 12 19,969 22,296 Current assets Slocks Debtors Cash al bank and in hand 13 14 1,600 1,785 1,223 18,843 47,425 49.025 21,851 Creditors- amounts falling due wlthin one year 15 (1,250) {1,2501 Net current assats 47,775 20,601 Total assels less current liabilities 67.744 42.897 Income lunds Restricted funds Unrestricted funds General unrestricted funds Revaluation reserve 17 5,259 41.304 21,181 21,716 21,181 62,485 42.897 67,744 42,897 The company is entiued to the exemption from the audit requirement contained in section 477 of the Companies Act 2006. for the year ended 31 October 2024. The dire¢tcrs acknowledge their responsibifities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of finan¢io1 slatsments. The members have not required the company to obtain an audit of its financlal statements for the year in question in accordance wlth section 476. These financial statements have been prepared in accordance with the provisions appliGgble to companies subject to the small companies regime. The financial stateme ere approved by the Trustees on .0.7ro3..-.Zp Z Mark Ley Dlrector Elizabeth Quick Director Company registratlon number 03588826
NORTH DEVON AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accountin9 policies Charity information North Devon Agricultural Society is a private company limiled by 9uarantee incorpor8led in England and Wales. The regislered office is Lime Court, Pathfields Business Park. South Molton, Devon, EX36 3LH, United Kingdom. 1.1 Accounting convention The financial slalements have been prepared in accordance with the society's Memorandum and Arb'cles of Association adopted on 26 June 1998, the Comp2nies Act 2006, FRS 102 "The Financial Reportillg Standard applicable in the UK and Republic of Ireland" l FRS 102,1 and the Charities SORP °Accounling 2nd Reporting by Charities.. Stalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepubSic ot Ireland (FRS 1021" leffeclive l January 20191- The society is a Public Benefit Enlily as defined by FRS 102. The society has taken adv8ntage of the provisions in the SORP for charities not to prepare a Staternenl of Cash Flows. The financial slalernents are prepared in sterling, which is the functional currency of the society. Monetary amounts in these financial statements are rounded to thp. nearest £. The financial statements have been prepared under the historical cost convention. Imodified to include the revalLJation ol freehold properties and to include inveslmenl properties and certain financial instruments al fair valuel. The principal accounling policies adopted are Sel out below. 1.2 Going concern These financi21 slalements are prepai'ed on the going concem basis. The trustees have a reasonable expectation that the society will ¢onlinue in operational existence for the foreseeable future. however, the trustees are aware of Gertain material uncertainties whicl) may cause doubl on the charity's ability to continue as 8 going concern. Onp. of the main income streams for the show, lickel sales. is very much dependent on the weather on the day the show is run. therefore there is uncertainty surrounding the income levels achieveable in the year lo recoup reserves following the deficity of £97,504 In 2023 1.3 Charitable funds Unre51ricled funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Rpslricled funds are subject to speafic conditions by donors as to how they may be used. The purpose5 and uses of the reslricled funds are set out in the notes to the finar)cial stalemenls. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the society. 1.4 Income Income is recognised when the society is legally entitled lo it after any performance Gonditions have been met, the amounts can be meaSLJred reliably. and il is probable that income will be received. Cash donations are recognised on Teceipl. Other donations are recognised once the society has been notified ol the donation. unless perfomance conditions require deferr81 of the 8mounl_ Income tax recoverable in relation lo donations received vnder Gift Aid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on receipt or otherwise if the soeiely has been notified of an impeiiding distribuliorn. Ihe amount is known. and receipt is expected. If the amounl is not known. the legacy is treated as a conlingenl asset.
NORTH DEVON AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting poli¢ies (Continued) . 1.5 Expenditure Expenditure is reeognised once there is a legal or conslruclive obligation lo transfer economic benefit lo a Ihird paty, il is probable that a transfer of economic benefils will be required in settlement. and the amount of the obligation can be measured reliably. Expenditure Is classified by activity. The costs of each activity are made up of the total of direct costs and shared cost8. including SUF>POrt costs involved in undertaking each activity. Direct costs attributablc to 8 single activity are allocated direcuy lo that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single aclivily are apportioned beiween those activrttes on a basis consistent with the use of resources. Central staff costs are allocaled on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tangible fixed assels Tangible fixed assels are initially measured al cost and subsequently measured at cost or valuation. nel of depreciation and any impairment losses. Deprecialion is recognised so as lo write off the cosl Of valuation of assets less their residual values over their useful lives on the following bases- Equipment Cups Leasehold improvements 200/0 reducing balance 50 year straight line basis 10 year straight line basis 14 year straight line basis The gain or loss arising on the disposal of an 8sset is determined as the difference between the sale proceeds ané the carying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairmént of fixed assets Al each reporting end date. the society r8views the Larrying amounts of ils tangible assets lo determine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset is eslimaled in order lo determine the extent of the imp8iiment loss lif any). 1.8 Stocks Slocks are stated al the lower of cost and eslimaled selling price less costs lo complete and sell. Cost cc>mprises direct materials and. where applicable, direct labour costs and those overheads th81 have been incurred in bringing the stocks lo their presenl location and condition. Items held for distribution at no or nominal consideration are measured Ihe lower of replacement cost and cost. Nel realisable value is the estimated selling price less all estimaled costs of completion and costs to be incurred in fflarkeling, sellirig and distribution. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-teTm liquid investments with original malurilies of Ihree months or less, and bank overdrafts. Bank overdr8fts are shown within borrowings in current liabilities. 11
NORTH DEVON AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 AOntIng policies Icontlnuedl 1.10 Financlal instruments The sooiely has elected to apply the provisions of ser.lion 11 'Basic Finan¢i21 Inslrumenls, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financi81 irjstruments. Financial instruments are recognised in the society's balance sheel when the SOGiety becomes paty lo the contractual provisions of Ihe instrument. Financial assets and lidbililies are offset, with the nel amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention to settle on 8 nel basis Dr to realise the asset and settle the liability simultaneously. Baslc financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price inclLKling transaction costs and are subsequently carried al amortised cost using the effective interest method unless Ihe arrangement constitutes a financing transaction, where the transaction is measured al the Present value of the future receipts discounted at a market rate of interest, Financial assets classified as receivable within one year are not amortised. Baslc financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted al a market rate of interest. Financial liabilities classified as payable within one year ale not amortised. Debt inslrumenls are subseqLJenlly carried at amortised cost, using the effective interest fate method. Trade creditors are obligations to pay for goods or services that hdve beei) acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilitl8s. Trade creditors are recognised initially al transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial Siabilities are derecognised when the society's contraclual obligations expire or are discharged or canc8lled_ 1.11 Employee benefits The cost of any unused holiday entillemenl is rectsJnised in the period ill which the employee's services are received. Termination benefits are recognised immediately as expense when the society is demonstrably committed lo terminate the employment of an employee or to provide lernination benefits. 1.12 Fund accounting Restricted Funds The society has restricted funds relating ID the educational trail and the bus service. Unrestricted funds. These are donations and olher incoming resources receivable or generated for the objects of the charity without furll)er specific purpose and which the charity may tjse for ils purpose21 ils discretion. 12-
NORTH DEVON AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Critical accounting estimates and Judgemen1$ In the application of the society's accounting policies. the trustees are requlred lo m8k2 judgements, estimates and assumptions about the carrying amount of assets and liabiliiies that are nol readily apparent from other sources. The estimales and associaled assumplions are based on historic21 experien and other factors that are considered to be relevanl. Aclual results may differ from these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions to accoiinling estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in Ihe period of the revision and future periods where the revision affects both current and futiire periods. Donations and legacies UnrÈstrl¢ted Restricted fund$ funds Total Unrestricted funds 2024 2024 2024 2023 Donations and gifts Government grants received Membership fees 926 5.500 1,205 6,426 1.205 9,347 1.115 9.347 9.656 10.273 6.705 16,978 10,771 13
NORTH DEVON AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 OCTOBER 2024 Investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 294 437 Raising funds Unrestricted Unrestricted funds funds 2024 2023 Tradin costs Other trading acuvities 185 (952) 185 {952) 15
NORTH DEVON AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Charitsble activities 2024 2023 Depreciation 2nd impaiment Ticket sales costs Badges & Rosettes Prize money Hire fees Judges fees C8tering Insurance Haulage, material &18bour Veterinary & farrier Security, policing & medical services Cups and engravings Field rent & water charges Attractions & displays Licence8 & training Sundry expenses 2,687 159 3,191 9,119 g5,999 631 6,961 489 35,625 140 11,839 3.000 575 2.501 10.684 132,448 1.037 8.g45 484 26,454 120 11,211 83 13,175 14,129 237 1,568 13,112 5,355 793 725 186,825 226,651 Share of support cosls {see note 8) Share ol govemance costs Isee note 8} 89,499 1,798 100,292 2.450 278.122 329,393 Analysis by fund Unrestricted funds Restricted funds 275,562 2.560 329,393 278,122 329.393 16-
NORTH DEVON AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Support costs Support Governance costs costs 2024 2023 Loss on disposal of tangible assets Honorarium SeCretas fees & expenses Security's assistants Office rent Electricity Advertising Printing, stationery and computer SO*are Telephone and administration costs Affiliation fees Dinner and other meetings Charitable donations Bank charges Equipment hire Repairs and renewals 91 650 30.148 7,480 9,387 3,063 10.179 9,597 6,994 563 4,188 500 3,737 2,821 101 91 650 30.148 7.480 9.387 3,063 10,179 9,597 6,994 563 4.188 500 3.737 2,821 101 650 28,835 8,907 7,708 2.974 13.463 15.066 7,275 582 3.514 2,000 2,518 4,306 2,494 Accountancy Legal and professional 1.644 154 1.644 154 1,506 944 89,499 1,798 91.297 102,742 Analysed bebNeen Charitable activities 89.499 1,798 102,742 Govemance costs includes payments of £1.644 (2023 £1,506) for fees relating lo the independent examination. Truslees None of the trustees (or any persons connected wilh them) received any remuneration during the year (2023- £859.96 of travel expenses were reimbursed). 10 Employees The average monthly number of employees during ihe year was.. 2024 Number 2023 Number There were no employees whose annual remuneration was more than £60,000. 17-
NORTH DEVON AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 11 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or seclion 252 of the Taxalionof Chargeable Gains Acl 1992 to the extent that these are applied to its charitable objects. 12 Tangible fixed assets Equipmenl Cups Leasehold Improv8m8t7t$ Tot•1 Cost At 1 November 2023 Additions Disposals 21,815 53,8g3 450 {637) 70,767 146,475 450 {637} Al 31 October 2024 21,815 53.706 70,767 146,288 Depreciation and impairment Al 1 November 2023 Depreciation charged in the year Eliminated in respect of disposals 6.400 436 48,575 742 (5461 69.203 1,509 124,178 2.687 1546) At 31 October 2024 6.836 48,771 70,712 126.319 Carrying amount Al 31 OctobeT 2024 14,979 4,935 55 19,969 Al 31 October 2023 15,851 4,882 1,563 22.296 13 Stocks 2024 2023 Raw materials and consumables 1,600 1.785 14 Debtors 2024 2023 Amounts falling due wlthln one year: Trade debtors 1.223 15 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 1,250 1.250 16 Government grants 18-
NORTH DEVON AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 16 Govèrnment grants {Contlnuad) Government grants reiVed in the year total £1,205. The grants were issued for educational purposes and outreach programmes and must be spent by March 2025. 17 Réslricted tunds The income funds of the ¢harily include restricted funds comprising the following unexpended balances of donations and grants held on trust for speGtfic purposes: Movement in funds Incomlng resourcès Movement in funds Balance at l November 2023 Incoming res0S Rsourees expended Trnn8fers Bajance at 31 Oclober 2024 Educational Trail Bvs servi 5.500 1,205 (2411 (2,319) 5.259 1.114 6.705 (2.560) 1.114 5.259 18 Analysis ot net assets between funds Unrestricted Restricled funds funds 2024 2024 Total Unrestricted funds 2023 2024 Fund balances at 31 October 2024 are represented by: Tangibie assets Current asselsllliabililiesl 19,969 42.516 19,969 47,775 22.296 20,601 5,259 62,485 5,259 67,744 42,897 19 Operating lease commilments Al the reporting end dale the society had outstanding commltments for future minimum lease payments under non-cancellable operating leases, which f311 due as follows.. 2024 2023 Within one year Beeen and five years In over five years 13.110 52,440 52,440 13,110 52,440 65.550 117,990 131,100 19
NORTH DEVON AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 19 Operatlng lease commliments (Continued) Lease payments recognised as an expense in the period lot211ed £13.110 {2023 - £13,110). The annual fee sel to increase lo £14,516.20 per annum upon the provision of allernalive premises replacing the sheep shed. Annual fee sel lo be reviewed on 31 August 2028. In the event ol either party giving such nolpce lo the other during the fir51 three years of the agreement (up lo 1 August 2026) the party giving notice shall upon the expiry of same and the termination of this Agreenienl in consequence pay lo the other party a sum of £10,925.00. 20 Relaled party transactions There were no disclosable related paty transactions during the year {2023 - £859.96 of travel expenses reimbursed). 20-