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 c￿ncern 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 rese￿8$ 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 CoMpan￿S 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 req￿trement 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
A￿O￿ntIng 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
SeCreta￿s 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 re￿iVed 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
res0￿￿*S
R*sourees
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
Be￿een 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-