NEWPORT AND DISTRICT AGRICULTURAL SOCIETY President: Mr DE Jones ANNUAL REPORT and FINANCIAL STATEMENTS with Notice of ANNUAL GENERAL MEETING To be held at The Lodge, Chetwynd Deer Park Edgmond, Newport, Shropshire th on 28 January 2025 at 7.30pm
NEWPORT AND DISTRICT AGRICULTURAL SOCIETY Allnual Report and Financial Statements For the year ended 30 September 2024 Contacts Presldenl Mr DE Jones Show Manoger Mrs SA Western The Lodge Chetwynd Deer Park Edgmond Newport Shi'opshire TFIO 8EU Tel: (01952) 810814 (i)iJew )c)I'(%lioiv.L().Llk. Web site: Iviviv,iiLwp()I'l%li()!V:L!i.Iik Vice Presiden¢ Mr GE Painter Honorary Treasurer Mr DE Jones Livestock Seerelary Miss R Jones Horse Secrelary Mr FR Edwards Horliculturfil Secrelory Mrs D Macleod Canine Secretary . R Jones
NEWPORT AND DISTRICT AGRICULTURAL SOCIETY Index Contents Page Notice of annual general meeting Report of the 2024 Pr¢sident Trustees, Main Committee, Officers and Advisers Trustees, and Directors, amiual report Statement of financial activities (incorporating an income and expenditure account) Balance sheet 10- 11 12 Notes to the financial statements 13-20 Independent examiner's report 21-22 2025 MIMBERSHIP For 2025 the scale of membership subscA'iPtions is as follows: Direct Debit Non Direct Debit £27 £50 £75 £12 Single Adult Double Adult Family Junioi, £25 £45 £60 £8 Benefits of membership include: Free entry to tlie show: PrivAleged use of the Members, Enclosure, Memb¢is' DAning Pavilion, Bai, Facilitics and Members, Only C. Park; Ability to purchase Guest Tickets facilities; Advance Programme of Events; Rec¢ipt of the Annual Repoil and Financial Statements and an invitation to attend the AGM. Members may introduce relatives and friends to these Any person WAshing to become a Member is invAted to apply to the Show Managci foi. a membei3hip application form or by purchasing a membei'ship package online from the Society's website,
IYEWPORT AND DISTRICT AGRICULTURAL SOCIETY Notice of Annual General Meeting NOTICE IS HEREBY GIVEN that an ANNUAL GENERAL MEETtNG of Newport and District Agiicultural Society will be held at The Lodge, Chetwynd Deer Park, Edgmond, Newport, Slll'opshire on th 28 January 2025 at 7.30pm for the following purposes: Apologies To confirm the Minutes of the last Annual General Meeting To receive the Report of the 2024 President To receive the Annual Report and Financial Statenients for the year ¢nded 30 September 2024 To elect the President, to hold office for the year from I September 2025 To elect the Vice PIEsident, to hold olTice for Ihe year from I Septembei. 2025 To appoint th¢ Officei's for 2025: Secretai'ies to the sub-sections b. Honoi'ary TIEasurei', to hold office until the next Annual General Meeting To record the retirement and appointment or election of thc Ele¢ted Membei's of the Main Committee To iEcord the retirem¢nt and appointment or electRon of the Elected Trustees To appoint the Auditors/Independent Examiners for the year ending 30 Septembei. 2025 and to authorise the dii'ectors to fix Ihe remuneration of the Auditoi'sllndependent Examiners. 10 Note l.. Pursuant to Regulation 4(fj(iv) of the Company's Ai'ticles of Association, no Member entitled to attend and vote at this meeting is entitled to appoint a proxy to attend and vote. Note 2: There will be 37 Elected Members of the Main Committee in 2024125; 12 nominalions have been received for the 13 vacancies as Electcd Members of the Main Committee and therefore their nominations will be confirmed at the Annual Gencral Meeting. Additional nominations to fill the reinaining vacaiicies may be made at the Annual Gcneral Meeting. On Completion of the meetlll%* the Soeiety's Harper AdAms Scholar for 2025 wlll give a Presentation. Refreshments wlll be available after the presentation. By ordei of the Trustees SA Western Secretary th 13 January 2025
NEWPORT AND DISTRICT AGRICULTURAL SOCIETY 2024 Show President's Report How do I begin to ¢xpi'ess what a wonderful year I have had with the honour of being this year's Show President? When Caroline asked nie to be her vice president, I was hugely pleased but at the sani¢ time surprised, Why me? But then I iealised that I had been involved with the Society for over 20 y¢s1 What an insight that fii%t year became. I had naively thought that I was aware how the show came together but oiicc I began to att¢nd all Ihe sub-committee meetings that I Could, it all started to take shape. The immense pride, commitment and dedication that each seclion has is outslanding. The knowledgc base that the Show as a whole is able to draw oil is immense. To all those involved in the coinmittees and sub-committees, sÉewards and volunteers, I must offer a heartfelt vote of thanks and may you all continue to inake the Newpoit Show the Best One day Country Show in Englaiid, There are however a few individuals that I must thank specifically; Our Show office Manager, Sally, along with both Emma and Gina whose work bringing it all togethei starts even pi'ior to one show ending. The grounds are kept in spectacular ordej. by our Park Warden Martyn Fallows, who in my mind is the ultimate unsung hero as no job is too much bother and his attention to detail is a sight to see. Show day as President flew by, but in my mind is one of my best ever, As Caroliiie and Neil previously said, being able to see so much of the show was fantastic: schools marquees, festival of food court, horticultw'e and crafts, livestock, horses. and of course the dog show all inake Newpoi't show what it is, My favouiite inemoiy was standing in th¢ main ring during the long SeiCe awards, looking Dund at the packed baiTi¢rs seeing all Ihe smiling faces and feeling a Iiuge sense of pi'ide in what a group of individuals with a Common aim can achievel I would just like to thank Caroline for this opportunity, David Jones for his suppoit as iny vice president and WAsh him ALL th¢ very best with his vice president, George. for 2025. Duncan Gunn-Russell 2024 President 9 November 2024
NEWPORT AND DISTiucf AGIUCULTURAL SOCIETY Trustees, Main Committee) Officers and Advisers for the year ended 30 September 2024 Officer8 The offi¢¢rs of the Society during the year were as follows: Pi'esident: Mr DJ Gunn-Russell (until 3118/24) Mr DE Jones (from 119124) Vice Piesident: Mr DE Jones (until 3118124) Mr GE Paintei. (fi'om 119124) Immediate Past President; Mrs CH Belcher Show Managei and Company Secretary: Mrs SA Western Park Warden; Mr M Fallows Honorary Treasuier: Mr DE Jones The President, Vice President and Honorary Treasurer are elected to office at the Annual General Meeting. The Show Manager/Company Secretary and the Park Warden are employees of the Society. Trustees and Maln c0mittee In addition to the above officeis, the elected members of the Main Committee dui'ing the ye. weie; AJ Asson W Elehiike CH Belcher PO Bloor A Bolton A Bonsall B Bi'oadhurst K Clai'ke A Clai'ksoii AJ Craddook WS Dobsoii M Dudley C Edwards M Bvans B Ford N Furniss E Galbraith N Galbi2itl) MF Hall H Hallman A Heath R Jones T Lawlon A Macleod D Macleod RW Maddocks P Maddocks G Painter J Powell E Pugh A Ricliftrds T Smiil) J Taveriior NG Wagstaff R Watson Jon¢s W Wliital J Wilcox
NEWPORT AND DISTRICT AGRICULTURAL SOCIETY Trusteesg Main Commltte& Officers and Advlsers for the year ended 30 September 2024 Trustees and Main Committee (Continued) Each ¢l¢cted member of the Main Committee serves for 3 years and is elected at the Annual General Meeting. Dr Cathei'ine Baxter, a r¢prescntative of Harper Adams University? and Miss J Powell, as representative of Newport YFC, are ex-officio members of the Main Committee. The Society's Trustees, who the Directors of the Company, consist of the President, the Vice PSident and the Honoraiy Ti'easurer, together with 6 members from the Main Committee, elected by that committee. During the year, the elected members were: AJ Asson Mi's CH Belcher A Clarkson AJ Craddock WS Dobson RW Maddocks All Trustees that held office at any time during the year are members of the Society. As permitted by the Society's Memoi'andum of Association, during the year, indemnity iiisurance was in place to cover the liability of Tivstees and oiher officers in respect of negjigence, default, breach of trust or bi'¢ach of duty. The cost of this insurance amounted to £1,500 (2023,, £1,486). Other informatlo Company Number 03884659 Chai'ity Number 1081748 Registcred Office The Lodge, Chetwynd Deei. Park, Newport, SknDpshire TFI 0 8EU Independent Examiners Dyke Yaxley Limited, l Brassey Road, Old Potts Way, Shr¢wsbury SY3 7FA Solicltors FBC Manby Bowdler LLP, Routh House, Hall Court, Hall Park Way) I'¢lford, Shropshire, TF3 4NJ Bankers Lloyds Bank plc, 113 The Border, T¢lford, Shropshiie TF3 4AE Investinent Managers Bi'¢win Dolphin Securities Limited, 6th Floor, The Chatwin Buildingg 81 Colm0 Row, BArn)ingham B3 2BA
NEI WPORT AND DISTRIcf AGRICULTURAL SOCIETY Triistees, and Directors? Annual Report for the year ended 30 September 2024 The Trustees 'e pleased lo present their annual report for the year ended 30 Septembei 2024 togetlier with the financial staten]ents foi. the period. The financial statements comply with the Companies Act 2006, the Charities Act 2011, the Memoiandum and Aiticles of Association and Reporting by Charities SORP applicable to charities preparing thcir accounts in accordance with FRS applicable in the UK (FRS102). Reference and administrallve Informatlon The Society's Trustees, Main Committee, Officers and Advisers are listed on pages 3 and 4. Sti'uetllre* governAllee Y4nd mAnp4gem¢nt Conslllullott Newpor¢ and Distri¢t Agiicultural Society is a registered Charity (l 081748) wliich was established in 1889 and was incorporated into a company limited by guarantee (3884659) on 26 November 1999. It is regulated by its Memorandum and liCleS of Association. Offleers, Trustees and Malll Commlllee Infoi'mation on how the otTi¢ers, Irustees and members of the main committee are appointed is explained on pages 3 and 4. Organlsalloiial slru¢ture The Trustees deteiThine the general management policy of the Society and during the past year, met on S occasions. The day-to-day management of the Society's showground and the organisalion of Ihe Annual Show is delegated to the Main Committee, the Show Manager and the Park Warden. During the past year, the Matn Committee met on 5 occasions, Thei'e al'e various sub-coirnnittees consisling of membei's of the Main Committee or other members of the Society and thes¢ sub-committ¢es meet as necessary to organise the various sections of the Annual Show. Recrulimenl and Irolning of Trusiees As explained on page 4, an Elected Trustee must be a member of tlie Main Committee. th¢i'efore each new Tiwstee will already be familiar with the a¢tivities of the Society, On appointment as a Trustee, each is provided with a copy of the Charity Commission's literatur¢ on tlie role and responslbilities of a charity's tiustee. Rlsk managemenl The Trust¢es review the effectiveness of all material internal controls. including the operational, financial and compliance controls and risk managemeiit systems. In the opinion of the Ti'ustees. the existing review systcm should enable the Society to mitigate and manage the identified risks to an acceptable level in its day-to-day operations.
NKWPORT A[ DISTRICT AGRICULTURAL SOCIETY Trustees, aiid Directorsl Anniial Report for the year ended 30 September 2024 (Contlllued) Objeetives and activities The object of th¢ Socicty is the promotion of agriculture for the public benefit, particularly in Newport, Shropshire and the surrounding district. It is the aim of th¢ Society to promot¢ agriciiltUlE, principally through the holding of an Annual Show. The Trustees have refenEd to the guidance contained in the Charity Comniissions g¢neral guidance on public benefit when reviewing theii. aims and objectives and in planning future activities. There has been no mateiial chang¢ in the policy since the last repoit. The Society aims to hold a first-class Agricultural Show each year. The TISteeS and Main Committee air conscftous of the necd to maintain the Show's traditional qualiti¢s as an exhibitlon for the best of local agriculture and commerce, combined with providing a high-quality day's entertainment for a growing local population, who have much wider interests tl)an purely i'uial pursuits. The ownei'ship of Chetwynd D¢¢r Pai'k is integral to the Society's objectives and activities. The Deer Park offers an outstanding venu¢ and with the Society's policy of continuous investment to improve its facilities and safe opei'ation, the Soclety has a wonderful asset to carefully develop foi the future demands of the Amiual Show, selected other ¢vents and for educational purposes, Aehievements and performfinee The Society's educational facility at Chetwynd Deer Park, "The Lodge" formally opened in May 2014, continues to be a great success, providing many members of local schools and other educational establishments an opportunity lo enjoy this unique and beauliful venue. In Ilie period under review, Chetwynd Deer Park and The Lodge hosted educational visits for 2,329 childreii from local scliools. Private ¢hildcare providers used th¢ FOSt AIEa, which Irally helped to suppoi't the local community post the Covid 19 pandemic, enabling children to continue to learn and,develop valuable social skills with fi'iends outdoors. Chetwynd Deer Park also welcomed back local senioi. scliools competing in county cross Country running events. A detailed review of the yeai's other main achievements and perforn]ance is provided by the 2024 PIEsident on page 2, Student sponsorship The Society continues its scheme to sponsor a student at Harper Adams University. The 2024 scholarship was awarded to Francesca Fryer Smith. The Society will announce the 2025 Schol iii the new year piior to the AGM.
NEI WPORT AND DISTRICT AGRICULTURAL SOCIETY Trustees, and Directors, Annual Report for the year ended 30 September 2024 (Continued) Financial review find results for the year DellliledJ7nanclal revlew The financial results for the period are set out on pages 10 to 20. The Society has COrd a net inciease in funds of £165,767 in the year to 30 September 2024 (2023 £40,463 increase). This is made up of: a net operational outflow of £1,570 (2023 £4,012 outflow); and 2. gains on investment assets amounting to £167,338 (2023 gains of £44,476). Total income amounted to £379,433 (2023 £355,362) and total expenditure amounted to £381,003 (2023 £359,375). Show income was £252,899 (2023 £217,402), a strong increase due to both higher attendance and ticket prices with incr¢ased sponsorship. Show expenditure was £195,2757 (2023 £180,375) which was driven by across-the-board cost increases. Income from the estate decreased to £66,731 (2023 £80,270) due to the prior year being inflated fi'om a ielease of an income accrual. Net inv¢stment income was £50,028 (2023 £48,298). Ovei, the same pei'Aod the Society's otli¢r costs wer¢ £175,471 (2023 £169,609). The iiivestment poitfolio ¢nded th¢ period at £1,824,834 (2023: £1,667,926). Th¢ inciEase is explained in th¢ Investment VIeW below. As a resiilt of the above movements, the Society's total net assets increased to £2,755,628 (2023: £2,589,861). Inveslmenl ievlew The past 12 months have been volatile across global stock markets due to uncertainty about the number of interest rate cut8 by central banks in developed econoniies. Although in the US the number of int¢r¢st rate cuts has been significantly less than expected last year the equity market has peiformed well as it looks likely the economy will go through their interest ratc hiking cycle and avoid a recession. Over the period the portfolio provided a tolal retum of 13.050/0 net (after fees). This is below the Risk Category 6 benchniark gl'oss retum of 16.270/0 over the same p¢riod and the peer group Asset Risk Consultants (ARC) ChariÉies Steady Growth index return of 13,284/) o net. The ARC index is made up of over 4,000 chai'ity portfolios from 35 different investment managers, providing a good comparison to the pei'formance of our peers operating within a similar level of investment i'isk. *Pleas¢ note ARC figures after 30 June 2024 are estimated.
NEWPORT AND DISTRICT AGRICULTURAL SOCIEI TY Trustees, and Directors, Annual Report for the year ended 30 September 2024 (Continued) Reserves policy The TISteeS have considered the level of reserves held by the Society at 30 September 2024. As explained in note 8 to the financial statements, the Society's Pernianent Endowment Fund can only be used for specific puiposes. whereas the Reserve Fund can be used foi any puipose within the Society's obj¢cts. The Society needs to build up its Reseive Fund both to enable it to me¢t its long- teim aims and to geneiate sufficient investment income to finance its charitable objectives. The Ti'ustees have examined the needs, risks and ¢hallenges faced by the Society in botli tlie short and medium term, along with relevant financial budgets. The Trustees will review the total reserves position annually.
NEWPORT AND DISTRICT AGRICULTURAL SOCIETY Triistees, and Directors9 Annual Report for the year ended 30 September 2024 (Continued) Ti'ustees, and Directors responsibilities The cliai'ity tiustees (who air also the dii'ectoig of the Newport and District Agi'icultural Society foi. the purposes of company law) are Yesponsible for pr¢paring a trustees, annual iepoi't and financial statements in accoi'dance with applicable law and United Kingdom Accounting Standai'ds (United Kingdom Generally Accepted Accouiiting Practice). Company and charity law requires the Trustees to prepare financial statements for each financial yeai. which give a true and fair view of Ihe Society's financial activities during the year and of its financfial position at tlie end of the year. In pr¢pariiig those financial statcm¢nts, the Trustees are Jequired to: select suilable accounting policies and then apply them consistently; state whethey applicable accolinting standai'ds and statements of recommended pi'actice have been followed, subject to any departures disclosed and explaiiied in the financial statcnients; make judgenients and estimates that are reasonable and piudent; piepare the financial stateinents on tlie going concern basis unless it is inappi'opriate to pi'esume that tlie Society will coiitinue in business; and obseive the Inetliods and principles in the Cljarities SORP. The Trustees aiE I'esponsible for keeping proper accounting records which disclose with r¢asonable accuracy at any time the fin)CIal position of the Society and enable them to ensuie that the financial statements comply with the Companies Act 2006 and chai'ity legislation, They are also i'esponsible for safeguai'ding tlie assets of the Society and heiice for taking reasonable steps for tlie preveiition and deteclion of fraud and other Iiregul.itICs, So fai. as each Trustec is awai?, there is no levant infoimation of which the Society's independent exaiiiiners are unawai'e. Each Trustee has laken all the steps that ought to have been taken as a directoi. in ordei, io make tliemselves aware of any relevant information and to establish tliat the Society's independent exaniiiiers are aware of that infoni)ation. This report has been prepared in accord]Ce with Ihe special provisions of part 15 of the Companies Act 2006 relating to sniall compani¢s. Approved by the Tnistees and signed on their behalf by SA Westei'n Company Secretsiy 13 January 2025
NEWPORT AND DISTRICT AGRICULTURAL SOCIETY StAtement of Vinanelaj Activities (incorporating an Incoine and Expenditure Account) for the year ende(130 September 2024 Unrestrieted Kndowmen¢ Funds Funds Total 2024 Note Incom¢ Incoine from chayitable activities: Show income Chetwynd Deei. Park income Investment income 252,899 252,899 66,731 59,803 66,731 28,848 30,954 Totftl iiicome 283,853 95,580 379,433 I xpendilllre Cost of i'aising funds: Investment management costs Exp¢nditUlE on charitable activities: CharAtable activities 4,990 4,784 9,775 301,968 69,261 371,228 Totfil expendlture 306,958 74,045 381,003 Gains (losses) on investment assets 82,814 84,523 167,338 Net ille0e 59,709 106,058 165,767 Tiansfei. between funds 21,535 (21,535) Net inov¢ment in funds 81,244 84,523 165,767 riunds at l October 2023 921,846 1,668,014 2,589,860 Funds at 30 September 2024 1,003,090 1,752,537 2,755,628 All amounts relate to continuing aclivities. All recognised gains and losses are included in the statement of financial activities. The surplus foi the year for Companies Act pui'poses comprises the net iesoiirces expended during the year plus the investment gains of the CUnEnt year. The notes on pages 13 to 20 form part of these financial statements. 10
NEWPORT AND DISTRI AGRICULTURAL SOCIETY Statement of Fillanclal Activities (incorporating an Income Expenditure Account) for the year ended 30 September 2024 Year Ei nded 30 September 2023 Unrestricted Funds I ndowment Funds Total 2023 Income Income from charitable activities; Show income Chetwynd Deer Park iiicome Investment income 217,402 217,402 80,270 57,690 80,270 27.957 29,733 Total income 247,135 108,227 355,362 Expenditui'e Cost of I'aising funds: Iiivestinent management costs Expenditure on charitable activities: Charitable activities 4,804 4,588 9,392 283,422 66,561 349,983 TotRI expenditure 288,226 71,149 359,375 Gains (losses) on investment assets 33,390 11,086 44,476 Net income (7,701) 48,164 40,463 Transfer between funds 37,078 (37,078) Net moveillent in funds 29,377 11,086 40,463 Funds at l October 2022 892,469 1,656,929 2,549,398 Fun(Js at 30 September 2023 921.846 1,668,014 2,589,860 11
NEI WPORT AND DISTRICT AGIUCULTURAL SOCIETY (Registration number 3884659) Balance sheet at 30 September 2024 Notc 2024 2023 Fixed fissels Tangible assets Investments 847,604 860,080 1,824,834 1,667,926 Total fixed assets 2,672,437 2,528,006 Current assets DebtOA'S Cash at bank 20,590 85,098 6,921 82,195 Total current 118sels 105,688 89,116 Creditors- amounts falllng due within one year (22,498) (27,261) Net eurrent assets (liabilities) 83,190 61,855 Net asyets 2,755,628 2,589,861 Repi'esented by: ri ullds Endowni¢nt UtUEStI'icted 1,752,537 1,668,015 1,003,090 921,846 Total ¢hArity funds 2,755,628 2,589,861 The Company was entitled to exemption fiY)m audit linder Sectioii 477. The members hllve not I'equii'ed the company to obtain ali audit of its accounts foi. the yeai. in questioii iii accoi'daiiGe with section 476, The directors acknowledge theii. I'esponsibility for complying with the requir¢In¢nts of tlie Coinpai)ies Act 2006 with I'espect to accounting records and tlie pparatIon of accouiits. Ih Th¢ Trustees approved the financial stal¢ments on 13 January 2025. Tl)e notes on pages 13 to 20 form part of thes¢ financial Statements. DE Jones Trustee G Painter Tiustee 12
NEI WPORT AND DISTRIcf AGRICULTURAL SOCIETY (Registration number 3884659) Notes forming part of the financial statements for the year ended 30 September 2024 l Accounting policies Charity Informalion Newport and District Agricultui'al Society is private company limited by guaraniee, incorporated in England and Wales with regists'ation number is 03884659. The charity is registered with the Chality Commission in Eiigland and Wales with registration nuinb¢r 1081748. The registei'ed office is The Lodge, Chetwynd Deei. Park, Edgmond, Newport, Shropsliire, TFI 0 8EU. Accoiinting Conveitiion Tlic financial statements have been prepared linder the historical cost convention and in accoi'dance with applicable accounting standards and tlie Statement of Reconiineiided Practice on Accounting and Reporting by Charlties: the Cliarities SORP (FRSI 02). Tliey have been pi'epared in thc foi'mat requiicd by the Conipanies Act 2006 subject to their adaptation to reflect the natu of tl)e activities of the Society, as permitted by S12008 No. 409, Schedule I, Part I, Section A, Paiagi'aph 4(i), Tli¢ following piincipal accounting policies have been applied: Going concei'n The financial statenients Iiave been prepared on a going concern basis as the tISteeS believe that no Inatei'ial uncertainties exist. The ti'ustees have considered the level of fiinds held and tlie expected levcl of income and expenditui'e for 12 months from the date of aiithorising Ihese financial statenieiits, Tftie budgeted incoine and expenditure is sufficient with Éhe level of reseYv¢s foi. the chai'ity to be able to continue as a going concern. Tangibleflxed assels and deprecialion Depreciation is provided on the following tangible fixed assets at rates Calculated to wiite off the cost, less estimated residual valiie, of each asset over its expected useful life at the annual rates indicated: Roadways, fencing, walls, infrastructur¢ and education unit Plant and equipment 40/0 Straight line 200/0 - 33 % reducing balance Dvring Ihe period, the depreciation on the educational unit was changed to take into account its estimated irsidual value, whereas previously it was assumed to have zei'o residual value aftei. 25 years. Fre¢liold pi'opcrties have not been d¢precialed on the grounds that, in the opinion of tlic dictO1.S, fitehold properties are maintained in such a state of iEpair tliat both the annual chaiE¢ and cuniulative depreciation are immaterial as a result of v¢ry long estimated useful economic lives and that theii, iesidual values are at least equal to their net book values. This applies to the Society's firehold propei'Éies (except the educational ui)it) and accordingly, except for expenditure on roadways, fencing, walls, infrastiucture ]d the educational unit, iio depreciation has be¢ii provided. The dii'ectors have perfornied an annual iinpaimient review to enswE that the canying valiie is not lower than the T¢coverable ainouiit. 13
NEWPORT AND DISTRIcf AGRICULTURAL SOCIETY (Registration number 3884659) Notes forming part of the financial statements for the year ellded 30 September 2024 Investmen¢3 Investments are stated at their cunent in'ket value. Changes in market value of investments ale shown as a mov¢m¢nt in t1 Statement of Financial Activities and incliide realised pi'ofits and losses on investments sold dui'ing the y¢ar, togetlier with unrealised gains and losses on irvaluation of investments held at the year-end. Capiial granls Giants ieceived for capital investment projects are recognised in the statement of financial activities iii the year to wliich the expenditure ielates. Debtors andprepayinenls Trade ]d other debtors are recognised at th¢ settlement nOUnt due aftei. any discount offered, if applicabje. Prepayinents are valued at Ihe amount pirpaid after any discount offered, if applicable, Cash ai bank and in hand Cash in bank and cash in hand includes cash and short tei'm highly liquid investnienls with a shoit Inatui'ity of three n)oiiths or less froni the acqiiisition or opening of tlie deposit oi. similai. account. Bank balances held by the Society's investment managers for tlie pui'poses of investment are disclosed in Note 5 Fixed asset investments. Credilors andpi'ovisions Creditors and provisions are recognised where Ihe Society has a piesent obligation resulting fi'om a past event that will pi'obably resiilt iii the Iransfer of funds to a third party aiid the amount diie to settle the obligatioii can be determined or estimated reliably. CIEditors and provisions are noimally recognised at their settlement amount aftei. allowing foi. any discouiit, if applicable. Income and expendilt41'e All incom¢ is accouiited foi when receivable. All expenditure is accounted foi when iilCUlTed, Tliose expenses that ale attiibutable to two or MO expense headings are appoi'tioned between tliose headings on an appi'opriate basis. Where approprlate, expeiiditure is inclusive of VAT that is irircovernble, Governanc¢ costs comprise the costs of running the Society, including independent examinatioii and Legal costs and the costs of complying witli the constitutional and statutory requirenients. Governmenl Grants Government grants are recognised at the fair value of the asset received or irceivable when there is ieasonable assuiance that the grant conditions will be met and the 'antS will be rec¢ived. A grant that specifies peiformance conditions is recognised in incoine when tlie performance conditions are met. Where a grant does not specify pcrformance conditions it is iEcogni9ed in income when thc proc¢¢ds are received or receivable. A grlt ceIVed before the recognitAon ci'itei'ia aye satisfied is recognised as a liability. 14
WPORT AND DISTRICT AGRICULTURAL SOCIEI TY (Registration number 3884659) Notes forming pai't of the financial statements for the year ellded 30 Septeinber 2024 Employee benefits Wheii employees have rendered service to the charity, short tcm] employee benefits to whicli the employees al'e entitled to are recognised at tlie undiscounted amount expected to b¢ paid in excliange foi. that seivice. Th¢ chai'ity operates a defined conti'ibution plan for the beiiefit of its employees. ContrAbutions are ¢xpensed as they become payable. Taxatlon As a registered charity, tlie Society's net income is not subject lo taxation. 2 Investment income 2024 2023 Listed Inveslments,. UmEStricted funds Endowment funds 30,954 28,848 29,733 27,957 59,803 57,690 3 ChArllable expenditure Staff C08ts Other Costs Depreeiation Total 2024 Total 2023 Charitable activities: Show and Chetwynd Deer Park 70,714 262,368 18,165 351,246 329,063 Governance costs 9,223 10,472 287 19,982 20,900 79,937 272,840 18,452 371,228 349,963 2024 2023 Staff costs are analysed as follows: Wages and salaries Social securAty costs Employei s pension contributions 76,659 1,539 1,738 75,876 1,668 1,631 79,937 79,175 Avei'age monthly numbei of staff 15
NEWPORT AND DISTRICT AGRICULTURAL SOCIETY (Reglstration iiumber 3884659) Notes forming part of the financial statements for the year ended 30 September 2024 Chai'llAble expenditure (Continued) Othei costs relating to activities in fiirtherance of th¢ charity's objects are analysed as follows: DiRct show costs Pi'opei'ty costs Othcr costs 195,757 180,375 21,249 17,080 45,362 40,776 262,368 238,231 Othei. costs relating to governance are analysed as follows: Auditors, remunei'ation Indepeiident examination fees Other costs 6,000 3,800 6,672 5,695 10,472 11,695 Dui'ing the year, the Society ¢inployed a Show Manager and a Park WaiKlen, togethei witli additional pait time seciEtai'ial assistance. There were no higher paid employees who ait paid £60,000 or more. In addition, the Society received sigiiificant voluntary asslstance, foi. which the Trustees are most giatefiil. The Tiust¢¢s are not remunei'ated. Travel and subsisteiice expenses of £354 was paid to two tivstees during the year (2023 £482). 16
NEWPORT AND DISTRICT AGRICULTURAL SOCIETY (Registration niimber 3884659) Notes forming pai* of the financial statements for the year ended 30 Septeinber 2024 4 T Angible fixed assets Freehold Land and PIAnt and Buildings Equipment Total Cosl At l Octobei. 2023 Additions Disposals 1,025,748 116,522 5.976 (647) 1,142,270 5,976 (647) At 30 S¢ptember 2024 1,025,748 121,850 1,147,599 Depi'eciallon At l October 2023 Chai'ge foi, the year Disposals 190,153 13.033 92,037 5,419 (647) 282,190 18,452 (647) At 30 Septeinber 2024 203,186 96,809 299,995 Net book value At 30 September 2024 822,562 25,041 847,604 At l October 2023 835,595 24,485 860,080 Noii-depreciable assets with a n¢1 book value of £645,926 are included in fi'¢ehold laiid and biiildings, The trustees are ftiot able to quantify Ihe difference between the net book value and market value of freehold land and buildings. At 30 September 2024, the Society had no capilal commitments. 5 Flxed asset investments 2024 2023 Listed iiiveslments Mai'ket valu¢ at l October Additions Disposal proceeds Net investment gains l (losses) 1,647,958 1,572,692 259,479 253,437 (216,346) (178,231) 120,524 60 Market Value at 30 September 1,811,613 1,647,958 Historical cost at 30 September 1,523,515 1,480,383 17
Nfl WPORT AND DISTRICT AGRICULTURAL SOCIETY (RegistrAlion number 3884659) Notes forining part of the financial statements for the year ended 30 September 2024 Listed investments are represented by: Fixed Intei'est Equities and Unit Trusts 291,060 1,520,553 257,068 1,390,890 Total listed investments 1,811,613 1,647,958 Cash deposits 13,221 19,967 1,824,834 1,667,926 At 30 Septcmbei. 2024, there was one (2023 one) material investments being greater thali 50/0 of tlie porlfolio: Vanguard Investment UK Limited - US Equity Index Institutional Plus Income units (£162,208) This is a collective Anvestment which holds a number of underlying securities. 6 Debtors 2024 2023 Trade debtors Pr¢paynienis and accNed income 1,907 18,683 2,992 3,929 20,590 6,921 7 Creditoi's - amounts falling due wltliin one year Trade creditors Taxes and social security Accruals and deferred inconie 8,002 5,971 8,524 9,435 6,166 11,660 22,498 27,261 18
NEI WPORT AND DISTRICT AGRICULTURAL SOCIETY (Registration number 3884659) Notes forming part of the financial statements for the year ended 30 September 2024 8 fi unds Endowment Funds- Unrestrlcted Bougliey Funds Memorlal Reserve Endoivinent Total At l October 2023 Incoming fiinds Funds used Tiansfer between funds Oth¢i' iecognised gaiiis and losses 921,846 283,853 (306,958) 21,535 82,814 1,668,015 95,580 (74,045) (21,535) 84,523 2,589,861 379,433 (381,003) 167,338 At 30 September 2024 1,003,090 1,752,537 2,755,628 The Reserve Fund is an UEu'estricted Fund and both the capital and income can b¢ used foi. any purpose within tlie Society's obje¢ts. The Boughey Memorial Endowment is a P¢Tmanent Eiidownent Fund, th¢ priine purpose of which is to thnd capital expenditiii'e on property. Any surplus funds not used for that pui'pose al'e to be invested, Income from both the property and investments held in the fund are to be used firstly to pay for the expenses of niaintaining the assets of the Fund. Aiiy income not used foi, that pui'pose in the year may) at the TrLlStees' discretion, be transferred to the Reserve Fund. 19
IYEI WPORT AND DISTRICT AGRICULTURAL SOCIETY (Registration number 3884659) Notes formAng part of the financial statements for the year endeil 30 Septeinber 2024 9 Allalysis of net assets behveen funds Net Tangible Fixed Current Fixed Asset Assets I Assets Investments (LAabililAes) Total Unresli'icledfunds Reserve Flind 25,041 931,422 46,627 1,003,090 Endoivmenifunds Boughey Memorial Endowment 822,562 893,411 36,564 1,752,537 847,604 1,824,834 8.1,190 2,755,628 10 Members? funds The Society is a Company limited by guarantee and does not liave a shaiE capital, The liability of eacli meinbei. is limited to an undeitaking to contribute to the assets of the company such ainount as may be iequired not exceeding £1 in the event of the company being wound up. The Memorandum of Association provides Ihat no amount may be disti'ibuted to members and that, on a winding up, any sui'plus assets shall be giveii to an uistitution with similai. objects. Accoi'dingly. thei'e are no equity interests in the funds of the Society. 20
NEWPORT AND DISTRICT AGIUCULTURAL SOCIETY Independent Examiner's report to tlie members of Newport and Disti'iet Agricultural Society Independent E4 xgminer's Repoi't I i'eport to the trustees on my examination of th¢ financial statements of Newport and Distiict Agiicultural Society (the society) foi. the year ended 30 Septembei. 2024. Responslbilities and basis of report As the trustees of the society, yoii are responsible for the prepai'ation of the financial statements in accoLYlaiice with the iequirenients of the Charitics Act 2011 (the 201 l ACÉ). l i'epoyt in irspect of my examination of the SOCRety's financial statements carried out under section 145 of the 2011 Act. In cariying oiit my examination I have followed all the applicable Directioiis given by the Charity Commission under section 145(5)(b) of the 201 l Act. liidependenl examlner's stAtement Since the society's giDss income exceeded £250,000 your examiner must be a membei, of a body listed in section 145 of the 2011 Act. I coiifirm that l am qualified to underlake Ihc examination because l am a Inembei. of The Institute of Chartered Accountants in England and Whales (ICAEW), which is one of th¢ listed bodies. Your a(tention is drawn to the fact that the cliarity has prepared financial slatenients in accoi'dance with Accounting and Reporting by Charities preparing Iheii. accounts in accordance with the Financial Repoiling Standai'd applicable in the UK and Republic of Ireland (FRS 102) in pi'efei'ence to tlie Accounting and Reportiiig by Charities: Statement of Recommeiided Practice issued on I Apiil 2005 which is referd to in tlie ¢xtant regulations but lias now been withdi'awn. l undei'stand tliat this has been done in ordei. for fiiiancial statements to pTh)vide a true and fair view in accordance witli Generally Accepted Accounting Practice effective foi. pOrt11]g pei'iods begimiing on oi. after l January 2015. I have coinpleted my exaniination. I confirm that no mattels have conie to my attention in connection with tlie exnInation giving me cause to believe that in any material iespect: accountiiig recoids were not kept in respect of the society as requiitd by section l 30 of the 2011 Act. or 2. tlie financial statements do not accord with those records. or 3. the financial stateAnents do not comply with the applicable requiremeiits concei'ning the form and content of accounts set out in the Charities (Accouijts and Reports) Regulations 2008 othei. tlian any requirement that the accounts give a true and fair view which is not a niatter consideiEd as part of an independeiit examination. 21
NwPORT AND DISTRIcf AGRICULTURAL SOCIETY Independent Examiner's report to the members of Newport and District Agriciiltiiral Society I have no concerns and Iiave come across no other matters in connection with the examination to wliich attentlon should be drawn in this pOrt in order to enable a proper undei'standing of the finaiicial slatemeiits to be rcached. Dyke Yaxley Limited l BrÉissey Road Old Potts Way sEWSbury Shropshire SY3 7FA Dated: 20 January 2025 22