Charity registration number 1107710 Company registration number 05177105 (England and Wales) THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ITCHELL ASSOCIA TES CHAR TERED ACCOUNTANT5
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY CONTENTS PagÈ Trustees report Statement of trustees responsibilities Trustees declaration Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 10-18
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr David Davies Mr Howell Davies Mr K. Brian Davies Mr Robert Davies Mr Charles De Winton Mr Francis Gittoes Mr Andrew Matthews Mrs Penelope Morgan Mrs Julia Phillips Mr Gareth Price Mrs Elizabeth Roderick Mr Richard Roderick Mr William Stephens Mr Clive Thomas Charity number 1107710 Company number 05177105 Principal address C/0 Hay & Brecon Farmers Ffrwdgrech Industrial Estate Brecon Powys LD3 8LA Registered office St Davids I louse 48 Free Street Brecon Powys UK LD3 7BN Independent examiner Mitchell Associates Ltd St Davids House 48 Free Street Brecon Powys UK LD3 7BN Bankers Lloyds Bank PIC
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees present their annual report and financial statements for the yp.xr p.nded 30 September 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with th?. c.harity's Igoveming documentl. the Companies Act 2006 and "Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financidl RepvrLiiig Staiidard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objective5 and activities Objects and aim5 The Company's objectives and principal activities are to encourage agriculture and to promote the general good of the 53me, particuldrly in ilie shire of BrecknocL insofar as such objects are for the public benefit. Breconshire Agricultural Society has played a leading role in the promotion and development of agriculture and rural economy in the county of Breconshire and Wales for over 250 years since its fomiation ir) 1755. Our main objectives are to'.- To hold an annual show to promote agriculture, horticulture, forestry and conservation in the County. To encourage the exhibition of the best livestock horses, poultry, farm and horticultural in the locality. To bring the "countryside to town" to give the wider public an opportunity to integrate with the rural community to gain a better understanding of the countryside, how their food is produced and promote excellence in the production of locally produced stock and produce from the welsh countryside. To bring the rural community together to discuss issues and share best practice. To run a County wide awards competition for exhibitors of Cattle, sheep and young handlers. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Public benefit The trustees confimi that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. USE of volunteer5 The Company has a Secretary/Administrator, and the help of some 300 volunteers covering various duties. The success of the show is therefore dependant on the immense effort, by people giving up their time freely which is greatly appreciated. Achievements and performance The Society remains committed to its objectives and aims by holding an annual show to encourage the exhibition of quality livestock and to promote agriculture, horticulture, forestry, conseNation and countryside activities in the County of Powys. Our principal aim is to bring the countryside to town at our annual show and give the wider public an opportunity to integrate with the rural community. Whilst rhe Society is not for profit, rieiessarily it is essential to retain reserves and meet current rising costs, to offer an outstanding annual show at an attractive entry price. The annual show is one of the main sources of revenue, and balancing attractive entrance and competition entry fees alongside exhibitor fees against rising running costs is challenging. This in tvm reflects on the overall annual perfomance. Fntranr.p fees taken (through the website and on the gate) this year were excellent (compared to 2023) and have helped provide a healthy surplus, bringing the Society year to a successful close.
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Financial review Pol(cy on reserves Reserves held at 30 September 2024 amounted to £229.551. The reseNes are needed to ensure that costs that need to be committed during the organisation of the charity's main activity, being the Annual County Show, can be met both for the current year. and thp. fc)Ilnwing yp.Ar. in the event of external influences forcing 13te cancellation of the show, with the consequential loss of income. Principal funding sources The society's main sources of income come from membership, trade stands, entries, sponsorship, catering rights, a President's event and licencing the show ground. However, the principal source comes from the show day gate receipts and this year the weather was with us and we took twice that received in 2024. This has clearly attributed to the overall surplus on Show Day (£28,190) and for the Society generally (£32,744). Investment policy and objertives The Company's Policy has been to invest annual surplus funds into National Savings Bonds and to apply income to pay the overheads of the Society and to fund improvements on the show ground. This is now to be extended to setting up a COIF Investment Fund using tunding currently held in a ReseNe Account, and building on this with surplus funds as they become available. At this time the Society has invested £10.000 in COIF with the_ fijnd Already increased in value and with interest being paid into the Society current account. Plans for future periods Future developments We have for another year been well led by Chaimian Mr Allan Roberts and Secretary Mr Peter James, well supported by our President Mr Frank Sutton. We have had an excellent year overall, but particularly in terms of our Show Day and the pleasing financial surplus, but still mindful that the financial viability of the society Still depends on a good event and gate entry in 2025, as well as on third party income in the guise of licencing the show ground for events and a successful President's event. We must always budget against lower expectations but remain alert to investing when we can in order to build a healthy fund from which we might gain valuable income each successive year. Structure. governance and management Nature of governing document The organisation is a charitable company limited by guarantee, incorporated on 12 July 2004 and registered as a charity on 19 January 2005. The assets of the previous unincorporated charity were donated to the company on the 31 March 2005, at which point the charity commenced activities. The company was established under a Memorandum of Association which established the objects and powers of the chaiitable company and is governed under its Articles of Association. In the everit of the company being wound up members are required to contribute an amount not exceeding £1. Advantage has been taken of Section 30 of the Companies Act 1985 exempting the company from the requirement to show limited with its name.
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY TRUSTEES REPORT (INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees, who are also the directors for the purpose of company law. and who served during the year and up to the date of signature of the financial statements were: Mr David Davie5 Mr Howell Davies Mr K. Brian Davies Mr Robert Davies Mr Charles De Winton Mr Francis Gittoes Mi" Aiidrew M(ILiliews Mrs Penelope Morgan Mrs Julia Phillips Mr Gareth Price Mrs Elizabeth Roderick Mr Richard Roderick Mr William Stephens Mr Clive Thomas Recruitment and appointment of trnstees Under the requirements of the Memorandum and Articles of Association the Officers of the Society are elected annually at the Annual General Meeting, and consist of a President, Chairman, Vice-chairman, Treasurer and not more than two Show Directors. The Members of the General Committee consist of the Officers referred to above, the immediate past Chairman and no more than 40 members of the society elected annually by ballot at the Annual General Meeting, and from whom the Society Trustees are elected. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Organisational structure The Brecknockshire Agricultural Society has a General Committee consisting of the Officers of the Society, the immediate past Chairman and no more than 40 members of the society. There is a committee for nominating the President, which consists of the Chairman and 5 members of the society elected annually at the Annual General Meeting. The sole funrtion of this Committee is to nominate a person or persons for election as President or joirlt Presidents of the Society. There is an Executive Committee consisting of the Chairman, Vice-chairman, Treasurer, the Show directors and the immediate past Chairman. The Executive Committee has the power to co-opt not more than two additional members who must be members of the General Committee. Induction and tralnlng of trustees Most Trustees are familiar with the work of the charity having participated in the events organised by the charity over a period of years. Any new trustees are familiarised with the work of the charity by the existing and continuing members of the General Committee. Relationships with related parties The Company does work closely with other local shows and organisations such as the local rugby club. We readily make the show field available for third parties and other charitable uses and assist them putting on shows and evenrs using the Company's facilities.
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY TRUSTEES REPORT (INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Major risks and management of those risks Rlsk Management The General Committee conducted a review last year highlightirlg Health and Safety matters as a major area of r.c)nrF>rn and the General Committee appointed a Health and Safety officer who produces an annual risk assessment and an annual report on the activities on the charity's property. This extends to all activities leading up to and on Show Day. The General Committee will review this to update procedures as required. The trustees report was approved by the Board of Trustees. Mr K. Brian Davies Trustee Date- ...
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees, who are also the dirertors of The Brecknockshire Agricultural Society for the purpose of company law. are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of tho gtate of affairs of the charity and of the incoming resources and application of reSoUrs. including the income and expenditure. of the charitable company for that year. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently, obseNe the methods and principles in the Charities SORP; makejudgements and estimates that are reasonable and prudent state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the fir)ancial statemer)ts- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY TRUSTEES DECLARATION ON UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 In relation to the financial statements which comprise the statement of financial activities. the balance sheet and the related notes: The trustees approve these financial statements and confirm that they are responsible for them, including selecting the appropriate accounting policies. applying them consistently and making, on a reasonable and prudent basis, the judgments underlying them. They have been prepared on the going concern basis on the grounds that the charity will continue in operation. Tli¥ Iru5levs LuiifiriTI ili<J( Llivy Ii(Jve Illiide dV<iildble Lv MilLliell A55ULidles Lld. dll ilie ili(IiiIy'5 dclvuriliiiy records and provided all the information necessary for the compilation of the financial statements. The trustees confirm that to the best of their knowledge and belief, the accounting records reflect all transactions of the charity for the year ended 30 September 2024. On behalf of the board JL6 Mr K. Brian Davies Trustee
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY I report to the trustees on my examination of the financial statements of The Brecknockshire AgricultLJf21 Sc)c.ip.ty {the charity} for the year ended 30 September 2024. Responsibilities and basis of report As the trustees of the charity {and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 {tlie 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examinatior), I report in respect of my examination of the charity's financial Statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)Ibl of the 2011 Act. Independent examiner's Statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act,. or the financial statements do not accord with those records; or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination,. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Prartice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in orderto enable a proper understanding of the financial statements to be reached. Mitchell Associates Ltd St Davids House 48 Free Street Brecon Powys LD3 7BN UK
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestricted Restrirted fund5 fund5 2024 2024 Total Unr•strict•d R•strict•d funds funds 2023 2023 Total 2024 2023 Notes Income from: Donation" and legacies Charitable activities Other trading activities Investments 8,346 107,489 28,377 3.839 8.346 107,489 28,377 3,839 7,309 66,485 40,211 2,596 7,309 66,485 40,211 2,596 Total income 148.051 148,051 116,601 116,601 Expenditure on: Raising funds Charitable activities 7,541 107.516 7.541 107,766 13,533 103.770 13,533 104,020 250 250 Totsl expenditure 115,057 250 115,307 117,303 250 117,553 Net income/lexpenditure) and movement in funds 32,994 (250) 32,744 {7021 (250) 1952) Reconciliation of funds: Fund balances at 1 October 2023 266,274 2,082 268,356 266,976 2,332 269,308 Fund balances at 30 September 2024 299,268 1.832 301,100 266,274 2,082 268,356 The statement of financial activities includes all gains and10sses recognised in the year. All income and expenditure derive from continuing activities.
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Investments 12 13 69.717 155,244 67,772 145,244 224,961 213,016 Current a$5ets Debtors Cash at bank and in hand 14 1,632 84,579 3,261 54,927 86,211 58,188 Creditors: amounts falling due within onÈ year 15 (10,072) (2,848) Net current assets 76.139 55,340 Ttjtal a55ets less current Ilabllltles 301,100 268,356 The funds of the charity Restricted income funds Unrestricted funds 16 1,832 299,268 2,082 266,274 301.100 268,356 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2024. The directors acknowledqe their responsibilities for complying with the requirements of the Companie£ Art 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the trustees on ......................... Mr K. Brian Davies Trustee Company registration number 05177105 (England and Wales)
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies Charity information The Brecknockshire Agritultural Society is a privatp. rnmpany limited by guarantee incorporated in England and Wales. The registered office is St Davids House. 48 Free Street, Brecon, Powys, LD3 7BN, UK. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 The Findlltldl RepuiLiiig Siaiidard applicable in the UK and Republic of Ireland" {"FRS 102") and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair valuel. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements. the trustees havè a reasonable expprtatinn thAt thp charity has adequate resources to continue in operational existence for the foreseeable future. Thu5 the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or othernise if the charity has been notitied of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 10-
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policie5 1.5 Expenditure Expenditure is rp.rngnised once there is a lègal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlemen( and the amount of the obligation cali be ITiea5ured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undcrtaking each activity. Direct cost5 attributable Iv d single activity are allocated directly to that actlvity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent and depreciation charges are allocated on the portion of the asset's use. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment1055es. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land and buildings Property Improvements Plant and equipment 5% on cost of propety 5% orb Cost 25% reducing balance Freehold land is not depreciated. The gain or loss arising on the disposal of an asset is detemiined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the statement of financial activities. 1.7 Fixed asset investments Fixed a55Ct investments are initially measured at ti"aiisdiliun price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/lexpenditure) for the year. Transaction costs are expensed as incurred. 1.8 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether thp.rp. 1£ any indication that those assets have suffered an impairmcnt loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank nv9.rdrafts are shown within borrowings in current liabilities.
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies 1.10 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial a55ets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised c05t using the effective interest metliod urile55 Llie airaiigeiiieiit constitutes a financing transaction, where the transaction is measured at 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. Basic financial liabilitie5 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 at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been 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 liabilities. Trade creditors are recognised initially at transaction price and subsequent5y measured at amortised cost using the effective interest method. Derecognition of financlal liabilitie5 Financial liabilities are derecognised when the charitys contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entitlement Is recognised in the period in which thc employee's uervices are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carryinq amount of asset5 and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions ro accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 12-
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Voluntary Income Unrestricted funds 2024 Unrestricted funds 2023 Subscriptions and donations 8,346 7,309 Income from charitable activities Unrestricted funds 2024 Unrestricted funds 2023 Annual County Show 107,489 66,485 Income from other tradlng activities Unrestricted Unrestricted funds funds 2024 2023 Rental Income Fundraising events 22,124 6,253 31,929 8,282 Other trading activities 28,377 40,211 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Investment interest 3,839 2,596 13-
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Other Expenditure Unrestricted Unrestricted funds funds 2024 2023 Fundraising events direct costs Support costs 1,091 6,450 4,608 8,925 7,541 13,533 Expenditure on charitable activities Charitable Charitable Expenditure Expenditure 2024 2023 Direct costs 82,293 78,034 Share of support and govemance costs (see note 9) Support Governance 16,938 8,535 18,676 7,310 107,766 104,020 Analysis by fund Unrestricted funds Restricted funds 107,516 250 103,770 250 107,766 104,020 14-
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Support costs Support Governance costs costs 2024 2023 Administration Premises Office Expenses Bank Charges Depreciation 7,950 3,495 6,712 2,650 10,600 3,495 8,950 925 5,231 10,100 8,663 9,191 200 4,470 2,238 925 5.231 Audit fees 2,722 2,722 2,287 23,388 8,535 31,923 34,911 Analysed between Other Expenditure Charitable activities 6,450 16,938 6,450 25,473 8,925 25,986 8,535 23,388 8,535 31,923 34,911 Govemance costs includes payments to the independent examiner of £2,722 for audit fees. 10 Trustees None of the tmstees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 15-
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 12 Tangible fixed assets Freehold land Property and buildings Improvements Plant and equlpment Total Cost At 1 Ortober 2023 Additions 45.267 64,219 5.948 53,715 1.228 163,201 7.176 At 30 September 2024 45,267 70,167 54,943 170,377 Depreciatlon and impairment At 1 October 2023 Depreciation chargcd in the year 10.559 563 36.147 3.240 48,723 1.428 95,429 5.241 At 30 September 2024 11,122 39,387 50,151 100,660 Carrying amount At 30 September 2024 34,145 30,780 4,792 69,717 At 30 September 2023 34,708 28,072 4,992 67,772 13 Fixed asset investments Unlisted investments Cost or valuation At 1 October 2023 Additions 145,244 10,000 At 30 September 2024 155,244 Carrying amount At 30 September 2024 155,244 At 30 September 2023 145,244 All investment assets were held in the UL On the 7 May 1982 a trust, known as the Show Site Fund, was set up to enable purchase of the 29.58 acres of freehold prnpgrty Ljqed for the annual show. which was then leased to The Brecknockshire Agricultural Society on a 299 year lease, expressly to be used only for the purposes of the society. This was funded by an investment from The Brecknockshire Agricultural Society and some 315 individual investors, with total funds of £82,462. Since that date a number of the individual investors have sold or donated their share to The Brecknockshire Agricultural Society, and the site fund now has some 285 i ndividual investors holding the balance of the funds, in addition to the 53% held by The Brecknockshire Agricultural Society. 16-
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 14 Débtors 2024 2023 Amounts falling due within one year: Trade debtors Prepayments and accrued income 1,944 1,317 1,632 1.632 3,261 15 Creditors: amounts falling due within one year 2024 2023 Other taxation and social security Accruals and dcferred income 7,677 2,395 (9021 3,750 10,072 2,848 16 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 October 2023 Resources expended At30 September 2024 Brecon Town Council Grant 2,082 1250) 1,832 Previous year: At 1 October 2022 Resources At30 expended September 2023 Brecon Town Council Grant 2,332 (250) 2,082 The specific purposes for which the funds are to be applied are as follows- Brecon Town Council Grant represent funds received towards the cost of improving the infrastructure at the show field, in particular improvements to access and road structures. 17-
THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 17 Analys15 of net a55ets between fund5 Unrestricted fund5 2024 Restricted fund5 2024 Total 2024 At 30 September 2024: Tangible assets Investments Current assets/(liabilitiesl 67,885 155,244 76,139 1,832 69,717 155,244 76,139 299,268 1,832 301,100 Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 30 September 2023: Tangible assets Investments Current assets/lliabilities) 65.690 145,244 55,340 2,082 67.772 145,244 55,340 266,274 2,082 268,356 18 Related party transactions There were no disclosable related party transactions during the year (2023 none). 18-