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 2025 MITCHELL ASSOCIA TES CHARTERED ACCOUNTANTS THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY CONTENTS Paye Trustees report ststement 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 D8vie5 Mr Howell Dèvies Mr K. Brian Davies Mr Robert Davies Mr Charles De Winton Mr Francis Gittoes Mr Andrew Matthews Mrs PeneSope Morgan Mr Gareth Price Mrs Elizabeth Roderick Mr Richard Roderick Mr William Stephens Mr Clive Thomas Mr GJB Hogg Charity number 1107710 Company number 05177105 Principal address CIO Hay & Brecon Farmers Ff￿dgre(h Industrial Estate Brecon Powys LD3 8LA Règistered office St Davids House 48 Free Street Brecon Powys UK LD3 7BN Independent examin*r Mitchell Associates Ltd St Davids House 48 Free Street Brecon Po UK LD3 7BN Bankers Lloyds Bank PIC THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2025 The trustees present their annual report and financial ststements lor the year ended 30 September 2025. The financial statement5 have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing documenL the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities SORP "Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021" Objectives and activities Objects and atms The Company's objectives and principal activities are to encourage agriculture and to promote the general good of the same, particularly in the shire ol Brecknock, insofar as such objects are for the public benefit. Breconshire Agricultur81 Society has played a leading role in the promotion and development of agriculture and rural economy in the county of Breconshire and Wales lor over 250 years since its formation in 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 understsnding of the countryside, how their food 15 produced and promote excellence in the production of locally produced stock and produce from the welsh countryside. fo bring the rural community together to discuss issues and share best practice. To run a County wide award5 competition for exhibitors of Cattle, sheep and young handlers. To ensure the Trustees have paid due regard to guidance issued by the Charity Commission in decidng what activities the charity should undertake. THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY TRUSTEES REPORT (INCLUDING DIRE￿oR5. REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Public beffljefit The trustee5 confirm that they have complied with the requirements ol section 17 of the Charities Act 2011 to have due regard to the public ber)efit guidance published by the Charity Commission for England and Wales. Use of voluntee The Company has 3 Secretary/Administrator, ènd the help of some 3W 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, conservation 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 wder public an opportunity to integrate wth the rural community. Whilst the Society is not for profit necessarily it is essential to retsin reserwes 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 attr3Ctive entrance and competition entry fee5 alongside exhibitor fees against rising running costs is challenging. This in turn reflects on the overall annual performance. Entrance fees taken (through the website and on the gate) this year were excellent and have helped pro￿de a healthy surplus, bringing the Society year to successful close. Financial revtew Policyon reserves Reserves held at 30 September 2025 amounted to £308,598. A good reserve ensures that costs for the charit15 main activity, the Annual County Show, can be met both for the current and following year. We have to be prepared for any external influence that might force a late cancellation of the show, resulting in a loss ol income. Principol funding sources The society's sources ol income come from mernbership, trade stands, competition entries, sponsorship, tatering rights, a President's event and licencing the Show ground. The principal source however comes from the show day gate receipts and this year the weather wa5 With us again, generating a surplLJS on Show Day of £23,312 and for the Society generally of £9,080. Investmentpolicy ond objective5 Nation81 Savings 8onds of £100,000 have been retained, with a COIF Investment Fund now added with an investment total of £25,000, the interest paid into the Society current account. THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Plans for future periods Future developments We have this year been well led by our Chairman Mr Paul Amphlett and SecretarylAdministrator Mr Alan Robert5, supported by our Presidents Mr and Mrs Wayne Gittoes. We have had an excellent year overall, but particularly in terms of our Show D3y and the pleasing financial surplus, but still mindful that the financial Mability ol the society still depends on a good event and gate entry in 2026, as well as on third party income in the guise ol 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. Stwcture. governance and management Nature ofgovemln9 document The organi53tion 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 èrtivities. The cotNP3ny was established under a Memorandum ol Association which estsblished the objects and powers of the charitable company and is governed under its Articles of Association. In the ever)t ol the company being wound up members are required to contribute an amount not exceeding £1. Advantage has been taken of Section 30 of the Cotnpanies Act 1985 exempting the company from the requirement to show limited with its name. 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 Davies Mr Howell Davies Mr K. Brian Davies Mr Robert Davies Mr Charles De Winton Mr Francis Gittoes Mr Andrew Matthews Mrs Penelope Morgan IAr Gareth Price PArs Elizabeth Roderick Mr Richard Roderick Mr William Stephens Mr Clive Thomas MrGJ8 Hogg Recruitment and appointment of trustees Under the requirements of the Memorandum and Articles ol Association the Officers ol 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 Dirertor5. The Members of the General Committee consist of the Officers referred to above, the immediate pastr President and no more than 40 members ol the society elected annually by ballot at the Annual General Meeting, and from whom the Society Trustees are elected. None of the trustees has ariy beneficial interest in the company. All of the trustees are members of the company and gu8fantee to contribute £1 in the event of a winding up. THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Orgttn(sOtionol strurture The Brecknockshire Agricultural Society has a Gener81 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 èt the Annual General Meeting. The sole function ol this Committee is to nominate a person or persons for election as President or joint Presidents of the Society. There is an Executive Committee consisting of the Chairman, Vice-chairman, Treasurer, the Show directors and the immediate pèst Chairman. The Executive Committee has the power to co-opt not more than two additional members who must be members ol the General Committee. Induction ond trolning 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 year5. Any new trustees are familiarised with the work ol the charity by the existing and continuing members of the General Committee. Relationships with related parties The Company doe5 work closely with other local shows and organisations such a5 the local rugby club. We readily make the show field available for third parties and other charitable uses and asslst them putting on shows and events using the Company's facilities. Major ri5k5 and management o* those risks Risk Mant7gement The General Committee conducted a review last year highlighting Health and Safety matters as a major area of concern 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 propety. 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 ol Ttustees. Mr K. Brian Davies Trustee Date.. THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025 The trustees, who are also the directors of The Brecknockshire Agricultural Society for the purpose ol 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 the state ol affairs of the charity and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that year. In preparing these financial 5tatementS, the trustees are required to.. select suitable accounting policies and then apply them consistently, observe the methods and principle5 in the Charities SORP., makejudgements ènd estimate5 that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material detmrtures disc105ed and explained in the financial statements., and prepare the financial statements on the going concem basis unless it is inappropriate to presurYE 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 2025 In relation to the financial statements which comprise the statement ol financial activities, the balance sheet and the related notes.. The trustees approve these financial statements ar)d 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. The trustees confirm that they have made available to Mitchell Associates Ltd, all the charity's accounting records and provided all the information necessary for the compilation ol the financial statements. The trustees confirm that to the best ol their knowledge and belief, the accounting records reflett all transactions ol the charity for the year ended 30 September 2025. On behalf of the board Mr K. Brian Davies Trustee THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY 1 report to the trustees on my examination of the financial statements of The Brecknockshire Agricultural Society Ithe charity) for the year ended 30 September 2025. Résponsibilities and basis of report As the trustees of the charity land also its directors for the purposes ol company lawl, you are responsible lor the preparation of the financial statements in accordance with the requirements ol the Companies Act 2006. Having satisfied myself th3t the fiNancial statements ol the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my exarnination of the charity's financial statements carried out under Section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the Charities Act 2011. 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 ol the charity as required by section 386 of ihe Companie5 Act 2006. the financial 5tstements do not 3ccord with those records,. or the financial statement5 do llot comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered a5 part of an independent ex8min8tion,' or the financial statements have not been prepared in accordance with the methods and principles ol the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021. I have no concerns and have come across no other matter5 in connection with the examinètion to which attention should be drawn in this report in order to enable a proper understanding of the lin8ncial statements to be reached. Mitchell Associates Ltd St Davids House 48 Free Street Brecon Powys LD3 7BN UK Dated.. l !1..5.1.2o2 THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Unrestrlcted Rèstricted funds funds 2025 2025 Totsl Unrestrict*d Restricted funds funds 2024 2024 Tolal 2025 2024 Notes Income from.. Donations and legacies Charitable activities Other trading activities Investments 6,649 112,885 15,109 3,957 6,649 112,885 15,109 3,957 8,346 107,489 28,377 3,839 8,346 107,489 28,377 3,839 Total income 138,600 138,600 148,051 148,051 Expenditure on: Raising funds Charitable activities 10,834 118,436 10,834 118,686 7,541 107,516 7,541 107,766 250 250 Total expenditure 129,270 250 129,520 115,057 250 115,307 Net incomellexpenditure) and movement in funds 9,330 12501 9,080 32,994 12501 32,744 Reconcrliation of funds- Fund balances at 1 October 2024 299,268 1,832 301,100 266,274 2,082 268,356 Fund balances at 30 September 2025 308,598 1,582 310,180 299,268 1,832 301,100 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY BALANCE SHEET AS AT 30 SEPTEMBER 2025 2025 2024 Notes Fixed assets Tangible assets Investments 12 13 76,011 168,944 69,717 155,244 244,955 224,961 Current assets Debtors Cash at bank and in hand 14 4,453 68,991 1,632 84,579 73,444 86,211 Creditors- amounts fallsng due within onè year 15 18,2191 110,0721 Net current assets 65,225 76,139 Total assets less current liabilities 310,180 301,100 The funds of the charity Restricted income funds Unrestricted funds 16 1,582 308,598 1,832 299,268 310,180 301,100 The company is entitled to the exemption from the audit requirement contsined in section 477 01 the Companies Act 2006, for the year ended 30 September 2025. The director5 acknowledge their responsibilitie5 for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation ol financial statements. The members have not required the company to obtsin 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 provision5 applicable to companies subject to the small companies regime. The financial Statements were approved by the truslees 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 2025 Accounting policies Charity information The Brecknockshire Agricultural Society is a private company limited by guarantee incorporated in England and Wales. The registered office is St Davids House, 48 Free StreeL Brecon, Powys, LD3 78N, UK. 1.1 Basis of preparatlon The financial statements have been prepared in accordance with the charity'5 governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities SORP Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 The charity is a Public Benefit Entity a5 defined by FRS 102. The charity has taken advèntsge of the provisions in the SORP for charities not to prepare a stateynent of cash flows. The financial statements are prepared in sterling, which 15 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, Imodifi'ed to include the revaluation ol freehold properties and to include investment properties and certain financial instruments at fair valuel. The principal accounting policies adopted are set out below. 12 Golng tonteyn At the time of approving the financial statements, the trustees have a reasonable expectstion that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Char5table funds Unrestricted funds are available lor 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 subjert to specific conditions by donors that the capitsl 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 donation5 are rerognised 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 urider Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified 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 2025 Accounting policies 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer econotnic benefit to a third party, it is probable that a transfer of economic benefits will be required in Settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each artivity are made up of the total of direct Costs and shared costs, including support costs ir)volved in undertaking each activity. Direct Costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single actiwty are apportioned between those 3Ctivities on a basis consistent with the use of resources. Central stall costs are allocèted 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 impairment losses. 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 property 5% on cost 25% reducing balance Freehold land is not depreciated. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the ststement of financial activities. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and ère subsequently measured at lair value at each reporting date. Changes in fair value are recognised in net income/lexpenditurel 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 there is any indication that those assets have sullered an impairment loss. 11 any such indication exists, the recoverable amount of the asset is estimated in order to determine the exient ol the impairment loss lif 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 matLJrities of three months or less, and bank overdrafts. B3nk overdrafts are shown within borrowings in current liabilities. THE BRECKNOCKSHIRE AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 A