R•gist•r•d Company numbor 04839768 Th• Val• of Glamoryan Agrl¢uftural Soclaty (A company Ilmit•d by guarant••) Report and flnan¢lal stat•m•nts Year •nd•d 31 D•¢•mbor 2024 Charlty numbor 1108960
Th Valo of Glamorgan Agrlcultural Sooloty Indèx to the Accounts Year •nded 31 December 2024 Pag• Legal and Administrative Infonnatlon Report of the Management Committeé Independent Examiners, Report Statement of Financial Activities Balance Sheet Note8 Forniing Part of the Flnancial Statements 8-12
Th• Val• of Glamorqan Agrlaultural 8001•ty R•port of th• Manag•m•nt Committ•• Y•ar •nd•d 31 D•o•mb•r 2024 Adminlstratlve Inforniatlon Charlty and Company Nam• The Vale of Glamorgan Agricultural Socfety Charlty R•qistratlon Numb•r 1108960 Compary R•glstr4tlon Numb•r 4839758 R•glst•r•d Offlè• and Op•rlan*1 Addr•ss Ltys Ffynnon Penllyn Nr CfAvbrldge Vala of Glamorgan CF717RQ Manag•m•nt Commltt•• A G Thomas A Thomas Chalr (retired 12 Septembar 2024) J Hank8 Chalr (appointsd 12 September 2024) Show Dlr8Ctor H J Price Treasurer J Amott A E Bank8 D E Harrls LMPrke C Thomas l Thomas H Slmmond8 Company 8•¢r•tary S Fenner Ind•p•nd•nt Examln•r Williams Ross Limlted, 4 Yny8 Brldge Court, Gwaelod y Garth, Cardiff, CF15 9SS Bank•rs HS8C, 61 High Street, Cowbridge, South Glamorgan CF711YJ InvtM•nt Portlollo Fund Manag•rs NFU Mutual Select Investments Limited, Tiddlngton Road, Stratford-upon-Avon, Warwlckshlre, CV37 7BJ
Th• Val• of Qlamorgan Aqriouftural Sool•ty R•port Of th• Managwn•nt Commltte• Y•ar •nd•d 31 D•o•mb•r 2024 The management Committee are pleased to present their annual report together wFth the financial statements of the charity for the y9ar ended 31 December 31 December 2024 which are also prepared to m*t the requiremen18 for directors, report and accounts for Companles Act purposes. The financlal statements have been prepared in accordance with the accountlng pollcles set out In notes to th8 accounts and comply with th6 charity's goveming documenL th8 Companies Act 2006, th8 Charities Act 2011 and A¢¥UntInG and Reporting by Charities: Financial Repo.n9 Standard applicable in Ihe UK and Republlc of Ireland (FRS 102). Stru¢turn. Gov•rnano• and Manaa•mont Gov•rnlng D•¢um•nt The organSsation is a charftable company limtted by guarantse, Incorporated on 21 Juty 2003 and reglster8d as a charlty on 11 Aprll 2005. The company was establi8hed under a Memorandum of A880cl8tion which establlshed the objects and powers of the charltabl8 company and 18 govemed und8r its Articles of A88oclation. In tho evant of the company being wound up mernbers are r8qulred to contribute an amount not exceeding £1. R•oruttm•nt and Appolntm•nt of Manag•m•nt Commltt The dlrectors of the company are al80 charity trustees for the purposes of charlty law and under the company's Artldes arn known as members of the Management Commlttee. Under the requirements of th8 Memorandum and Artides of Associatlon, at each annual general meeting, one third of the Trustses who are subject to retirement by rotatlon or th6 numbèr neare8t to one thlrd Shall retlre from office. Where a tru8tse retAres by rotatlon he or 8he shall, If willlng to ac( be deemed to have been re-appolnted. Trust•• Induotl•n and Trnlnlng Any new trustO8s are only appolnted whare they are recommended by tho ex18tlng trustees or wh?r8 a nwnb8r quallfied to vote at the m88tlng gives nollce to propose that per80n for appolntrnent. The truste88 Involved In the charlty are from varlou8 profe8skJnal backgrounds and several have many years, exp8rlence wlthln the fleld of agrlculbjre and are expected to attend at least one of the four meetlngs held quarterly In addltton to the annual general meellng to dlscuss the buslne88 of the charlty. Rlsk Manag•m•nt The Management Commltt88 has conducted a revlew of the major rlsk8 to whlch the charlty Is exposed. A rf8k register has been 88tabllshed 8nd Is updated at18a8t annually. Where approprfats, systems or procedures have been estsbllshed to mrtigats the rfsks the charlty faces. Slgnlficant extemal risks to funding have led to th6 developments of a strateglc plan which wlll all¢yw for dlverslficatlon of fundlng and acthiitles. Internal control risks are mlnlmlsed by the Implementatlon of procedures for authorlsatlon of all tran8acUons and projects. Procedures are in place to ensure compllance with health and safety of volunteers, vlsltors and Ilvestock on show day arKI to ensure a conststent quallty of delivery foT all opgrational aspects of the charfty. These procedures are periodically reviewed to 8nsure that they contSnue to meet the needs of the ¢harity. Plans for Futur• Porlod8 The charlty plans continuing the activlties ouUln6d bel¢xy in the forthcomlng years subJect to satlsfactory funding arrangements.
Th• Val• of Olamorgan Agrfcuftural 8oGl•ty R•port of th• Manag•m•nt C•mmltt•• Y•ar end•d 31 D•c•mlxr 2024 Objectlves and Actlvltles The companls objects and prlncipal actSvibe8 are: . a) The advancement of Industy in general and of the rural economy and agricultur8 In partlcular In the Vale of Glamorgan through the promotlon of improvements In, breedlng. rearing and health of livestock, agricultural produce, the safety and utility of agricultural equipmen( machinery and implements and the encour&J8ment of skills development and husbandry in the agriculturnl Industry and in furtherance thereto to hold shows In furtherance of an ancillary to the foregoing objects but not otherwise: and b) To advance educatlon to the genaral publlc and in ParQjIar educaJon In agrfculture, anlmal husbandry and allled Industries; and c) To promote the conservatlon prolection and Improvement of the physlcal and natural envlronment. The trustee8 have refèrred to the guidance contalned In the Charlty Commlsslon's general guldance on publ benefit wthen revlewlng the aims and objectlves and In planning fvture aetlvlties and conslder that tlw have complled wlth thelr duty under section 17{5) of the Charltles Act 2011. All the charitable actlvitl88 focus on the prov181on of 88rvice8 whlth all members ol th6 public are abl8 to enter and att8nd. Aohl•v•m•ntsl P•rformana• One of the main area8 of charltable actlvlty Is to hold Shows for the exhibitlon of Ilvestock. poulty, lam and hortlcultural woduce, machlnery. tools, appliances, cbthlng etc. Th8se actlvities were fully m8t durlng th8 August 2024 show as well as ensurtng that there were a number of complementary activltles for people attendlng to take part in and enjoy. The management commlttee 1081 that although it wa8 a good. varfed and well organlsed show and that everything on the day went well, the attendance was poor wfth a reduced number of vl8ltors owlng to the very poor weather. However, as noted elsewhere In thls repor¢ they are very consclou8 of the 61gnlficantly increa8ed costs across the board Involved In setting up 8rKI runnlng the show and are looklng at ways to mttlgats the effect of these cost8 for the future. The Soclety provlde8V8le Show Bursaries to young peopl8 who help out at the Show on a voluntary basls. Appjlcants must b8 bettrveen the ages of 16 and 26 and the bursary 18 awarded to help further the 8ducatSon or asslst young p8r8on In buslne88. Directors allocats the amount avallable on an 8nnual basls and the bursary commlttee deckle who18 ellgible, Flnanolal R•vl•w The charlty had an overall net defidt of £47,639 durlng the financlal year (2023 - net deflcit 01 £78,058). The Income excludlng Investment Income and the unreallsed galns on Investments Increased by £7,078 from th? previous year (2023 - decrease of £24,091). In common with agrlcultural shows and other 81mllar events around the UK the trend of signlficantly increaslng runnlng costs alongsldo a cost of living crisls for a wide r8nge of people has resulted In major issues In looking to mitlgate potential continuing annual deficits. Accordlngty the management committee have Instigated a comprehensive revlew to Investlgate a range of ways to addre88 these increasing costs both for the 2025 show and also Into the future wlth a view to ensuring amore vlable and sustainable situation in years to come. Inv•stm•nt Policy The total market value of Investrnants under management at 31 December 2024 amounted to £190,833 (2023 - £276,127) with an orlginal cost of £256,628. Tha charity 18 pursuing a pollcy of capital growth. Investment performance is regularly r8view8d wth the portfolkj managers and investsnent decislons are subject to the management committee's approval.
Th• Val• of GIAmorgan Aqrl¢ultural 800i•ty R•port ol th• Manag•m•nt C•mmltt•• Yr •nd•d 31 D•¢•mb•r 2024 R•s•rv•s P•ll¢y Th8 management commrttee has examined the charitys requlrements for reserves In light of the maln risks to the charlty. It has establlshed a policy whereby the unrestricted funds not committed or Invested in tangible fixed as88ts held by th8 charity should be beiw 3 and 6 months of the expendlture, The present level of reserves avall8ble to the charlty Is £314.660 (2023 - £362,299) available free reseNe8 of £308,733 (2023 - £381,499) The tru8ts85 believe these reseNes are reasonable as they are needed in part to meat the worklng cApitsl requir8ments of the chatity. As already rK>ted a revlew of potential fulure costs Is currently being und8rtaken, There Is also a need to retaln suffkknt reserv88 to fund the potsntlal pUra80 of pennanent show site, Responslbllltl•s of th• Manag•m•nt Commltto• The management commlttee (who are also the dlr8Ctors of the Vale of Glamorgan Aarlcultural Socl8ty for the purposes of company law) are responslbl8 for preparing a InJst8e8' annual report and financlal statements In accordance wlth appllcable law and Unlted Klngdom Accountlng Standards (United Klngdom Generally AcceKknd Accounting Practice). Company law requlres the chartty trustses to prepare finarthl stst8ments for each financlal yaar whleh glve 8 tr and fair view of the State of the affairs of the charitable company as at th? balance 8he81 date and of Its Incomlng resourts8 and appllcotlon of resources, includlng incomo and oxp8ndltur&, for the financlal year. In preparlng those financlal statements, the tru8tee8 are required to: 8elect sultable accounting pollcie8 and then apply th8m consistentty., obseNe the methods and prlnclpl88 in the Charltles SORP; rnake Judgements and estlmates that are reasonable and prudentr, State whether appllcable UK accountlng departures dlsclos8d and explalnlng In the flnanclal statemenlB; prepare flnanclal ststements on the going concem basls unless it Is Inapproprlato to pre8ume that the charltable company wlll contlnue on that basls. The management commlttee are responslble for keeping adequate accountlng records that are 8ufficient to sh and explaln the company's transactlons and dlsclose with reasonabl8 accuracy at any tlme the flnanclal posltion of the company and that gnabla them to ensure that the financial ststements cornply wlth the Companles Act 20tI8. Thay are 8180 r68ponslbl8 for saf8guardlng the a8sets of the charltabla company and hence for tsking rea80nable steps for the prevention and detection of fraud and other Irregularl88. Tha management committee are responslble for the malntenance and integrity of the corporate and financial Infomiatfon included on the charftabl8 companys website. Leglslation in the United Kingdom Governi the preparation and dl88emlnatlon of financial statements may differ Irom leglslation In otherjurisdictions. 8tat•m•nt as to dls¢losur• to our Ind•p•nd•nt •xamln•rs In accordanca with company law, a8 the companls dlrectors, certlfy that.. so far as we are aware, there Is no relevant Informatbon of whlch the company's Independent examiner8 are unaware,, and as the dlrectors of the company we have tsken all the steps that ought to have taken In order to maka ourselves aware of any relevant infomiation and to establlsh that th8 charitys independent examiners are aware of that informatlon. Approved by th8 trustses on 31 March 2025 and sned on its behalf by: H J Price Tr•asur•r
Ind•p•nd•nt Examln•rs' R•p•rt to th• Manag•m•nt CommMt•• ol The Val• ot Gl4m•rgan Agrlaulturnl 80010ty I report on the accounts of tha company for the year ended 31 December 2024. R•sp•th• r•sponslblllti•s ol th• mnaq•m•nt eommittm aftd •xamln• The managem8nt committee (who are also directors of the company for the purposes of company law) responsible for tha preparab'on of the accounts. The management committee consider that an audit is not required for th13 year under Part 18 of th8 Companl8s kt 2006 and that an independent examinatlon is needed. Havlng satlsfied myself that the charity is rt subject to audlt under company law and Is ellgible for independent examination, it is my responsibility to., examine the ac£ounts under section 145 of the Charlti88 Act 2011 (Tho Act); to follow tho procedures lald d¢Jwn In the general dlrections glven by the Charlty Commisslon und8r section 145(5) (b) of The Act. and to state whether partlcular matters have coma to our attention. Basls of Ind•p•nd•nt •xamln•rs' r•port My examlnatlon was carrfed out in accordance wlth the general dlrectlons glven by the Charlty Commlssk)n. An examlnatlon Includ88 a revlew of the accounting records kept by th• ch8rlty and a compartson of th8 accounts preg8nted with those records. It also Includes con8ider8tlon of any unusual Ibms or disc108ur8s In th8 accounts, and seeking expf8natlons from you as trusteés concemlng any such matters. Th8 procedures undertaken do Mt provlde all the evidence that would ba requSred In an audit and consequently no oplnlon Is given as to wh8th8r tho accounts Fxesent a 'true and falr vlew and the report181Smiled to th08e matter6 set out In the statement balow. Ind•p•nd•nt •xamln•rs' stat•m•nt In connection with my examlnation, no materlal matter ha8 come to my att8ntlon'. (1) %thlch glves me rea80nable cau8e to bell•ve that In any materlal r88pect tho requlrement8,' to keep accountlng record8 in accordance wllh GeOn 388 ol th8 Compan188 Act 2008; and to prepare accounts which accord wlth the accounting rncords, comply wlth the acrx)untlng requlrem8nts of sectlon 396 of the Companies Act 20[ and wlth the methods and prlnciples of the Charities Slatement of Recommended Practice (FRS 102),. have not been met; or (2) to whlch, In my oplnion, attention 8houkl be drawn In order to 8nabl8 a proper understandlng of the accounts to bo reached. for and on behalf of Wllllams Ross Llmlt•d Chrt•r•d AMountants 4 Ynys Brfdge Cthjrt Gwaek¥J Y Garth Cardiff CF15 gss Date
Th• Val• of Glamorgan Agrlmhural 8001•ty 8tat•m•nt of Fln•nclal Aotlvlti•s {Includlng Incom• and ExpendIre Account) Y•ar •nd•d 31 D•o•mb•r 2024 2024 2023 Incom• Donalions 20,397 19,951 Income from investrnents 3,928 Income from ch8rftable act18 Show Sncome 110,922 106,842 Other Income 818 Totsi Incom• 137 799 130 721 Exp•ndttur• Exp•ndltur• on r•lslng lunds Invesknent portlollo management charges Exp•ndltur• on oharltabl• aotlvftl•s Show costs Bursarles 1.379 193,982 500 223,712 800 Totsl •xp•ndttur• N•t d•fi¢ft for th• y•ar b•f•r• oalns l (loss•sl on Inv•stsn•nts (57,548) (95,170) Net gainsl (losses) on Investments 9,907 17,112 N•t d•fiott for th• y•ar (47,839) (78,058) R•oonolllallon ol funds Total funds brought foTrvard 382,299 440,357 Total funds oarrl•d forward 314 860 The statement of financral activltss Includes all galns and losses In the year. All Income and expenditure derive from Continuing actltieS. All acVItIeS relate to an unrestricted fund.
The Vale ol Glamorgan Agricultural Soclety Balan¢e Sheet 31 December 2024 2024 2023 Fix•d ass•ts Tanglble assets Investments 12 13 5.927 190.833 196,760 800 276,127 276,927 Current Ass•ts Debtors Cash In bank and in hand 14 61.502 56,638 118,140 69,649 15,963 85,612 Creditors: amounts falling due within one year 15 (240) (240) N•t ¢urr•nt ass•ts 117.900 85,372 Funds Unrestrictad funds 16 314,680 362,299 Total funds 314 660 362 299 For the financlal year ended 31 Decembar 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies, Directors responsibllitles., The members have not required the company to obtaln an audit of Its flnancial statements for the year in question In accordance wlth section 476; The directors acknowledge their responslbilities for complying with the requirements of the Act with respect to accountlng record8 and the preparation of financial statements. These financial statements are prepared in accordance wfth the prov181ons applicable to companies subject to the small companles regime within Part 15 of the Companies Act 2006 and constrtute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company. Approved by the Board for issue on 31 March 2025: A Thomas Director H J Prl¢e Director COMPANY REaisTrATION NUMBER: 04839768
Val• of Qlamorgan Agrloumural 8ocloty Not•s tornn9 part of th• Flnanclal 8tat•m•nts Y•ar •nded 31 D•o•mb•r 2024 l. Aooountlng Pol•GI•s a) Establlshm•nt The Vale of Glamorgan Agricultural Society is a charltable company, charity number 1108960. It was incorporated on 21 Juty 21X)3 and registered as a charity on 11 April 2005. The registered office of the harity is Llys Ffynnon, Penllyn, Cowbridge, Vale of Glamorgan, GF717RQ. b) Basls of Pr•paratlon The financlal statements have been prepared in accordance with Accountlng and Reporting ty Charitss: Statement of Recommended Practbe applKable to charftles preparfng their accounts in accordance wlth the Flnancial Reporting Standard appllcabfe in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - Chartties SORP (FRS 102)), the Financlal Reporting Standard applicable In the UK and Republic of Ireland IFRS 102) and the Companies Act 2008. Th8 Vale of Glamorgan Agrlcultural Society m8ets the deflnltion of a publlc benefrt entlty under FRS 102. Assets and IlabS1itie8 are initialty recognised at hlstorlcal cost or transaction value apart from Investments which are stated at market valua. The flnanclal statements we prepared in Sterling, whlch18 the functional currency of the charltabl8 company. Monetary amounts In these flnancial statements are rounded to the nearest £. •) R•oonolllatlon wlth pr•vlous G•n•rally Ao¢•pt•d A0utIng Praollo• In preparlng the accounts, the trustees have nSIdered whether In applylng the accountlng lIcleS requlred by FRS102 and charis SORP FRS102 the reststement of comparatSv8 items was rwulred. No restatements were requlr8d. d) Fund aooounllna Unrestricted fund8 ere available for us8 at the dl8cretion of the tru8tee8 In furtherance of the general oblectlves of tha charltv. •) Don•t•d s•rvlo•s In accordanc8 wlth the Charftles SORP (FRS 102), the general volunteer ttme provlded to the charlty18 not reCognid and refvr to the tru8tees' report for more InlomatSon about thelr contributlon. fj Ino•m• All Incomlng resources are Included In Ihe statement of ftnanclal actlvltles when the charlty is enthled to the income and th8 amount can be appll8d with rea80nable accuracy. Donations Donatlon8 are Included ¥en recdvable. Income from investments All investment income Is Included In the Statement of Flnanclal Actlvltles whan recelvable. g) Exp•ndftur• Ind Irr•¢ov•Mbl• VAT Expenditure is induded in the accounts ¢)n an ualS basis. Expenditure Includes any VAT whlch cannot be recovared. Expenditure on raisirvJ funds IUde8 all eX[Se9 Incurred with managlng the Investment portfolb. Expenditure on charltable athities comprises those costs Incurred by the charty in the delivery of its activities and Servi for its benefidarles. It Indudes both costs that can be allocated directty to such activities and those costs of an irKlirect nature necessary to support them.
Th• Val• of Glamorgan Aorf¢ulturnl 80¢i•ty N•t•s formlng part Of th• Flnanalal 8tat•m•nts Y•ar •nded 31 Dec•ml)•r 2024 l. A¢oountlng Polhl•s h) Tanglbl• tlx•d ass•ts Deprecialiorb on tangible fixed assets is calculatad so as to write off tl)e cost of an asset, less its estimated residual value, over the useful economiG lrfe of that asset as follows: Office Equlpment 7 years Computer Equipment 3 years Individual fixed assets cosllng £5110 or more are capltallsed at cost l) Flx•d a8S•t Inv•stm•nts 1nvestsrnts are a form of basic financlal Instrument and are Inltlally recognised at thelr tranStiOn value and subsequently measured at thelr fair value as at the balanc* sheat date using the closiNJ quoted market prlce. The statement of financial actlvltl88 Includ88 the net gains and losses arfsing on r8valualon and dlsposals throughout Ihe year. Investment galns and losses, whether reallsed or unreallsed, are comblned and shown in the heading 'Galnsl (Ios888) on inv8Stments' In the Statement of Flnancial Activltle8. The maln fonn of financial r18k laced by the charfty Is that of volatlllty In equlty markets and 1Thtrnant markets due lo wlder ecorK)mlc condltlons. Ihe attitude of Investors to Investrnent rlsk, and changes In sentiment concemlng equltles and within partlcular 8eCtor8 or Su180Ctors. l) Allo¢atlon ol support Qosts Supp(xt cost8 are those functlons that a8slst the work of the charlty but do not dlrectty undertake charltable actlvltoos. Support costs Include back office costs, flnance, personnel and gov8mance costs ¥thich support th8 8CtlvStle8 of tha charfty. Cash and oash •qulval•nts Cash 58 represented by cash in hand and depo8lt8 wlth financial In8titutlon8 repayable wlthout penalty on notice of not more than Iwenty four hours. Cash equlvalents are hlghly Ilquid Investhi8nt8 that mature In no more than three months from th8 date of acqu181tlon and thal ar8 readlty convertlbl8 to known amounts of cash with Inslgnificant r18k of change and value. 11 Debtors Trade arKI other debtors are recognised at th8 settlement amount due after any trade discount off8r8d. Prepayments are valued at the amounl prepald net of any tr8de dlscounts due. m) Cr•dltors Creditor8 and provisions are recognSs8d where the charlty has a present obllgatlon resultlng from a past avant that wlll probably resuh In the transfer of funds to a third party and the amount due to settlo the obllgatlon Can be measured or estlmated rellably. Creditors and provhtons are nornially recognised at thelr settlement amount after all(Mlng for any trade dlscounts due. n) Us• of a¢untIng •stlmat•s and ar•as ol Judq•m•nt The preparatlon of financial statements requlras the use of certain accountlng estlmatss. It also requlres the Directh to exercise judgement In applying the Clt union's accounting rxjllcles. The areas requiring a higher degree of judgemen( or complexty. and areas where assumptlons or estlmates ar8 most significant to the financial statements are disclosed below: o) Valuation of Inv•stm•nts The trustees exercise Judgement in the valuatlon of thè quoted invesbrent8 and securftles held by the charlty. Th8 valuation applled are derived from tr inveslment fund manager reports which indlcate the market value of the investsnents and securities at a given date.
Th• Vale of Glamorgan Agrl¢ultural 8ocl•ty Not•s fomilng part ot th• Flnancial Statsm•nts Year end•d 31 D•a•mb•r 2024 2024 2023 Donations and grants Subscriptions and don8tion$ RWAS grant 20.397 19,951 2024 Ineome from Inv•stm•nts Dividend income 5,664 3,928 2024 2023 8h•w Inoom¢ Show entry feas Show space - stand fee8 Catalogues - sponsorshlp Gate receipts Events and fund ralslng 8,350 33,941 8,325 50,065 10,241 110922 9,857 30,492 11,664 47,599 7,230 106 842 Analy$ls ol •xp•ndltur• on oharftsbl• *atlvltl•s Show oosts New show site set-up costs Showground rent Preparatlon c08ts and equlpment hlr8 Traffic managament Pdzes Catering and entertalnlng Judges, SBes and expenses secon official expenses Stewards Prlntlng and statlonery Advertising Insurance Donatlons Equlpment depreclatlon support costs (see note 6) Governance costs (see note 7) 2024 2023 1,112 14,100 102,002 20,951 12,492 8,759 1,417 1,540 1,231 4,726 480 1,490 250 882 23,094 1,458 193 982 20,931 12.675 103,190 29,237 12,242 7,974 529 3,088 4,347 2,119 1,455 700 617 21,412 1,332 223 712 Anatysls ol support egsts 2024 2023 Adminlstratlon services Postage, tel8phone and sundries Indemnlty insurance directors and offK8rs Bank charges 21,607 818 504 165 23 094 19,191 1,172 513 10
Th• V41• of Ql•moryan Aorloulturnl 8ool•ty Notes formlng part of th• flnanoial stat•m•nts Y•ar •nd•d 31 D•a•mb•T 2024 7. An•lysls of gov•rnance ¢osts Afflllatton fees 8nd licences Professional and consuftancy fe88 1,192 264 1,092 240 8. N•t Inoom• lor th• y•ar 2024 2023 This is stated after charging: D8prgd8tlon Independent examlner'8 remuneratlon 817 9. staff oosts and numb• There were no staff costs during the year (2023 - oil). Secretarial servlcAs were pded on a self-employed basis. 10. Trust•• r•mun•rntlon and r•lat•d party transaotlons No members of the managemenl committe8 received any remuneratbn durlng the period (2023 - Nil). No travel costs were relmbur8ed to any Mlber8 of management commltt88 as nong were Incurred (2023 - Nll). No trustee or other person related to the charlty had any personal Interest In any transactlon entered Into by tha charlty durlng the perlod (2023 - Nil). 11. Taxatlon The charlty Is exempt from tax on Income and gains falllng wlthin 8ecth)n 505 of the Taxes Act 1988 or section 252 of the Taxatlon of Chargeable Galns Act 1992 to the extent that th880 are applled to its charitable objects. 12. Tanglbl• Ilx•d as8•ts Flxtur•s, Plant & Flttlnos & Machln•ry Equipment C•stNaluadon At 1 January 2024 Additions Diswsals At 31 December 2024 16,979 5,649 1,138 360 18,117 6,009 Aooumulat•d d•pr•olatJon At 1 January 2024 Charge ft)r th8 year Depreciation on disposals At 31 December 2024 16,179 1,138 35 17,317 Net b(k value At 31 December 2024 At 31 December 2023 800 800 11
Th• Val• of Qlamorgan Agrleultural 80¢1•ty N•t•s lormlng part ol th• flnanolal st•t•m•nts Y•ar •nd•d 31 D•c•mb•r 2024 13. Flx•d Inv•$•1 2024 2023 Mov•m•nt in fix•d assets Ilst•d investm•nts Carrylng value 1 January (market valw) Jditions to investments at cost Disposals at carrying v81ue Net gainl (108s) on investments Carrylng value at 31 December (market value) 276.127 4,799 (100.000) 9,907 346,466 2.548 (90.000) 17,112 276 127 All Investments are caThi8d at th8Sr falr value. Investments In equitles and fixed interest 8ecurlti8s are all tr&Aed in quoted public markets, primarfly the London Stock Exchange. Llquldity risk Is antldpaled to be low as all assets are traded on the open mark8L The charlty's investments are malnly traded In markets wlth good Ilquidty and hlgh tradlng volumes. The charlty has no matèrlal investment holdings in markets subject to exchange controls or trading r8strictlon8. The main ri8k for the financial instruments held by the charity is the volatility of invesknents. The charlty manages this rfsk by retslning expert advlsors and operating an investment pollcy that provides for a high degree of dlversfficatlon of holding8 wSthln Investment asset classes that are quoted on rewjnlsed stock exchanges. The charty does not make us6 of derNativ88 and slmllar complex financlal Instruments as It takes the view that investments are held for their longer tem) yleld total return 8nd hlstorlc studles of quo flnanclal In8truments have Shown that volatS1ity In any particular 5 year per5od wlll nomially b6 corrected. 14. Debtors 2024 2023 Prepayments and accrued Income 61,502 69,649 15. Cr•dltorn: Amounts lalllng du• wlthln on• y•ar 2024 2023 Accruals and deferred Income 240 240 240 240 16. Mov•m•nts In lunds At1 January 2024 At31 D•¢•mb•r 2024 Galns & In¢om• Exp•ndftur• Los9 Unr•strlat•d funds: General fvnds 382.299 137,799 1195.345) 9,907 314,660 Total unrestn'cted funds 362,299 137,799 (195,345) 9,907 314,660 12