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2024-12-31-accounts

Charity registration number 1130942 (England and Wales) Company registration number 06956588

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr M J Wooldridge Mr R R Cunningham Mr C P Heard Mr P T Davies Mr P J Balsom Mr B P C Coward Mr J R Shields Mr W Heard Secretary Mrs A Heywood Miss S Barrow Charity number 1130942 Company number 06956588 Principal address South Narraton Farm Narratons Road Okehampton Devon EX20 1SL Registered office South Narraton Farm Narratons Road Okehampton Devon EX20 1SL Independent examiner Mr A Hemmings BA (Hons) FCA CTA Simpkins Edwards LLP The Summit Woodwater Park Exeter EX2 5WS Bankers Lloyds Bank Plc Okehampton

(Appointed 29 February 2024) (Appointed 29 February 2024) (Appointed 29 February 2024)

(Resigned 31 January 2025) (Appointed 31 January 2025)

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 15

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements 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 document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019).

Objectives and activities

The main object of the Association is the advancement of agriculture and horticulture and allied industries including the holding of an Annual Show at Okehampton in the County of Devon.

These objectives are met by the organisation structure of an Executive Committee who consider suggestions from a Management Committee of eight members.

Achievements and performance

Showday income decreased this year to a total of £142,895 with showday costs increasing to £185,685, resulting a loss on the day of £42,790 compared with a loss of £314 last year. In addition to income from investments and the Caravan Park left a net income of £34,820 (2023: £56,335).

Financial review

The financial affairs remain in a satisfactory condition with no capital expenditure in the year (2023: £16,850 financed from reserves). At 31 December 2024, the Association held reserves of £1,437,127 (2022: £1,397,582).

The Trustees have reviewed the reserves policy of the Charity and with the history of shows being cancelled in 2008, 2009 and 2020 some due to inclement weather and the other to the Pandemic, resulting in deficits, the Trustees estimate that there are sufficient reserves to cover such potential deficits but that cash reserves of £200,000 should be retained. Consideration has been given to insurance against inclement weather but the premiums continue to be high with some restrictions as to cover.

Structure, governance and management

The charitable company was incorporated on 8 July 2009 and commenced operations on 1 January 2010 when the assets and liabilities of the previously unincorporated charity (number 272910) were transferred into the company.

A report covering the major risks to which the charity may be exposed was commissioned and is reviewed every three years. There are volunteer officers who cover the risk areas.

Subject as otherwise provided in the rules and to any further direction of the Charity Commissioners. The Executive Committee shall have power to raise, borrow or make such investments of the Association's monies as they shall from time to time deem desirable and may appoint nominees to hold any such investments on the Association's behalf.

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 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 G R Alford (Resigned 29 February 2024) Mr M J Wooldridge Mr R R Cunningham Mr C P Heard Mr L J G Hockridge (Resigned 29 February 2024) Mr I Vanstone (Resigned 29 February 2024) Mr P T Davies Mr P J Balsom Mr B P C Coward (Appointed 29 February 2024) Mr J R Shields (Appointed 29 February 2024) Mr W Heard (Appointed 29 February 2024)

The trustees' report was approved by the Board of Trustees.

Mr M J Wooldridge Trustee Dated: 6 March 2025

Mr P J Balsom Trustee Dated:6 March 2025

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

I report to the trustees on my examination of the financial statements of Okehampton and District Agricultural Association (the charity) for the year ended 31 December 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.

Having satisfied myself that the financial statements of 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 examination 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 145(5)(b) 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:

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 order to enable a proper understanding of the financial statements to be reached.

Mr A Hemmings BA (Hons) FCA CTA

for and on behalf of Simpkins Edwards LLP

The Summit Woodwater Park Pynes Hill Exeter EX2 5WS

Dated: 12 March 2025

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income and endowments from:
Charitable activities 3 194,347 215,765
Other income 4 21,653 17,971
Total income 216,000 233,736
Charitable activities 5 189,394 181,486
Other material expenditure 1,370 809
Other expenditure 9 8,818 7,901
Total expenditure 199,582 190,196
Net gains on investments 10 23,127 12,795
Net income and movement in funds 39,545 56,335
Reconciliation of funds:
Fund balances at 1 January 2024 1,397,582 1,341,247
Fund balances at 31 December 2024 1,437,127 1,397,582

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirement for an income and expenditure account under the Companies Act 2006.

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
The funds of the charity
Unrestricted funds
16		 2024
£
£
562,114
568,728
1,130,842
23,649
288,352
312,001
(5,716)
306,285
1,437,127
1,437,127
1,437,127		 2023
£
£
569,484
531,250
1,100,734
3,493
296,105
299,598
(2,750)
296,848
1,397,582
1,397,582
1,397,582		 2023
£
£
569,484
531,250
1,100,734
3,493
296,105
299,598
(2,750)
296,848
1,397,582
1,397,582
1,397,582
1,100,734
296,848
1,397,582
1,397,582
1,397,582

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 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 6 March 2025

Mr M J Wooldridge Mr P J Balsom Trustee Trustee

Company registration number 06956588 (England and Wales)

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Okehampton and District Agricultural Association is a private company limited by guarantee incorporated in England and Wales. The registered office is South Narraton Farm, Narratons Road, Okehampton, Devon, EX20 1SL.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019). 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 applying FRS 102 Update Bulletin 1 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. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation 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 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Incoming resources

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.

Income from the holding of the agricultural show is included in the period to which it relates on a cash receivable basis.

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.

Rental income is accrued in accordance with the period to which it relates and is recognised as such in the general fund.

Bank interest is received gross to the statement of financial activities as it accrues. It is allocated to the general fund.

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic 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 activity are made up of the total of direct costs and shared costs, including support costs involved 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 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.

Items included in other expenditure are costs which are not incurred directly in any of the charitable activities or projects of the charity.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold buildings erected in 1992 3.33% Straight line method Freehold improvements in 1994 and 10% Straight line method subsequent years Plant and equipment 10% Straight line method Computer equipment 33% Straight line method

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 statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 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 assets

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 cost using the effective interest method unless the arrangement 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.

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted 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 subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 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 carrying amount of assets 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 to 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.

3 Charitable activities

Charitable Income Charitable Income

Catalogue sales
Showday premiums
Entry fees
Gates and advance ticket sales
Special prizes and sponsorship money
Subscriptions and VP collections
Trade stands and craft tents
Donations and hire
Showfield income		 2024
£
400
12,181
12,754
69,961
2,525
65
45,009
-
51,452
194,347		 2023
£
500
15,581
15,869
103,638
3,505
125
38,685
250
37,612
215,765

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

4 Other income

Unrestricted
funds
2024
£
Investment income
18,457
Interest received: Bank accounts
3,196
21,653		 Total
2023
£
15,337
2,634
17,971

5 Charitable activities

Charitable
Charitable
Expenditure Expenditure
2024 2023
£ £
Advertising 1,515 840
Commission on gates 15,097 14,976
Fee to rotary club 1,500 1,500
St Johns ambulance 3,445 4,477
Local organisations - help on day - 500
Entertainment 8,785 7,790
Hire of field for car park 813 713
Hire of showday equipment 51,068 45,754
Judging fees and expenses 7,018 6,637
Loud speaker service 11,400 11,900
Printing catalogues, schedules and entry forms 4,732 3,228
Printing, stationery and post 2,098 1,384
Prize money and awards 15,202 15,459
Public transport 1,080 1,211
Repairs and renewals and labour 3,514 8,427
Security expenses 1,740 1,584
Section secretaries honoraria/expenses 7,651 6,461
Sundry expenses 458 185
Signage 1,846 932
Health and safety 1,750 1,360
Showfield expenditure (salary, telephone, other) 43,657 42,368
184,369 177,686
Grant funding of activities (see note 6) 5,025 3,800
189,394 181,486

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

6 Grants payable

Charitable
Charitable
Expenditure Expenditure
2024 2023
£ £
Grants to institutions (2 grants):
The Farming Community 175 1,000
Devon YFC Travel Scholarship 1,300 1,300
Grants to individuals (5 grants) 3,550 1,500
5,025 3,800

The number of grants made to individuals during the year was 5 (2023: 3). These had an aggregate value of £3,550 (2023: £1,500).

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
1 1

The Association employed one full-time employee during the year, who received £26,162 (2023: £23,812) in salary.

There were no employees whose annual remuneration was more than £60,000.

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9 Other expenditure

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Investment management fees 4,628 4,274
Secretary's salary 2,686 2,577
Sundry expenses 94 13
Telephone 144 80
Accountancy and typing fees 273 183
Bank charges 1,370 809
Insurance 330 300
Annual dinner 420 49
Computer and website 243 355
Subscriptions - 70
10,188 8,710

10 Net gains/(losses) on investments

Unrestricted
funds
2024
£
Revaluation of investments
22,451
Gain/(loss) on sale of investments
676
23,127		 Total
2023
£
12,167
628
12,795

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

12
Tangible fixed assets
Freehold
buildings
erected in
1992
Plant and
equipment
£
£
Cost
At 1 January 2024
608,512
101,077
At 31 December 2024
608,512
101,077
Depreciation
At 1 January 2024
75,114
64,991
Depreciation charged in the year
1,898
5,472
At 31 December 2024
77,012
70,463
Carrying amount
At 31 December 2024
531,500
30,614
At 31 December 2023
533,398
36,086		 Total
£
709,589
709,589
140,105
7,370
147,475
562,114
569,484

The carrying value of the investment properties included within tangible fixed assets is £531,500 (2023: £533,398).

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

13 Fixed asset investments

Listed
investments
£
Valuation
At 1 January 2024 531,250
Additions 104,871
Valuation changes 31,212
Disposals (98,604)
At 31 December 2024 568,729
Carrying amount
At 31 December 2024 568,729
At 31 December 2023 531,250
14
Debtors
Amounts falling due within one year:
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Accruals and deferred income		 2024
£
23,649
2024
£
5,716		 2023
£
3,493
2023
£
2,750

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January Incoming Resources Gains and At 31
2024 resources expended losses December
2024
£ £ £ £ £
General funds 1,397,582 216,000 (199,582) 23,127 1,437,127

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

16 Unrestricted funds (Continued)
Previous year: At 1 January Incoming Resources Gains and At 31
2023 resources expended losses December
2023
£ £ £ £ £
General funds 1,341,247 233,736 (190,196) 12,795 1,397,582

17 Key management personnel

The key management personnel of the Association comprise the trustees and the Show Secretary.

18 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

INCOME AND EXPENDITURE ON SHOWDAY ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

Income
Catalogue sales
Showday premiums
Entry fees
Gates and advance ticket sales
Special prizes and sponsorship money
Subscriptions and VP collections
Trade stands and craft tents
Donations
Expenditure
Advertising
Commission on gates
Fee to Rotary Club
St John Ambulance
Local organisations - help on day
Entertainment
Hire of field for car park
Hire of showday equipment
Judging fees and expenses
Loud speaker service
Printing, schedules and entries
Printing, stationery and post
Prize money and awards
Public transport
Repairs and renewals and labour
Rubbish collection
Security expenses
Section secretaries
Sundry expenses
Signage
Health and safety
Stripe commission
Secretary's salary
Telephone
Other showfield expenditure
Net surplus		 £
1,515
15,097
1,500
3,445
-
8,785
813
51,068
7,018
11,400
4,732
2,098
15,202
1,080
2,368
1,146
1,740
7,651
458
1,846
1,750
1,370
142,082
24,179
1,296
18,128		 2024
£
400
12,181
12,754
69,961
2,525
65
45,009
-
142,895
185,685
(42,790)		 £
840
14,976
1,500
4,477
500
7,790
713
45,754
6,637
11,900
3,228
1,384
15,459
1,211
8,427
-
1,584
6,461
185
932
1,360
781
136,099
23,191
725
18,452		 2023
£
500
15,581
15,869
103,638
3,505
125
38,685
250
178,153
178,467
(314)