**REGISTERED CHARITY NUMBER: 249519**
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024**
**FOR**
**ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
Bright Brown Limited Chartered Accountants Exchange House St. Cross Lane Newport Isle of Wight PO30 5BZ
**ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 5|
|**Independent Examiner's Report**|6|
|**Consolidated Statement of Financial Actvites**|7|
|**Consolidated Balance Sheet**|8|
|**Parent Statement of Financial Actvites**|9|
|**Parent Balance Sheet**|10|
|**Notes to the Financial Statements**|11 to 20|
**ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024**
The trustees present their report with the financial statements of the charity for the year ended 30 September 2024. The trustees have adopted the provisions of 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 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objectives of the Charity, as set out in the Trust Deed, are within the Isle of Wight to encourage agriculture generally and the preservation of the physical and natural environment and, in particular and without prejudice to the generality of the foregoing, by promoting understanding, knowledge and awareness amongst the general public of the physical and natural environment by all or any of the following means - publications, funding, meetings, organising displays, promotional events and the County Show.
Another objective is to assist people in furthering their education and skills development in their trades, vocations and professions linked to agriculture and the physical and natural environment via recognised training and educational establishments or individuals by bursaries, grants, and support. The Royal Isle of Wight County Show was a great success building on the achievements of previous years.
## **Objectives for the year**
The primary objective for the year has been to continue to develop the Society's support for the rural sector, holding an annual show, provide financial support for individuals undertaking education and personal development activities, and supporting the local food sector.
## **Strategy to achieve these objectives**
The Executive Committee has retained the organisation of the County Show in-house, via its County Show sub-committee and secretariat contract. The Rural Careers Fund entered its tenth year offering both Scholarships and Bursaries. Wight Marque continued its support for the Island's food and drink sector.
## **Public benefit**
All the activities of the Charity focus on delivering community benefit and are in accordance with the objects of the Charity.
The Trustees have complied with their duty to have due regard to the Charity Commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant.
## **Grantmaking**
The Charity has ensured that the criteria that it uses to apply funding has been in accordance with the Constitution. The applicant must be engaged or linked to an agricultural or environmental activity and be receiving recognised training, education, or personal development. The Rural Careers Fund sub-committee has awarded scholarships or bursaries only for the duration of one year following which a further application may be made.
## **ACHIEVEMENT AND PERFORMANCE**
## **Principle activities for the year**
Both the Royal Isle of Wight County Show and the annual Education Day were held with great success. Scholarships and bursaries continued to be awarded from the Rural Careers Fund.
In addition to its Executive Committee the Society now has four sub committees:
- County Show
- Rural Careers Fund
- Wight Marque
- Strategy
Page 1
**ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **FINANCIAL REVIEW**
## **Review of performance for the year**
The Royal Isle of Wight County Show 2024 took place on Saturday 13th and Sunday 14th July. Running for its 123rd year, the heart of the show remains its traditional roots, with livestock, machinery and equine to the fore, alongside many new features and themes, all consistent with a modern world.
The show aims to promote and celebrate everything that is good about the Island's rural community whilst at the same time give our visitors an affordable and stimulating day out. The Society is proud of the show's Royal status and County title.
Following last year's success of spreading our entertainment across the whole show, we continued with this approach, hosting the dog and duck show, and dog scurry in the Canine Area, Harvey the logging horse, and wood carvers in the Woodland Area, and a range of acts on the Village Green. The Sheep Show returned to the Livestock Area, which was once again very popular, being both educational and entertaining.
New this year was the Maritime Area where we created a beach, Appley Beach infact, hosting its very own Appley Tower, deckchairs, bucket and spades, and even a mermaid! The beach hosted the RNLI, who were celebrating their 200th Anniversary.
Also new in 2024 was the 'Farming Through the Ages' display, which took place in the Main Ring. Starting in the 1800's, the displays progressed through the decades to show how farming machinery has changed and got BIGGER! This was well received by the public, and is a fantastic way to explain the history of agriculture in a visual and enjoyable way. The display took place alongside the many vintage and modern tractors evident around the show.
There was never a dull moment during the show, with all the senses being engaged. Seeing the animals being exhibited or taking part in the Shetland Grand National, British Scurry Driving and the Dog and Sheep Shows; hearing the orchestra of animal noises, the roar of the IW Trial Bikes, and the sounds of the newly refurbished Thresher machine; smelling tractor engines, food being cooked and the country fresh air; touching the sheep, pigs, calves, goats, and alpacas and tasting the variety of local produce and food stalls.
The Island's variety of visitor attractions and activities were promoted in the Visit IW tourism marquee, and the Island's artistic residents displayed their skills and fantastic creations in the Island Arts and Makers Market marquees, which were hard to miss for the bright colours and vibrant displays.
Family is an important aspect to rural life, which we like to reflect at the Show. Under 16s go free, to make it more family inclusive, and in our Show Guide we included activities to encourage children to interact with the Show and to help keep them entertained.
This year our Young Farmers Club had a rodeo bull on their stand, which was very popular and a great activity for children and adults to get involved in! The WI provided a parent and baby unit and buggy park which were well used.
Page 2
**ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024**
The Grand Parade was a highlight on the second day of the show, with plenty of the public watching the proud owners exhibit their prize winning animals and machines, and you really got to see the best of the Island's rural community. The show is an important celebration of our rural community bringing people together in many different ways.
The Members' Pavilion hosted the Society's 6th Isle of Wight Rural Awards, which was sponsored by the CLA. The awards recognise those individuals and businesses who represent the very best of rural achievement on the Isle of Wight.
The winners of this years awards were:
**Rural Business of the Year** - Calbourne Classics, **Rural Young Person of the Year** - Sian Grove, **Wight Marque Food Business of the Year** - Wight Crystal, **Rural Tourism Business of the Year** - Briddlesford Farm, **Small Countryside Business of the Year** - Duxmore Botanics, **Countryside Business of the Year** - Calbourne Classics, **Rural Art and Craft Business of the Year** - Julia Tanner Art, **School Participation Award** - Hunnyhill Primary School and Arreton Primary School
Alongside the important role the County Show plays to support the rural economy, surpluses generated by the Show go towards the Rural Careers Fund, which helps young people to develop their careers and roles on the Island.
This year, we welcomed over 400 children from 16 Island primary schools to the County Showground to participate in the 5th annual RIWAS Education Day.
The event is always fun and informative about various aspects of rural life on the Isle of Wight. Our fantastic team of volunteers was there to represent most areas of the County Show and to ensure the children got the maximum out of their day.
Every year, the tractor and trailer ride is a firm favourite with all and it didn't disappoint this time as it transported children to experience traditional crafts in our Woodland Area. Then, from planting sunflower seeds and learning about food crops to creating masterpieces in the Art Area, the children were encouraged to get 'hands on' in every area.
Page 3
**ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024**
A wide selection of animals from bees, pigs, horses and cattle to dogs, sheep and alpacas were available for the children to meet, with many questions being asked of the handlers who were taking care of their beautiful animals. Those with energy to burn took part in the school sports area, as well as clambering over a vintage tractor for the perfect photo shoot!
As always, it was a fantastic day which was thoroughly enjoyed by all who took part. We're so grateful to all the schools for participating in the day and to our tireless County Show team and supporters for making it happen.
## **Financial review**
The income for the County Show Limited was up on the previous year at £175,954 (2023 - £136,604). Expenditure in total was down this year at £110,590 (2023 - £108,689). The result of this led to a profit for the year of £65,364 (2023 - £27,915). All profits of the subsidiary are donated to the parent charity.
The Charity's income for the year was £181,413 (2023 - £58,416) and expenditure was £41,283 (2023 - £34,201). The Charity reported a total surplus for the year of £140,130 (2023 - £24,215).
The overall consolidated surplus for the year was £140,130 (2023 - £24,215).
## **Reserves policy**
As part of the Executive Committee's financial best practice approach, a Reserve Policy was introduced in 2018. The policy is to retain cash reserves equivalent to half the cost of the next County Show and to cover the notice period (3 months) of the office contract. The Society currently adheres to its Reserve Policy.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Charity was founded in 1894 and is governed by its trust deed dated 11 January 2006.
## **Recruitment and appointment of new trustees**
The officers of the Charity are elected each year by the members at the Annual General Meeting. The Executive Management Committee is elected for a period of three years.
One third of the Executive Management Committee will retire each year by rotation and the positions filled by election at the Annual General Meeting.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Organisational structure**
The Charity has a wholly owned non-charitable subsidiary (Isle of Wight County Show Limited) which undertakes the management and trade of the annual County Show.
The performance of this is included in the results for the year.
It is the performance of the County Show which financially underpins the ability of the Charity to carry out its objectives.
## **Risk management**
The Executive Committee manages risk and Risk Assessments have been carried out where appropriate with regard to the activities in which it is engaged.
Specific attention has been given to the activities involved in the staging of the County Show and an Event Safety Plan is in place and is supported by specific Risk Assessments.
Page 4
**ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024**
**REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 249519
**Principal address** Shide Meadows Centre Shide Road Newport Isle of Wight PO30 1HR
**Trustees** Mrs C M Betley Mr G R Biss Mr R M Brown Mrs R A Edwards Mrs J Griffin Mr D M Groves Mrs S F Groves Mr D Horne Mr J Heather Mrs G E Kennett Mr D J S Russell
**Independent Examiner** Bright Brown Limited Chartered Accountants Exchange House St. Cross Lane Newport Isle of Wight PO30 5BZ
Approved by order of the board of trustees on 28 November 2024 and signed on its behalf by:
......................................................................... Mrs R A Edwards - Trustee
Page 5
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
## **Independent examiner's report to the trustees of Royal Isle of Wight Agricultural Society**
I report to the charity trustees on my examination of the accounts of Royal Isle of Wight Agricultural Society (the Trust) for the year ended 30 September 2024.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 accounts to be reached.
J Palmer FCCA
Bright Brown Limited Chartered Accountants Exchange House St. Cross Lane Newport Isle of Wight PO30 5BZ
Date: .............................................
Page 6
**THE ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024**
|Royal Isle of Wight
Agricultural Society
Unrestricted
Restricted
funds
funds
Notes
£
£
**INCOME FROM**
Donations and legacies
2
15,967
85,000
**Charitable activities**
4
Income from charitable activities
2,198
-
Other trading activities
3
10,875
-
Investment income
1,717
-
**Total income**
31,049
85,000
**EXPENDITURE ON**
Raising funds
5
27,788
333
**Charitable activities**
6
General
12,950
212
**Total expenditure**
40,738
545
**NET INCOMING/(OUTGOING) RESOURCES**
(9,689)
84,455
**Transfer between funds**
16
100,079
(34,715)
**Net movement in funds**
90,390
49,740
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
129,513
883
**TOTAL FUNDS CARRIED FORWARD**
219,903
50,623|IW County
Show Ltd
Unrestricted
funds
£
-
-
175,954
-
175,954
107,186
3,404
110,590
65,364
(65,364)
-
4,465
4,465|2024
Total
funds
£
100,967
2,198
186,829
1,717
292,003
135,307
16,566
151,873
140,130
-
140,130
134,861
274,991|2023
Total
funds
£
15,785
4,700
145,913
707|
|---|---|---|---|
||||167,105
126,886
16,004|
||||142,890|
||||24,215
**-**|
||||24,215
110,646|
||||134,861|
## **CONTINUING OPERATIONS**
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 7
**THE ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
## **CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 30 SEPTEMBER 2024**
|Notes
**FIXED ASSETS**
Tangible assets
10
**CURRENT ASSETS**
Debtors
13
Cash at bank and in hand
**CREDITORS**
Amounts falling due within
one year
14
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
15
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Unrestricted
Funds
£
69,104
69,104
6,932
154,148
161,080
(5,816)
155,264
224,368
224,368|Restricted
Funds
£
-
-
-
50,623
50,623
-
50,623
50,623
50,623|2024
Total funds
£
69,104
69,104
6,932
204,771
211,703
(5,816)
205,887
274,991
274,991
224,368
50,623
274,991|2023
Total funds
£
34,854|
|---|---|---|---|---|
|||||34,854
5,647
98,187|
|||||103,834
(3,827)|
|||||100,007|
|||||134,861|
|||||134,861|
|||||133,978
883|
|||||134,861|
The financial statements were approved by the Board of Trustees on 28 November 2024 and were signed on its behalf by:
…........................................................................................ Mrs R A Edwards - Trustee
The notes form part of these financial statements
Page 8
**THE ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
## **PARENT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024**
|Notes
**INCOME FROM**
Donations and legacies
2
**Charitable activities**
4
Income from charitable activities
Other trading activities
3
Other income
Investment income
**Total income**
**EXPENDITURE ON**
Raising funds
5
**Charitable activities**
6
General
**Total expenditure**
**NET INCOMING/(OUTGOING) RESOURCES**
**Transfer between funds**
16
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
81,331
2,198
10,875
292
1,717
96,413
27,788
12,950
40,738
55,675
34,715
90,390
129,513
219,903|Restricted
funds
£
85,000
-
-
-
-
85,000
333
212
545
84,455
(34,715)
49,740
883
50,623|2024
Total
funds
£
166,331
2,198
10,875
292
1,717
181,413
28,121
13,162
41,283
140,130
**-**
140,130
130,396
270,526|2023
Total
funds
£
43,700
4,700
9,309
-
707|
|---|---|---|---|---|
|||||58,416
20,168
14,033|
|||||34,201|
|||||24,215
**-**|
|||||24,215
106,181|
|||||130,396|
## **CONTINUING OPERATIONS**
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 9
**THE ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
## **PARENT BALANCE SHEET FOR THE YEAR ENDED 30 SEPTEMBER 2024**
|Notes
**FIXED ASSETS**
Tangible assets
10
Investments
11
**CURRENT ASSETS**
Debtors
13
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
14
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
15
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Unrestricted
Funds
£
69,104
100|Restricted
Funds
£
-
-|2024
Total funds
£
69,104
100
69,204
4,170
201,031
205,201
(3,879)
201,322
270,526
270,526
219,903
50,623
270,526|2023
Total funds
£
34,854
100|
|---|---|---|---|---|
||69,204
4,170
150,408|-
-
50,623||34,954
985
96,930|
||154,578
(3,879)|50,623
-||97,915
(2,473)|
||150,699|50,623||95,442|
||219,903|50,623||130,396|
||219,903|50,623||130,396|
|||||129,513
883|
|||||130,396|
The financial statements were approved by the Board of Trustees on 28 November 2024 and were signed on its behalf by:
…........................................................................................ Mrs R A Edwards - Trustee
The notes form part of these financial statements
Page 10
**THE ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **1 ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Allocation and apportionment of costs**
Support costs are costs related to providing direct support to the charity. Governance costs are independent examiners fees and trustee meeting and insurance. Any such costs incurred during the year that are not directly attributable to the charitable activities of the organisation are allocated on the proportion of total direct costs required to support each activity.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Show Ground - nil Buildings - various Show equipment - 10% or 25% on cost Office equipment - 10% on cost
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
Page 11
**THE ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
**NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **1 ACCOUNTING POLICIES - continued**
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Basis of consolidation**
The accounts of the group consolidate the results of the charity and its subsidiary undertaking, Isle of Wight County Show Limited which are made up to 30 September. The accounts are consolidated on a line by line basis.
## **2. DONATIONS AND LEGACIES**
|Donations
Subscriptions
Gift aid rebates
Grants
Donated from County Show
**3. OTHER TRADING ACTIVITIES**
Hire of show equipment and ground
Gate entry fees
Trade space
Sponsorship
Programme sales
Entry fees
Wightlink commission
Miscellaneous income
Lunches
**4. INCOME FROM CHARITABLE ACTIVITIES**
**Activity**
Wight Marque income
General
Edu Cday
General|Group
Parent
Group
Parent
2024
2024
2023
2023
£
£
£
£
180
180
500
500
13,261
13,261
12,909
12,909
2,526
2,526
2,376
2,376
85,000
85,000
-
-
-
65,364
-
27,915|
|---|---|
||100,967
166,331
15,785
43,700|
||Group
Parent
Group
Parent
2024
2024
2023
2023
£
£
£
£
10,875
10,875
9,309
9,309
111,313
-
75,999
-
21,920
-
20,544
-
20,866
-
23,250
-
3,216
-
3,220
-
4,539
-
906
-
3,329
-
3,877
-
6,456
-
5,977
-
4,315
-
2,831
-|
||186,829
10,875
145,913
9,309|
||Group
Parent
Group
Parent
2024
2024
2023
2023
£
£
£
£
2,198
2,198
4,200
4,200
-
-
500
500|
||2,198
2,198
4,700
4,700|
Page 12
**THE ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
**NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **5. RAISING FUNDS**
|**RAISING FUNDS**
General ground expenses
Postage and telephone
Office services
Depreciation
Events and marketing
Trading activities: IOWCS|Group
Parent
Group
Parent
2024
2024
2023
2023
£
£
£
£
4,623
4,623
4,288
4,288
-
-
69
69
20,442
20,442
14,580
14,580
465
465
465
465
2,591
2,591
766
766
107,186
-
106,718
-|
|---|---|
||135,307
28,121
126,886
20,168|
## **6. CHARITABLE ACTIVITIES COSTS**
|Grants
Education day
Members lunches
Wight Marque expenses
Accountancy
Accountancy under/(over)provision
Legal and professional
Trustee insurance
AGM expenses
Bad debts
Sundry expenses
Bank charges|Group
Parent
Group
Parent
2024
2024
2023
2023
£
£
£
£
1,000
1,000
3,720
3,720
2,690
2,690
1,400
1,400
5,448
5,448
4,409
4,409
-
-
1,000
1,000
1,902
1,068
1,668
972
96
96
24
24
918
918
738
738
1,087
1,087
1,086
1,086
719
719
614
614
2,570
-
1,275
-
35
35
70
70
101
101
-
-|
|---|---|
||16,566
13,162
16,004
14,033|
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 30 September 2024 nor for the year ended 30 September 2023.
## **8. STAFF COSTS**
The charity and its subsidiary paid no employees during 2023 and 2024.
Page 13
**THE ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **9a. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (GROUP)**
|**INCOME FROM**
Donations and legacies
**Charitable activities**
Income from charitable activities
Other trading activities
Investment income
**Total income**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
General
**Total expenditure**
**NET INCOMING/(OUTGOING) RESOURCES**
**Transfers between funds**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted funds
£
15,785
3,200
145,913
707|Restricted funds
£
-
1,500
-
-|Total funds
£
15,785
4,700
145,913
707|
|---|---|---|---|
||165,605
126,553
11,238|1,500
333
4,766|167,105
126,886
16,004|
||137,791|5,099|142,890|
||27,814
-|(3,599)
-|24,215
-|
||27,814
106,164|(3,599)
4,482|24,215
110,646|
||133,978|883|134,861|
## **9b. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES CONTINUED (PARENT)**
|**INCOME FROM**
Donations and legacies
**Charitable activities**
Income from charitable activities
Other trading activities
Investment income
**Total income**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
General
**Total expenditure**
**NET INCOMING/(OUTGOING) RESOURCES**
**Transfers between funds**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted funds
£
43,700
3,200
9,309
707|Restricted funds
£
-
1,500
-
-|Total funds
£
43,700
4,700
9,309
707|
|---|---|---|---|
||56,916
19,835
9,267|1,500
333
4,766|58,416
20,168
14,033|
||29,102|5,099|34,201|
||27,814
-|(3,599)
-|24,215
-|
||27,814
101,699|(3,599)
4,482|24,215
106,181|
||129,513|883|130,396|
Page 14
**THE ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
**NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **10. TANGIBLE FIXED ASSETS (PARENT AND GROUP)**
|**COST**
At 1 October 2023
Additions
At 30 September 2024
**DEPRECIATION**
At 1 October 2023
Charge for year
At 30 September 2024
**NET BOOK VALUE**
At 30 September 2024
At 30 September 2023|Show
ground &
buildings
£
38,178
-|Improve-
ments to
property
£
-
34,715|Show
equipment
£
61,087
-|Office
equipment
£
7,594
-|Total
£
106,859
34,715|
|---|---|---|---|---|---|
||38,178|34,715|61,087|7,594|141,574|
||3,324
465|-
-|61,087
-|7,594
-|72,005
465|
||3,789|-|61,087|7,594|72,470|
||34,389|34,715|-|-|69,104|
||34,854|-|-|-|34,854|
## **11. FIXED ASSET INVESTMENTS (PARENT ONLY)**
|**MARKET VALUE**
At 1 October 2023
At 30 September 2024
**NET BOOK VALUE**
At 30 September 2024
At 30 September 2023|Shares in
group
undertakings
£
100|Listed
investments
£
-|Total
£
100|
|---|---|---|---|
||100|-|100|
||100|-|100|
||100|-|100|
There were no investment assets outside the UK.
The parent's investments at the balance sheet date in the share capital of companies include the following:
## **Isle of Wight County Show Ltd**
Nature of business: Commercial events Registered office: Shide Meadow Centre, Shide Road, Newport, Isle of Wight, PO30 1HR
|%
Class of share:
holding
Ordinary
100
Aggregate capital and reserves
Profit/(loss) for the year|2024
£
4,563
65,364|2023
£
4,563
27,915|
|---|---|---|
Page 15
**THE ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
**NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **12. TRADING RESULTS OF SUBSIDIARIES**
|**Income**
Gate
Trade space
Sponsorship
Programme sales
Entry fees
Wightlink tickets
Miscellaneous income
Lunches
**Cost of sales**
Judges classes and comps
Hire of equipment
Rent and rates
Insurance
Print and stationery
Marketing and website
Health and safety
Security costs
Traffic management
Licences
Volunteer costs
Equipment
Office costs
Travelling
Floral
Entertainment
Ground preparation
**GROSS PROFIT**
**Admin Expenditure**
Sundry expenses
Accountancy
Bad debts
Bank charges
**NET PROFIT**|**2024**
**2023**
**£**
**£**
111,313
75,999
21,920
20,544
20,866
23,250
3,216
3,220
4,539
906
3,329
3,877
6,456
5,977
4,315
2,831
**IOW County Show Ltd**|
|---|---|
||175,954
136,604
3,605
3,813
40,063
36,052
1,250
1,325
1,929
2,344
1,581
2,976
8,887
8,763
2,291
1,949
1,479
1,413
2,280
1,920
168
433
1,757
1,750
1,759
1,429
16,438
20,575
-
750
2,550
-
4,337
9,993
8,064
5,160|
||98,438
100,645|
||77,516
35,959
7,707
5,995
834
696
2,570
1,275
1,041
78|
||12,152
8,044|
||65,364
27,915|
Page 16
**THE ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
**NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Amounts owed by group undertakings
Trade debtors
Other debtors|2024
£
Group
-
4,403
2,529
6,932|2024
£
Parent
2,957
-
1,213
4,170|2023
£
Group
-
3,172
2,475
5,647|2023
£
Parent
-
-
985|
|---|---|---|---|---|
|||||985|
## **14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Amounts owed by group undertakings
Trade creditors
Other creditors|2024
£
Group
-
2,811
3,005
5,816|2024
£
Parent
-
2,811
1,068
3,879|2023
£
Group
-
741
3,086
3,827|2023
£
Parent
760
741
972|
|---|---|---|---|---|
|||||2,473|
Page 17
**THE ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **15. MOVEMENT IN FUNDS**
|**Unrestricted company funds**
General fund
**Unrestricted subsidiary funds**
IOW County Show Limited general fund
**Restricted funds**
Leader grant
Wight Aid
Livestock collection centre
**TOTAL GROUP FUNDS**
**TOTAL PARENT FUNDS**|At 1.10.23
£
129,513
4,465|Net
movement
in funds
£
(9,689)
65,364|Transfers
between
funds
£
100,079
(65,364)|At 30.09.24
£
219,903
4,465|
|---|---|---|---|---|
||133,978
671
212
-|55,675
(333)
(212)
85,000|34,715
-
-
(34,715)|224,368
338
-
50,285|
||883|84,455|(34,715)|50,623|
||134,861|140,130|-|274,991|
||130,396|140,130|-|270,526|
Net movement in funds, included in the above are as follows:
|**Unrestricted company funds**
General fund
**Unrestricted subsidiary funds**
IOW County Show Limited general fund
**Restricted funds**
Leader grant
Wight Aid
Livestock collection centre
**TOTAL GROUP FUNDS**
**TOTAL PARENT FUNDS**|Incoming
resources
£
31,049
175,954|Resources
expended
£
(40,738)
(110,590)|Gains and
losses
£
-
-|Movement
in funds
£
(9,689)
65,364|
|---|---|---|---|---|
||207,003
-
-
85,000|(151,328)
(333)
(212)
-|-
-
-
-|55,675
(333)
(212)
85,000|
||85,000|(545)|-|84,455|
||292,003|(151,873)|-|140,130|
||181,413|(41,283)|-|140,130|
Page 18
**THE ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
**NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **15. MOVEMENT IN FUNDS - continued**
Comparatives for movement in funds
|**Unrestricted company funds**
General fund
**Unrestricted subsidiary funds**
IOW County Show Limited general fund
**Restricted funds**
Leader grant
Wight Aid
Rural Careers Fund
**TOTAL GROUP FUNDS**
**TOTAL PARENT FUNDS**|At 1.10.22
£
101,699
4,465|Net
movement
in funds
£
(101)
27,915|Transfers
between
funds
£
27,915
(27,915)|At 30.09.23
£
129,513
4,465|
|---|---|---|---|---|
||106,164
1,004
-
3,478|27,814
(333)
212
(3,478)|-
-
-
-|133,978
671
212
-|
||4,482|(3,599)|-|883|
||110,646|24,215|-|134,861|
||106,181|24,215|-|130,396|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted company funds**
General fund
**Unrestricted subsidiary funds**
IOW County Show Limited general fund
**Restricted funds**
Leader grant
Wight Aid
CLA Charitable Trust
Rural Careers Fund
**TOTAL GROUP FUNDS**
**TOTAL PARENT FUNDS**|Incoming
resources
£
29,001
136,604|Resources
expended
£
(29,102)
(108,689)|Gains and
losses
£
-
-|Movement
in funds
£
(101)
27,915|
|---|---|---|---|---|
||165,605
-
500
1,000
-|(137,791)
(333)
(288)
(1,000)
(3,478)|-
-
-
-
-|27,814
(333)
212
-
(3,478)|
||1,500|(5,099)|-|(3,599)|
||167,105|(142,890)|-|24,215|
||58,416|(34,201)|-|24,215|
Page 19
**THE ROYAL ISLE OF WIGHT AGRICULTURAL SOCIETY**
**NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **15. MOVEMENT IN FUNDS - continued**
## **Unrestricted funds**
The charity's general funds consist of funds which the trustees are free to use in accordance with the charitable objects.
## **Restricted funds**
Leader Grant - this represents a grant awarded help fund improvements to the County Showground and the creation of marketing material of the Society.
Wight Aid - this represents a grant received to support travel costs incurred by schools attending the Society's Education Day.
Livestock collection centre - this represents a grant received in respect of the construction of a new livestock collection centre building.
## **16. TRANSFERS BETWEEN FUNDS**
Restricted fund expenditure of a capital nature, mainly the construction of a livestock collection centre building, is included in fixed asset additions at the time the construction costs are incurred. An amount equal to the lower of the income received or the costs incurred is transferred from the restricted fund to the unrestricted fund, provided that the building may be used by the charity for its general application. Depreciation on the building will be charged against unrestricted funds.
During the year, the following amounts were transferred between funds:
£65,364 was transferred from the IW County Show Ltd unrestricted fund to the Royal Isle of Wight Agricultural Society unrestricted fund. This is a standard consolidation transaction required to correct the group position at the year end.
£34,715 was transferred from the livestock collection centre restricted fund to the unrestricted fund, both funds of the Royal Isle of Wight Agricultural Society. This represents amounts received as restricted income towards the cost of constructing the building, the costs of which were incurred during the year. The use of the building will be for unrestricted charitable activities.
Page 20