Company registration number. 01355085 Charity registration number. 275593 Bridgwater Agricultural Society Limited IA company limtsd by guarantee) Annual Report and Financial Statements for the Year Ended 29 February 2024 WESTCOTTS CHART@RED ACCOVMIANTS & KUS111I55 AOVISIRS
Bridgwater Agricultural Soclety Limited Contents Trustees, Report 1to6 Independent Examinerfs Report Sialemenl of Financial Acbwties Balance Sheet Notes lo the Financial Ststemenls 10t021
Bridgwater Agricultural Society Limited Trustees, Report The trustees, who are directors for the purposes of company law. present the annual report together with the financial slalemenls of the charf(able company for the year ended 29 February 2024. Reference and Admlnlstratlve Detalls Charty Registration Number.. Company Registration Number.. 275593 01355085 The charity is incorporated in England and Wales. 7 Castle Street Bridgwater Somersel TA6 3DT Registered Office.. Independent Examiner.. Weslcotts 7 Castle Street Bridgwater Somersel TA6 3DT Trustees and officèrs The trustees and officers seFving during the year and since the year end were as follows.. MrG Bagg Mr G Groves Mr A Bult Trustegs.. Mr D W House Mr J Rowe Mr T L E Miller Mr J R Winsladg Mr J F Walker (resigned 9 August 20231 MrPAlrish Mr K N Barrow Mr D Rood MrRRHeal Mr S W Adams Ms A Wills Mr D J Dosson Mr R Hardwick lappoinled 28 September 20231 Chainnan.. Mr D W House Page 1
Bridgwater Agricultural Society Limited Trustee5' Report Secrètary: Mrs M Adams (resigned 28 September 2023} Mr M C House (appointed 28 September 20231 Structurey govemanee and managemenl Naturè of gov•ming document The Society is a charitable company limited by guarantee, incorporated on 1 March 1978 and registered as a charity on 17 May 1978. The cornpany was established under a Memorandum of Assotialion whi¢h established the objects and powers of the charitable company and is govemed under ils Articles of Association, as amended by Spec*al Resolutions ¢tsated 3 July 1992 and 11 September 2008. In the event of the company being wound up the liability of members is limited to £2.DO. The full name of the Soci8ly is Bridgwater Agricultural Society Limit1. The Society tokes 8dvantage of the abilty lo exclude the word 'Limiled as provided by the CompanEs Act 2006. Recrultment and appolntment ol trustees On eessation of a Iruslee's appointment the Society Seeks 8pplicanl$ to place the retiring Iruslee. The selection is then made by vole al the next meeting of the trustees. Indu¢OTon and trainlng of trustees On appointment new Im51ee$ are provided Mlh a full history of the Society and details of the current objectives and grant processes Major risks and managgment of those risks The trustees have considered the major risks lo which the Society is exposed. They have identified that the principal risks faced by the Society are that thg investment portfolio as a whole is subject lo market risk, whereby the value 15 dependent on prevailing economic eondilions, and also that the individual shareholdings are subject lo the specrfic nsk of, say, business operalK)ns. These risks are managed by having a diversified portfolio which is composed of equty shareholdings and fixed interest holdings, which are subject to different market risks. Page 2
Bridgwater Agricultural Society Limited Trustees. Report Obiectives and activitie$ Objects and aln The objective5 of the Society are contained in the Memorandum of Association and include the following.. (al To ptomote agricutture and horticulture by.. {1} The promotion of improvements in agricuRural produce, .in the breeding, rearing and health of livestock and in the techniques of horticulture and forestry. li1} The promotion of research which il is hoped wll lead to the inventign and improvement of agricultural implements. liiil The encouragement of skill and industry in husbandry The holding of an annual show (vl Such other ways as the Society may from time lo lime determine {bl To advance education in agriculture and horticulture lineluding animal husbandry, forestry and industries alld thereto) and in the conseNalion of the natural environment in the context of agriculture. Icl To Promote the work of the Somerset Federation of Young Farmers, Clubs. Id) To support or aid any associations or institutnS engaged in the education of persons for agriculture or horticUUre including the support or aid ol the recreational faciltties ol such assock8tion or inslilulion together with institutions promoting the health and safety of agricultural workers (including the Air Ambulance Service). The Society, whKh is a public benefrt entity, is able lo advance Sums of money as grants in order lo meet ils objectives. The Society makes it. known within the local rural community that funds are av8iSable for grants within a 15 mile radius of Bridgwaler. As a result of the promotion that has been undertaken in the past the Society receives enquiries which resLJIt in grant aid being made available when the Iruslees decide that the specific reque51 meet5 tts objectives. Each enquiry is considered on its relative merits and not all applications are successful. The Trustees of the Society take account of the guidance from the Charity Commission on publi b8nefi( and believe that their method of promotion meets this 9uidance. There has been no change to the method of promotion during the year under review. Public beneflt The purpose of the charity is to provide grant income lo support and promote the loeal"rural community. The society has paid out over £1,000,000 to dale to worthy causes. Further detsil is provided in the achievements and perfomance section. The trustees confifm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Commission lor England and Wales. They have referred to this gLJidance when reviewing the societvs aims and obj8clives and in future planning. Page 3
Bridgwater Agricultural Society Limited Trustees, Report A¢hievements and performance The society receives dividend and other taxed income from the investments held with JM Finn, The Society is then able lo use this income for the advancement ol grants and scholarships in accordance th ils objectives. Details of tho grants made during the year lo support various institutions and individuals in promoting agriculture, horticulture, and torestry. the furthering of education in these sectors. or in their roles in support of these sectors are Shown in note 8. Bridgwater Ploughing Match The BAS has an historic lie with the Bridgwaler Ploughing Match which is held annually and is now in ils 78th year. Enlranls come from all over the South Wesl to allend and our grant of £2,100 has helped towards the running costs and prtie money. Financial review The total incoming resources for the year under revw amounted lo £54.144. This income is derived principalty from dividends on the funds invested in sloeks and shares and the interest on bank deposits held. The resources expended amount lo £40.226 of which £24,035 relates lo grants and £16,191 to man8gemenl and adminislralK)n. In August 1988, the Society disposed of land for development purposes and the surplus arising from this amounted to £432,738. Since this dale, the funds have bn invested and these are now principally held in stocks and shares. Professional advice is obtained from the stockbrokers so that the trustees can ensure as far a5 possible that the capital at the Societls disposal is safeguarded for the future. There has been a decrease in the market value of the investment portfolio this year of £53,774. This is made up of additions to the wrtfolio of £41,025, disposals lo the portfolio of £27,752, these disposals resulted in realised gains of £15.428. Unrf3alised bsses at the year•end were £67.047. As al 5 April 2024, the market value increased by £3,626 from the year-end lotsl value. The Stockbrokers have been instructed lo take a balanced approach with a medium risk profile with respect to the investsnenl portfolio. In this way the Society seeks lo achieve an incang income whilst presemng the underlying capital. This is also dependent on the general economic climate as this has a large bearing on the level of dividends that are paid by companies lisled on the stock market. The overall objective is foi grants lo be paid from current resources wrthoul the need lo sell any of the investments in stocks and shares. The Society is satish'ed that it Can meet its ongoing obligations without any undue delay. The only reserves held al the year*nd were Unreslricled Funds, which tolalW £1,501.042 12023- £1.538.7431. Since 2012 the market valuation of the stocks and shares have been as follows.- Page 4
Bridgwater Agricultural Society Limited Trustees, Report Market Valuation Income from Investments 2012 1.131.779 43,854 1,284.614 55,658 1,370,907 53,756 1,407,860 49,294 1,271.102 59,843 1.434,542 56,059 1,379,402 61,790 1,369,546 57.875 1,320.748 58,273 1.320,718 42,556 1,450,200 54,346 1,502,256 52,648 1.M8.482 S4.136 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Pollcy on reserves The poli of the society is as follows.. 1. The society should maintain reserves in order to generate sufficient income to meet the objects of the society in making grants 2. The level of reserves is lo be Sufficient lo provide the incorrE required for the society lo meet ils objects. 3. The reseNes to be maintained 15 to be based on the advice of the society's professional ath'sor8 as sel out in the bvdgels approved by the trustees. 4. The 'reseNes' policy is to be moni(ored, 'revlewed and am8nded as considered necessary al the Annual General Meeting of the society. Plans for future periods The Iruslees intend lo continue their current strategy of recewing dividend income and paying those reserves out in the fom of grants to the local community. Small companies provlsion stalgment This report has been prepared in accordan with the sn)all companies regime under the Companies Act 2006. Pagg 5
Bridgwater Agricultural Society Limited Trustees, Report The annual report was approved by the trustees of the charity on 3.1.i.o1.1.. and behalf by.. srgned on its Mr D WHouse Chairman and Trustee Pag8 6
Bridgwater Agrlcultural Society Limited Independent Examiner's Report to the trustees of Bridgwater Agrlcultural Society Llmlt8d ('the Company, I report to the charity trustees on my &xamlnalion of the accounts of the Company for the year ended 29 February 2024. Responsibillties and basis of report As the Charity's trustees of the Company land also ils directors for the purposes of company lawl you are responsible for the preparation of the accoLints in accordance with the requirements of the CompanE$ Act 20061'lhe 2006 Act'l. Hawng satisfied myself that the accoun15 of the Company are not required lo be audited under Part 16 of the 2006 Ad and are eligible for independent examination, I report in respect of my examination of your charfty's accounts as carried out under section 145 01 the Charities Act 2011 I'lhe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Chaiity Commission under section 145{5}Ib} of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection wrth the examination giving me cause to believÈ.' 1. accounting records were not kept in respect of Bridgwater Agricultural Society Limited as required by section 386 of the 2006 Act-, or 2. the aGcounts do not accord with those records.. Dr 3. the accounts do not compty wrth the accounting requirements of section 396 of the 2008 Act other than any requirement that the accounts give a Irue and fair view which is not a matter ¢onsidered as part of an independent examination.. or 4. the ac¢ounls have not bèen prepared in accordan with the method5 and principl85 of the Slalement of Recommended Practi for accounting and reporting by charities lapplicable lo charities preparing their accounts in 8ccordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)]. I have no concerns and have come across no other matters in connection with the examinalM)n lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. K Davies FCCA 7 Ca511e Street Bridgwater Somersel TA6 3DT Oate.. Page 7
Bridgwater Agricultural Society Llmited Statement of Financial Activitles for the Year Ended 29 February 2024 (Including Income and Expenditure Account and Statsment of Total Recognised Gains and Losses Unrestrlcted funds Total 2024 Totsl 2023 Note IDcome and Endowments from: Donations and legacies Investment income 54,136 54.136 52,647 Total income $4,144 54,144 52,655 Expenditure on: Raising funds Charitable o¢livilie8 (10,424) 29,8021 {10,4241 {29,802) {11.3241 (78,5351 Total expenditure Galnsllknsse81 on inve8trnènt assgts Nel expenditu Net movement in funds {40,226) 51,619 {40,2261 51.6191 {37.701 189.859) 12,291 137,701 24,913 {37,701) (37,701) {24.913) Reconcilitttion of funds Tolal funds brought hrward Totsl funds earried fotward 1,538.743 1.538,743 1,563,656 1,538,743 15 1.501,042 1.501,042 All of the charity's actwities derive from eonlinulng operations during the above two periods. The funds breakdown for 2023 is shown in note 15, The notes on pages 10 10 21 fomi an integral part of these financial slalements. Page 8
Brldgwater Agricultural Soclety Limited IRegistratlon number: 01355085) Balance Sheet as at 29 February 2024 2024 2023 Note Fixed assets Investments 12 1,448,482 1,502,256 Current assets Oebtors Investments Cash at bank and in hand 13 5,506 1,103 53,252 59,861 (7,301) 52,560 4,579 4,084 35,492 44.155 Creditors: Amounts falllng due wlthln one year 14 17.668 Net current assets 36,487 Net assets 1,501.042 1.538.743 Funds of the charity: Unrestricted income funds Unrestricted funds 1,501,042 1,501.042 1,538.743 1.538,743 Total funds For the financlal year ending 29 February 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Director5, responsibilities.. The members have not required the charity to obtain an audit of ils accounts for Ihe year in question in accordance with soction 476., and The directors acknowledge their responsibilitie5 for complrIg with the requirements of the Act wlh respect to accounting records and the proparation of accounts. efi ancial statements on pages 8 to 21 were approved by the trustees, and authorised.for issue on. and signed on their behalf by.. Mr D W House Chairman and trustee The notes on pages 10 10 21 forni an integral part of these finanGial slalemenls. Page 9
Bridgwater AgriGultural Society Limited Notes to the Financial Statements for the Year Ended 29 February 2024 1 Charlty status The charity is limited by guarantee, incorporated in England and wa$, and consequently doos not have Share capital. Each of th8 Iruslees is liable lo contribule an amount not exceediny £2 towards the assets Df the charity in the event of liquidation, The address of its registered office 18.. 7 Castle Street Bridgwaler Somerset TA6 3DT 2 kcounting pollcles Summary of signlfieant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These pol(e$ have been consistently applied to all the years presented. unless otherwise slated. Ststemeht of compllance The financi81 statements have been prePad in accordanee with Accounting and Reporbng by Ch8rities-. Slalement of Recommended Practice (applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard ¢ipplicable in the UK and Republic of Ireland [FRS 10211 li5sued in October 20191- (Chaiities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and R6publie of Ireland {FRS 102} and the Companies Acl 2006. Basis of preparation Bridgwaler Agricultural Society Limited meets the definition of a public benelil entity under FRS 102. Assets and liabilities are initially recognised al hislorical cost or transaction value unless otherwise staled in the relevant aecounling policy notes. The chaws financial statements consolidate the financial slalemenls of the charity and ils subsidiary undertakings drawn up to 31 December each year, with the exception of linsert name of subsidiaryl which is exeluded from consolidation as il is held exclusively with a view lo resale. IName of subsidiaryl is accounted for at cost less impairment. The results ol subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Golng concern The trustees consider that the are no material uncertainties about the charity's abilty to continue 85 going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charty. Page 10
Bridgwater Agricultural Society Limited Notes to the Financial Statements for the Year Ended 29 February 2024 Summary of dlsclosure exemptions Bridgwater Agricumural Society Limtted meets the definition of a qualifwng entty under FRS 102 and h85 therefore taken advantage of the disclosure exemptions available to it in respect of ils separate financial slatemenls, which are presented altsn9side the consolidated financial slalemenls. Exemptions have been taken in latIon to financial inslrumenls, presentation of a cash flow slalemenl, intra-group transactions and remuneration of key management personnel. Incomg and endowments All inGome is cOgnised once the charity has entitlement to the income. it is probable that the income 11 b8 received and the amount of the income feceivable can be measured reliabty. Donatlons and lègacles Donations are recognised when the charity has been notified in writing of Ix)Ih the amount and settlement date. In the event that a donation is subject to conditions that require a level ol performance by the charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, Dr the fulfilment of those condition5 is wholly within the eontrol of the Charity and rt is probable that these cDndi(ions will be fulfilled in the reporting period. Investment Income Dwidends are recognised once the dividend has been declared and nolrficalion has been received of the dividend due. Expendlturp All expendf(ure is recognised once there is a legal or constructive obligation to that expenditure, il is probable settlement is required and the amount can be measured reliably. All crJst5 are allocated to the applicable expenéilure heading that aggregate similar costs lo that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, wfch central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset'5 use. Other support costs are allocated based on the spread of staff costs. Ralslng funds These are costs incurred in attracting voluntary income. the management of investments and those incurred in trading activitie5 that raise funds. Cha17table actlvltles Charitable expenditure comprises those costs ineurred by the charrty in the delivery of its 8clivilies and services lor tts beneficiaries. It includes both costs that can be allocated directly to such activrties and Ihose costs of an indirect nature necessary to support them. Grantpmvlslons Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about ei(her the timing of the grant or the amount of grant payab. Page 11
Bridgwater Agricultural Society Limited Notes to the Financial Ststements for the Year Ended 29 February 2024 Support costs Support costs include central functions and have been allocated lo activity cost categories on a ba81S consistent with the use of resources. for example, allocating propety costs by floor areas. or per capita, staff costs by the time spent and other Costs by their usage. Governance costs These include the cost5 attributable to the charity's compliance with constitutional and stslulory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. Taxatlon The charity 15 consider&d lo pass the tests set out in Paragraph 1 Sch8dule 6 of the Finan Act 2010 and therefore it meels the definition of a charitable company for UK corporation tsx purposes. Accordingly. the charity is polentk911y exempl from laxalion in respect of income or caprtal gains received within categortes covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that 8uch income or gains are applied exclusively lo charitable purposes. Depreciation and amortisation Depciall0n is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value. over their expected useful economic life 8s follows.. Asset class Equiprnenl Deprec5ation method and rate 150kn reducing balan Fixed asset Investments Fixed asset investments, other than programme reLgted investments, are included at market value al the balance sheet date. Realised gains and losses on investments are calculated as the difference beeen sales proceeds and their market value al the start of the year, or their subsequent cost, and are charged or credited to the Slalemenl of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Ststemenl of Financial Activf(ies based on the market value al the year end. Current asset investments Current asset investments are included at the lower of Cost and net realisable value I market value. Cash and eash equivalents Cash and cash equivalents comprise eash on hand and call deposits, and other short-term highly liquid investments that are readily convertible lo a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are availab for use 8t the trustees discretion in furtherance of the objectives of the charity. Page 12
Bridgwater Agrlcultural Society Limited Note5 to the FinanGial Statements for the Year Ended 29 February 2024 Flnancial instruments Classiylcation Financial assets and financial liabilities are recognised when the charty becomes a party lo the contractual provisions of the instrument. Financial liabilities and equity instrument5 are classified according lo the substance of the contractual arrangements entered into. An equkty instrument is any contract that evidences a residual interest in the assets of the eharily after deducting all of ils liabililios. Recognitlon and mgasurement All financial assets and liabilities are initially measured al transaCt)n price lineluding transaction coslsl, exeepl for those f1nancial assets classified as at lair value through profrt or loss, which are initially measured al fair value {which is normally the transaction price excluding transaction cost51, unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction. the financial asset or financial liabilty is measured al the present value of the fUre payment5 discounted at a market rate of interest for a Similar debt inslrumenl. Financial assets and liabilities are only offset in the Statement ol financial posftion when, and only when there exists a legally enforable right lo sel off the recognised amounts and the charity intends either lo settle on a nel basis. or to reali5e the asset and settle the liability simultaneously. Financial assets a derecogni5ed when and only when a} the conlraclual rights to the cash flows from the financial asset expiTe or are seitled, bl the charity transfers lo anolher party subsl8nlially all of the risks and rewards of ownership of the financial asset. OT ¢1 the chartty. despite having retained sorne. but not all. significant risks and rewards of ownership, has transferred control of the asset lo another party. Financial liabili(ies are derecognised onty when the obligation specrfied in the contract is discharged, cancelled or expires. 3 Income from donatlons and legacie5 Unrestrictsd funds General Total 2024 Donations and legacies., Donations from individuals Unrestricted funds General Totsl 2023 Donations and legacies-, Donations from individuals Pago 13
Bridgwater Agricultural Society Limited Notes to the Financial Statsments for the Year Ended 29 February 2024 4 Investment income Unrestricted funds Ggneral Total 2024 Interest receivable and similar income., Interest receivable on bank deposits Other income from fixed asset investments 1,261 52,875 1,261 52.875 54,136 54,136 Unrgstrlcted funds Genoral Total 2023 Interest receNable and similar ineome-, Interest receivable on bank deposits Other income from fixed asset investments 763 51,894 753 51.894 52,647 52,647 S Net gainsl{losses) on Investments Unrestricted funds General Total 2024 Total 2023 Unrealised Igainlllo¥s in investments Realwd Igainllbss on investments 167,047} 15.428 (67,0471 15,428 51.619 9.201 3,090 51,619 12.291 Paga 14
Brldgwater Agrlcultural Society Limited Note5 to the Financial Statements for the Year Ended 29 February 2024 6 Expenditure on raising funds a) Investment management costs Unrestricted fund$ General Total funds Note Other investment management costs.. Other portfolio management costs located support eosls 7,109 3,315 7,109 3.315 Total foi 2024 10,424 10,424 Total for 2023 11,324 11,324 7 Expenditure on charltsblo activities Unrestricted funds Genernl Total 2024 Note Grant Ivnding of act4vilies Governance costs 24,035 5,767 24,035 5,767 29,802 29,802 Unrostricted funds General Total 2023 Note Grant funding of actNf(ies Goveinance cost8 73,175 5,360 78,535 73,175 5.360 78,535 Grant funding of activity Activity SUPFX>rt costs 2024 Grants paid Govemance costs 24.035 24,035 5.767 29.802 5,767 5.767 24,035 Page 15
Bridgwater Agricultural Society Limltsd Notes to the Financial Statements for the Year Ended 29 February 2024 Grant funding of activity Activlty support costs 2023 Grants paid Govemance costs 73,175 73,175 5,360 5.360 73,175 5,360 78,535 Page 16
Brldgwater Agricultural Society Limited Notes to the Financial Statements for the Year Ended 29 February 2024 8 Grant-making Analysls of grants Grants to Instltution5 2024 2023 Grants to Individuals 2024 2023 Analysis Agricultural events and purpos&s Travel grants Long service awards 8.235 200 100 54,100 2,000 17,075 15,000 500 8,535 54,100 15,500 19,075 Below are details of material grants made lo institutions 2024 2023 Name of institulion Famlink Ploughing Match South West Winter Fair Somersel Holsteins & Calf Show RABI rymore Academy FWAG South Wesl Wesl Somerset Training Group Somerset YFC Yearbook Somer5et YFC Travel Grant National Hedge Laying Champlionships Bridgwaler Flc*wer Show Small grants under £1,000 Polden Hills Tug of War Somersel CMA Bridgwater & T8unlon College Schools Fam Visrt Funding 16.000 14.500 1,450 3,000 5,000 1,250 8,000 2,150 2,100 1.650 150 200 600 500 2,750 500 700 960 1,175 8.535 54,100 Page 17
Bridgwater Agricultural Society Limited Notes to the Flnancial Statements for the Year Ended 29 February 2024 9 Trustees remuneratlon and expenses No trustees, nor any persons Connected wth them, have recewed any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charfty during the year. 10 Independent examinerfs remuneratlon 2024 2023 Other foes to examinors Examinalion-fftlated assurance services All other seTrices 2.780 2,980 5.780 2.590 2.770 5.360 11 Taxation The charity is a registered charrty and 18 therefore exempl from taxation. 12 Flxed asset Investments Other investment8 Llsted investments Total Cosl or Valuation At 1 March 2023 Fair value movements Addiliins Disposals Al 29 February 2024 Net book value 1,502,256 1.502,256 167.0471 167,0471 41,025 41,025 127,752 27,752 1.448,482 1,448,482 Al 29 February 2024 Al 28 February 2023 All investments shown above are held at valuation. 1,448,482 1,448,482 7,502,256 1.502,256 Page 18
Bridgwater Agricultural Society Limited Notes to the Financial Ststsments for the Year Ended 29 February 2024 Usted Investments The market value of the listed investments at 29 February 2024 was £1,448.48212023- £1,502.2561. The hystoric cost of.the listed investments 8128 February 2024 was £1,039.472 (2023.. £1,026,198) Flnancial assets held at falr value Listed investments are measured at mark8t value with changes in value being recognised in the slalement of financial activitie5. The trustees consider that there were many maerial investment equty holdings at the year end, those being.. 2023 2024 DL4geo Ple Old 28 1011108p Astrazenca PIC Ord USDO.25 BHP Group PIC Ord USDO.50 4 Glaxosmrthkline Ord G8PO.25 Prudential Ord GBPO.0S Reckitt Benckiser Group PIC Ord GBPO.10 Relx PIC 14 511116p Rio Tinto Ord GBPO.10 Smrths Group PIC 37 112p Unilver PIC Ord 3.11 p National Grmj ORD GBPO.12431289 74,050 72,377 45.390 53,267 31,493 34,986 86.525 60,948 ' 39,943 61,864 39,944 30,467 42,541 35,741 43,874 32,700 49,140 88,225 78,880 50,550 45.613 51,415 40.334 62,575 68,5M 43,805 66.176 40,348 31,503 39,807 40,709 48,304 32,625 50.530 HSBC Mondelez International Nestle Pepsico STS Global Shell Pl The trustees also consider that there was a material investment held in Index.Linked Gilts at the yearnd, this being UK Treasury 1.25UA IDXJLKD 2211112032 al value of £46.700 (2023 £45,678>. The trustees also ¢onsider there was a material investment held in Bond Funds at the yearnd. this being Invesco Fund Managers Corporate Bond Y INC al value of £32.12812023 £31,150). Page 19
Bridgwater Agricultural Society Limlted Notes to the Financlal Statements for the Year Ended 29 February 2024 13 Debtors 2024 2023 Accrued income 5,5( 4,579 14 Creditors: amounts falling due wlthin one year 2024 2023 Accruals 7.301 7,668 15 Fund8 Balance at 29 February 2024 Balance at 1 March 2023 Incoming resources Rgsources expended Unrestricted funds General 1,538,743 54,144 191,845 1,501.042 Balance at 28 February 2023 Balance at 1 March 2022 Incomlng resources Re50urce$ expended Unrestricted funds General 1,563,656 52,'e55 (77,568 1.538,743 16 Analysis of net assets between funds Total fund$ at29 February 2024 Unrestricted funds General Fixed asset investments Current assets CurTenl liabilities 1,448,482 59,861 (7.301} 1.501,042 1.448,482 59,861 17.3011 1,501,042 Total net assets Page 20
Brldgwater Agricultural Society Lim ited Notes to the Financial Statements for the Year Ended 29 February 2024 Total funds at28 February 2023 Unrestricted funds General Fixed asset inveslments Current assets Current liabilities 1,502.256 44.155 17,668) 1.538,743 1,502,256 44.155 7,688 Total net 28sels 1.538,743 17 R8lated party tran5aGtions During the year the charity ma(Je the following related party Iransadions.. Mrs M Adams Mrs M Adams received an honorarium of £1.667 {2023.. £2,500). Mrs Adams was company secretsry until her resignation on 28 September 2023. Al the balance sheet dale the amount due tolfrom Mrs M Adams was £Nil12023- £Nill. Page 21
Bridgwater Agricultural Society Limited Statement of Financial Activities by fund for the Year Ended 29 February 2024 Unrestricted Funds Total Total Unrestricted Unrestricted Funds Funds 2024 2023 Incomo and Endowmgnts from: Donations and legacles Investment income 54,136 52,647 TDtsI income 54,144 52,655 Exptrnditure on: Raising funds Charitsble aclivitles 110,424) 129,802 111.3241 78,5351 Total expenditure Net incomellexpenditure) Other recognlsed gains and losses Gainslllossesl on investrnenl assets Nel movement in funds 140.226 189,8591 13,918 137,2041 151,619) 12.291 137.7011 (24,9131 Reconclllation of funds Total funds brought forward Total lund5 carried fornard 1,538,743 1,501.042 1,563,656 1,538.743 Thls page does not fonn part of the slatulory financial slalements. Page 22
Bridgwater Agricultural Society Limited Delalled Statement of Financlal Activiti8s for the Year Ended 29 February 2024 Totsl Total 2024 2023 Incorne and Endowments from: Donations and legacies lanatysed below) Investment income lanalysed beh)wl Total income 54,136 52,647 54,144 52.655 Expenditure on: Raising funds lanalysed below) Charitable activities lanalysed below) Total expendrture Nel incomel(expendlturel Other recognised gains and losses Gainslllos8èsI on investment assets Nel movement in funds 110,424) 129.802 (11.324) 178,535 40.226) 8Y,859 13.918 137.204) 151.619 12.291 137,701) 124,913} Reconciliation of funds Totsl funds broughl forward Total funds carried forward 1,538,743 1,501,042 1,563,656 1.S38.743 This page does not fom part of the ststutory financial statement5. Page 23
Bridgwater Agricultural Society Llmited Detalled Statement of Financlal Activities for the Year Ended 29 February 2024 Total 2024 Totsl 2023 Donations and legacles Appeals and donalrons Invesbnent Income Income from listed investments Interest on c85h deposits 52,875 1.261 51.894 753 54,136 52.647 Raising lunds Portfolio management eosts Casual wages Printing, postage and stationery Sundry expenses Lègal and professional fee8 17,109} {1,6671 (7,1911 12,5001 (531 11,567) 113 11,635} 13 10.424 11,324 Charftable actlvltles Grants payable in$titulion8 Grants payable - indwiduals Independent examinerfs fee Other interest payab {8,5351 115,5001 15.760) 171 129,8021 154,1001 {19,0751 15,3601 178.535 This page does not foryn p8rt of the st8tLrtory financial statements. Page 24
Bridgwater Agricultural Society Limited Detailed Ststsment of Financial Activities for the Year Ended 29 February 2024 Total Total 2024 2023 Oonatlons and legacies Appeals and donations Investment income Incorne from listed investments Interest on cash deposits 52.875 1.261 51,894 753 54,136 52,647 Ralsing funds Portfglio management costs Casu81 wages Printing. postage and stationery Sundry expenses Leg81 and professional fees (7,109) {1,6671 17.1911 {2.5001 {53) 11,5671 1131 (11.3241 11.635) 13 10,424 Charitsble actlvltles Grants payable institution5 Grants payable - individLtals Independent examinerfs fee Other interest payabl8 18.5351 {15.5001 15.7601 (71 129,802 {54,100) 119,075) 15.360) 178,535 Thi5 page does not fom) part of the ststutory financial $tstements. Page 25