The Hertfordshire Agricultural Society {A Charitable Company Limited by Guarantee) TRUSTEES, REPORT AND FINANGIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 Charity number.. 291037 Company number.. 01872574 Mercer Hole
The Hertfordshire Agricultural Society Financial statements for the year ended 31 December 2024 CONTENTS Page Trustees, Report Independent Examinerfs Report Slatemenl ol Financial Activities B8lance Sheet Statement of Cash Flows 10 Notes to th8 Finanaal Statements
The Hertfordshire Agricultural Society Financial statements for the year ended 31 December 2024 TRUSTEES, REPORT Thè Tru8tees. who 8re 81so th8 d1clOt8 of th8 Chaiily for the purKM)ses olthe cnpan$ Act, submit their Annual Report together with the financial statements for the year end$ 31st December 2024. The financial statements comply Mth the Charille8 Act 2011, the Cortlpanles Act 2008. the MeTnoTandum 8nd Artides of Association, and Accounting and Reporting by Charrtlès.. Statement of Reeomrnended Piactice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting St8ndard gpplb18 in the UK and Republic of Ireland IFRS 1021 (effective 1 October 20191, Update Bulletin 1. Reference and Administrative Details Charity number.. 291037 Cornp8ny number.. 01872574 Th8 r8gister8d address for th8 ChgTity is also the principal offic9 a(Idress, which houses the Central Supportteam.. The Showground Dunstable Road Redboum St AlbBns Herttordshire AL3 7PT The Trustees S Diredors who served during the pETrod wete a5 follow5.. Frazer Crnwley Iretlred July 20241 Paul Che¥ry Paul Christian Iliam John Dickinson Dr Stephen Ridley Dowbiggin Catherine Leahy Charles Richard Percy Luae Jane Deborah Stone Stuart Roberts The Trusleas delegate the day-to-day management ol the eharRy to". Sarah-Louise M8ry Moreland Pratik Dutta Annabel Bolton Ch8rlott6 Kan0-Bdl(4)8r Jade Hills Janet Dawes Emma Bishop Execut Dire¢tor Trade & Evenls Manager Equine & Schools Mgnagar Asslstant Sht)w Dir8ctor Sociely & Membership Manager Financ6 Livestock Manager INI8p8nd8nt Examlnèr. stèv8 Robinson Melr 8nd Hole Chartered Accountants 72 London Road st Alb8ns Hertrordshire AL1 INS
The Hertfordshire Agricultural Society Financial slalements for the year ended 31 December 2024 TRUSTEES, REPORT Obl¢ctlves The objectives of the Charity are to promols Industy In genaral and I psrlcular to pr%Nnole rural industry And agriculture, and to such end generally lo impieve il In all ils branches, to encovrage skil and industry in it8nd in all Irad8S, crafts. 2nd prefesslons ¢onnecled with il. The moslimport8nlfin8n¢lal¢omMilmenl, al Ihe present lime, is th8 organisalion hosttng and d&llvery of the HertfOrdshI County Show. Slgnlflcant activltles The Herttordshiie Agiicultur81 Society'8 principal activity is the holding of an annual county show. Ourshow in May 2024 wss we51 supported by the public wilh excellent feedback fvom attendees, eompetilors. exhibitors, stewards, and members of the Society. However it is also cle8r that the attendance figures were impa¢led by the f8Ct th8t BBC Radios Big Weekend was held over the satne weekend as well 8s 8 numberol other srgnificant events whlch dashed with the show. The show helps us to delpier our objectives by promoling agrioullure and wral industry to a largely urbsn public and to ehlldr8n and young adults in p8rticu18r. W8 want to Bneou¥age more chlldren cause we see a benefit to them of an appreciation of how our farmland and If1r food is managed and produced. The Trustees want to try to dose the gap In chlldren's under51allding at how and where the basic food ingredients are prodUd on farms in Hertlordshire. So, the Hertfor(khire Agricultural Society Sthools Day was run for the third time in 2024 with over 1,0(X) yfjar 6 ¢hildr&n from C¢unly 8¢hools ho$16d 81 th6 showground. Stsclely members. show steward5 and Society staff dernonstraled where food corne5 from and how it is grown and processed before it arrives on the supermarket shell. 11 wa$ 8 gal success, good lun for all and much enjoyed. We iniend ta d8V81op and enlargè the event gradually over the nexl f8w yèar8 Wlth the halp of oenerous sponsors and our volunteers, farmers, and members. The trustees would like to thank Paul Cherry for his continuing leadership of this event. Our staff The Trustees would like lo iecord th81r ongoing Ihanks lo tha offie6 168m that madè all our actimtles a success. The te£m is has made e%lIent progress this year under the piofegslonal and effective leadership ol Sarah Moreland our Executive Director. Tha show and the school's day would not happen wthout the dedication of the 150 or so volunteers who ad as stewards. Every member ol the Sooi8ty indebted lo th8 voluriteers who give so generously of their titne to help the charity achleve Its abms.. our thanks to 811 ofthem. Ensurlng thg future of tho Soclety and Its work. The aftereffects ol the pandemic are still felt in the finances ol the SoeAety we continue to seek to rebuild our reseNes 8nd althE same time delivw on our charitable activtties. The Hertlordshire Agrlculiural Society is fortunate to own the showoround and be able to 191 the Sile fot Uses olhgr than the show over th6 y6ar. Tha ¢ommerd81 letting is carried out through the wholly owned substdiary of Hertfordshire Showground limited and all profrts 8re tran5fgrred to th& sOety. The subsidiary results are shown in this report and the WnpOrtan of this income to Ihe Sociely is evident from th8 awounts, The Executive Director h8s worked hard thls y88r to continua d8V81oping relationships writh local authOrfts. educational institutes Iprimary Ihrough lo 18rbary lev811, commercial interests, ieseaich 8St8blishm8nts and cal business community. Much has been achieved but there is more lo do to promote the rural eoonomy in the County. Th8rè Is no desire lo repeat what other rural organisalion are doing. so we work closeFy wilh the NFU and tha CLA and many others ta CTea18 synergies. Acknowl8dg8ments The Tnjslees would like to expre88 Ih$ir gr8tgful th8nk$ to our Patron, L8dy Sallsbvry, loi her contlnued support and valuable advice. Our President durfng 2024 w8s lan Clarke and Trust6as would like tts thank lan for his SL4)POrt. ad and hls enthusiasm during his Ilme In office.
The Hertfordshlre Agricultural Soclety Financial slalements for the year ended 31 December 2024 TRUSTEES, REPORT The TwstÈes would also like to record thelr thanks for the ongoing support received fvom the Lord Lieutenant ol Hertlordsh¢re, Mr. Robert Voss CBE CStJ Hon.LLD ha5 rernained an 8nthusia81ic supporter ol the Society. Th8 Trustees rem8in evèrgrateful to our many sponsors, donors, and members forlheir continued SUPPLYt. Internal and exl8mal factor8 The Society ¢onlinu88 to work wthin the goveinance structure established duiing the reorganisation of 2017. Responsibility for the direction ol the Society vests Mth the Board ol Trustees. The Show Committee and Ihe Executive are delemiined to deliver a County Show in 2025 which will be sale and compliant with any regulations In force al the t4rn8. Market Value of Land and 8ulldlng The Trustees ar8 conlenl that the curient Tharket value ol the land owned by the Swely is £700,000, valued as agricultural land in the condtlion as il stands today. Th6 office building has 8 book value In the accounts. after annual depieciation. at £178.667 which is ¢onsidered to be a fair market V81ue. Flnan¢lal revlew Principal lunding sourc8S The principal funding sourc8s for th6 Ch8rfty 8r6 generated by the Show. from traders, sponsors and lickel sales. Society members contribute a sub8¢riplion. Hortlordshire County Showground Ltmlted is B wholly owned company through whkh thè $howground is let tts third part$ and net revenues are pa88ed to the Sooety in the form ol a donation. Invesfm&ntpollcy and oDjectives There are Trtrronly no fund5 invested th the purpose ol earning addil'onal income for the charity. Th6 cash resetve that the Socieiy hokls is held in an ordinary deposit account. Re89fVQ5 policy The charity is aiming to bulld m8rve8 10 a level whleh would provlde Itwith a measure ol resili8nc8 in th8 event of t05t show or p0Orattendan. Going conc8rn The financlal statements have been prepared on 8 going concern basis. In making this assessment, the Trust8eS have prepared detailed trading and cashflow forecasts lor the periad lo 31 Decetnber 2025. These forecasts have been tsst8d 88 far as is possible to make clear the worst that any resurgen of the pandemlc might entail. The Executive nire¢tor and the Trustees have taken and continue to lake steps to miligale these risks. Th8 Tiustees aré of the view that the chaffity will be abl8 to mo81 ils oblig8lK)ns as they fall due ovw this Iwelve month pwiod. Revlew of the Year 2024 Attendan al the 2024 showwas below antscipated levels due in large part to clashes w¢lh on8 ofevents such as the BBC Big Weekènd in Luton. Trade stsnd sales were better th8n 2023 bul there is no doubt that the market is changing with roughly 215 of the pre pandernlc trade regulars disappearing. The Food and Farmlng araa ol th6 show continues to be a fanlaslicexample ofhow lo fflake leaming engaging and fun and is acredit the 8t8wardlng team that wotk so hard make11 such a succ*ss. 11 PtS food and farming at haart olthe show. The thlrd Schools day built on the succ8ss of tha first two th an Increase in the number of thildrgn at the ev8nl. The adage that seeing is believing was exemplified by this 8vent, th8 children were laught and challenged by what they saw. Thanks lo all our sponsors and to local Couneillors who gave their tiEn& and support on the day and in financial support from Herts County Counul funds. The Tru8taé8 record thanks to the Executive Director and team bul also to thè sponsors. volunteers. trader4 members and wsitats who Enak8 thls 811 possible, Princlpal r18k8 and unc8rtalntles The Trustees have assessed th8 major risks io which Ihe chaiity is exFK)sed and 8r6 satisfied that they arè not exposèd to any significant risks other than piincipal sk being the weather on the show days. The w88th8r Can have a signifiG9nt impact on attendance ol the show whFch in (um can significantly impa¢1 th& rev&nue geneyaled in th6 year.
The Hertfordshire Agrlcultural Society Fir)ancial statements for the year ended 31 December 2024 TRUSTEES, REPORT STRu¢fuRE, GOVERNANCE AND MANAGEMENT Govarning document The Hertlord5hire Agricullu181 Society was founded on 22 July 1801. On the 4th April 1930 tho Socièty was fe- consiiluied as a tlU8twilh Charitable Status. The Walford and Trlng showjoined the Hertfordshire Society in q945. The charity was incoiporated as a Cornpany Limited by GUarate8 in 1981 and a Mefflorandum & Articles ol Association was dr£wn up. In 2017 these were reviewed and updated, and a governing Board of Trustees appointed. The SO&ty 18 a registered charity. In 2023 we cOnStituted the Activity Committee as the Schools Day Committeè lo provid8 the School's Day with the proper govorn8nCè It requiies, The work of the Activity Commrttee. otherthan the School's Day, has been tran8fÈr18d to the Show Committee. Paul Cherry has agreed to carry on as the Schools Committe8 chair until aft8r schools day Juty 2025. R8crultm¢nt and appoSntment of Trusteès The directors ol the company Ére also the Trustees of the charity for the purpose of Charity law and under the company's Articles are known as the Board ol Trustees. The 8oard ol Trustees sh811 be composod of no f8wer than four and not more than ten competent persons comprt51ng". The Chair Th8 Ch8ir Elect The Chair ol the School's Day Commlttee The Chair ofthe Sh¢)w Cofflmittee Up to three elected TrusleÈs Up to two external Trustees and The fetiring Chair (Past ChaSrl. providing that he Dr sh8 agrees to remain on the Board and subject to the 8pproval of th8 Incotnlng Chair. The TNstees may from tine to time at 1[ diserètlon d8t8rmin8 any critsria lor appointment as a Trustee. Organlsatlonal structur The Hertfordshire Agricultural Sociely has 8 Board of Trustees, this F8 headed by ils Chair (Richartl Percy) and two sub-committees. the S¢hool'5 Day Comrnittee Ichair. Paul Cheiryl and the Show Committee Ichair.. Frazer Crawleyl. The day-to-day running olthe Society is undertakan by Ihb ExÈculiv8 Dlrector, Sar8h Moreland. She is responsible for ensuring that the charity is managèd aff8etively in 8ccordance with the strategic direction set by the Board of Trustees. Indu¢tlon and tralnlng of nèw Tru5tee8 All naw Trustees arè invlted to at18nd a short training session to lamiliarise themselves wth the charity and to undersiand their reswn$ibiSilies as a Trustee. These are loinlly led by the Chair and the Ex6culive Director, and cover.. The obligat¢ons and responsibilities ol the trustees and the board The operational framework lorthe charity induding the Memorandurn ar¥J ArtleS Resourcino and thè euir8nt fln8nci81 position. Plans and objectives. Wld•r netsyork Thé Show m8intsins links wth other shows but is not tied ta these in any way. However, the Trustees and the Executive Dire¢tar are keen to promote collaboration with other shows and theirorganising offieérs to promote the sharing of best practise and resour for the benefit of traders, coniP6titors and visltors. Sarah Moreland was appointed to the Board of the Association of Show & AgiicuFtural Oiganisations IASAOI in 2023 and cOntueS to sefve lorthTee year5. Related partles The Soriely owns 70 aeres of Sh¢)wground alongs(de the A5183 IA51 road, to the north ol Redboum and naar Junction g of th8 Mf, wh8re the County Show has been held since 1962. Herts County Showground Lin)ited 15 Whol owned subsidiary olthe Charity. It Is responsible forthe letting of the 5howground 8nd all profits are donated the Charity.
The Hertfordshlre Agricultural Society Financial statements for the year ended 31 December 2024 TRUSTEES, REPORT Tntstees, re6ponsibllltl&s statement The trustegs (who are also directors of The Hertfordshire Agricultural Society lor the purposes of company lawl are responsible for pr8P8ring the Trusteo8' Annual Report and the financial slalements In accordance Mlh applicable law and United Kingdom Accounting St£ndards (United K1ngdom Generally ACpted A¢counbng PI8Cti(*l. Company law requirés th8 trugtèos to prepare financi81 statemeRis lor tsach financi81 year. Under company lawthe trustees musl not approve Ihe finanel81 slalemenls unle85 they ala satisfied that Ihey give a tiue and fair wew of the slate ofaff8irs ofthe charitable Company and olthe incoming resources and application ol resource8, Including the income and gxpenditure, ofthe Charitable company for that period. In prep2ring thésè financial stslements, the trusteés ère required to.. s816Ct suitable accounting pollcies 8nd then apply thern ¢onsistenUy". observe th8 rn6thods and principles in th8 Charities SORP 2019 IFRS 1021., make judgements and estiinates that a reasonable and prudent., 81816 whether 8pplicabl8 UK Accounting Standards have b@en followed., prepare the finaTraal statements on th6 going concern basis unless It15 Inappropriate to presum6 that thè charitable company wlll contlnue In operation. The trustees are r$sponsIb for keeping adequatè aceounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensur6 that the finanri81 slaternents comply with the Cornpanies A¢t 2006. They are also responsible for safeguarding the ass8ts of the charitable company and hence for taking asonable steps for Ihe prevention and de16ction of fraud and o¢h8r irfegularilies. In 80 far ag the trustees are awaie". there Is no relevant audit info the truste98 have taken all Inlomialion and to gstab. of whith the charitablg company'5 auditor is unaware; and that they ought to have taken lo rnake thémselves aware ol any relevant hat Ihe independent 8x8mlner is aware of that infoTm8tlon. Stuart RDberts Ch8irm8n and Twslee Date.. 2025
The Hertfordshire Agricultural Soclety Financial statements for the year ended 31 Decembef 2024 INDEPENDENT EXAMINER'S REPORT Independgnt Examlner'$ Report to tho Trustee8 of The Hertfordshlre Agrlcultural Soclely I report to the charity Trustees on my éxamination ol the financi81 statements of the ¢panY for tha yèar ended 3108cember 2024 whleh are 5gt out on pages 8 to 23. ResponslbllltS88 and bas18 of report As the Charity IrusleÈs of the company, yov are respons)19 ft)r the preparation of the financial statements in accordance with the requirements ol the Compani68 Act 2006 {'Ihe 2006 Act'l Having s81i8fied mysellthat the financaal statements accounts olth8 company are not required to be audi18d under p£rt 16 of the 2006 Act and are ellgibEe for independent examination, I r8port in respect of my examination of your company's accounts 8s cariied out under section 145 of the Charities Act 2011 I'lhe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charily Commission nder section 14515llbl of the 2011 Ind8pandent examIn0$ statement sin the company's gross income exceeded £250,OOOyourexaminermusttE a momb8rofa body listed In s6Ction 145 of the 2011 Act. l eonfimi th81 1 am qualified to undertake tha &x8mination because l am a member of Ihe ICAEWwhich is onè of th8 listed bodies. I have complelod my examination. I confifft that OD material matters hsve eome to my attention in connéctron wilh th6 examination giving me eause lo believe that in any mat6ri#l resp8Ct'. accounting records were not kept In respecl of the company as required by 8eclion 386 01 the 2006 Ad.. or the financial st8t&nents do not accord with those records.. or th8 financial statements do not comply wth the accounting réquirements ol section 396 of the 2006 Act othei than any tBquirement that Ihe accounts giv8 8'1rue and fair view, which 1$ not a matter considered as part ol an independent examlnation- or the finanrial statements hav8 not been prepared with th8 niethods and prinuple5 01 thè stslamenl of recomFnendBd practice for accountlng and r8POrting by charit$ lapplic8ble to charities preparing thelr accovnts in accordance wllh the Financial Reporting Standard appllcabla in Ihe UK and Republic ol Ireland (FR810211. I h&v6 no concerns and have Come auoss no olher matters in connèction with the examination to which attention should be drawn in this report in order to enable a proper Uetanding of the financid statements to be reached. Steve Robinson Mer([ & Hale LLP Chartered Accountants 72 London R¢Jad St Albans Hertlordshire AL11NS Date".
The Hertfordshire Agricultural Society Financial statements for the year ended 31 December 2024 STATEMENT OF FINANCIAL ACTIVITIES {INCLUDING INCOME AND EXPENDITURE ACCOUNT Unré5trTCt8d Fund8 Re8trlcted Fund$ Year ond4d 31 D&c 2024 Yèar 8nded 31 De¢ 2023 Income and Expenditure INCOME- Oonations and18ga¢ies 36,511 23,101 59,612 55,703 Income from charitable acflvltles Show Other trading sclivit18S Investment income 411,464 213.887 201 411.464 213,867 201 445,474 138.295 315 Total Incom¢ 662 063 23,101 685,164 639 787 EXPENDITURE-. Raising fund8 300,183 300,163 286,511 Expenditura on charftable ?ctlvitle8 Show Sehools Governance costs 393.059 393.059 23.101 7,344 342,381 19,729 8.565 23.101 7,344 Total Expèndltum 700,566 23,101 723.667 657.186 Net Incomèllexpendltur&l and movem8nt In lund$ {38,5031 138,5031 117,3991 Re¢onclllatlon of funds To181 fund8 brought forward 956,479 956.479 973,878 Total fÈtnds ¢arriod fOard 917,976 917,976 956,479 Th6 statent of financxal activilies includes all gains and losses recognised In the year. All income and expenditure derive fr( continuing aotivities. The accompanying aCGountlng w)licies and noies lomi an integral part Dt the financial statetnents. A bre8kdtwin of the 2023 cornparalives can be found in note 22 01 thes8 financial statements.
The Hertford5hire Agricultural Society Financial slalemenls for the year ended 31 December 2024 BALANCE SHEET Note 31 Dec 2024 31 De¢ 2023 Fixed A¥88ts Intangible assets T£ngible assets Invèstm8nts 12 13 925,918 925,949 925.919 925,950 Current Assets Debtots 14 50,468 37.962 85,344 Cash 61 bank and in hand s1,(7 Total Current A55ets 88.430 136,411 Creditors= Arnounts lalling dug within one year 15 188,0391 ie7,5491 Nel Curront Assets 391 48,862 Total Assels lègs Currant Llablllls 926,310 974,8f2 Crnditors.. Amounts falling after more than one year 16 18,3341 118,3331 Net Assets 917,g76 956,479 The funds of thfr charlty Unrestricle(5 Funds Restricted Funds Revaluation Re88Tve Total Chaty Funds 17118 17118 17118 210,403 248,906 707,573 917,976 707.573 956.479 For the financial perEod 8t19 on 31 December 2024 the company was entitled to exemption EEnder sectiDn 477 01 the Compani6s Aot 20Q6 lating to small companies. No rnembers have required the company lo obtain an audit ol its financial stateménts for the year in question in accordance with section 476 of the Compani8s Aei 2006. The drrèctors a¢knOadge thgir responsilNIIty for eomplying wth the requlr6m6nls ol the Act with respecl lo accounting record5 and fortho reparation of financial 81alemenls. These finanual stalem to Ihe small compani 18ve been prepaTed in accordance with the provision8 applicable lo companies subject eg4ne and in 8c¢ordance with the Financial Reporting Standard IFRS 1021. Approved by t ard ol Tru8tee8 on stuart Roberts Trusteè Company numboy: 01872574
The Hertfordshire Agricultural Society Financial statements for the year ended 31 December 2024 STATEMENT OF CASH FLOWS Note 2024 2023 Cash used In operatfjng actlvitiès Cash generated from operations Int8r851 psid 20 10,920 11,1431 2.876 12.4591 Net cash used in operatiw actitIS 9,777 417 Cash flows from investinu actlvltle$ Purchas8 of tangible fixed assets Interest receiwj 113,0831 201 114,0151 Net ¢a8h from Investlng actlvit188 112.8821 113,8591 Cash flow8 from financlng activltlès Bank loans received Repayment ofbat* loan8 110,0001 110,0011 Net caBh from flnanclng a¢tlvltlès 110,0001 110,0011 Increase I Ide¢r8asel in Cash and cash equivalenis in the year C8sh and cash equiva18nts at the beginning ol Ihe year 113,1051 s1,(7 123.4431 74,510 Cash and cash equlvalénts at the end of thè yaar 37,962 51.067 Cash at bank and In hand 37,962 51.087 10
The Hertfordshire Agricultural Society Financial statements for the year ended 31 December 2024 NOTES TO THE FINANCIAL STATEMENTS 1. Legal Form The Hertfordshire Agricultural Society is * prlvate company limited by guarantee without share capital and with exemption fram the use of'Limited'. The ch81ity is incorpoiaied in Engl3nd and Wales and th& registered office is Th6 Shawground, Dunstable Road, Redbourn. St Albans, Hertfordshire, AL3 7PT. The liability of each Truste6 is limited lo ¢onlribiJting £110 the assets of the Charity in the event ol il being wound up while a trustee. or wilhln on8 year afterce85ing lo b& a trustee. At 31 Decemb8T 2024, the nuTnbei ol Trustees was 812023.. gi. 2. Accountlng Pollel•¥ Ttte prinpaI accounting policies adopted, judgements an¢J k6y sources of eslimatiofi uncertainty in the prep&r2tlan of the financial statetngnts are as follow5.. a) Basls of prep8ration The financial slalements have been prepared in accordance with AcctyJnts"ng and Reporknng by Charities,. Statement of R6eommended Praeuee p1¢able ICF ¢h8ritles preparing their accounts in accordance with th8 Financial Reporting Standard applicable in the UK Ènd Republic of Ireland IFRS 1021 leffectlve 1 January 20191- ICharlti8s SORP IFRS 10211, the Financi81 RÈF)Orting Standard applic8ble in the UK snd Republic of Ireland and thè Companies Act 2006. The Herlfoidshitv Agricultural Soci8ty meets the definition of a public benèflt enbly under FRS 102. Assets and liabilities are Initial recognised 2t historical cost or transaction valu8 unless Othemise ststsd in the relevant acthunlino policy notes. bl Pr8paration ol the financial Statements on 8 going COnrn basis The financial staiements have prepared on 8 going conrn basis. In making this assessment, the Trustees have prepared d8laile(S trading and cashflow lor6easts forthe pe0d to 31 D8Mber2025. Th888 show that the charity expects to be able lo meet ils otAigations as they fall due over this period. cl Don8lion5 Monelary donations are accounted lorwhen received or when they meet tho d8finition ol income in part Idl below. A number ol indidual donate their time for the organisation and operation ol the County Show. It is not félt that any reliabl6 value can be plad on their lime so these donat8d 8eTvices are not tècounised in the rin8ncial statements. dl In¢ome Income is recognl$trd when the Charity has entillement to the funds. any perfoiman¢x coThYitions attach8d to the items of in¢orne have been rnet. il 1$ probable that the income will be received and the amounl can be measured réliably. el Interest [w1Vable Interest on fvnd5 held on deposit is included when le1vable and the amount ean be m8asured reliably by the Chanty., this is normally upon notifieation ol the interest paid or payable by the Bank.
The Hertfordshire Agricultural Society Financial statements for the ye8r ended 31 December 2024 NOTES TO THE FINANCIAL STATEMENTS Ac¢ounting Poll¢le6 l¢ontlnuedl Fund accounting Unrestricted funds 8re avallable to spend on activities that further any ofthe puiposes of Charity. Restrided fullds are don£lion5 whlch the donor has specifie¢f are to be solely used for p3rticula¥ areas ol the Charity's work or for specific pfojects being undertaken by th8 Charity. gl R8stricled Funds Restiicted funds are funds which are to be used in acaoidance with th8 specific res(llclians Imposed by donors or which have beell raised by tho eharily for specific purwses. The aim ol each reslricted fund is s21 out in the notes to the financial statoments. h) Exp8rkdlture Expenditure is recopnised oncs there ss a legal orconstruclive obligatk)n lo make & payment lo 3 thlrd party. it is probablg that selllement VAII be required and the amounl of the obligation c&n be measured reliably. Expenditure Is clas8ified under the foltowlng activity headings,. I. costolrai5ing funds comprlsesthe coslof all aeiivilies noldlrectly attribulabl8to the HertfOrdShi County Show includlng all stsff and adminlstration costs. 2. Expenditure on charitable activitigs c(Nnprises all costs direclly attribuiabl& to the oroanlsation and hosting of the Hertfr>rdshlre County Show including independent 8xamination fees and other non-audft S8rvth cosls. i) Governan costs Governance costs include indepéndent examination fees and othèr services delivered by the Independent Examiner. These cosls hav8 been allocated to expeTh3iture on chariiable activitiès and are $81 out In note jl Employee benefils Tho 0)sts ofshort-tem) employ88 LEnefits are r8cognised as a liability and an eXnSe. kl Tang¢ble fixed assats Individual fixed assèts are initially m8asured at cost and subsequently measured al c05t or valuation. net ol depredation and any Impaimient losses. Depreciation is ¥wnisÈd so as to write off the cost or valuatlon ol assets over thelr useful economic lives on 3 st¥aight line basis as follows.. Asset Category Annual rate Freehold Property IBulldingl Showground IFnprovem6nls Show Equiprnent Office Equipment 2% 01 cost lA ol cost 25% of cost 25fjA of cost 12
The Hertfordshire Agricultural Soclety Financi81 statements for the year ended 31 December 2024 NOTES TO THE FINANCIAL STATEMENTS Ac¢ountlng Policl8s l¢ontlnuédl A professional & independent valuation IRICSI was carried oul on the freeho land & buildir¥J on 24 May 2017. The18nd was revalued as agricultural land at £405,(K)O after deducting the costs to remove the hard standing araas and the Building was revalued 8t £200.000. The land was furth8r revalued by £295.000 during the 2020 y8ar to a valuè of £700,(KIO and the Trustees con5iderthe depreciated value olthe Building of £178,687 to be 8 lair refiectlon af its market value. 11 Int8r>gltle fixed assets Inl8ngibEe asset5 ale recognised at cost and ar8 subsequently ffleasu at cost less accumulated arrTrortisalion and accumulated impaimienl losses. All intangible fixed 8ssets are amorli5ed on a strayhl lin basis overthe 88limated economic life of 4 years. ml Inveslm6nts The company owns 1W% of the share capital of Hert$ County Showground Limlted. This included i unlis18d investm6nts at cost. n) Stod( Stock is indtrd8d at the lower of cost or net all$able value, after making due allowance for Obsote or slow moving items. ol Debtors Trade and other debtors are recognised at the settlement amount due after #ny tr8de discount offered. PpayM&nIs are valued at th& amount prep81d nÈl ol any trade discounts due. pl Cash at bank and in hand Cash al bank and eash In hand includes cash and short t8mi highw IUEd invg8lments with & short malurlty of thr88 months or less from the date of acquisition or opèning ofthe deposit 01 similar account. ql Creditors 8nd provisions Creditors and pro%rysions are recognised where thè Charity has a presènt obligation resultillg from a past event that will probably result in the tTansfer ol funds to a third party and the amount due to Setde the obligation can be m68sured orestimaled reliably. Creditors end pro$108 are nomially recognksed at their 88tt18ment amount 8ftèr allowng for any trade disojunts du8. rl Flnancial instruments The Chaiity only has financial assets and financial liabilities of a kind that qualify as basi¢ financial inslruments. B88ic finanal inst¥uments are initially recognised at transa¢14'0n valsja and subsequentty measured at their $8tt1ement valve. sl Pension tosts The Charity op6r8tes a defined conlrlbution penslon stheme for employees. The assets oflhe scheme 8ré held separately from those ol the Chaiity. The annual contribut40ns payable are charged to the statement of financial aetiw¢tès in the period to which they rel8te. 13
The Hertfordshire Agricultural Society Financial stalemenls for the year ended 31 December 2024 NOTES TO THE FINANCIAL STATEMENTS Aecountlng Pollelès Icontinu8dl tl Taxation Th6 Gharity 18 exempt from tax on income and gains falliw withln section 505 of the Taxes A¢l 1988 or section 252 of the Taxation of Ch8rgeable Gsills Act Igg2 to the extent that these are aprlied to its charitable obj6ciives. ul Grants Government and other grants are recognised wh&n the Ch8rity has enlitlemenl to the funds, any performanc9 conditions altach8d to the grants have been meL il is probable that th6 income will be received and the amount can bE me3sured reliably. 3. Income from donatlons and sponsors Unrestricted Fund$ Restrlcted Funds Total 2024 Total 2023 Sponsors & donors 36,511 23,101 59,612 55.703 36,511 23,101 50,612 55.703 4. Income from charltable a¢tlvltles Unr08trlctsd Funds Rèstrfcted Funds Totsl 2024 Total 2023 Show Entr8n & entry fee5 411.464 411,464 411,464 411,464 445,474 445.474 Othèr Tradlng Aetlvltles Members subscriptlons Donation f¥om Herts Showgfound 24.475 189.412 213.887 24.475 189,412 213.887 18,681 119,614 138,295 625,351 625,351 583,769 14
The Hertfordshire Agricultural Society Financial statements for the year ended 31 December 2024 NOTES TO THE FINANCIAL STATEMENTS S. Investment Income Unr&strlcted Funds Re8trlcted Funds Totsl 2024 Total 2023 Wayleav68 Bank interest reived 133 68 133 68 159 156 201 201 315 6. Cost of ralslng funds Unrestrlct8d Funds Restricted Fund$ Tot812024 Total 2023 Staff costs Subconlracl 18bour Rates, ele¢lricity, water & fuel Insurance 156,296 29,634 4,805 11,618 4,289 2,716 40,700 785 1,242 3,495 7,469 6,996 13,115 6,366 2,159 156,296 151.347 26,020 7,188 9,274 4.357 2,775 27,619 4,805 11,618 4,289 2,716 40,700 785 1,242 3,495 7,469 6.996 13.115 6,366 2.159 TephOne Postage & 5talionery Showground maintsnance Legal & PTofesslonal HR and training Subscriptions Office expenses IT 1,961 3.460 10256 9,Q98 15.780 8,085 2,650 3,239 2.502 288,511 Depreciation and 8mortisation B8nk ch8rges and inlere5t Travel & Svbsistence Sundry Expenses B8d debts provision Total 8xpendlture 8,478 300,163 8,478 3(KJ,163 7. Expendltur6 on charltable a¢tlvltl•s Unrestrlct8d Fund8 Restrfct6d Funds Total 2024 Total 2023 County Show Schools Food and Famiing 393,059 393,059 23,101 342,381 19,729 23,101 393,059 23, 1Q% 416,160 362,110 15
The Herifordshire Agricultural Soclety Financial statements for the year ended 31 December 2024 NOTES TO THE FINANCIAL STATEMENTS 8. ExpBndlture on governan¢e costs 2Q24 2023 Independanl examination fees 2.394 3.675 Other non-audit servl 4.950 4,890 7,344 8,565 9. Net M0M•t In funds Thls18 Stated after charglng: 2024 2023 Independent 6xamlnalion f06S Other non-audit sem$ Depreri81ion Amortisation 2,394 4,950 13,115 3,675 4,890 14.615 1,129 10. Analys18 of Staff costs, Tyustee gxwnsos, and the cost of key management personnel 2024 2023 Salaries and wages 141,242 137,119 Social setsjrity ¢osts 8,224 7,679 Pension costs 6,830 6,549 156,296 151,347 The numb8r of ernploy8ES whose MoYee benefits lexcludlng employèr pension costs) exceeded £60,OOCI was O (2C123." 01. The Charity TTUStees were Dot paid remuneration Dr received any other benefits from ernploymenl with the Charity during the ye&r12023'. £nill. TrLssl885 were reirnbursed expenses during the year of£nll12023.. £nill. The averagg monthly numbèr ol persons emplDy8d by the ChaEtty during the yearwas as follows.. 2024 2023 Number Numbér Exe¢uliv8 Dire¢tOT Administration 11. Intanglbl? fixed ass8t# 16
The Hertfordshire Agricultural Society Financial statements for the year ended 31 December 2024 NOTES TO THE FINANCIAL STATEMENTS Website Cost At 1 January 2024 Additions Disposals At 31 D&cember 2024 16,618 Iq6,6181 Amortlsatlon Al 1 January 2024 Charge lor the year Eliminated on disposal At 31 DeMr 2024 16,618 116.6181 Net book value At 31 nember 2024 At 31 DeMr 2023 12. Tanglblt flxed a88ets Freehold land Showground and prop8tty Improvemènts Show Equlpm•nt Oflfce Equlpment Total Cost or valuatlon At 1 January 2024 Additions Al 31 Detsmber 2024 900,000 356,964 2.010 358,974 149,864 4,724 154.588 32,674 6,349 39.023 1,439,502 13.083 1,462.585 900,000 Deprèciatlon At 1 January 2024 Charg8 for the perfocj At 31 Dac¢mber 2024 21,333 4,000 25,333 322.903 7,144 330,047 137.619 1,573 139,192 31,698 398 32,096 613,553 13.115 626.668 Net book valve At 31 Dec8rnber 2024 874,687 28,927 15.397 6,927 926,917 AL 31 December 2023 878 667 34,(1 12,246 976 DepdatiOn of the freehoks prapetty r61ates only to the buikling. 13. Fixed asset investments 17
The Hertfordshire Agricultural Soclety Financial statements for the year ended 31 December 2024 NOTES TO THE FINANCIAL STATEMENTS Unlisted Investments Ct At 1 January 2024 and 31 Oecembgr 2024 Net book value At 31 Decemb&r 2024 At 31 D8mber 2023 The charity's Investm($ In the share capital of companies at the balaTh sheet dale include the followng.. Name of undertaklng R?g15tered Nature of buslnèss Class of Bhare5 held °A Holdlng Dirèct Indlr•ct Herts County Showground Limited England and Lettings Wales Ordinary 100.00 14. Debtors 2024 2023 Trade debtors Amounts owed by group undertaking8 Prepayments and accrued income VAT 18¢laimab Other debtsxs 42,245 407 7,816 23,833 48,055 11,358 740 1,358 50.468 85.344 15. Credltors.. amounts falllng duo wlthln onè year 2024 2023 Bank loans and ovardrafts Trade creditors Taxation and social 88curity other creditors Accruals 2nd deferred Inclne VAT payable 10.000 16,2ts5 6,403 1,738 50,254 3,379 88.039 10.000 39,471 3,378 155 34,545 87.549 Barclays Bafik hold a legal charge over th8 freehold of the charity, cov8ring all amounts owed to them by th8 Charlly. Included En acGw818 and deferred ineome is £2,12512023', £NIII lating to nwntes recswed for the Schools Ev8nl. 18
The Hertfordshire Agricultural Society Financi81 statements for the year ended 31 December 2024 NOTES TO THE FINANCIAL STATEMENTS 16. Credltors= amounts falllnu due aftèr more than onè year 2024 2023 Bank loans and ov8rdrafts 8,334 18,333 8.334 18,333 £nil (2023.. £nlll of the above balan is payablg after morè than 5 years. 17. Analys1# of chailtable funds Analy$i$ of movoments In eharitable funils Balance at Balance at 1 January 2024 Income Expendlture 31 De¢amber 2024 Unrè$trlcted funds 248,906 662,063 1700,5661 210,403 Revaluatk)n reswve 707.573 707.573 Restrict6d funds 23.101 123,1011 Total 956,479 685,1É34 1723,6671 917,976 19
The Hertfordshire Agricultural Society Financial statements for the year ended 31 December 2024 NOTES TO THE FINANCIAL STATEMENTS Analysls of movéments in ¢h*rltsble fund8- prlor year Balance at Balance at 1 January 2023 In¢om81 Revaluatlon Expendlture 31 December 2023 Unrestr fL¥nds 639,787 1857,1861 248,906 266,305 Revaluation reserve 707.573 707,573 Reslrided funds Totsl 973,878 639.787 le57,1861 956.479 18. Analysls of re8trlct8d funds Balance at 1 January 2024 Income Expendlturè Balancè al 31 De¢ember 2024 Schools Food and Faming and Day 23.101 123,1011 Total 23,101 123.1011 This fundlng was a one off donation to b8 used towards the HertfOrdshI Schools Food and Farming Day. 19. Analy81s of nèt assets In unrestrlcted funds Analy$ls of nèt asset movements In funds Frèè Rese8 Attrlbutable to flxed assets Total 2024 alance at beginning of year 30.529 925,950 956.479 N81 movem8nl in funds 138.4711 1321 138,5031 Balarteè at end of year 17,9421 925.918 917,976 20
The Hertfordshire Agricultural Society Financial slalemenls for the year ended 31 December 2024 NOTES TO THE FINANCIAL STATEMENTS Analysls of net assèt movements In funds- prloryear Freo Reserves Attr1btable to fixed assets Totsl 2023 Balan at beginnlng of y8ar 46.164 927,714 973,878 Net movÈtllenl in funds 115,6351 11,7641 117,3991 Balance at end of year 30.529 925.950 956,479 20. Reconclllatlon of net movemoht In fund8 to net ¢ash Itow from operatlng aetivi¢iè8 2Q24 2023 N6t movement in fijnds 138,5031 117,3991 Depreciation and 8mortisalion charge 13.115 15,780 Int8r8sI re1Ve shown ID investing actmlies 12011 11561 Interest P8id shown in operatlng acltvities 1,143 2,459 Decrease in stocks DeNeas8 1 lincreasel in debtors 34,876 18681 (Decrease) l increase in creditors 490 2.860 10.920 2,87e 21
The Hertfordshire Agricultural Society Financial statements for the year ended 31 Deceml)er 2024 NOTES TO THE FINANCIAL STATEMENTS 21. Related party trAnsactlon$ During the year ended 31 December 2024, the ChaTrty puhased goods from W.J Dld(inson & Sons IF8m)ersl Lid amounting to £94512023.. £Nill, olwhich W J Diektnson is r&lated. The Charity also purchased insurallce from NFU Mutual arnounting to £11,82012023.. £9,274), and made sales of £3,732 12023". £4401 ol which C R Porcy was a director. The charity a150 purchas8d goods from Sentry Limlted amounting to £72012023_. £Nill of which P E Christian is 8 diiector. The ¢harily also received donations from Groundswell Agricutture Lld of £5,22612023'. £Nill olwhich Paul Cherry is a direclor. HÈrts County Showground Limited is a wholty owlled subsidtary of the Hertford$hire AgrUltural So¢ty. A total donation of £189,41212023.. £119.6141 has been recelved from H8tts County Showground Limited. Atthe period &nd, an amount of£407 was due to Herts County Showgraund Limlted12023'. £48,055 due from H8rts County Showgroundl. 22. Comparatlv& Statemènt of Flnancl87 Acilvlty 22
The Hertfordshire Agricultural Society Financial slalements for the year ended 31 December 2024 NOTES TO THE FINANCIAL STATEMENTS UnrÈ8trlcied Funds Re$trl¢t•d Funds Total 2023 Income and Exp•nditure INCOME.. Donations and legacies 55,703 55,703 Income from charltable atttlvltles Show Other tradin9 acliwties other income Investment income 445,474 138,295 445,474 138,295 315 31S Total Income 639,787 639 787 EXPENDITURE.. Raising funds 286,511 286,511 Expendlture on eharltab18 a¢tlvltles Show Schools Govemance costs Total Expendlturo 342,381 19.729 8,565 857,186 342.381 19,729 8,565 657,186 Net movement In funds 117.3991 If7,3991 Rteoncillatlon of funds Tot81 funds brought forwar 973,878 973,878 Total funds carrl4d fonpnrd 956,479 956,479 23