2021-09-30-accounts - Devon County Agricultural Association

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					Page
The Association and its		officers, professional	advisers	and bankers
Report ofCouncil
Independent	auditors' report				8-11
Consolidated	statement	offinancial activities			12
Consolidated	balance sheet				13
Company balance sheet
Consolidated	statement	ofcash flows			15
Notes to the	financial statements				16-30

President				E D Fursdon, HM The Lord-Lieutenant	E D Fursdon, HM The Lord-Lieutenant	E D Fursdon, HM The Lord-Lieutenant
President	Elect			T L Hammett
Chairman	ofCouncil			Mrs M EQuicke	MBE DL FRAgS
Vice Chairman			of	ST R Stevens
Council
Honorary	Treasurer			Sir Henry Studholme		BtDL FCA CTA
Honorary	Show		Director	ST RStevens
Chairman	ofBoard of			JA TLee OBE DL FRAgS
Management
Association		Secretary		R L Maunder ARAgS
Board of Management
Elected Members				JA T Lee OBE DL FRAgS - Chairman
				Mrs D Custance	Baker
				T L Hammett (resigned 6September 2021)
				M H Retallick
				N Llndsay-Fynn	MA Oxon
				A Gray (appointed 6 September 2021)
ExOfficio				Mrs M EQuicke	MBE DL FRAgS
				ST R Stevens
				Sir Henry Studholme		BtDL FCA CTA
Company	registered
number				01927330
Charity registered
number				292897
Registered	office			Westpoint
				Clyst St Mary
				Exeter
				EX51DJ
Auditors				Bishop Fleming LLP
				Chartered Accountants
				Statutory Auditors
				2nd Floor Stratus	House
				Emperor Way
				Exeter Business	Park
				Exeter
				EX13QS
Bankers				NatWest Bank Pic
				246 High Street
				Exeter
				EX43PD

					Restricted	Unrestricted	Total	Total
					funds	funds	funds	funds
					2021	2021	2021	2020
				Note		E
[NCOME FROM:
Donations and grants					63,290	45,585	108,8?5	110,211
Charitable activities	including		County
Show						1,137,923	1,137,923	81,396
Other trading activities		including
Westpoint income						T09,230	709,230	780,971
Investments						91,013	91,013	82,085
TOTAL INCOME					63,290	1,983,751	2,047,041	1,054,663
EXPENDITURE ON:
Raising funds						280,976	280,976	332,109
Charitable activities	including		County
Show					63,290	'l,412,059	1,475,349	895,226
TOTAL EXPENDITURE					63,290	1,693,035	1,756,325	1,227,335
NET MOVEMENT	IN FUNDS					290,716	290,716	(172,672)
RECONCILIATION	OF	FUNDS:
Total funds brought	forward				1'I,613	2,753,616	2,?65,229	2,937,901
Net movement in funds						290,T16	290,T16	(172,672)
TOTAL FUNDS CARRIED FORWARD					11,613	3,044,332	3,055,945	2,765,229

				2021		2020
		Note
FIXEDASSETS
Tangible assets				3,252,011		3,396,714
				3,252,011		3,396,714
CURRENT ASSETS
Debtors			204,105		239,510
Cash at bank and	in hand		854,390		139,157
			1,058,495		378,667
Creditors: amounts	falling due within one
year		12	(497,220)		(608,010)
NET CURRENT ASSETSI(LIABII ITES)				561,275		(229,343)
TOTAL ASSETS	LESSCURRENT
LIABILITIES				3,813,286		3,167,371
Creditors: amounts	falling due after more
than one year		13		(757,341)		(402,142)
TOTAL NET ASSETS				3,055,945		2,765,229
CHARITY FUNDS
Restricted funds		14		11,613		11,613
Unrestricted funds		14		3,044,332		2,753,616
TOTAL FUNDS				3,055,945		2,765,229

				2021		2020
		Note		E
FIXEDASSETS
Tangible assets				3,252,011		3,396,714
Investments in subsidiary				2		2
				3,252,013		3,396,716
CURRENT ASSETS
Debtors			101,712		82,736
Cash at bank and	in hand		854,390		139,157
			956,102		221,893
Creditors: amounts	falling due within one
year		12	(554,197)		(648,042)
NET CURRENT ASSETSI(LIABILITES)				401,905		(426,149)
TOTAL ASSETS LESSCURRENT
LIABILITIES				3,653,918		2,970,567
Creditors: amounts	falling due after more
than one year		13		(757,341)		(402,142)
NET ASSETS				2,896,577		2,568,425
CHARITY FUNDS
Restricted funds		14		11,613		11,613
Unrestricted funds		14		2,884,964		2,556,812
TOTAL FUNDS				2,896,577		2,568,425

		2021f	2020
Cash flows from operating	activities
Net cash generated by operating activities (see note 16)		337,321	205,381
Cash flows from investing	activities
Purchase oftangible fixed assets		(68,336)	(453,286)
Net cash used in investing	activities	(68,335)	(463,286)
Cash flows from financing	activities
Cash inflows from new borrowing		500,000	450,000
Repayments of borrowing		(53,763)	(95,391)
Net cash used in flnancing	activities	446,247	354,609
Change in cash and cash	equivalents in the year	715,233	106,704
Cash and cash equivalents	brought forward	139,157	32,453
Cash and cash equivalents	carried forward	854,390	139,157
The notes on pages 16to 30form part ofthese financial statements

TRADING ACTIVITIES	- WESTPOINT
		2021	2020
WESTPOINT TRADING	INCOME
income		709,230	780,970
WESTPOINT TRADING	EXPENSES
Expenditure		659,961	596,506
Net income from trading	activities - Westpoint	149,269	184,464

		Unrestricted	Total	Total
		funds	funds	funds
		2021f	2021f	2020 F
Rental	income	91,013	91,013	82,085
TOTAL	2020	82,085	82,085

INCOME TY	PE	BYCHARI	TABLE ACTIVITY
				2021	2020
The Devon County Show
Show admission		and ticketing		605,358
Trade stands	and	tendered	contracts	364,161
Sponsorship	and	donations		91,915	8,600
				1,061,434	8,600
Other income
Membership	income			41,911	43,602
Other income				34,581	29,194
				76,492	72,796

		Restricted	Unrestricted	Total	Total
		funds	funds	funds	funds
		2021 E	2021	2021	2020f
Donations			2,370	2,370	10,382
Government	grants	63,290	43,215	106,505	99,829
TOTAL 2021		63,290	45,585	108,875	110,211
TOTAL 2020		66,586	43,625	110,211

					Activities
					undertaken	Support	Total	Total
					directly	costs	funds	funds
					2021	2021	2021	2020
					f.	E	E
	The Devon	County Show			580,348	895,001	1,475,349	895,226
	Total 2020				88,323	806,903	895,226
	ANALYSIS	OF SUPPORT		COSTS
	The Devon	County Show
							Total	Total
							funds	funds
							2021	2020
								E
	Staff costs						338,528	293,702
	Depreciation						213,038	212,861
	General showground		overheads				178,886	182,937
	Association	overheads					96,042	70,254
	Fundraising	and publicity					49,893	22,999
	Interest payable						11,506	8,687
	Governance						7,108	15,463
							895,001	806,903
7.	NET INCOME/(EXPENDITURE)
	This is stated after charging:
							2021f	2020 E
	Depreciation	oftangible fixed assets:
	-owned by the charitable			group			213,038	212,861
	Auditors' remuneration		- audit ofAssociation				5,750	5,100
	Auditors' remuneration		-audit of subsidiary				3,975	3,365
	Auditors' remuneration		-other financial services		for the Association			2,990

			Group	Group	Association	Association
			2021f	2020	2021	2020
Wages and	salaries		357,953	344,872	298,861	254,415
Social security costs			38,665	38,860	31,304	30,392
Contribution	to defined contribution	pension
schemes			9,831	11,042	8,363	8,895
			406,449	394,774	338,528	293,702

Group	Group
2021	2020
No.	No.
14	16

	Freehold	Plant and	Fixtures and
	property f	machinery	fittings	Total E.
COST OR VALUATION
At 1 October 2020	7,377,?21	940,851	189,951	8,508,523
Additions	55,105		13,230	68,335
At 30September 2021	7,432,826	940,851	203,181	8,576,858
DEPRECIATION
At 1 October 2020	4,208,587	783,036	120,186	5,111,809
Charge for the year	126,157	75,172	11,709	213,038
At 30September 2021	4,334,744	858,208	131,895	5,324,847
NET BOOK VALUE
At 30September 2021	3,098,082	82,643	71,286	3,252,011
At 30September 2020	3,169,134	157,815	69,765	3,396,714

				2021	2020
				K
Turnover				709,230	780,970
Cost ofsales				(205,590)	(233,555)
Gross profit				503,640	547,415
Administrative	expenses			(75,386)	(98,556)
Other operating	income			4,001	8,244
Net profit before recharges		from the Association		432,255	457,103
Rent, overheads and other		costs recharged	by the Association	(278,985)	(266,397)
Profit for the financial year				153,270	190,706
Balance Sheet	at 30September 2021
				2021	2020
				F	E
Assets				360,999	428,680
Liabilities				(201,631)	(231,876)
Net Assets				159,368	196,804

		Group	Group	Association	Association
		2021	2020	2021	2020
			E	E
DUE WITHIN	ONE YEAR
Trade debtors		114,708	162,557	6,945	8,523
Other debtors		28,076	21,139	51,353	18,975
Prepayments	and accrued income	61,321	55,814	43,414	55,238
		204,105	239,510	101,712	82,736

			Group	Group	Association	Association
			2021	2020	2021	2020
			K			E
Bank loans			156,286	65,238	156,286	64,598
Trade creditors			94,341	11,076	62,305	10,395
Amounts owed	to group undertakings				233,463	271,908
Other taxation	and social security		7,269	3,170	7,269	3,170
Other creditors			16,252	42,831	16,252	42,831
Accruals and deferred		income	223,072	485,695	T8,622	255,140
			497,220	608,010	554,197	648,042

		Group	Group	Association	Association
		2021	2020	2021	2020
		K	F
Bank	loans	757,341	402,142	757,341	402,142

Included within the above are amounts falling	due as follows:
	Group	Group	Association	Association
	2021	2020	2021	2020
	E		E.	E
BETWEEN ONE AND TWO YEARS
Bank loans	164,619	64,598	164,619	64,598
BETWEEN TWO AND FIVE YEARS
Bank loans	4T3,066	183,428	473,066	183,428
OVER FIVEYEARS
Bank loans	119,656	154,116	119,656	154,116

						Balance at
			Balance at 1			30
			October			September
			2020 f	Income E	Expenditure f.	2021
UNRESTRICTED FUNDS
Unrestricted		funds	2,753,616	1,983,751	(1,693,035)	3,044,332
RESTRICTED FUNDS
Farmwise			6,113			6,113
Farmwise	trailer		5,500			5,500
Government		grants		63,290	(63,290)
			11,613	63,290	(63,290)	11,613
Total of	funds		2,765,229	2,047,041	(1,756,325)	3,055,945

					Balance at
		Balance at			30
		1 October			September
		2019	Income	Expenditure	2020
		E			E
UNRESTRICTED FUNDS
Unrestricted	funds	2,928,268	979,477	(1,154,129)	2,753,616
RESTRICTED FUNDS
Farmwise		4,133	8,600	(6,620)	6,113
Farmwise trailer		5,500			5,500
Government	grants		66,586	(66,586)
		9,633	75,186	(73,206)	11,613
TOTAL OF	FUNDS	2,937,901	1,054,663	(1,227,335)	2,765,229

ANALYS	IS O	F NET ASSETS BETWEEN FUNDS	- CURRENT YEAR
			Restricted	Unrestricted	Total
			funds	funds	funds
			2021 f:	2021	2021f
Tangible	fixed	assets		3,252,011	3,252,01't
Current	assets		11,613	1,046,882	1,058,495
Creditors	due	within one year		(497,220)	(497,220)
Creditors	due	in more than one year		(757,341)	(757,341)
TOTAL			11,613	3,044,332	3,055,945

			Restricted	Unrestricted	Total
			funds	funds	funds
			2020	2020	2020
Tangible	fixed	assets		3,354,133	3,396,714
Current	assets		11,613	367,054	378,667
Creditors	due	within one year		(565,429)	(608,010)
Creditors	due	in more than one year		(402,142)	(402,142)
TOTAL			11,613	2,753,616	2,765,229

											Group	Group
											2021f	2020
Net income/expenditure			for	the	year	(as	per	Statement	of	Financial
Activities)											290,716	(172,672)
Adjustment	for:
Depreciation	charges										213,038	212,861
Decrease in	debtors										10,260	116,050
Increase/(decrease)		in	creditors								(176,693)	49,141
Net cash provided		by	operating		activities						337,321	205,380

			Group	Group
			2021	2020
Cash	in	hand	854,390	139,157
Total			854,390	139,157

			At 1		At 30
			October		September
			2020	Cash flows	2021
				f.	F.
Cash	at bank and	in hand	139,157	715,233	854,390
Bank	loans due within 1 year		(65,238)	(91,048)	(156,286)
Bank	loans due over 1 year		(402,142)	(355,199)	(757,341)
			(328,223)	268,986	(59,237)

				Group	Group	Association	Association
				2021	2020	2021	2020
					E	F	E
Contracted	for but not provided		in these
financial statements
Acquisition	oftangible	fixed assets		19,200	52,157	19,200	52,15?

payments	und	er non-cancellable operating lease	s as follows:
			Group	Group	Association	Association
			2021 E	2020 f	2021 f	2020
Not later than		1 year	8,157	8,157	8,157	8,157
Later than	1 year and not later than 5years		15,768	28,074	15,?68	28,074
			23,925	36,231	23,925	36,231

						Group	Group	Association	Association
						2021 f.	2020 f	2021 f.	2020 E
Financial	assets	measured	at	amortised	costs	854,390	139,157	854,390	139,157