Reglst•r•d numb¢r: 01927330 Ch•rity number.. 292897 Devon County Agricultsiral Association COUNCIL MEMBERS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2Q23 Illlllllll "AD33PZJ7• 1410512024 ¢c￿PANIEs HWSE Bishop Fleming Devon County Agrkukural Associ•tlon CONTENTS Poge Th• Associatlon and Its officers. prof•sslonal advisers and bankers Report of Counclj Indep•ndent auditors. 8-11 Consolhlated statement of financlal a¢tlvitl¢s 12 Consolidated balance sheet 13 Company bal4n¢¢ sh•et 14 Consoltdat8d statement of ¢ash Ilows 15 Not¥$ to th• financSal stat•ments 16-31 Devon County Agricultural Assorialion DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEM8ER 2023 President President Ele¢t Chalmian ot Coun¢A Vlc• Chaimwi of Coun¢il Honorary Treasuref Sir Henry st￿lh¢￿ Bt DL FCA CTA Hononry Show Dlr•ctor S T R Slevens Chalrman of 8oard ol J A T Lee OBE DL FFi4gS Management As$oclatlon Secrttary C J Skettc Board of f*lanagement J A T Leo OBE DL FRAgS - Chairm El•cted mem￿1$ Mws D Custsn¢e Baker 141 H ReiallKk N Lindsay-Fynn MA Oxon {re5KJned 10 Juty 2￿3) J Weekes lappointed 12 Decern￿ 20221 Mrs C L Hea￿ R¢)berts14>p(xnted 10 July 2tr23} S T R Stevens Sir Henry StudWThe Bt OL FCA CTA AJGr•y The Hon John Rous DL M A Carnes MBE DL AJGray STRsI￿n$ Ex Officlo Company reglstefed number 01¥27330 Char•ty i•glst•r•d numb•r 292897 Registered office Westpoint Ctyst St Mary Exelef EXS 1DJ Audltors Bishop LLP Chartefed Account* Statutory AudrtOf5 2nd Fl3or Stratus F￿se Emperor Way Exetef Business Par Exeter EX1 3QS Bankms Natwest Bank Pk 59 High Slreel Exeter EX4 3DL Page I Devon County Agriculturnl Association REPORT OF THE COUNCIL FOR THE YEAR ENDED 30 SEPTEMBER 2023 Counal presftnts its report together with the audited financial statements of the Devon County Agricultural Association (the A5$0ciab'onl for the year to 30th September 2023. which comply wth cvrrent slalulory requirements and the requIre￿￿nts ol the charitable company's goveming document and the provisions of the Stslement of Recommended practi￿ ISORP) applicabl8 to charities preparing their accounts in accordance with the FinancTral Reporting Standard applirAble In the UK and Repuljlic of Ireland (FRS1021 leffective 1 January 20191. The hnnuai report serves Ihe purposes of both a Truslee$' report and a directOTS' report under company law. The Charlty as • Company Llmited by Guarantee and its Obie¢ts The Association. founded Hi 1872, 15 8 regISte￿d ch￿ty and a tynpany linwled by guarantee. 11 is goveme¢J by ils Mernorandum and Artides of Asscoalion, most recenlty arrended in January 2018. The objects of the As%yaalion are the promotion of agriculiure, anirrwl husbandry. horticulture and focestry for Ihe benefit of the public in the County of Devon. These obiecls afe parbcularty fostered by the promotion of the annual Devon County 5hN. Put4ic Benefrt is delNered both through the Devon CoL6nty Show and many ol the a¢ts"vilres at the Westpoint Centre. we51￿￿1t Centre (Devon} Limited. a whojly owned subsrdiary. manages the Weslpoinl ExhIbit￿n Centre, whith. outside the County Show lime, is used for educational and charitabfe events as well as concerts, exhibith)ns, conferences and trade fairs. The profits of We51point are covenanted to the Association lo conth.bule towards rls tharilable acliwbe5. In setting objectives and planning for athvilies. the Trustees have given due conSiderat￿n to general guhlance published by the Charity CommissKJn relating to publ￿ benefit. Financlal Results The aLKliled financial statements for the Association induding ils Subsidiary. Westpoinl Centre (Devon Limrted, lor the year ended 30th September 2023 report consol￿ated turnover of £2.823,396 12022.. £2,275.2291, Ihe AssocIat￿n showed a Su￿1￿5 of £237.4S3 12022.. £261.3C6). In the Consolidaled Statement of Financial Ath"vities on page 12, the sU￿￿S for the year is shown as the Nel Movement in Funds. The surplus has inueased the Total Funds Carried For￿ard at 30th September 2023. in effect the net book value of the assets. ol the Associakn. lo £3,554.704. Revlew ol Business The overall performance of the year to 30th September 2023 was a surplus of £237,453 (2022.. £261,3(El. A significant fall in the margin of Ihe County Show, caused by rnflationary cost Increases and additional expenses from returnin9 the show to its Iradrtional May date was offset by a very strong performance frorn the Westpoint sub&diary. Not onty tlle Westpoinl venue attract new business including holding several successful concert5, it princioty operntes at a hKJh gross profil margin with rrmnimal costs. Consequenlfy rts exposure lo inflab.on is h￿ll1ed. An additional benefit of the extra activity was an increase in mobile catering outlet commission. The ￿nseqUenCe was increased turnover of £1.268,077 12022." £886,431). The net CAJntributffi of Vleslrrt)int to the Assock?ts"on aecoun15 was £427,581 12022.. £232,057). tluring the lead up lo the show the **ather was pcw. So wel weatljer contingency plans were pul in place, the cost of which is reffeeled in the accounts. Fortunatety. Ihe weather improved significantly shoruy before the show leading lo a record breaking attendance and strong gale revenue. Overall show ome increased to £1,255,817 12022.. £1.144,549). Trade stsnds and tende￿￿ contract income were farginally up from 2022 at £482.70012022.' £444,477) and our much appreeiated support from sp)nsors was static. Sel against this costs increased signfftanlly. due to inllalKJnary price rises imposed by suppliers and Ihe extra lentage needed for a May show. Direct costs were 5ubstanb.any up al £1.277,767 12022.. £922.3891. The gross rn￿91n frorn the show lo the Associats"on declined to £275.853 12022.. £450,516). Page 2 Devon County Agricultural AssoclatloD REPORT OF THE COUNCIL (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 The ovethead costs of wnning ￿ A￿lat￿n of £854,380 increased, rellecting inflalfv?n. from the prewous year's overhea¢Js of £807.641. Of these overheads £196,525 relates to deprecialion 12022.. £201.8561. The A550cialion's rental incorr* improved lo £153,700 (2022: £116.008) due lo new agreements being negotsaled for coach pathng and the Wadsworth Pavilion. The cash balance. nel ol borrowings, of the Associabon on the 30th of September was É642.722. Despite hwjh levds of inflation and unusuJty high levels of un￿rtainlY in both the agricultural and in the der economy. the AssoaatKJn remains in a strong wsition to invest in the future. This is no small thanks to our excepiiord staff through0￿ the organisatw)n and V￿lf hard WOFk in dbffirAblt times. R￿ern5 Council continue5 to revtew Ihe reserves of the Associabcm. Total r>)nsolidaled reserves al 301h September 2023 ar￿￿nted lo £3.554.704 (2022.. £3.317.251) of which £20,107 12022." £12.1801 are restricterj to SFecthc activit￿$. The long temi obieth.ve of Councyl ha5 been to build reserves lo ensure it is in position lo repay its debts and lo protect the AssOcial￿n trom the significant h)5ses. Ihat wouhl occur in the event of cancellalim or disfuption of the Devon County srTh. Council believes that the annual County Show and Ihe trading activ￿eS of the Westpoinl Centre wil remain viable. This will allow the Ass¢xiab"on tt> maintain a prudent ￿Ve1 of reserves while investing in the fvtUTe of the organisation. Rlsk Management The 8oard ol Management continualty assesses the b￿ne$S ti5ks during the n(Kmal budgetary process. A Risk Register is mantained. and nsk managerrent is a regular agenda item al meetings of the Board. When risks are identif*d. and rt is practical lo do so sysleffts and controls are put in pk¢e to mitigate them. The prfftcipal risks inclu¢Je-. the stsbility of Ihe bLTrdgetary and financaal control system. ensuring the adequacy of policies and procedures to prevent fraud. protecting the inlegrty of the physical assets ol the htssoc4kn'0n. risks of cyber-attack and system failure." and maintainiry a supportive and healthy workiry envIronff￿t for staff and volunteers. The Ass¢xiation maintairts third party liability insurance cover to woiect the Association from daims for loss or compensaknon foSlowirKJ injury or damage. The 8oaTd also TegulaTiy consider5 volunteer succession and prO9￿$s1on, and the need lo plan for Ihe next generation. The Audtt and Risk Committee regutarly revmvs the Risk Register. Auditors At the forthtoming Annual General Meeling. Ihe Treasurer will propose the re apwntment of Bishop Fleming as audrtors to the AssocialK)n. Page 3 Oevon County A9rlcultural Association REPORT OF THE COUNCIL (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 STRUCTURE GOVERNANCE AND ￿NAGEMENT Th• Councll of th• Associatlon The Associats"on is controlled by its Council. whith is limited lo a maximum of 1￿ elected members. vtho act as the Trustees and Directots of the Company. In addikn, the AsscC￿ti0n Invites a number of local authorities and xaeties wrth ￿terests in agriculture and the ¢￿v￿trysIde lo appoint non-voting representatives to C¢xrnul. The members of Council wh.o hekt office at 30th September 2023 are listed below. All members of the Assou"abon arE entrtled to stand for elecbon to Councl and are strong encouraged to invofve Ihemselves in the 9ovemance of the Assouabon and its voluntary aclivitses by olfering lo become a Steward, seeknng eleth'on tr) a committee and then to Council itself. Many current Council members have gained a sound knowledge of the Association and the appropriate experience and skills by such seNice. All newly ele¢led Council members receive inducbon support, induding briefing papefs about Ihe Associat￿￿, Charity ComnNsgon publicalions describing the responsibilil¢es of truslees and a copy of the Associab"on's MenTh)randum and Artides of Asswaknn. The Board of Management regularty briefs Council on Charity CoMmiss￿n guidance dctuments and monitors the evolution of charity law and Pfackn"ts. Gounal seeks to ensure that the Asswats"on Continues to provide considerabte public benefit to the wider commuftty of Devon through the annual County Show in part￿￿lar, both by promoting agficulture and providing an op￿)rtunIty to show case the life of the County. Coun¢ll membevs The Council Members of the AssociatKJn during the year ended 30 September 2023 were as follows. Those due to retire by rotat￿n. all oft*hom are ek"gible for redeCt￿n. p&e marked" President President Elect Chairman of Council Vice Chaiman of Council Chwrman of Board of Management Honorary Show Dire¢tor Honorary TreasU￿r The Hon John Rous DL M A Caines MBE DL AJGray S T R Stevens J A T Lee OBE DL FRAgS S T R Slevens Sir Henry sbJdl￿ffle Bt DL FCA CTA Other eleded CouncFI Members wrth Voting pthvets". 'J P Alford Mrs H Lindsay-Fynn DL Sir lan Amory Bt DL Iresw rM2r231 N Lindsay-Fynn MA Oxon 'L Ban￿rd Mrs F S Maw￿er M H Batting Jwmay P J Broom Irtswd 09n21221 B M McKxe N Burrington lrns•JnÉd CfjftJ2r23 "C C Morgan GHBushCBDL P Morri5 Mrs C CampbelE-Lamerton lapported rAffjw231 R M Nothcott Lady Cave DL 'P Owen•Pawson" 'G T M Cherilon "D E Parish W B Coley .1 Parish J R Cummings N Q G Parish Mrs D Cuslance Baker H R Pathn Ir¢5yned 21W231 D Darke Sir Richard Peek Bt EADathe Mrs J A Penny 'H G Dart I￿5¢ Wrnsenbw North *4virthval "D Perriment AssocEaiK)Dl Mrs M E Daw1oppou*d LM121231 "Sir Simon Day J Persey Mrs G T Phillips DL Page 4 Devon County Agricvltural As%Kiation REPORT OF THE COUNCIL {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 'B Orake M Dymond Mrs C Plumstead Mrs M E Quicke MBE DL FRAgS 3W0￿3) R E Ellis R Rayner The Hon Charles Fane Trefuws DL P Reed 'Mrs J M Flinn H RetaifK* PFJFofce J C N Robinson Miss C French Mrs E D RoFer Iwsijned OSW231 E D Fursdon. HM The L¢xd-Lieulenant of Devon "D A Scoble N G GilbertJP "J P Short 'MTS V F Gundry Mrs M G Squires J A Haddy 'BTStsTh Mrs S Hammett rigadier R S Taityo L Hammett Sqn Ldr L Tanner l¥ppoYrted (fj102r231 P Hatton R D Thomas IrÈ$gr*4 J1W231 fs C L Heaven41oberts M V Tcr•vnsend Brigadier S P Hodder 'J A T Hodge "M W HuxtatrAe W D Jenkin Mrs J Kingdon J Kingdon Mrs E A lclatlon INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF DEVON COUNTY AGRICULTURAL ASSOCIATION ICON71NUEOI OTHER INFORMATION The olher information compiises the infoffl￿ InchK￿ in the Ccwncil Membefs Report and financial statements other than the finarrial st*en*nt$ arvj our Audrtors. reporl there￿. The Couwl rnembers are reSp¢￿stb1é f¢ythe other inf0m￿ltin contair*d wthin the Coun¢il Members Report artd financial staternents. Our opinion on the financial statements does Tr)t cover the other information and. except lo the extent 0[he￿iS¢ explicitty slated in our ieport, we do rnt express any form of assurance conclu5v)n the¥eon. Our responsibility is to read the oth•r information and, Wb doing so, ¢¢nsthr *thelher the other informab.on is rftalerbally inconsistent with Ihtr financial statements ty our knthyledge c*Aained in the course of the audil. or otherwise appears to be maleiially misstated. If Klenlfy such material inconsistencies or appartnt material misstatements, we are required to determine whether this yNes rise to 8 m*erial rnisstatement in the fmancrdl statements themselves. If. based on the woth we have perform￿. we Cr￿d￿de Ihal there is a material misslatemenl of thi5 Other inforn￿t￿n, we are required lo report that fad. We have nothing lo le￿t in this regard. OPINION ON OTHER MArrERS PRESCRIBED BY THE COMPANIES ACT 21 In our OPFnion, based on the work urth￿en in the course ofthe audl.. the information 9iven in the COUMI membets, report for Ihe fina(Kial y for which I￿ fin￿¢181 statements aye prepared is consistent the financial s&2tements. the Council men*)ers' report has been prepared in accorknce with a￿l￿atile ￿al reqLurements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the Ipjht of our kn￿ledge and understarKling of the charilable conwany and its enmronment obtainad in the course of Ihe audit. we have not tyjenl1r￿d material mtsstatements in the Council members, report. We have nothing to r8port in respect of the follulving matters in relation to tAth¢h Coryanies Ad 20C6 requires us to report to ycw rf. in our wn*)n.' the parent char￿3¥>￿ c¢)mpany has no¢ kept adequate 8rHI suffictent accounlirvj records, or relums adeqts* for our aud* have nol been rè¢ewed frc¥n bran¢hes not visited by us", or the parent tharitsbk ¢ompany financial statements are Th)t in agreement wlh the ￿LIrthling records and Teiums.. or certain dtsclosufe3 of Council Fnembers. Temvrwab￿ speafied by law are not made.. or we have not receThEd all the informati￿ ¥rKI eXpL￿at10n$ we require for our audrt.. or Ihe Council members were not entFtled lo prepare the fInanc￿l statements in accordance with the small compan*s regime and tske advanta9e of the small ¢¢mpanies' exemptions in preparing the Council membeTS' report aTrJ fr￿￿ the req￿re￿£ll1 to prepare a Stralegic rewt. RESPONSIBIUTIES OF THE COUNCIL MEMBERS As explained mtye fvlly in the Coun¢1 members. responsloilrties ststemenl. the C¢)unul member5 Ivth are also the directors of the charitable coff￿nY lor the purposes of company law) are respon$ble foi the preparation of the financial ststemenl$ arrfl for being Satisf￿ th* they grve a tn* and fair ¥￿. and for such internal control a$ the Council members dete￿Thne 15 necessary lo enable Ihe preparatkin of financial state￿ntS that are free from materFal misslatement. whether to fraud or error. In prepann9 the f￿ancIal Statements. members are reSp￿$th for assessing the grows and the As$¢xiation's ability lo Continue as a going concem. discbS￿g. as appluble, matters related lo goin9 corn￿m and using Ihe going concem basis of accounting unless the Council members either intend lo liquidate thè group Or1￿ Associalh?n or to ¢ease ¢per8tthis, or have no realLslic *mative Imrt lo do so. Devon County Agrfcultural Associatton INDEPENDENT AUDITORS. REPORT TO ThE MEMBERS OF DEVON COUNTY AGRICULTURAL ASSOCIATION {CONTINUEDI AUDITORS. RESPONSIBIUTIES FOR THE AUDIT OF THE FINANCIAL STATEMEIUS Our objectives a￿ to reason* assurance aMyJl ￿ether th• fiftan￿￿ Statemgnts as a whole are free ff¢m material misslatpment. whther to fraud or erroT. and Io sssue an Auditors. iepryt Ihat indudes our cpinion. ReasOn￿e a55urance is a h￿h levd of assurance, but is not a guarantee that an audit conducted in accordan￿ wrth ISAS (UK) wll a￿ayS detect a material misslatsment when it exists. Misstaternentg can aris¢ from fravd or error and arn consmlered Mat￿lat rf. iTrJiwdualty or in the aggregate. they coukj reasonably be expeded to influence the ewiomic dÈ¢isitins of users taen on the l>asis of these ffinan￿￿ statements. Ifre9ularibes. tn¢ludin9 fraud, #re instsncts of n(xrtompIi￿Ce with and rogutations. WÈ dès¥n procedures in line %wth our responsibilities. OLrtlined atrthe. to ddect material misstsiemen15 in iespect of irregulanties, uding fraud. The extent to which procedutes are capable of detecting irregubrrties. inctuding fraud is detaA8d bekx¥'. the nature of the sector. control enmronrfenl arKI the Group and Parent Company s perfonnance." results ol our enquil￿S of management and ths Couwl members. about Iheir own idenlrfKatiI￿ and a55essment of the iisk5 of iiTegLrtarihe5'. any matter5 we identrfLed ha￿rg obtaineil al￿ revivwed the Group and Parenl Crmpanrfs documental￿n ol their pc4icies and pmcedures felatrn9 to.. jdeftt￿'ng. evaluating and comth.ng wilh laws and iegulalions and wheihei Ihey werè avrdre of any instances of no￿lance., deteding and re5pondiTrJ to the risk$ ot fraud and whether Ihey have knowkdge of anyactual, suspected or alleged fraud., the inlemal ¢ontrof$ established lo mityate risks of fraud or rnn-comph'ance with laws and regulaI￿nS., and the matters discussed among the audit engagerrent leam regarding how arHI where fraud might occur in the financtal 5tatemerts and any F￿entIal ind￿a10T5 of fraud. As a ¥e$ult ol these prttedurès, have cons￿•￿￿ the oPF*xlun￿eS and incentsves that may exist withMI the organisaiion for fraud and idenbfied the highest area of risk to be in retah.on to reven￿ rocognrtion, Wi particular risk in rdalion lo year￿d culrf. In c(Knmn vrith all audrts under ISAS IUKI. we are also wuired to perform Specific pmcedures to respond to the risk d marwent I￿rIde. We identified arKI ckntained an Unde￿tar￿1ng ol the laws and regulat￿$ thal are ol signfficance to the GfOLIP and lo the Parent Company by discussitins wrth Counol members and by ￿￿￿ating our understanding of the se¢tor rn wh¢h the Group and the Parpnt Company operated in. and ￿gulationS that are of direct signrfican¢e to the Group. and of wh￿h nonre than one year 13 {468,6611 1609.026) TOTAL NET ASSETS 3A54.704 3.317.251 CHARITY FUNDS ReStr￿ted fvnds Unrestrthd fijnds 14 14 20.107 3.534.597 12,180 3.305,071 TOTAL FUNDS 3.554.704 3,317,251 The Council mÈmbei$ •ckrthvl¢dge thw respM$ib"rknes ft>r ¥&ith Ihe reqwrements ot the Act wrth respect lo a¢counling records and pxepar*ion ol financial staternents. The financial statements have been wepared in accorda￿e the proNrysions applic*Ae to entities suty'ecl to the Small CoMpa￿eS Teg¥r*. The financial st*emenls were approved *KI aulhorised for issue by the Councl members on and signed on th¢ir beh4lF by". J Gray ai J A T Lee OBE DL FRAgS ChaÉmon ofthe Boèrd of Management unryl FCA CTA norary reasurer The notes on pw 16 to 31 f¢)mi part ofthese fmamal sL7temènts. Page 13 D•von County Agricultural Associatlon REGISTERED NUMBER:Q1927330 COMPANY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 30 SEPTEMBER 2023 2023 2022 Note FIXED ASSETS T•ngibk assets Invesknent$ 3m6.4TI 3.144,921 3.016.479 3,144.923 CURRENT ASSETS Deblo Cash at bank and in hand 11 52.352 1.265.917 107.295 1,027.042 1.318.269 1,134,337 Creditor5: arr￿Unts fathn9 due within or* year 12 (745.0601 (591.1361 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABIUTIES 573.209 543,201 3.589.688 3,688,124 Creth"tors." ankwnts faping due after than one year 13 1468,6611 1609.0261 TOTAL NET ASSETS 3.121,027 3,079,098 CHARITY FUNDS Restricted funds Un￿Strthd funds 14 20.107 3.100.920 12.180 3,C66.918 14 TOTAL FUNDS 3.121.027 3.079,098 The Council members *knuwledge they respon*ly"litEs fof ctsnptyry"rYJ *ith the requir*nen15 of the Act with re¥pè¢t to accounting reCo￿S and preparknn rrf financtal statew*rts. The finan¢ial statemÈnts have bèèn prèpared in ￿*r￿aKe with the pft)visions appkcable to énlit*s su4.ect lo small companies [egirr￿. The financial statements appro%*d and authortsed for issue by the CoLmcII members on arwj 5wned on Iha"r behaK by.. AJGra JA T Lee OBE DL FRAgS ChairrrAn of Ihe Board of Mana¢Jement Counul tudholmè Bl DL FCA CTA ary Treasurer The notes on pages 16 to 31 fomi ￿ of these ffinancaal sLitements. Page 14 Devon County Agrkuliural Asso¢lallon CONSOLIDATEO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023 2023 2022 CASH FLOWS FROPA OPERATING ACTMTIES Net cash used in operating odmt 459JOI 404.905 CASH FLOWS FROM INVESTING ACTMTIES Purchase of tang(ok fixed assets 168.0811 194.7881 NET CASH USED IN INVESTING ACTIVITIES 168.081) 194.7661 CASH FLOWS FROM FINANCING ACTivmES R•payments of byrowing (153.2301 {137,2021 NET CASH USED IN FINANCING ACTMTIES 1163,2301 (137.2021 CHANGE IN CASH AND CASH EQU1VALEI￿s IN THE YEAR 238.wjo 172.937 Cash and cash equivalents at the beginning of Ihe 1,027,327 854.390 CASH AND CASH EQUIVALEp¥fs AT THE END OF THE YEAR 1.265,917 1.027.327 The note5 on pages 16 10 31 fonn part of these ffinon¢ia $talemer￿S Poge15 D•von County Agrl¢ultttral Assoeiatton NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACCOUNTING POUCIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial $tstements have been wepared in accordance wrth the Charit￿5 SORP IFRS 102) - Acrounling and Reportin9 by Chanlies." Ststement of ReccAnmended Practice appl￿b￿ to chaiities preparing their accounts ¥n accordance vith the Finanaal Reporting Stan(lard appI￿able in the UK and Republic ol Ireland IFRS 1021 leffe¢tNe 1 January 20191- (Charities SORP IFRS 102}), the F￿￿ncIal Reporting Standard appI￿ab￿ in the UK and Republic of Ireland IFRS 1021 and the Comwies Afa 2(M)6. Devon County Agr￿￿tural AssocIalK￿ meels the defnrtw of o pubh'c benefit èntty under FRS 102. Assets and liablrt￿s arè In￿"alY rÈco9nised al historical cost or Iransackn value unless otherwise stated in the re￿vant ￿cOun￿r¥3 pdicy. The Statement of financ41 adith ISOFAI Balance sheet cons(4#Jate the finar￿la1 stal8m8nls of the Group and its subsidiary undert*ing. The results ol the subsidiary are consolidated on a line by line basis. The company has taken thant4e of the exenwtmm al￿N￿d under section 408 of the Cornpanies Act 20C6 and has not presented its (vm Statement of finan¢ial activities In thes* finanGial stat¢ments. 1.2 COMPANY STATUS The AsxKiatM is a cunpany kniited by guarantee. In the e¥Ent of Ihe AssockHl*)n being w0￿d up. the liatiility in resped of Ihe 9uaranle¢ is lllnited to £1 per Mert￿r of the AsSociat￿n. 1.3 FUND ACCOUNTING General funds are uNestficl&J l￿d9 wlxh are avalablg for use at thg drscretion of Council mernbers in furtherance of the general obl￿tIveS of the A$s￿￿1n which have not been deslgnaled for other purposes. Rtstn"¢ted funds are funds ¥thich are to be used in accordance wlh specrfK ￿$triC￿On5 imposed by donors Of wh4Gh have been raised by the Assoctati)n for particular purposes. The costs of raistng and administering such fund5 are charged against the $p•¢rfL fund. The aim and usè of eath re51n.cled fvnd s•t oui In th¢ notes to th8 financial statements. 1.4 INCOtaE Afi income is recojnised orKe the A5K¢i*ion has entitlement to the incor￿. it is probable that Ihe income be received and the amount of income recervable can be measured reliabty. G￿ts are induded in the Consolthted 5taten*nl of fwi¢ig1 o¢tNbties M a re¢eNabie basis. The balance of in¢ome ￿e1Ved for spwfic purposes but not expended during the peri￿1 is shown in the relevant funds on the Balance sheet. Where irwne is recewl in advance of entitlèmènt of ￿CeIPt, ils recognition is deferrèd and induded in credrtors as deferred income. Where entitlement ￿curS belore incorr* 15 receNed, the income is ac¢rued. Donated service5 or facilitie5 are recD3ntsed when thÈ Association has control ovèr thÈ item, ary conditions aSSLXiattd with the donated item is probab￿ and that economtrc benerrt can be measuied reliably. In accordance wrth the Ch￿1￿5 SORP (FRS 1021. Ihe general volunteer time 15 not re￿gnised. Please ￿ler lo the nvnbers. report for more ￿fOrMal￿ *iut their contn'bution. Pa9e 16 Devon County Agrlcultural As%Klation NOTES TO THE FINANCIAL STATEAIEKts FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACCOUNTING POLICIES IcoTrtinuedl 1.$ EXPENDITURE Expendfture is reCO￿lsed once there is a *al or c￿lUC￿ obW"on to transfer economi¢ benefrt to a third party. it ts probable that a transfer of e¢onomic benefits will be reqyired in setllement and the amount of the obligation Can be rneasu￿d reliabty. Expenditure FS classffied by activity. The costs of each aCt*￿ty are made up of the totsl of direct costs and shared ￿1$, irsduding SUPPOrt costs invofved in undertaking each actNty. Direct costs att￿￿table to a $ingle ¥tMty are alkcated dired to thal adTrvrty. Shared cost$ whirh contribute to mtre than one activrty and support costs which are not attribut8bk to a singte actjvty are apPort￿ne￿ between those ￿tr¥￿ieS on a basi$ ¢c*nsislent wsth the use of resources. Central staff costs are allocated on the basis ol Iwne spenL and depreciation tharys alocated on ts p￿tion af the ossefs use. Costs ol adivthes In furthere￿￿ ol the chaiW$ <*ieclr4ES Telates lo the costs incuffed in respect of the Devon C￿ty Show. Costs of trnding aclivrtios (elatss to the ￿$ts incurfed in fvspe¢t ofthe Subs￿k9ry. 1.6 BASIS OF CONSOUDATION The financial statemtnts c￿S￿￿3ale thè accounts of D¢Nx¥n County Agrwttur81 A$6￿1￿0n and rts subsidi¥ry. 1.7 TANGIBLE FIXED ￿sSErs AND DEPRECIATION Freehold ￿nd is not depreoated. Fteehojd buildings are in¢lL￿ed at cost less ac¢umulated deplecsal￿ft. As the lenanted in¥e$lrnent propert*$ are inexlrK#bk part of the showground bU￿dry$ and can never offer unostrKted x¢ess, ams length open mawket valuath)n would be meaningfvl. A review for impaim)ent ot a r￿ed asset is carried oth rf events or changes in eorcumstances hidKate that the rarying value of any fixed asset may not be recoverab￿. Shortla115 betsveen the carrwng value oi fixed asset5 and theif recoverable 8mcMJnts arè recowised as impaThents. Impaimienl losses are recogni8ed in the Statement of financial arawitie5. Tangible frxed assets are ¢arried * cost. net of depre¢￿￿)n and any promsion for impairment. Depreciab"on is not charged on IreelKJhJ land. Depreciaiton is provided at rates calcLFlated lo write off th& cost of fixed assets. less thw estsmth reshjual vafue. over their expected u5efil liws on the foffowing bases". The estimated usefrjl lives are as fojkhvs: Freehokj proFerty Pbnl and machinery Fixlures and fltrys 5- 50 years 5-10￿rS 3-5swrs 1.8 INTEREST RECENABLE Interest on funds hekl on deposit is induded 4bthen l￿wable and amount w be M￿Yred ieliabty by Ass1>ry*40n; this is nmlty upon ￿ificati1)n ol the interest paKI or payable by the 8ank. 1.9 OEBTORS Trade and other deblors aTe recognised at the SettIen￿rt amount after any trade disco￿1 offored. Pwayments are valued ot the amunt prepaid net ot any trade drscounts due. Pwe17 Dèvon County Agricuftur*l Asso¢iatlo11 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACCOUNTING POUCIES 1¢ob￿n￿0dl 1.10CASH AT BANK AND IN HAND Cash at bar* and in hand •r￿udeS cash slh)rt4errn hKJhly liquid inVestm￿tS with a short maturity of three months or less frtyn the date of Xquisiti￿ or openin9 of the deposil N similar ac￿U￿1. 1.11 UABILITIES AND PROVISIONS Li¥bilities are reCogn￿d Vrt￿n there is an obh"9atsM 68lan¢e dale as a result of a past event. rt 1$ Pr¢￿Ie that a transfer of economK benefrt be requwed in settlement, and the armunt of the settkment can be estonated reliabty. Liablrties are recognised al the amount that the Association antrip*e$ rt wryll pay to seltte the debt or the amount it has ￿¢¢iVed as advanced payments for the goods or servKes rt must provide. Provi5v)ns we measured at the best estimate of the atibjunts feqimred to settle the obffgation. 1.12 FINANCIAL INSTRUMENTS The Association 0￿Y Wds basic ￿n￿cIal in5tnNnents as defined in FRS 102. The financF81 assets and financial liabilities olthè Associabon and Ih*r meas￿￿nI basis we a$ folkhvs.. Finawal assets - trade and other debtor5 a￿ basi¢ financial instruments and are debt instruments measLtfed at amortsed cost. PrepayTnents are not fina￿la1 inslnxnents. Financial lia￿"￿￿.es - trade uedTlors. ac¢nols and oiher ¢redito￿ are financral instruments. and afe measured at amrxtised c051. Taxal￿rt and swal securily aw nol included In the financial instruments disclosure definition. Defered income is not deemed lo be a financial lth"IAty. as the cash sethement has already takèn place and there is an oblualK>n to delNeT services rather than cash tyr another rinancial instrument. 1.13 PENSIONS The A5￿clat￿l￿ has a defined ￿tribUtIOn pension scheme cpen to all employees aTrJ makes contributKJns in the tsse of stsff mpJnbers who are part of thè scheme. Such Costs are charged to the Consd￿ated ststement crffirtancial actmbes on an accruals basis. 1.14 VAT Exptrnd*twe k% stated exdusN* of recoverablè iryut VAT %there apphcable. 1.15 TAXATION Based on rts ststus a5 ¥ registered and the use of ftsnds for charitab￿ pufposes Ihe Associ*on is exempt fic¥n corwatton taxatw)n on the whole of its in￿me. 1.16 GOING CONCERN The CounGil M￿berS assess wthether the use of wng concern is appropriate i.e. whether there are ary malerral uncertsiftb.es related lo e¥en15 or condrtims Ihat may ¢ast S￿nif￿aTrI doubl on the abilty of the Gmup and Pafent Charity to continue as a g￿n9 concem. The Counal members make this assessment in ￿SPe¢t of a pwrtrJ of at teast onè year from the date ol authorisation for issue of Ihe financial statements aThJ have conduded that the Group and Parent Chanty has adequate r¢S￿ree$ lo continue in ryerab.onal e￿$ter￿ct for the forestrable I￿Ure and the￿ are no material uncertainties about the Group and Parent ChariVs ability to continue as a g(xng concem. thus they continue to adopt the going ¢oncem basi* of accounting in preparir*J the fiw¢ial st*ements. Page 18 Dwon County Agrkutturnl As$o¢iation MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACCOUNTING POLICIES (contlnu•d} 1.17GOVERNMENT GRANTS Grant$ are included n th• Statement of Finan¢tal Adr¥ilps on a re¢t￿ble basis. The bala￿e of irL¢fft receivèd for Speerf￿ purposes not expendeLI during the peiirpd 15 shthyn in the relevant funds on the Balance SheeL TRALYNG ACTIVITIES. WESTPOINT 2023 2022 WESTPOINT TRADING INCOME Inccffle 1.268.077 886.431 WESTPOINT TRADING EXPENSES Expendrturg 840.496 654.374 Not irK(me frcrfn trading acb¥it*s. Westy*>nt 427,581 232,057 INVESTMENT INCOME Unrnstricted Tolal fun 2023 Tolal funds 2022 2023 Inte￿st receivable Rental incomè 8.817 153.700 B.U17 153.71JO 116,008 TOTAL 2023 162.517 162,517 116.008 TOTAL 2022 116,008 116,008 P4e 19 Devon County Agrieuliural Association NOTES TO THE FINANCIAL STATE1AETr￿8 FOR THE YEAR ENDED 30 SEPTEMBER 2023 INCOME TYPE BY CHARITABLE ACTIVITY 2023 2022 The Devon County Show Entry fees Show admission and b"ckeb"ng Trade stands and lendere(I contracts SponsLYship and donattons other show Inco￿ 53.426 5S8.342 482.700 118.706 42.643 46.770 505.171 444.477 106.336 39.795 1.24817 1.144,549 Oth¢r Ineome Membershp incom? Agrrfest Rootstock othèr income 51.837 20.244 16,133 31.891 48.716 29,210 46,615 119.10S 124.$41 INCOME FROM DONATIONS AND GRANTS Restrlcted funds 2023 Total funds 2023 Total lunds 2022 Donations Government grants 13.930 3.950 13,930 3.700 TOTAL 2023 17.880 17.880 3,700 TOTAL 2022 3.700 3.7NJ Page 20 Dwon County Agriculturnl Assoclation NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 ANALYSIS OF EXPENDITURE BY ACTivmES undertaken directy 2023 Support costs 2023 Total funds 2023 Totsl fund5 2022 Tho Devon County S 1,277.767 854,380 1132.147 1.730.030 TOTAL 2022 922.389 807,641 1.730.030 ANALYSIS OF SUPPORT COSTS The Devon County Sh Totsl funds 2023 Total ILtnds 2022 Staff ¢osls Depre¢iatTon General shwTound overt￿a￿ Asso¢iatll)n overheads Inte￿t pay G)veman¢e 276.99L) 196.S25 206,754 131.731 28.954 13.426 253,103 201,856 193.318 131,948 20.750 6.666 854,380 807,641 NET INCOMEIIEXPENDJTURE) Thys is slated after tharging.. 2023 2022 Depreciation oftangible fixed assets" - owned by ¢haTiI*)le group Auditors, remuneratNJn- audrt of Asso¢ia Audttors. rernunerat￿- audit of 5ubsKI Auditors, remUr￿tiOn. other financial ser¥ices forthe Asso¢iath 196.625 7.975 5.8SO 310 201.856 6.325 4.375 1.230 Pa9• 21 Devon County Agricuhufal As$o¢latlon NOTES TO THE FINANCIAL STATEhlENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 STAFF COSTS Group 2023 Group Ass¢clation Association 2022 2023 2022 Wages and salan.es Social ￿UrIty costs ContribUt￿n to der￿ed cothtion pens*Jn schemes 467.773 432,384 40,830 426,994 36.442 383,887 35,563 15.TIO 11.341 14.684 10.156 523,549 484,555 478.120 429,6C6 The average number ol persons emF4oyed by the 9￿p during the yEarwas as follcAvs'. Group 2023 No. Group 2022 No. 16 15 The number of empktyees WI￿se empty benerrts lexdudNYg employw PWM)n Costs) ex¢eeded £60,000 was.. Group 2023 No. GroLP 2022 In the band £70.001- £80.(KLI Page 22 Devon County Agricultural Asso¢iation NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 TANG18LE FIXED ASSETS GROUP AND ASSOCIATION Freehokl prop•rty Pl•Trt and Flxtures and ma¢hlnery rrttings Totsl COST OR VALUATION Al 1 O¢lober 2022 Additions Dispos•f8 7.451.$48 23.364 1.006,011 40.767 168.866) 214.065 3.9SO 176.6641 8,671,624 68.081 1146.920) AI 30 September 2023 7.473.412 977,912 141.461 8,592.786 DEPRECIATION Al 1 Octc4w 2022 Charge for the year On disposals 4.4S9.633 123.9S3 {1.SOD) 919.696 S6.472 168,8661 147,376 16,100 176,SS4} 6,626.703 196,52S 1146,9201 At 30 September 2023 4.582,086 907,301 86,921 5.576.30B NET BOOK VALLIE At 30 September 2023 2A91,326 70.611 rA.540 3.016.4TI At 30 Septembèr 2022 2.991.915 86.316 66.690 3.144,921 The gross and nel book vafue of free1￿k1 knd and bU￿dingS includes 2023." £402,56312022". t402.5631 being tho ¢osl of Land. a northpreath asset. arml an anount of 2023.. £343.682 (2022.. £343.6821 relaling to the ¢o$t ol ￿furbI5hrnen1 of tenanted investment Properties. The tenant￿ pr(wt*s ha* not been dassfvd as In*strnent Properties and subsequenty reval￿1 lo an open market valuè as they are inexlricabty part of the 5hwround buikjings and ¢an never be Beparaled of be prov*aed with unTestrKled publK access. As a resuli, Cour*il has ¢on¢14Kled that no amis length open marker value %￿Uld be meanw￿lu1. Page 23 D•¥on Couftty Agrkuftural Assoclalion NOTES TO TrIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEM8ER 2023 10. SUBSIDIARY The Association has one fully owned & ¢ontrolled subsYJiary. Westpoint Centre (Deth￿) Limrted (company registr4lK*n number 02371174). Wostpoint Centr• lo￿0n> Llmit•d Profit & Loss Account for th• ye•T ended 30 Septemb•r 2023 2023 2022 Tumover Cost of s*s {exduding recharges) 1.268.077 1373.8491 886.431 1223.300) Gross proffl 894228 663.131 AdministratNe expenses {exdud¥w (ech￿) 179.9481 193,3241 Net profft bek>r¢ r¢¢harges fr￿n the 814,280 S89,807 Renl, overheads and other costs re¢h*ged by the ASSOC￿ 1386.6991 I337,7SOI Profrt for the finanual pr 427,5B1 232.057 Balarte Sheet at 30 Septenknef 2023 2023 2022 580.730 1147,0511 409.448 1171.293) Liabilitres N¢t Assets 433.679 238,155 11. DEBTORS Group 2023 Group Assoclatlon Assocration 2023 2022 DUE WITHIN ONE YEAR Trade debto Other debtors Prepayments and a¢¢rued Éncgyne 78.917 1.873 31.831 131.760 25.129 1.873 25.350 22,322 11.046 73.927 83.246 112.621 215.OC6 S2.352 107.295 Page 24 D•von County Agri¢uliural Association NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEIABER 2023 12. CREDITORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR Group 2023 Group Association Associat￿￿ 2022 2023 21Y22 Bank loans Tr•de ¢redilors Amoun15 owed to grwp Ur￿ertaking5 VAT paydble Other tsxalion arKI so¢ral securty Other ¢Teditors AccnJa15 and defeffed inctkne 154A34 26.513 167.399 78.108 154.534 13￿18 520A61 167.399 67,119 290.4C6 45.569 9257 8.$82 127.195 27.501 10.633 5.374 171.982 s￿29 8.582 34,036 9.590 5,374 51.248 371.650 460.977 745.060 591.136 The bank loans and 0￿rdraft are secured on the freehokl propety of Associati"on. The amounts owed to group undertakings has incr&35ed due to the cash balan￿ being transferred from Weslpoint Centre (Devon) Lunited lo De￿ County Ag￿uMula1 A$S￿l0110n ￿ a dwly l>asi$. on account of the donation from the subsidkaryto the parent chaiity. 13. CREDITORS: AMOUNTS FALUNG DUE AFTER MORE THAN ONE YEAR Group 2023 Group Assocl•tion As$c¢i¥tion 2022 2023 2022 Bank loans 468.661 609.026 468.661 609,026 The bar* loans a￿1 overdrnft are secured on the freehold woperty of the As%>cialKm. Int￿ded wrthin the above are amwts faling due as foll>40'. Group 2023 Growj Assoclatlon Assorkalon 2022 2023 2022 BETWEEN ONE AND TWO YEARS Bank kjans 152.265 167.399 152.26S 167.399 8ETI4EEN TWO AND FfvE YEARS Bank lo 316.396 441.627 316.396 441,627 Page 25 Devon County Agricultural Association NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR E14DED 30 SEPTEMBER 2023 14. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR B*lan¢e at 30 September 2023 8alan¢e at 1 October 2022 Income Expendltslre UNRESTRICTED FUNDS Unrestricted funds 3.305.071 IJ05.516 (2.575,9901 3.534,597 RESTRICTED FUNDS FarThise Farmwbse tr•ler EDOC CLTF 6.500 7N30 3,950 19.9531 3.227 12.930 3,9SO 12.100 17.880 19,9S31 20.107 TOTAL OF FUNDS 3,317.251 2.823.396 12.585.9431 3,S54.704 Pa9e 26 Devon County Agricultural Associatlon NOTES TO THE RNANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 14. STATEMENT OF FUNDS ICOIITINUEDI STATEMENT OF FUNDS- PRIOR YEAR Balance at 30 September 2022 Balance 2021 InCW￿ Expendiiure UNRESTrICTED FUNDS Unres¢ri¢ted furKIs 3.044.332 2.271.529 12.010.790) 3.305.071 RESTRICTED FUNDS Farmwse 6,113 3.700 13.1331 6.880 5.500 Farmwise trai 11.613 3.700 (3.1331 12.180 TOTAL OF FUNDS 3.055,945 2.275.229 (2,013,923) 3.317,251 Farmwi5e 15 a CharIt￿e event held annualy on the sh￿#￿[￿jnd to educate pmiary school children in agiicultuial and food matters. The Assttiatkin facikn'late this by providing the Hall and other facilities fre& of char9e. It a150 assisted in providfftg xwtancy sèrNry¢¢s and Ihe anounts shown are those raised al￿ expended on bÈh8lfof Farmvrise. The babn¢È Ca￿Ed fThwaTd 15 to facilitate future years events. Farnwise vehKk felates to funds received for the puw of seth.ryd up and running FaThise activities ffom a moble trailer. however a de¢t$ion was made durirtg the year lo allocate funds to purchase a vehicle instead of a trarter. The AssrxIal￿n endeavour lo purchase a vehicle during thè nexi financial EDDC CLTF is funding lo be used Io Pufchase and instaN accessFbilty equipment lo upgrade fa¢ilities above and Wond slatutory accessitrNIty requwements. The lund has been spent SI￿ the year end. Page 27 Devon County Agri¢ultural Associatlon NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 202) 15. ANALYSIS OF NET ASSETS 8ETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FVNDS- CURRENT YEAR Restricted Unrestricted lunds funds 2023 2023 Total fvnds 2023 Tangible fixed assèts Current as5els Creditors due wthin one Creditors due in than year 3.016.477 3,016.477 1.358,431 1,378.S38 1371,650) {371,6501 1488,661) 1468,6611 20.107 TOTAL 20,107 3.534,597 3.SS4.704 ANALYSIS OF NET ASSETS BETWEEN FUMDS- PRIOR YEAR ReslriGted Unre8tsicled fund5 funds 2022 2022 Totsl funds 2022 Tan9iblè fixed assets Current assets Creditors due W￿1n Or￿ yEar Credrttys due in more than one s 3,144.921 1.230.153 1460.977) 1609,0261 3,144.921 1.242.333 {460.977) {609.0261 12,180 TOTAL 12.180 3.305,071 3,317.251 RECONciuAnoN OF NET IAOVEMENT IN FUNDS TO I1￿ CASH FLOW FROM OPERATING ACTivmES Group 2023 Group 2022 Nel inwne lor the year las per Stalemenl ol Finan¢ial ActI￿e$) 237A53 261,3C6 ADJUSTMETr￿S FOR: Depreciation charges De¢reasellirt¢reas•l in debtrs De¢rease in credilors 196.525 124.478 198.5551 201,B56 132,993) 125,264) NET CASH PROVIDED BY OPERATING ACTIVMES 459.901 404.905 Page 28 D8von County Agricultural Assoclatlon NOTES TO THE FINANCIAL STATEMEI FOR THE YEAR ENDED 30 SEPTEMBER 2023 17. ANALYSIS OF CASH EQUIVALE14TS Group 2023 Group 2022 Cash wi hand 1.265.917 1.027,327 TOTAL CASH AND CASH EQUIVALENTS 1.265.917 1.027,327 ANALYSIS OF CHANGES IN NET DE8T At30 SWember 2023 October 2022 Cash Ilows Cash al bank and in hand Bank ¢werdrafts repayable on vs.' Group 2023 Group As$o¢latwn Association 2022 2023 2022 Not later than 1 year Later than 1 year and l¥ler thèn 5 sears 7.612 8.157 7.612 7.612 8,157 7.612 7.612 15.769 7.612 15.769 22. RELATED PARTY TRANSACTIONS Ouring the year the Assouab"on recharged administrative ¢osts of £386,7CM)12022". £337,750) induding rent rharge of £130.000 12022". £130.0001 to Weslwnl Centre (Devon) Limited. Duriro the year the Association o¢eryed è paynenl of Q32.057 12022". £153.2701 from Weslpoint Centre (Devon} Limited undef Gift ANJ. As al the year end. thp b4an¢e oM*d by Dwn Courty Agr￿￿kural A$s￿iati.on to Westpoir¢t Centr• (Devon) Linrted was £520,46112022.. £443.676). Transaclion$ wrth m•mb•rs of th• councll Duriry the yw £3,213 {21Y22'. £3,926) was paKI to H & M Rets1￿￿ in which M H RetsllKk. Trustee, is partner, for Ihe suppty of strn4V. Trustees seTrEd as stewwds during the shcw and recewed meal v0￿h&r$ at a value of £2,52012022'. £2.4001. Dufin9 the year, 3 {2022'. 2} Trustees paid entrance fees lo the show of £35112022". £1961 for showing of liveslo¢k and wived pii2e money in respecl of this of £30712022.. £162). The Tfustees fe¢eived prize molwwere J May, G Phillips and G Tulley. During the yew. bustnesses connected with 4 of the Trustees made payments for show $pon$orshp lo the association totaNing £9.tirKI 12022."£5,LMXII. The TnJslees conne¢le(f to the businesse5 were L J Banfield, The Hon Chartes Fanè Trelusis DL, P J Kingth and H R Pthin. During the yw. purchases were made from a business in P J Ktydon has stranftsnl influence. The transactvJns arnunled to £5,99012022". £6.OCNJI for th¢ $Lwly of oil. During th• year. purchases were made from a business in Thffiich Mrs J M Fknn has significant influen¢e. The transa¢tions amounted lo £200 for the suppty of matena15 for plant dernonstratt￿$. The business also made a payment 01 £177 for a stsnd al the Devon County Shcyw. Duriro the ￿r, purchases V•Ere made • ￿SInesS in which A J Gray has Signifi￿t infiuence. The transactions amount to £4.288 for the suth of a lamb &ircase disp* unrt. The business also purchased lamb car&wes from the Ass￿"￿.0￿ at a value of £870. During ihe currenl and prior year no c￿￿nCil memL*r received any ￿MUneral￿n or benefits in kind other than those disc105ed atrthe. Page 30 Devt)n County Agricultural As$o¢ialkni NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 23. FINANCIAL INSTRUMENTS Group 202$ Assoclation Association 2023 2022 2022 Finanual assets measured at arrthised costs 1.265.917 1.027,327 1.26S,917 1.027.042 Finaft¢ial assets Tr￿sure￿ at arT￿tIS￿ cost cornprAe cash al bank & in h•nd. Page 31