Company regislralion number: 19&3358 Charity registration nLsmber: 299352 Honiton and District Agricultural Association (A company limited by guarantee) Annual Report and Financial Slalemenls for the Year Ended 31 October 2023
Honilon and District Agrlcuiiural Association Contents Reference and Adminisliative Details 1 to2 Auditors Strategic Report Trustees, Report 4107 Independent Auditors, Report 81011 Statement ol Financial Activities 12 Balance Sheet 13 Notes to the Financial Statements 141027
Honiton and District Agricultural Assoclallon Reference and Adminlsiraiive Details Trustees F D Arscott Esq R W Coley Esq J C Dare Esq H C Derryman Esq R Derryman Esq H Durranl Esq The Hon C Fane-TTelusis (resigned 14 February 20231 P F J Force Esq T Hammett Esq D Hawkins Esq C Hopcraft Esq R M Kallaway Esq J M Kennaway Esq J Larcomb8-Ford Esq Mrs C A Lewis-Jones A J Luxton Esq R J T Marker Esq F E Martin Esq Mrs S Maynard B M Moore Esq D E Parish Esq D Snell Esq S Talling Esq (appointed 27 April 20231 Ll. Gdr C N Tuke, RN Irel'dl S Tuke Esq Mrs C Underdown (appointed 27 April 20231 E Fl Underdown Esq D White Esq B Woods Esq Company Secretary J Griffin Esq Page 1
Honilon and District Agricultural Associatlon Reference and Adminisiraiive Details Management committee Mrs M Connor. Secretary Mr5 M French. T¥easurer B Moore Esq, Chairman (Chiet Steward Features and Main Ringl C Hopcraft Esq, Vice Chairman R Derryman Esq, Chief Steward of Sheep D Hawkins Esq, Chief Steward ol Caiile B Woods Esq, Chief Steward of Trade Stands F D Arscott Esq, Elected member Mrs C Lewis-Jones, Elected member E R Underdown Esq, Elected memb8r Charity Registratlon Number 299352 Company Registration Number 1983358 The charity is incorporated in England. Reglstered Olfice Bank Hous8 66a High Sireel Honilon Devon EX14 1PS Audltor Wèstcotts ISWI LLP 80 Oxford Street Burnham-on-sea Somersel TA8 IEF Solicitors Everys The Laurels 46 New Street Honilon Devon EX141BY Page 2
Honiion and District Agricultural Assoclaiion Strategic Report lor Ihe Year Ended 31 October 2023 FSnanclal revlew Policy on reserves Unspent reseNes at 31 October 2023 were £796,810 and are considered adequate lor the charity's objectives. The charity's policy on reserves is reviewed annually lo ensure that sufficient reserves are maintained lo meet day-lo-day operational costs and to enable it lo develop. Resetves are also maintained in order to compensate in the event of a cancelled show. Page 3
Honiton and District Agricultural Association Truslees, Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors, report of the charitable company for the year ended 31 October 2023. Objectlves and activitie5 Objecls and aims The principle objective of the association is to promote agriculture. This includes all trades, crafts and professions connected with it. In pursuance of its principle objective an annual agricultural show in or close to the town of Honiton shall be held, providing this is practical and p055ible. The main goals are to continije to host the annual show with improved and maintained facilities. This year we have been extremely fortunate to receive a generous donation from the J J Underdown Trust, enabling the replacement of a multi loo block. Objectives, strategies and actlvltles The Management 8oard continues to closely monitor all expenditure and reports to the Trustees of the Associotion. The annual show was well supported despite challengin& inclement weather and thankfully was able to continue with a full programme of event5. We received record sheep entries and cattle entrie5 were very well supported returning to pre-pandemic levels. Stags held two collective machinery sales during the year, one in March and a second in August. Further income was raised by utilising the showground for hire with bookings from the Devon Truck Show and Festival on the Hills, who has committed to hiring the ground for their 2024 event. Several donation5 were made including those organisation5 who offer valuable asslstance to the show including the East Devon Group of Young F3rmer5, The Otter Valley Rotary Club and the Guides. The Association wa5 pleased to launch an annual educational bursary in memory of former Trustee Heather Burrough. The bursary is an award of up to £1,000 per year to support students in secondary or further education studying agriculture, arboriculture, forestry or rural skills. The Association received a Erant to carry out a feasibility study with various stakeholders explorinE ways to enhance the showground for farm income. biodiversity & farmerlpublic education. We have jointly combined with other local shows to invest in a Farmwise Awareness Van which will attend regional shows enabling children to see exactly how a farm works. Public benefit The Trustees have had regard lo the ChaTity Commission's guidance on public benefit. The Association admits accompanied children (under 161 free ol charge lo the Annual Show. The Iruslees confirm that they have complied with the requirements ol section 17 01 the Charrties Act 2011 lo have due regard lo the public benefit guidance published by the Charity Commission lor England and Wales. Structure, governance and management Nature ofgovemlng document The organisation is a charitable company limited by guarantee, incorporated on 28 January 1986 and registered as a charity on 6 June 1988. The charity was established under a Memorandum ol Association which established the objects and powers ol the charitable company and is governed under its Articles ol A$sClatiOn. Page 4
Honilon and District Agricultural Associaiion Trusiees. Report Recruitment and appolntmenl ol tnjstees The directors ol the company are also charity trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association the Iruslees shall number not more than 45, nor less than 21. The trustees ale reorufied lor the knowlgdge and experience that they are able lo offer the association Induction and tralnlng of trnstees New Council members are nominated by two Associalron members. They spend lime with an existing member lo receive an overview ol the organisation and key documents such as the Memorandum and Articles ol Association, audited accounls, Annual Review, current year's budget and future plans and objectives. They will also receive information Irom the Charity Commission on the reswnsibilities ol the trustees. Oryanisational structure The Charity has Council Members who meet four times a year and are responsible lor Ihe strategic direction and policies of ihe Charty. The Management Committee are ellectively responsible lor running the association. They meet each month and report back lo the Council Members at the quarterly meetings. Copies ol the Management Committee meetings are also circulated lo the Council. Members are elected each year at the AGM by the Council Members. There are also various sub committees made up from Council and Management Committee Members, who report back to the Management Board. Relationships with related partles General Some members ol the Council do transact with the Charity, lull details are given in a note lo the accounts. All transactions with Council Members are brought before the Managemenl Board for approval. M8lor rlsks and management of tISe rlsks Risk managemenl The trustees actively review the major risks which the charity laces on a regular basis and believe that maintaining a free reserve al current levels will provide suff icienl resources in the event of adverse conditions. The Iruslees have also examined other operational and business risks which are laced and confirm that they have established syslems lo miligale any significant risks. The council are given the annual budget prepared by the Management Board each year, and comparisons lo actual income and expenditure are given pericKlically during the year. All Council Members are reswnsible for the assets of the association, and therefore, the Council approve all capital expenditure proposed by the Management Board. Financial conlrots A15 purchase invoices are approved by a member ol the Management Board, apart Irom general overheads expenditure. There are two signatures lor each financial Iransaclion, with one being that ol the Chairman. Any additional expenditure lo the Bud9el is discussed and agreed at the Managemenl Board Meetings. Page 5
Honllon and District Agricultural Associalion Truslees, Report Statement of trustees. responsibilities The trustees (who are also the directors ol Honiton and District Agricuttural Association lor the purposes ol company lawl are responsible lor preparing the Iruslees, reKK)rt and the financial slalemenls in accordance with applicable law and United Kingdom Accoijnling Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic ol Ireland" Company law requires the trustees lo prepare financial statements for each financial year. Under company law the trustees musl not approve the financial slalements unless they are satislied that they give a true and lair view of the stale of affairs ol the charitable company and ol the incoming resources and application of resources, including ils income and expend(ture, of the charitable company lor that period. In preparing these financial slalemenls, the Iruslees are required to.. select suitable accounting policies and apply them ConsistenY' observe the methods and principles in the Charities SORP., rnake judgements and estimates that are reasonable and prudent". slate whether applicable accounting standards, comprising FRS 102 have been followed, subject lo any material departures disclosed and explained in the financial slalements., and prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the charitable company will continue in business. Page 7
Honiton and District Agricultural Association Trustees. Report The trustees are responsible for keeping proper accounting records that can disclose with reasonable accufftcy at any time the financial position of the charitable comp8ny and enable them lo ensure that the financial statements cornply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Iruslees are responsible lor the mainlenarTrce and Integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination ol financial statements may differ from legislation in other jurisdictions. Disclosure of informatFon to auditor Each trustee has taken steps that Ihey ought to have taken as a trustee in order to make themselves aware ol any relevant audit information an(J to establish that the charity's auditor is aware ol that information. The Iruslees conlirrn that there Is no relevant Inlorrnalion that they know ol and ol which they know the aLJdilor is unaware. The annual report was approved by the Iruslees of the charity on signed on 115 behalf by.. and B M Moore Esq Trustee Page 7
Honilon and Dlslrlct Agricultural Associallon Independenl Audltor's Report to the Members of Honilon and Disirlct Agricultural Association Oplnion We have audited the financial slalements ol Honilon and District AgriCuural Association (the charity'l lor the year ended 31 October 2023, which comprise the Sialemenl of Financial Aclivilies, Balance Sheet, and Notes lo the Financial Sialemenls, including a summary o15ignrficanl accounting policies. The financial reporting framework that ha5 been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practi¢el- In our opinion the financial slalemenls.. give a true and lair view ol the stale ol the charity's affairs as al 31 October 2023 and ol ils incoming resour¢es and application ol resources, including ils income and expenditure, lor the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice," and have been prepared in accordance with the requirements of the Companies Act 2006. Ba$ls for oplnlon We conducted our audit in accordance wilh International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities Ljnder those standards are further described in the auditor responsibilities for the audit ol the financial statements section ol our report. We are independent ol the charity in accordance with the ethical requirements that are relevant lo our audit ol the financial statements in the UK, including the FRC'S Ethical Standard, and w8 have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis lor our opinion. Conclusions relaling to going concern In auditing the financial statements, we have conclLtded that the trustees use ol the going concern basis of accounting in the preparation of Ihe financial statements is appropriate. Based on the work we have pertormed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the chaTily's ability lo continue as a going concern for a period ol at least twelve rnonths from when the original financial statements were aulhorised for issue. Our responsibilities and the responsibilities ol the trustees with respect to going concern are described in the relevant sections of this report. Other Informatlon The Iruslees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial slalement5 and OLJr auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except lo the extent otheiSe explicitly slated in our report, we do not expres5 any form of assurance conclusion Ihereon. Page 8
Honiton and District Agrlcuiiural Association Independenl Auditor's Report lo the Members of Honiion and Dlslrlct Agricultural Associalion In connection wilh our audit of the financial slalemenls, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the linancial slatements or our knowledge obtained in the audit or otherwise appears to be materially misstated. 11 we identify such material inconsistencies or apparenl material misstatements, we are required lo determine whether there is a material misslalement in the financial slalements or a material misstalerllenl ol the other information. If, based on the work we have performed. we conclude that there is a material rnisstalelnenl of this other infomalion, we are iequired to report that fact. We have nothing to report in this regard. Oplnlon on other matter prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course ol the audit.. the information given in the Strategic Fleport and Truslegs. Report for the linancial year for which the financial statements are prepared is consistent with the financial slalemenls., and the Strategic Report and Trustees, Report have been prepared in accordance wfth applicable legal requirements. Matters on whlch we are required to report by exception In the light of our knowledge and understanding ol the charity and its environment obtained in the course of the aLKJit, we have not idenlilied material misslalements in the Strategic Report and the TTUStees' Report. We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us lo report to you il, in our opinioll.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees remuneration specffied by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more lully in the Statement of Iruslees, responsibilities (set out on page 6 and 71, the Iruslees are responsible lor the preparation ol the financial statements and lor being satisfied that they give a true and lair view. and lor such internal control as the Iruslee5 determine is necessary lo enable the preparation ol tinancial statements that are free from material misslatemenl. whether due to fraud or error. In preparing the linancial statements, the trustees are responsible lor assessing the charity's ability to continue as a going concern. disclosing, as applicable, mallers relaled lo going Concern and using the going concern basis ol accounting unless the Iruslees either intend lo liquidate the ¢harily or to cease operations, or have no realistic allernalive bul to do so. Page 9
Honllon and Dlstrlct Agricultural Association Independent Audltor's Report to the Members of Honiton and Dlstrlct Agricullural Association Audltor responsibilities for the audit ot the Ilnanclal statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalement, whether due lo fraud or error, and to issue an auditor'5 report that includes our opinion. Reasonable assurance is a high level ol assurance, but is not a guarantee that an audit conducted in accordance w(th ISAS IUKI will always dele¢l a material misslatemenl when il exists. Misstalemenls can arise from fraud or error and are considered material il, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. The extent lo which our procedures are capable ol detecting irregularities, including fraud is detailed below.. We identified areas of laws and regulations that could reasonably be expected to have a material ellect on the financial statements from our general commercial and sector experience and through discussion with the directors. We Communicated identified laws and regulations throughout OLJr team, and remained alert lo any indications ol non-compliance throughout the audit. . The company is subject lo laws and regulations that govern Ihe preparation ofthe financial stalemenls, including financial reporting legislation, and other companies legislation. The company is also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial slatements including employment laws and regulations and certain aspects ol companies legislation. . Owing lo thg inherent limitations of an audil, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned arKI perforrned our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-deleclion of irregularities, as these may involve collusion, forgery, intentional omissions. misrepresenlalions, or the override ol internal controls. We are not responsible lor preventing non- compliance wilh all laws and regulations. As part ot an audit in accordance wrth ISAS IUKI, we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misslalernent ol the financial stalemenls. whether due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sutticient and appropriate to provide a basis for our opinion. The risk ol not detecting a material misstatement resulting trom fraud is higher than lor one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresenlalions, or the override ol internal control. Obtain an understanding ol internal control relevant lo the audit in ordei lo design audit procedures that are appropriate in the circumstances, bul not lor the purpose ol expressing an opinion on the ellectiveness ol the company's internal control. Page 10
Honiton and District Agricultural Association Independent Auditorfs Report to the Members of Honiton and District Agricultural Association Evaluate the appropriateness ol accounting policies used and the reasonableness ol accounting eslimales and related disclosLJres made by th& dir&¢lors. Conclude on the appropriateness of the directors, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a rnaleriaS uncertainly exists related lo events or conditions that may ¢asl significant doubl on the company's ability lo continue as a going concem. 11 we conclude that a material uncertainly exists, we are required to draw 2tlentiDn in our auditor's report to the related disclosures in the Iinancial slalemenls or, if such disclosLJres are inadequate. lo modify our opinion. Our conclusions are based on the audit evidence obtained up lo the dale of our auditor's report. However, lulure events or conditions may caijse the company lo ce8se lo continue as a going Concern. Evaluate the overall psentatIOn, structure and eontenl of the financial slalements, including the disclosu$. and whether the financial slalemenls represent the underlying transactions and events in a manner that achieves fair presentation. A further description ol our responsibilities lor the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklaLJditorsresponsibililies. This des¢riplion forms part ol our auditor's report. Use of our report This report Is made solely lo the charitable company's trustees, as a body, in accordance with Chapter 3 01 Part 16 of the Companies Act 2006. Our audit work has been undertaken $0 that we might slate lo the charity's Iruslees those matters we are qUired lo slate lo them in an audilor'5 report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the ¢haritable cornpany and ils Iruslees as a body, lor our audit work, for this report, or for the opinions we have formed. David Vvrighl FCA Isenior Slalulory Auditor) For and on behalf ol Wesl¢olls ISWI LLP. Slalulory Auditor 80 Oxford Street Burnham-on-sea Somerset TA8 1EF Dale". Page11
Honilon and District Agricultural Association Statemenl of Financial Activities for the Year Ended 31 Ociober 2023 (Including Income and Expenditure Account and Slalement of Total Recognised Gains and Losses) Unrestrl¢ted funds Reslrl¢ted funds Total 2023 Total 2022 Nole Income and Endowments from: Donations and legacies Charitable activities Investment income Other income 27,332 266.958 5,081 146 27,332 266,958 5,081 146 967 289,403 4,578 Total income 299.517 299517 Expendlture on: Raising funds Charitable activities 112,0391 257,401 112,0391 257,401 {16,5721 238,864 Total exp8nditur8 Gainslllossesl on investment assets 1269,4401 1269,4401 1255,4361 1,044 1,044 16,300 Nel income 29,033 23,212 Nel movement in funds 29,033 29,033 23,212 Reconciliation of funds Total funds brought forward 746 789 20,988 767 777 Tolal funds carried fOrWd 19 775,822 796,810 767,777 All ol the charity's activities derive from continuing operations during the above Iwo periods. The funds breakdown for 2022 is shown in note 19. The noles on pages 14 10 27 form an integral part ol these financial slatemenls. Page 12
Honiton and District Agricultural Association (Registration number- 19833581 Balance Sheet as at 31 October 2023 2023 2022 Note Fixed assets Tangible assets Investments 14 609.110 91,858 700,968 579,924 89.056 668,980 Current assets Debtors Cash at bank and in hand 62,175 49,359 111,534 44,090 75,583 119,673 Creditors.. Amounts falling due within one year {15,6921 120,8761 Net current assets 95,842 98,797 Net assets 796.810 767,777 Funds of the charity- Restricted income funds Reslricled funds 20.988 20,988 Unrestri¢ted income funds Unrestricted funds 775,822 746,789 Total funds 796,810 767,777 The financial slalemenls on pages 12 10 27 were approved by the Iruslees, and aulhorised for issue on ¥WJ. .aoL4.. and signed on their behalf by.. B M Moore Esq Trustee The notes on pages 14 10 27 fomi an Integral part ol these financial slalemenls. Page13
Honiton and District Agricultural Association Noies io the Flnanclal siatemenis for the Year Ended 31 October 2023 1 Charlty status The charity is limited by guarantee, incorporated in England, and ¢onsequenlly does not have share capital. Each ol the Iruslees is liable lo contribute an amount not exceeding £Nil towards the assets ol the charity in the event of liquidation. The address of its registered off ice is.. Bank House 66a High Sireel Honiton Devon EX14 1PS 2 Accountlng pollcles Summary of slgnlflcanl a¢¢ountlng pollcles and key accounting estimates The principal accoLJnting policies applied in the preparation of these financial statements are set out below. These poli¢ies have been consislenlly applied to all the years presented, unless otherwise staled. Statement of compliance The financial slalements have been prepared in a¢wrdance with Accounting and Reporting by Charities.. Statement of Recommended Practice (applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 10211 lissued in October 20191 (Charities SOFIP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic ol Ireland {FFIS 1021 and the Companies Acl 2006. Basis of preparation Honiton and District Agricuttural Association meets the definition ol a public benefit enlily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless olheNise slated in the relevant accounting policy notes. Golng concern The trustee5 consider that there are no material uncertainties about the charity's ability lo continue as a going concern nor any significant areas of uncertainly Ihal allecl the carrying value ol assets held by the charity. Exemption from preparing a cash flow statement The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not inclLKled a cash flow statemenl in these financial slalements. In¢ome and endowments All income is recognised once the charity has entillemenl lo the income, il is probable that the income will be received and the amount of the income receivable can be measured reliably. Page 14
Honiton and District Agricultural Associalion Noles to the Flnancial Statements lor Ihe Year Ended 31 October 2023 Donations and legacles Donations are recognised when the charity has been notified in writing of both the amount and selllemenl dale. In the event that a donation is subject lo conditions that require a level of performance by the charity before the charity is entitled lo the funds, the income is deferred and not recognised until either those conditions are lully mel, or the lullilment ol those COfKlilions is wholly within the control of the charity and il is probable that these conditions will be lumilled in the reporting period. Investment Income Dividends are recognised once the dwidend has been declared and nolificalion has been received ol the dividend due. Expendlture All expenditure is recognised once there is a legal or constructive obligation lo that expenditure, il is probable settlement is required and the amount can be measured reliably, All costs are allocated lo the applicable expenditure heading that aggregate similar costs lo that category. Where costs cannot be directly allribuled to particular headings they have been allocated on a basis consistent with the use ot resources, with central staff costs allocated on the basis ol lime spent, and depreciation charges allocated on the portion ol the asset's use. Other support costs are allocated based on the spread ol stall costs. Raising lunds These are costs incurred in attracting voluntary income, the management of investments and those incurred in Irading activities Ihat raise funds. Ch8rllable actlvltles Charitable expenditure comprises those costs incurred by the charity in the delivery ol its activities and seNices lor ils beneficiaries. It includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary lo support them. Support costs Support costs include central function5 and have been allocated lo activity cost categories on a basis consislenl with the use ol resources, lor example, allocating property costs by floor areas, or per capila, staff costs by the time spent and other costs by their usage. Governance ¢o$l$ These include the costs allributable to the eharity's compliance with constitutional and slatulory requirements, including audit, slralegic management and Iruslees meetings and reimbursed expenses. Taxatlon The charity is considered lo pass the tests set otjt in Paragraph 1 Schedule 6 01 the Finance Act 2010 and therefore rt meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the charity is polent1211y exempl from taxation in respect of income or capital gains received wfihin categories covered by Chapter 3 Part 1101 the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlenl that such income or gains are applied ex¢lusively lo charitable purposes. Page 15
Honllon and Dlstrlct Agricultural Associalion Notes 10 the Flnanclal siatemenls for the Year Ended 31 October 2023 Tanglble fixed assets All fixed assets are initially recorded al cost, less any SLtbsequent accumulated depreciation and subsequent accumulated impairment losses. Depre¢iation and amortlsatlon Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any eslimaled residual value, over their expected useful economic life as follows-. Asset class Showground equipment Office equipment Molor vehicles Showground improvements Depreciation method and rate 25.10 Straight line 25¢10 Straight line 250/0 Straight line 50/0 reducing balance O¢/0 written down to nominal value ol £250 Trophies Fixed asset investments Fixed asset investments are included at market value al the balance sheet dale. Realised gains and losses on inveslmenls are calculated as the difference between sales proceeds and their market value at the start ol the year, or their subsequent cost, and are charged or credited lo the Statement ol Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the yeai and are credited or charged lo the Statement of Financial Activities based on the market value al the year end. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments Ihal are readily Convertible to a known amount ot ¢ash and are subject lo an insignificant risk of change in value. Fund stwdure Unreslricled income funds are general funds that are available lor use al the trustees discretion in furtheran ol the objectives ol the charity. Reslricled income turids are those donated lor use in a particular area or lor specific purposes, the use of which is restricted to thal area or purpose. Penslons and other post retirement obligatlons The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even il the fund does not hold sufficient assets lo pay all employees the benefits relating lo employee service in the current and prior periods. Contributions to defined corrtribution plans are recognised in the Statement ol Financial Activities when they are due. 11 contribution payments exceed the contribution due lor se, the excess is rec(>gnised as a prepayment. Page 16
Honiton and District Agrlcuiiural Associalion Notes lo the Financial Slalemenis for the Year Ended 31 October 2023 Flnanclal Instruments Classification Financial assets and financial liabilities are Tewnised when the charity becomes a party lo th8 conlraclual provisions of the instrument. Financial liabilities and equity instruments are classified according lo the subslance ol the conlraclual arrangements entered into. An equity instrument is any contract that evmlences a residual interest in tho assets of the charity after deducting all of ils liabilrties. Recognltlon and measurement All financial assets and liabilities are initially measured al transaction price lincluding transaction coslsl, except for those financial assets classified as at lair value through profil or loss, which are initially measured al fair value (which is normally the transaction price excluding transaction coslsl, unless the arrangement conslilutes a financing Iransaclion. If an arrangement conslilules a financing Iransaclion, the financial asset or financial liability is measured al the present value of the future payments discounted at a market rale ol inleresl lor a similar debt inslfumenl. Financial assets and liabilities are only offset in the statement ol financial position when, and only when there exists a legally enlorceable right lo sel off the recognised amounts and the charity interKls e(ther to settle on a net basis, or to realise Ihe asset and settle the liability simultaneously. Financial assets are derecognised when and only when a} the conlraclual rights lo the cash flows from the financial asset expire or are settled, bl the Charity transfers lo another party substantially all ol Ihe risks and rewards of ownership ol the financial asset, or cl the charity, desprte having relained some, bul not all, significant risks and rewards of ownership, has Iranslerfed control ol the asset to another party. Financial liabilities are derecognised only when the obligation specified in the conlracl is discharged, cancelled or expiies. Investments Investments in non-convertible preference shares arKI non-puttable ordinary OT preference shares Iwhere shares are publicly traded or their fair value is reliably measurable) are measured at lair value through profil or loss. Where lair value cannot be measured reliably. investments are measured al cost less impairment. Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired lor consideration including the issue ol shares qualifying for merger relief, cost is measured by reference lo the nominal value ol the shares issued plus lair value ol other consideration. Any premium is ignored. Page 17
Honiton and District Agricullural Associaiion Notes to the Flnanclal Stalemenls for the Year Ended 31 October 2023 3 Income trom donatlons and legacles Unre$trl¢ted lunds General Total 2023 Donations and legacies", Donations from individuals 27,332 27,332 Unrestrlcted funds General Total 2022 Donations and legacies., Donations from individuals 967 967 967 967 Page 18
Honilon and Districl Agricultural Assoclatlon Noles lo the Financial Statements for the Year Ended 31 Ociober 2023 4 Income from charitable activities Unre$trlcted funds General Total 2023 Sundry Income Trade Stands Sweet & Catering Concessions On The day Sales Advertisements 14,483 88,268 16,931 46,550 1.625 14,483 88,268 16,931 46,550 1,625 r 11 Presale Tickets Grasskeep Subsidies Animal Entry Fe8s Catalogues Special Prize and Sponsorship Tractor Entries Subscriptions 49,533 12,863 11.286 7,332 1,091 7,270 49,533 12,863 11,286 7,332 1,091 7.270 487 9,239 266,958 9,239 266,958 Unrestricted funds General Total 2022 Sundry Income Trade Stands Sweet & Gatering Concessions On The day Sales Advertisements 13,892 72,132 21,139 66,503 1,150 13,892 72,132 21,139 66,503 1,150 r 11 Presale Tickets Grasskeep Subsidies Animal Entry Fees Catalogues Special Prize and Sponsorship Tractor Entries Subscriptions 66,897 10,983 9,530 6,586 2,015 8,162 547 9,867 66,897 10,983 9,530 6,586 2,015 8,162 547 289 403 Page 19
Honiton and District Agricullural Association Notes to Ihe Financial Slatemenis for the Year Ended 31 Oclober 2023 5 Investment In¢ome Unrestrl¢ted funds General Tot81 2023 Interest receivable and similar income.. Interest receivable on bank deposits Other income from fixed asset investments 779 779 4,302 5,081 5,081 Unrestricted lunds General Total 2022 Interest receivable and similar income., Interest receivable on bank depos(ts Other income from fixed asset investments 70 4,508 70 4,578 6 Other In¢ome Unrestricted funds General Total 2023 Gains on sale of langible fixed assets for charity'5 Own use 146 146 7 Expendlture on ralslng funds Costs of generallng donatlons and legacles Unrestrlcted funds General Total funds Note Marketing and publicity 12,039 Total lor 2023 12,039 12,039 Total tor 2022 16,572 16,572 Page 20
Honlton and Dlstrlct Agrlcuiiural Association Notes io Ihe Financial Staiemenis for Ihe Year Ended 31 October 2023 8 Expendlture on ¢haritable actlvities Unrestricted funds General Total 2023 Note Charilablg activity undertaken directly Staff costs Allocated support costs Governance costs 220,141 1,854 25,954 9,452 257,401 220.141 1,854 25,954 257,401 Unrestricted funds General Total 2022 Note Charitable activtty undertaken directly Stall costs Allocated support costs Governance costs 200,338 200,338 30,465 7,377 238,864 30,485 238,864 A¢tlvlty undertaken dlrectly 2023 2022 Ground preparation Cost of online tickets Hired attractions Prizes Showday labour Rosettes Judges expenses Water Catering Hire ol field Repairs and maintenance Insurance Printing Secretary Bad debts Depreciation 86.905 2,519 13,815 9,642 27,863 6,882 3,575 551 6,815 1,110 7,093 5.179 8.347 30,649 86,905 2,519 13,815 9,642 27,863 6,882 3,575 551 6,815 1,110 7.093 5,179 8,347 30,649 79,474 3,529 10,559 10,560 28,255 4,486 1,825 597 4,698 1.080 3,753 4,474 8.113 30,046 1,501 7.388 200,338 9,196 220,141 9,196 220 141 Page 21
Honilon and Disirict Agricuftural Assoclatlon Notes to the Financial Staiements for the Year Ended 31 October 2023 In addition lo the expenditure analysed above, Ihere are also governance costs of £9,452 (2022 £7.3771 which relate directly lo charitable aclivilies. See note 9 lor further details. 9 Analysis of governance and support costs Support costs allocaled to ralslng funds Governance Other support costs costs Tolal 2023 Bookkèeping Ollice rent Bank charges Postage & Stationary Telephone Affiliation fees Donations SLtThJry expenses Accountancy fees Audit lees Legal lees 11,300 4,000 270 3,421 2,206 364 1,261 3,132 11,300 4,000 270 3,421 2,206 364 1,261 3,132 1,300 4,480 3,672 35,406 1,300 4.480 3,672 9,452 25.954 Governance Other support costs costs Total 2022 Bookkeeping Ollice fenl Bank charges Postage & Slalionary Telephone Affiliation fees Donations SurKlry expenses Accountancy fees Audit lees Legal lees 10,600 3.500 285 3,213 2,041 348 6,599 3,879 10,600 3,500 285 3,213 2,041 348 6.599 3.879 1,030 4,000 2,347 37,842 1,030 4,000 2,347 7,377 30,465 Page 22
Honlton and Districi Agricultural Associalion Notes to Ihe Financlal Staiements for the Year Ended 31 October 2023 Governance costs Unrestrlcted funds General Total 2023 Other governance costs 9,452 9.452 Unrestrlcted tunds General Total 2022 Other governance costs 7,377 7,377 7,377 10 Net Incomlngloutgolng resources Nel incoming resources lor the year include: 2023 2022 Depreciation ol fixed assets 7,388 11 Trustees remuneratlon and expenses No Iruslees, nor any persons connected wf(h them, have received any remuneration from the charity during Ihe yeay. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 12 Slatt costs The monthly average number ol person5 (including senior management / leadership leaml employed by the charity during the year expre55ed as lull time equivalenls was as follows.. 2023 No 2022 No Management staff Contributions lo the employee pension schemes loi the year lolalled £1,85412022 - £6841- No employee re¢eived emolum8rits of more than £60,000 during the year. Page 23
Honiton and District Agricullural Assoclallon Notes lo the Financial Stalemenls for the Year Ended 31 October 2023 During the year the charity made the loll¢)wing transactions w((h key management personnel: Management statt The Management staff received Temuneralion of £30.64912022.' £30.0461 13 Taxation The charity is a registered charity and is therefore exempt from taxation. 14 Tangible fixed assets Showground Motor Improvement vehlcles Land and Plant and buildings machlnery Trophies Cost Al 1 November 2022 Additions 475,787 48,612 935 700 170,057 37,448 990 Al 31 October 2023 475 787 49,547 700 207 505 990 Depreclatlon At 1 November 2022 Charge for the year 45,487 1,276 700 72,858 6,732 740 At 31 October 2023 46.763 700 79,590 740 Net book value At 31 October 2023 475 787 2,784 127,915 250 Al 31 October 2022 475 787 3,125 250 Showground equlpment Total Cost Al 1 November 2022 Additions 73,238 769,384 38,383 Al 31 October 2023 807,767 Depreciatlon Al 1 November2022 Charge for the year 69,676 189,461 Al 31 October 2023 198.657 Nel book value Al 31 October 2023 2,374 609,110 Al 31 O¢lober 2022 3,562 579,923 Page 24
Honilon and Districl Agricullural Association Noles lo the Financial Stalements for the Year Ended 31 October 2023 15 Flxed asset Investments 2023 2022 Other inveslmenls 89,056 Llsted investments Unlisted Investrnents Total Cost or Valuatlon Al 1 November 2022 Revaluation Additions 83.470 11,0441 5.588 89,058 11,0441 3,844 Al 31 Octobe¥ 2023 82,426 9,432 Net book value Al 31 October 2023 82.426 9,432 91,858 Al 31 October 2022 83,470 5,588 89,058 16 Debtors 2023 2022 Trade debtors VAT recoverable Other debtors 45,389 7,373 9,413 62,175 30,836 8.220 44,090 17 Cash and cash equlvalenls 2023 2022 Cash on hand Cash at bank 290 49,069 49.359 75,583 75,583 18 Credltors: amounts falling due within one year 2023 2022 Trade creditors Other creditors 2,258 13,434 15,692 8,850 12,026 20.876 Page 25
Honiton and Dlstrlct Agricultural Assoclaiion Notes to the Financial siatements for the Year Ended 31 October 2023 19 Funds Other re¢ognlsed Balance al Incomlng Resources galnslllosse 31 October resources expended 2023 Balance at I November 2022 Unrestrl¢ted funds General General FurKIs 746,789 299,517 1269,440} 11,0441 775,822 Restricted funds Reslricled Funds 20,988 20.988 Total funds 767,777 299,517 269 440 796.810 Other recognised Balance at Ineomlng Resour¢es gainslllosse 31 October resources expended 2022 Balance at 1 November 2021 Unrestricted tunds General General Funds 723,577 294,948 1255,436) 116,3001 746,789 Re$lrlcted funds Restricted Funds 20,988 Total funds 744,565 294,948 255,436 16,300 767,777 Page 26
Honiton and Dlstricl Agricultural Association Notes io Ihe Financial Staiements for the Year Ended 31 October 2023 The specific purposes lol which the funds are lo be aFplied are as follows.. The Marker Trusl Fund is lo be used lor capital improvements. either new buildings or the purchase of additional land. 20 Analysls of net assets between funds Unrestricted funds General Total ndS at 31 October 2023 Restrlcted funds Tangible fixed assets Fixed asset investments Cvrrenl assets Current liabilities 609,110 70,870 111,534 15,692 609,110 91,858 111,534 15,692 20,988 Total net assels 775,822 796810 Unrestrlcted lunds General Total funds al 31 October 2022 Restrlcted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 579,924 68,068 119,673 20,876 579,924 89,056 119,673 20,988 Total net assets 746,789 20,988 767,777 21 Related party transactlons During the year the charity made the following related party transactions: Mr and Mrs E R Underdown (Trusleesl £1,10012022 . £1,080) Rent ol showground £28012022.. £nill Sale ol fence posts £nil12022 . £1,000) Hire of lelehandlerltraclorlgangmowers. Al the balance sheet date the amount due tollrom Mr and Mrs E R Underdown was £Nil12022 - £Nil}. J Lar¢ornb*Ford Esq (Trusleel £4,66012022 . £3,912} Showday labourllraffic coneslvehicle hire. At the balance sheet date the amount due lolfrom J Larcombe-Ford Esq was £Nil12022 - £Nil). Page 27