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$sC￿latiOn.
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 tI￿Se 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 Consisten￿Y'
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 AgriCu￿ural 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
othe￿iSe 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 p￿sentatIOn, 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 fOrW￿d 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