Company registration ntjmber. 1983358 Charity registration number." 299352 Honiton and District Agricultural Association IA company limited by guaranteel Annual Report and Financial Statements for the Year Ended 31 Oclober 2024 WESTCOTTS CHAATERED ACCOUMTthN7S BUSINESS AOWISEPS
Honiton and District Agricultural Association Contents Reference and Adminislralive Details 1 102 Auditors Trustees Report 3106 Independent Auditors, Report 7t011 Statement ol Financial Activities 12 Balance Sheet t3 Notes to the Financial Slalemenls 141027
Honiton and District Agricultural Association Reference and Administrative Details TrLEStees F D Arscoll Esq Miss S Ball Ic&opled 18 April 20241 R W Coley Esq J C Dare Esq H C Derryman Esq R Derryman Esq H Durranl Esq MrPFJForce T Hammell Esq D Hawkins Esq C Hopcraft Eso R M Kallaway Esq J M Kennaway Esq J Larcornbe-Ford Esq Mrs C A Lewis-Jones A J Luxion Esq R J T Marker Esq F E Martin Esq Iresigned 24 September 20241 Mrs S Maynard B M Moore Esq D E Parish Esq R Sampson Esq (co-opted 18 April 20241 D Snell Esq S Talling Esq Ll. Cdr C N Tuke. RN Iret'dl S Tuke Esq Mrs C Underdown E R Underdown Esq D White Esq B Woods Esq Company Secretsry J Griffin Esq Page 1
Honiton and District Agricultural Association Reference and Administrative Details Management committee Mrs M Connor, Secretary Mrs M French, Tiea5urer B Moore Esq, Chairman (Chief Steward Features and Main Ringl C Hopcraft Esq, Vice Chairman R Derryman Esq, Chtef Sleward of Sheep D Hawkins Esq, Chief Steward of Cattle 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 member S Talling Esq. Elected member Charity Registration Number 299352 Company Registration Number 1983358 The charity Is incorporated in EnglanLI. Registered Office Bank House 66a High Street Honilon Devon EX14 1PS Avditor Weslctstts ISWI LLP 80 Oxford Street Burnham-on-sea Somersel TA8 1EF Solicitors- Everys The Laure15 46 New Street Honilo Devon EX14 1BY Page 2
Honiton and District Agricultural Association Trustees Report The trustees, who are directors for the purposes of COTnpany law, present the annual report together with the financial slalemenls and auditors. report ol the charitable company for the year ended 31 October 2024. Objectives and activities Objects and alms The principle objective of the association is to promote agriculture. This includes all trades. Crafts and professions conne¢led with it. In pursuance of ils principle obje¢live an annual agricultural show in or close to the town ol Honilon shall be held. providing this is practical and possible The main goals are lo Continue lo host the annual show with improved and maintained facilities of our owned a55el the 130 acre showground and building5 which comprises £475.787 of our total reserves. This year we have been exlremely fortunate lo receive further generous donations from the J J Underrlown Trust, enabling us tD invest in additional infrastructure and maintenance and will use the funds for additional tracks lo safeguard the showground against inclement weather and conditions We have this year refurbished the secretary's showground offi¢e and purchased new Cattle Steward and Trophy Se¢retary Offices. Objectives, strategies and activities The Management Board continues lo closely monitor all expenditure particularly with Inevitable Increases In operaling costs and reports regularly to the Trustees of the Association. The annual show was well supported despite the extreme heal which did have an Impact on afternoon attendance and Income received. Incoming resources of £333.867 were generated 12023 £299.5171 the costs associated with management and producing the shDw and other supplementary activities TesLJlled in a surplus of £39.697 12023 surplus of £29.0331. The Association remains in a good financial position with cash at bank £109,2921£49.359 in 20231. We received fabulous livestock and equine entries, Trade Stands were of exceptional Quality and quanlity with the need lo start a new Agri¢ullur81 Sland area. Stags held two collective machinery sales during the year. one in March and a second In August. Further income was raised by ulili51ng the showgiound lor hire with bookings including Festival on the Hills Several donations lolalling £6.750 were made Including lo those organisations who offer valuable as51slance lo the show including the East Devon Group of Young Farmers. The Oller Valley Rotary Club and the Guides. The Association awarded two Educational Bursaries 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 One of the show's primary aims is lo educate the younger generation about the significance of agri¢ullure and ils relalttd Industries and a vast array of classes are held together with many learning opportunities including the educational Farmwise Devon van We have sought professional advice on how to best oplimise revenue within the new farm payments system. natnely the Sustainable Farming Incenlive. Public benefit The Trustees have had regard lo the Charity Commission's guidance Dn public benefit The Association adrlli15 accompanied children lunder 161 free ol charge lo the Annual Show. The Iruslees confirrn that they have complied with the requirements ol section 17 of the Charities Act 2011 to have due regard lo the public benefit guiLlance published by the Charily Commission lor England and Wales. Page 3
Honiton and District Agricultural Association Trustees Report Financial review Poll¢y on resetves Unspent reserves at 31 October 2024 were £836,507 and are considered adequate for the Charity's objectives. The charity's policy on reserves is reviewed annually lo ensure th81 sufficient reserves are maintained lo meet day-to-day operational costs and lo enable il lo develop. Reserves are also maintained in order to compensate in the event of a Canlled show. Structure. governance and management Nature of goveming document The organisalion 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 of the charitable company and is governed under ils Articles of Association. Recruitment and appointment of trustees The directors of the Company are also charity trustees lor the purposes of charity law. Under the requirements of the Memorandum and Articles of Association the trustees shall number not more than 45, nor less than 21. The trustees are recruited for the knowledge and experience th81 they are able lo offer the association. Induction and training of trustees New Council members are nominated by two Association fflembers. They spend lime with an existing member to receive an overview of the organisalion and key documents such as the Memorandum and Articles Df AssDciation, audited accounts, Annual Review, current year's budget and future plans and objectives They will also receive information from the Charity Commission on the responsibilitie5 of the trustees Organisational structure The Charity has Council Members who meet four times a year and are responsible for the strategic direction and policies of the Charity. The Management Committee are effectively responsible for running the association They meet each month and report back to the Council Members al the quarterfy mettlings Copies of the Management Committee meetings are also circulated lo the Council Members are elected each year al the AGM by the Council Members. There are a150 various Sub commillees made up from Council and Management Commillee Members. who report back to the Management Board. Page 4
Honiton and District Agricultural Association Trustees Report Relationships with related parties General Some members of the Council do transact with the charity, full details are given in a note to the accounts. All transactions wrth Council Members are brought before the Management Board for approval. Major risks and management of those risks for small charities Risk managemenl The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining a free reserve al current levels will provide sufficient resources In the event of adverse conditions. The trustees have a150 examined other operational and busine55 risks which are laced and confirm that they have established systems lo mitigate any significant risks. The council are given the annual budget prepared by the Management Board each year, and comparisons lo aclLJal income and expenditure are given periodically during the year All Council Members are responsible for the assets of the assDcialion. and therefore, the Council approve all capital expenditure proposed by the Management Board. Financi81 controls All purchas& invoices are approved by a member Df the Management Board, apart from general overheads expelldilure. There are two signatures for each financial transaction, with on& being that ol the Chairman Any additional expenditure lo the Budget is discussed and agreed at the Management Board Meetings. ststement of responsibilitie$ (within Trustees Reporti The IrLJStees (who are also the directors ol Honiton and District Agricumural Association for the purposes of company lawl are responsible for preparing the financial statements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland The report and accounts have been prepared In accordance with the provisions In the Companies Act 2006 relating lo small companies. Company law requires the trustee5 to prepare financial statements for each financial year. Under Company law the trustees musl not approve the financial statements unless they are satisfied that they give a true and f8ii view of the slate ol affairs of the charitable Company and of the Incoming resources and application of resources. inclLJding Its Income and expenditure, ol the charitable company for that period. In preparing these linancial statemenls, the trustees are requiied lo." Page 5
Honiton and District Agricultural Association Trustees Report select suitable accounting policies and apply them consislenlly., observe the methods and principles in the Charities SORP., make judgem&nls 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 slalemenls.. and prepare the financial statements on the going concern basis unless It Is Inappropriate lo presume that the charitable company will continue In business The Iruslees are responsible for keeping proper accounting record5 that Can disc105e with reasonable accuracy at any time the financial position ol the charitable company and enable them lo ensure that the financial slalemenls comply with the Companies Acl 2006. They are also responsible for safeguarding ltte assets ol Ihe charitable company and hence for taking reasonable steps lor the prevention and deteclion of fraud and other Irregularities. The Iruslees are responsible for the maintenance and integrity of the corporate and financial informatlDn inclijded on the charitable company's website. Legislation governing the preparation and Llissemination of financial statements may differ from legislation in other jurisdictions. Disclosure of information to auditor Each Iruslee has taken steps that they ought to have taken as a trustee in order lo make Ihemselves aware of ally relevant audit inforfflalion and to establish that the charity's auditor is aware ol that information The trustees confirm that there is no relevant Information that they kllow of and of which they know the auditor is unaware. Small companies provision statement This report has been prepared in accordance with the small companies regime under the CoMpaneS Act 2006 The annual report was approved by the trustees of the charity on .IsID.1120.JSand signed on ils behalf by. B M Moore Esq Trustee Page 6
Honiton and District Agricultural Association Independent Auditor's Report to the Members of Honiton and District Agricultural Association Opinion Vve have audited Ihe financial slalerllenls of Honilon and District Agricultural As50cialion (the '¢harrty'l for the year ended 31 October 2024, which comprise the Slalement ol Financ1al Aclivilies. Balance Sheet, and Notes lo the Financial Statements, including a summary of signif1cant accounting policies. The financial reporting framework that has been applied In their preparation is United Kingdom Ac¢ounting Standards, comprising Charities SQRP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view ol the state of the charity's affairs as at 31 October 2024 and Of 115 incoming resources and application ol resources, including ils income and expenditure, lor the year then ended, have been properly prepared in accordance wilh Unrted Kingdom Generally A¢pted Accounting Practice.. and have been prepared in accordance wilh the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable 18w. Our responsibilities under those standards are further described In the auditor responsibilities lor the audit of the financial statements section ol our report We are independent of the ¢harity In accordance with the ethical reouiremenls that are ielevanl lo our audit of the financial statements In the UK. Including the FRC'S Ethical Standard. and the provisions available for small entities. in the circumstances sel out in note to the financial 51alemenls. and we have fulfilled our other ethical responsibilities in accordance wilh Ihese requirernenls. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the trustees use of the going concern basis of a¢counling in the preparation of the financial statements is appropr1ale. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the charity's ability lo continue as a going concern for a period of al least twelve months from when the original financial statements were aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other information The IruslÈes are responsible for the Dlher infomalion The other information comprise5 the information included in the annual report, other than the financial slalements and our auditor's report Ihereon. Our opinion on the financial statemerits doe5 not Gover the other information and. except to the extent otherwise explicitly stated in our report. we do not express any form ol assurance conclusion Ihereon. Page 7
Honiton and District Agricultural Association Independent Auditor's Report to the Members of Honiton and District Agricultural Association In connection wrth our audit of the financial statements. our respons1bility Is to read the other information and, in d01ng SD, consider whether the other information is materially inconsistent with the financial slalemenls or our knowledge obtained In the audit or otherwise appears lo be materially m155taled. If we identify su¢h material Inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misslalemenl in the financial statements or a material misslalemenl ol the other information 11, based on the work we have performed, we Conclude that there is a material misslalemenl of this other information. we are required lo report that fact We have nothing lo report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinitsn, based on the work undertaken In the course of the audit.. the information given in the foi the financial year lor which the financial slalements are prepared is consislenl with the financial slatemenls.. and the has been prepared in accordance with applicable legal requirements. Matter5 on which we are required to report by exception In the light DI our knowledge and understanding of the charity and ils environment obtained in the course ol the audit. we have not identified material misslalemenls in the Strategic Report and the Trustees, Report We have nolhing to report in respect of the following matters where the Companie5 Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept. or returns adequate for our audrt have not been received from branches not visited by us." or the financial slalemenls are not in agreement with the accounting records and returns", or certain disclosures of trustees remuneration specified by law are not made., or we have not received all the information and explanations we require lor our audit. Page 8
Honiton and District Agricultural Association Independent Auditor's Report to the Members of Honiton and District Agri¢ultural Association Responsibilities of trustees As explained more lully in the Statement of Iruslees, responsibilities Isel out on page 5 and 61 the trustees are responsible lor the pieparalion of the financial statements and lor being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial stateentS that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the ¢harily's ability lo Continue as a going COnrn. disclosing. as applicable, mallers related lo going concern and using the going concern basis ol accounting unless Ihe trustees either intend lo liquidate the Charity or lo cease operations, or have no realistic alternative but to do so. Auditor responsibilities for the audit of the financial statements Our objectives are to oblain reasonable assurance about whether the financial slalemenls as a whole are free from material misstatement. whether due lo fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level ol a55urance, bul is not a guarantee that an audit conducted In accordance with ISAS IUKI will always detect a material misstatement when Il exists. Misslalemenls can arise from fraud or error and are considered material 11, individually or in the aggregate, they could iea50nably be expected lo influence the economic decisions ol users taken on Ihe basis of these financial slalemenls. The extent lo which our procedures are capable of detecting irregularities, Including fraud 45 detailed below" Page 9
Honiton and District Agricultural Association Independent Auditor's Report to the Members of Honiton and District Agricultural Association We identified areas of laws and regulations that could reasonably be expected lo have a matenal effect on the financial statements from OLJr general commercial and sector experience and through discussion w((h the directors We communicated identified laws and regulations throughout our team, and remained alert lo any indication5 of non-compliance throughout the audit. The company is subject lo laws and regulations that govern the preparation of the financial slalements, Includirig financial reporting legi51alion, 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 statements Including employment laws and regulations and certain aspects of companies legislation. Owing lo the inherent limitations of an audit, the is an unavoidable risk that we may not have detected some material misslalemenls in the financial statements. even though we have properly planned and performed our audit in accordance with audrting standards. In any audrt. there remains a higher r15k of non-deleclion of irregularities, as these may involve collusion, forgery. inlenlion31 omis5ion5, misrepresenlalion5, or the override of Inlem81 Controls We are not responsible for preventing non-compliance with all laws and regulations. As part ol an audit in accordance with ISAS IUKI, we exercise professional judgement and maintain professional sceplicism throughout the audit. We also". Identify and assess the risks of material misslalemenl Df the financial Statements, whether due lo fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misslalemenl resulting from fraud is higher than for one resulting from error, as fraud may involve Collusion, forgery, intentional omissions, misrepresentations. or the override ol internal contfol. Obtain an understanding of internal Gonlrol relevant lo ltte audit In order lo design audit procedures that are appropriate ill the circumstances. bul not for the purpose of expressing an opinion ofj the effectiveness of the company's internal control. Evaluate the appropriateness ol accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. Conclude on the appropriateness ol the dire¢tors' use of the going concern basis of accounting and, based on the aLJdil evidence obtained. whether a material uncertainty exists related to events or conditions that may ¢asl significant doubl on the company's ability to continue as a going con¢ern 11 we conclude that a material uncertainly exists, we are required lo draw attention in OLJr aLJdilor's report lo the related disclosures in the financial statements or. il such clisclosures are inadequate, lo modify OLJr opinion Our conclusions are based on the audit evidence obtained LJP lo the dale of our auditor's report. However, future events or conditions may Cause the company lo cease lo continue as a going concern. Evaluate the overall pieselllalion, Structu and Conlenl of the financial statements. including the disclosures. and whether the financial stslemenls represent the underlying transactions and events in a manner that achieves fair presentation. A furthei description of our responsibilities lor the audit of the financial slalemenls is located on the Financial Reporting Council's website al www.frc.org.uklaudilorsrespon$ibilili&s This description forms part of our audilorfs report. Page 10
Honiton and District Agricultural Association Independent Auditorfs Report to the Members of Honiton and District Agricultural Association Use of our report This report is made solely lo Ihe charitable company's trLJStees. as a body. in accordance with Chapter 3 of 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 required lo slate lo them in an auditor's ieport and for no olhei puipose. To the lullesl extent permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and Ils trustees as a body, lor our audit work, for this report, or for the opinions we have formed. David Wright FCA (Senior Slalulory Audrtorl For and on behalf ol Westcotts ISWI LLP, Stalutory Auditor 80 Oxford Street Burnham-on-sea Somerset TA8 1EF Dale.. 21.3.25 Page 11
Honiton and District Agricultural Association Statement of Financial Activities for the Year Ended 31 October 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted fund5 Total 2024 Total 2023 Note Income and Endowments from". Oonalions and legacies Charitable activities Investment income Other Income 57.154 271,299 5,414 57.154 271,299 5,414 27.332 266,958 5.081 146 Total income 333,867 333,867 299,517 Expenditure on- Raising funds Charitable activities 110,5851 1290,0911 110.5851 1290,0911 112,0391 1257,4011 Total expendilLJre Gain51llossesl on investment assets 1300.6761 1300,6761 1269.4401 6,506 6.506 11,0441 Nel income 39,697 39,697 29,033 Nel movement In funds 39,697 39.697 29,033 Reconciliation of funds Total funds brought fOnard 775,822 20,988 7%.810 767,777 Total funds carried forward 18 815,519 20,988 836.507 796,810 All of the charity's activities derive from continuing operations during the above two penods. The funds breakdown for 2023 Is shown in note 18. The notes on pages 14 10 27 form an integral part ol these financi81 slalemenls. Page 12
Honiton and District Agricultural Association (Registration number- 1983358) Balance Sheet as at 31 October 2024 2024 2023 Note Fixed assets Tangible assets Investments 13 14 603,520 102.592 609,110 91,858 706.112 700,968 Current assets Debtors Cash al bank and in hand 46.643 109,292 155,935 62,175 49.359 16 111,534 Creditors= Amount5 falling due within one year 17 125,540 115,6921 Net current assets 13Q,395 95,842 Net assets 836.507 796.810 Funds of the charity.. RÈ5tricted income funds Reslricled funds 20.988 20.988 Unrestricted income funds Unreslricled funds 815.519 775,822 Total funds 18 836,507 796,810 These financial stslemenls have been prepared in aceoidance wilb the special provision5 relating to companies subject lo the small companies regime within Part 15 of the Companies Act 2006. The fi ancial statements on pages 12 10 27 were approved by the Iiuslees. and authorised for issue B M Moore Esq Trustee The notes on pages 14 to 27 form an integral part of thèse financial slalemenls. Page 13
Honiton and District Agricultural Association Notes to the Financial Statements for the Year Ended 31 October 2024 1 Charity status The charity is limited by guarantee, incorporated in England, and consequently does not have share capital Each of the trustees is liable lo Contribute an amount not exceeding £Nil towarcss the assets ol the charity In the event of liquidation. The acldress of ils registered office is.. Bank House 663 High Street Honilon Devon EX14 1PS 2 Accounting poli¢ie$ Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are sel tsul below These policies have been consistently applied to all the years presented. unless otherwise slated. ststement of compliance The financial slalemenls have been prepared In accordance with Accounting and Reporting by Charities." Slalemenl of Recommended Practice (applicable to charities preparing their accoun15 in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 10211 lissued In O¢tober 20191 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republi¢ ol Ireland IFRS 1021 and the Companies Act 2006. Basis of preparation Honilon and District Agricultural Association meets the definition of a public beneff( entity under FRS 102. Assets and liabilities are initially re¢ognised al historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Going concern The Iruslee5 consider that there are no material uncertainties about the charity's ability lo continue as a going concern nor any significant areas of uncertainly that affect the carrying value of assets held by the charity. Exemption from preparing a cash flow statement The charity opted to early adopt Bullelin 1 published on 2 February 2016 and have therefore not included a cash flow slatement in these financial slalemenls. Income and endowments All income Is recognised once the Charity has entillemenl lo the income. It ss probable that the income will be received and the amount of the income receivable can be measured reliably. Page 14
Honiton and District Agricultural Association Notes to the Financial Statements for the Year Ended 31 October 2024 Donations and legacles Donations are recognised when the charity has been notified in writing ol both the amount and selllemenl dale. In the event that a donation is subject to conditions that require a level ol performance by the charity before th& charity is enlilled lo the funds. the income Is deferred and not recogn5sed until either those conditions are fully mel, or the lulfilmenl ol those CDnditions is wholly within the control of the charity and il Is probable that these conditions will be fulfilled in the reporting period. Investment Income Dividends are recognised once the dividend ha5 been declared and nolilicalion has been recerved of the dividend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation lo that expenditure. rt Is probable s&lllemenl is required and the amount Can be measLJred reliably. All costs are allocated to the appli¢able expenditure heading that aggregate similar costs to that category Where costs cannot be directly allribuled lo particular headings they have been allo¢ale(S on a basis consistent with the use of resources, with central staff costs allocated on the basis ol lime spent. and depreciation eharges allocated on the portiori ol the asset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs Incurred in allracting voluntary income, the management of investments and those incurred in trading activities that raise fun(Ss. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and service5 for Ils beneficiaries 11 includes both costs that can be allocated directly to such activities and those costs of an Indirect natu necessary lo support them. Support costs Support Costs include central functions and have been allocated lo a¢livily cost categories on a basis ¢onsislenl with the use of resources. for example. allo¢aling property costs by floor areas. or per capila, staff costs by the time spent and other cos15 by their usage. Governance costs These include the costs allribulable lo the charity's compliance with constitutional and statutory requirements. including aLJdit, strategic management and trustees meetings and reimbursed expenses. Taxation The charity is considered to pass the tests sel out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore Il meels the definition ol a charitable company for UK corporation lax purposes. Accordingly, the charity Is potentially exempl from laxalion In respeGt of income or capital gains received within calegoiies covered by Chaplei 3 Part 11 of the Corporation Tax Act 2010 or Se¢lion 256 01 the Taxation of Chargeable Gains Act 1992, to the extent that such income or gain5 are applied exclusively lo charitable purposes. Page 15
Honiton and District Agricultural Association Notes to the Financial Statements for the Year Ended 31 October 2024 Tangible fixed assets All fixed assets are Initially recorded al cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciatlon and amortisation Depreciation is provided on tangible fixed assets so as lo write off the cost or valuation. less any eslimaled residual value, over their expected useful econotllic life as follows Asset class Showground equipment Office equipment Motor vehicles Showground improvements Depreciation method and rate 25,/0 slraighl line 25°/o Straight line 25°k straight line 50h reducing balance O°/0 Written down lo nominal value ol £250 Trophies Fixed asset investments Fixed asset Investments are included al market value al the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the slart ol the year. or their subsequent cost, and are charged or credited to the Statement of Financial Aclivities In the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited Or Charged lo the Statement ol Financial Activities based on the market valLJe at the year end Cash and cash equivalents Cash and cash equivalents cornpri5e cash on hand and call deposits, and other short-lerm highly liquid 1nvestments that are readily convertible to 8 known amount of cash and are subject lo an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use al the Iruslees discretion in furtherance of the objectives ol the charity Restricted income funds are those donated for use in a particular area or for specific purposes, the use ol which is restricted lo that area or purpose. Financial instruments Classification Financial assets and financial liabilities are recognised when the charity becomes a party lo the contractual provisions ol the instrument. Financial liabilities and equity InslrumeTrls are classified according lo the substance of the conlraclual arrangements entered into. An equity instrument Is any contract that evidences a residual interest in the assets of the charily after deducting all of its Iiabililies. Page 16
Honiton and District Agricultural Association Notes to the Financial Statements for the Year Ended 31 October 2024 Recognition and measurement All financial assets and liabilities are initially measured at transaction price (including transaction costs). excepl for those financial as5els classrfied as al fair value through profil or loss, which are initially measured at fair value (which is normally the Irans3¢lion price excluding transaction cost51. unless the arrangement conslilules a financing IraD5action. If an arrallgement conslrtutes a financing transaction. the financial asset or financial liabilrty is measured al the present value of the future payments discounted al a market rale ol interest for a Similar debt instrument. Financial assets and Iiabililie5 are only offset in the statement of financial PDSltion when, and only when there exists a legally enforceable right 10 Sel off the recognised amounts and the chanty Intends either to settle on a nel basis, or lo realise the asset and Settle the liability simultaneously. Financial assets are decOgniSed when and only when al the contractual rights to the cash flows from the financial asset expire or are settled. bl the chanty transfers to 2nDther party substantially all ol the risks and rewards of ownership of the financial asset, or cl the charity. despite having retained Some, but nol all. significant risks and rewards ol ownership. has transferred control of the 85sel lo another party. Financial liabililies are d6recognised only when the obligation specified in the contract Is discharged. cancelled or expires. Investments Investments in non-convertible preference shales and non-putlable ordinary or preference shares Iwhere shares are publicly traded or their fair value Is reliably measurablel are measured at fair value through profil or loss. Where fair value cannot be measured reliably, investments are measured at ¢osl less impairment. Investments in subsidiaries and associate5 are measured al cost less impairment For Investments in subsidiaries acquired for consideration including the Issue ol shares qualifying lor merger relief. cost Is measured by reference to the nominal value of the shares issued plus fair value ol Other consideration. Any premium is ignored. Page 17
Honiton and District Agricultural Association Notes to the Financial Statements for the Year Ended 31 October 2024 3 Income from donations and legacies Unrestricted funds General Total 2024 Donations and legacies., Donations from individuals 57,154 57.154 57,154 57,154 Unrestricted funds General Total 2023 Donations and legacies". Oonalions from individuals 27.332 27.332 27,332 27.332 Page 18
Honiton and District Agricultural Association Notes to the Financial Statements for the Year Ended 31 October 2024 4 Income from charitable activitles Unrestricted funds General Total 2024 Sundry Income Trade Stands Sweet & CateThng Concessions On The day Sales Advertisements Presale Tickets Grasskeep Sub51dies Animal Entry Fees Catalogues Special Prtie and Sponsorship Tractor Entries Subscriptions 12,332 85,249 17,201 51,717 1,601 50,495 11,238 9,969 8,387 1,769 10,884 406 10,051 12,332 85,249 17,201 51.717 1,601 50.495 11,238 9,969 8,387 1,769 10.884 406 10.051 271,299 271,299 Unrestricted funds General Total 2023 Sundry Income Trade Stands Sweet & Catering Concessions On The day Sales Advertisements Presale Tickets Grasskeep Subsidies Animal Entry Fees Catalogues Special Prize and Sponsorship Tractor Entries Subscriptions 14,483 88,268 16,931 46.550 1.625 49.533 12,863 11.288 7.332 1.091 7.270 487 9,239 14.483 88,268 16,931 46,550 1.625 49,533 12,863 11,286 7.332 1.091 7.270 487 9.239 266.958 266.958 Page 19
Honiton and District Agricultural Association Notes to the Financial Statements for the Year Ended 31 October 2024 S Investment income Unrestricted funds General Total 2024 Interest receivable and similar Incorne., Interest receivable on bank deposits Other income from fixed asset investments 1,186 4.228 1,186 4,228 5,414 5,414 Unrestricted funds General Total 2023 Interest receivable and similar income". Interest recesvable on bank deposits Other income from fixed asset investments 779 4,302 779 4.302 5.081 5.081 6 Expenditure on raising funds al Costs of generating donations and legacies Unrestricted funds General Total funds Note Marketing and publicity 10,585 10,585 Total for 2024 10,585 10,585 Total for 2023 12,039 12,039 Page 20
Honiton and District Agricultural Association Notes to the Financial Statements for the Year Ended 31 October 2024 7 Expenditure on charitable activities Unrestrictgd funds General Total 2024 Note Charitable activity undertaken directly Allocated sUPPOrt costs Governance costs 244,261 37,686 8,144 244,261 37.686 8,144 290.091 290.091 Unrestricted funds General Total 2023 Note Charitable activity undertaken directly Allocated support costs Governance Costs 221,995 25.954 9,452 221,995 25,954 9,452 257,4D1 257,401 Activity undertaken directly 2024 2023 Ground preparation Cost of online li¢kels Hired attractions Prizes Showday labour Roselles Judges expense5 Vvater Catering Hire ol field Repairs and maintenance Insurance Printing Secretary Bad debts Depreciation 92,051 2,461 10.649 12.085 38,191 8,002 2,079 325 6.513 1,200 14,232 5.689 6,929 33,418 6.847 5,590 92.051 2,461 10,649 12,085 36,191 8,002 2,079 325 6.513 1.200 14.232 5.689 6,929 33.418 6,847 5.590 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 32,503 9,198 244.261 244,261 221,995 Page 21
Honiton and District Agricultural Association Notes to the Financial Statements for the Year Ended 31 October 2024 8 Analysis of governance and support costs Support Costs allocated to raising funds Other SLtpport costs Governance costs Total 2024 Bookkeeping Office rent Bank Charges Postage & Stationary TelephoT)e Affiliation fees Donations Sundry expenses Computer expenses Accountancy fees Audit lee5 Legal fees 12,000 4.000 55 4,068 2,239 529 6.750 5,093 2.952 12.000 4,000 55 4,068 2.239 529 6.750 5,093 2,952 1,300 5,300 1,544 1,300 5,300 1.544 8,144 37,686 Other support costs 45,830 Governan¢e costs Total 2023 Bookkeeping Office rent Bank charges Postage & Stationary Telephone Affi'liation fees Donations Sundry expenses Accountancy fees Audit lees Legal fees 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 1.300 4,480 3,672 9,452 25,954 35,406 Page 22
Honiton and District Agricultural Association Notes to the Financial Ststements for the Year Ended 31 October 2024 9 Net incomrngloutgoing resources Nel incoming resources for the year inclucle.. 2024 2023 Depreciation of fixed assets 5,590 9.196 10 Trustees remuneration and expenses No Iruslees. nor any persons connecletl with them, have received any remuneration from Ihe ¢harity during the year. NO trustees have received any reimbursed expenses or any other benefits from the charity during the year. 11 Stsff costs The aggregate payroll costs were as follows". 2024 2023 Staff costs during the year were: Vvages and salanes Pension costs 31.724 1,694 30,649 1.854 33.418 32.503 The monthly average number ol persons lincluding senior management I leadership team) employed by the charity during the year was as follows". 2024 No 2023 No Management staff No employee received emoluments ol more than £60,ODO during the year. Page 23
Honiton and District Agricultural Association Notes to the Financial Ststements for the Year Ended 31 October 2024 12 Taxation The Charity Is a registered charity and Is therefore exempt from taxation. 13 Tangible fixed assets Land Fixtures and buildings Motor Plant & vehicles Equipment Trophies Machinery Fittings Total Cost Al 1 November 2023 475,787 49.547 700 207.505 990 73,238 807.767 Al 31 October 2024 475,787 49.547 700 207.505 990 73,238 807.767 Depreciation Al 1 November 2023 Charge for the year 46,763 700 79,590 740 70.864 198,657 1,276 3,126 1.188 5,590 At 31 October 2024 48,039 700 82,716 740 72,052 204.247 Net book value At 31 October 2024 475,787 1.508 124,789 250 1,186 603,520 Al 31 October 2D23 475,787 2,784 127.915 250 2.374 609,110 14 Fixed asset investments 2024 2023 Other investments 102,592 91.858 Page 24
Honiton and District Agricultural Association Notes to the Financial Statements for the Year Ended 31 October 2024 Other investments Listed investments Unlisted investments Total Cost or Valuation Al 1 November 2023 Revaluation Additions Disposals 82,426 6,506 7,474 9,432 91.858 6.506 7.474 3,246 13,2461 At 31 October 2024 96,406 6,186 102,592 Net book value At 31 Oclobei 2024 96,408 6,186 102.592 Al 31 Odober 2023 82,426 9,432 91.858 1 S Debtors 2024 2023 Trade debtors VAT recoverable Other debtors 28.699 4.969 12,975 45.389 7,373 9,413 46,643 62.175 16 Cash and cash equivalents 2024 2023 Cash on hand Cash al bank 570 108,722 290 49.069 109.292 49.359 17 cdItors.. amounts falling due within one year 2024 2023 Trade creditors Other creditors 3,945 21.595 2,258 13.434 25.540 15,692 Page 25
Honiton and District Agricultural Association Notes to the Financial Statements for the Year Ended 31 October 2024 18 Funds Balance at Balance at 31 October 2024 Other Incoming Resources recognised resources expendei*Jainslllossesl November 2023 Unrestricted funds General General Funds 775.822 333,867 1300.6761 6,506 815.519 Restricted funds Restricted Funds 20,988 20,988 Total funds 796,810 333,867 1300.6761 6,506 836.507 Balance at Balance at 31 October 2023 Other Incoming Resources re¢ognised sources expende(bainslllossesl Novèmber 2022 Unrestricted funds General General Funds 746,789 299,517 1269,4401 11,0441 775.822 Restricted funds Reslricled Funds 20,988 20,988 Total funds 767,777 299,517 269,4401 1,044 79S,810 Page 26
Honiton and District Agricultural Association Notes to the Financial Statements for the Year Ended 31 October 2024 The specific purposes lor which the funds are lo bè applied are a5 follows.. The Mather Trust Fund is lo be used foT capital improvements. either new buildings or the purchase of additional land. 19 Analysis of net assets between funds Total funds at31 October 2024 Unrestricted funds General Restricted funds Tangible fixed assets Fixe¢J asset investments Current assets Current liabilities 603,520 81.604 155.935 25.540 603,520 102.592 155,935 25,5401 836,507 20,988 Total nel assets 815,519 20.988 Total funds at31 October 2023 Unrestricted funds General Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 609,110 70,870 111,534 15,692 609,110 91,858 111.534 115.692 20.988 Total net assets 775.822 20,988 796,810 20 Related party transactions During the year the charity made the following related party transactions.. Mrand Mrs E R Underdown (Trusleesl £1.20012023 .. £1,100) Rent of showground £nil12023. £2801 Sale of fence posts £51812023 . £nill Hiie ol telehandlerltractorlgangmowers. At the balance sheet dale the amount due tolfrom Mr and Mrs E R Underdown wa5 £NIl12023- £Nill. J Larcombe-Ford E$q (Trusleel £8.57512023 £4,660) Showday labour/traffic coneslvehicle hire. At the balan¢e sheet dale the amount due tolfrom J Larcombe-Ford Esq was £Nil12023 - £NIll. Page 27