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 Can￿lled 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 CoMpan￿eS
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 state￿entS 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 COn￿rn. 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 fOn￿ard
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 de￿cOgniSed 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 c￿dItors.. 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