CoThpany registration number" 1983358 Chanty registratvjn number 299352 Honiton and District Agricultural Association IA company limrted by gu#ranteel Annual Rwrt and FLTrancial Slatements for the Year Endèd 31 October 2025 WESTCOTTS AtCOu￿tANtS Honlton and District Agricultural A550ciation Contents Refeience and AdmiTri8tratp*e Detai 1to2 Audrtor8 TILtstoes' Report 3to6 Independent Audrtots. Report 7t0 11 Staternent ol Financial AclNrt￿8 12 8alan¢e Sheet 13 Notps to the Financial Statements 14to28 Honiton and District Agricultural Association Referenee and Administrallvo Detall$ Trust￿$ F O Arscoit Esq MLS5 S Ball (resigned 31 October 20251 R W Coley Esq J C Oaie Esq H C DeityTran Esq R Derryman Esq H Duiiant Esq MrPFJFowce T Hammett Esq D Hawkins Esq C Hokxrafl Esq R M Kallaway Esq J M Kennaway Esq J Larcombe-Ford Esq Mrs C A Lewi$-Jonès A J Luxion Esq R J T Mather Esq Mis S Maymard B M Moore E$4 D E Paiish Esq R Samp¥on Esq D Snell Esq S Talling Esq Lt. Cdr C N Tuke RN Iret'dl S Tuke Esq Mts C Underdown E R Underdown Esq D Whrte Esq B Wood5 Esq CompAny S•¢r•tary J Grilfin Esq PwJe 1 Honiton and District Agriculiural A550Giation Reference and Admlnlstrativ¢ D•tails Manag•m•nt oommitl•• Mrs M Connow. Secretary Mrs M Fiench, Tieasurer B Mooie Esq. Chairman IChEf Steward Featuies and Main Ringl C Hopcraft Esq. Vice Chairman R Deiryman Esq. Chief Steward of Sheep D Hawknns Esq. Chief Stewaid of Cattle B Woods Esq. Ch*f Steward of Trade Stands F D Ars¢ott E59. Elecled mernber Mrs C Lew￿-J0nes. Elecled member E R Undeidobw Esq, Elecled member S Talling Esq. Elected member R Sampson Esq, ￿ected mernber Charity R•9istrAtion Numb•r 299352 CompAny R•qistr•ti•n Nun*•r 1983358 The charrfy IB ￿CorpO1ated in England. R•¥1st•r￿ off￿• Bank House 66a High street Honiton Devon EX14 IPS Auditor w￿lcOtt& ISW) LLP Tallford Hotsse 38 Walltscole Road Weslon-supei-maie Somerset BS23 ILP S•li¢itors: Everys ThÈ Lauiels 46 New Street Honrto Devon EX14 IBY Page 2 Honiton and District Agricultural Association Trustees. Report The trustee5 who aFe diiectors for the ptsrposes of company kw. present the annual report toqether th the financrdl statements and a￿rt0[5, rewrt ol the charilable ¢ompaDy lor Ihe yeai ended 31 October 202S. Obi•¢tiv•s and activititrs Obj•et• •nd alm• The princip￿ obJe¢twE ol Ihe association to womole agritutture This mclude5 all tsades. tiafts and prole$sw)ns connected with rt. In pu15uan¢e ol 115 piinciple objectNe an annual agiiculluial show in o c105e to the to¥vn of HonitoTh shall be held. provdirbg this ts wactical and po551b￿. Thc rnain goals are lo continue to host the annual show wth Improved and maintained facilrties ol our owned asset the 130 acre showyround and buikjings cotnprEes £475.787 of our IDtal re$erve$. This year we have continued lo invest aThJ rna1nts￿ oui Sho￿rou[￿ infrastru¢tsJro In parti¢uL4r upgrading the tracks. ObJ•ollvq•. •tr¥t•ql•• •ndaetlvlll•* The M%lfj%igemcnl Board continues lo Close￿ monrfw am expenditure p8rti¢ulaity wrth inevrtable Increases In operating cosls and rew)rts iegularly lo TriJ8lees of Ihe A550ciation The annual show Was well bUPPQlted wrth near perfect weather Incoming re¥ources of £318 950 were generaied 12024 £333.8671. The costs associated With managfrmenl and pioducin9 the show, the 1￿c￿SIon of a bad debt provtsien of £3,600, addrtional $e¢uTty amounlinq lo £3.390 and further cusls have bl'en incurred in aLGvunlancy totalling £5.000 puistsing a VAT ioclaim has resurted in a surplus of £9,608 12024 suiplus or £39.6971. The A$8r)Cial￿Th iÈmaiTh% in a sound fiThan¢i81 posit￿n ￿th cash al bank f121.405 12Q24 f109.2921. Oui Investment Portlolio ¢ontinuos to be managed professionally by Chailes Stanley wlh a v8luatK)n 01 £109.700. We re¢ewed labubus liveslock and equine entiies". Tiade Stands once again were ol except￿nal ¢ualty and quantity and a new KKJ5 Zone woved exceplionalty popular.The Main Ring was phenomenal wlh a Ine$merising perfowmance 5howcasiTrg horse Iiborty Stags heky one collertNe mn the trustees shall numbei not more ihan 45. nor less Ihan 21. The truslee5 are reciuiled fow Ihe kno￿￿edge and expei*ncè that they are abk lo offei the assockqtion. Indu¢li•n •nd hinlng gltru•l••8 New Council members are nominated by two Associalion members. They spend time ¥￿th an existlng mp.mber le rv.tvrwtr an oveNiew ol the organBaI￿n and key documents sur.h as Ihe Memoranrjum ènd Articles of Association, audited accounts. Annual RevRw. cuiienl ye¢li'S budget and hjlure plans and objeclNe5. They w41 alao receive Infomiatyon ft¢m the Charfy Commission on the iesponsibilities ol the liuslees Orqani8allon41 •tru¢lur• The Chaiity has Councl Member5 who meet lour tirnes a year and ale iesponsible lor the strategic d1rection and poliC￿S of the Charty The MaDagernent Commrttee ale effettivety rpsponsibk lor rullning the associatM)n They meel each month dnd report back lo the Council Mefflbeis at the quarterty meeting5. Copie5 of the Management Cornmittee rDeetings are also circuthied to the Coutbcil Members ale elected each yeai at the AGM by Ihe Council Membe￿. TheTe are also variou5 Sutj ¢omrTTrftees made up from Council and Managetnent Comrnrttee Mtmbers. who report back to the Management Board. Page 4 Honlton and Dlstrict Agricultural Association Trustees. Report R•l4tionships with r•latsd parti¢s G•nowal Some membews of the Council do transact viith the charty. full details are gwen in a note lo the a¢¢ount5. All tiansaclK)Th5 w*h Cotsntil Metnbeis ale brought before Ihe Management Board for appro¥al. M•Jor Ti•*• •nd m¥nty•m•nl ollho•• Risk manag8nieril The trustees actNety re￿￿W the major which the charty taces on a regulai basrs and tse1￿* that tnainlaining a Iree reserve at current levels will Pfovkle suffitient re50uices in the event of adverse condrtions. The Iru5tee5 have aLs0 examined other operalional and business ii5ks which are faced and Gonfwm thal they have esiabltshed SY51e￿ to rnitvJale any s￿oI(￿ant ir6ks. The counGil are given the annual budget piepaTed by the Management 8oaTd each yeai, and oTnpa1150ns lo actual in¢ome and exptsftditure are gNen peri(MJicalty during Ihe year I CounGil Mernbew5 are responsibl¢ foi the assets ol the 8ssockql#)n. and therefore. the Counal approve all caprtal expendilure prow)sÈd by the Management 8Dard. Financial contro15 Al purchase Invoices are approved by a member ol th? Manag*ment Board. apart fvorn general overhead5 expendAure Theie ale Iwo sb3nalures loi Each financidl tranSaCt￿n. one being that ol the Chairman. Any addrtional exPer￿￿tsre to the Budgei L5 discussed and agreed at The Managpm?nt Board Meetings. Page 5 Honiton and Dlstrlct Agricultural Association Trustees. Report Statement of trustees. responsibilltles The tru51ees (who are also the directors of Honilon and DistrKr Agricultural Association lor the purposes of company lawl are responsible for prepanng the trustees. repon and the Iinancial Statements ID accordance with appltable and United Kingdom Accounting Standards (United Kingdom Generally Ac¢epled Aecounling PraCt￿e), Including FRS 102 The Financia1 Reporting Siandard applicabk in the UK and Republi¢ of Irelanrf. Company law require5 the Irusrees lo prepare financial statements for e*h financial year Under company law the trustees musl nol approve the financial $￿teMentS unle55 they are satisfied that they gi￿ a true and fair vwl ol Ihe 51ate of affairs of Ihe charitab￿ company and ol the incoming resources and applKath?n of resources. Includin9 Its inrtyne and expenditure, of the chantable company lor that period In p￿parIng these financial statements. the trvstees are required lo. select suitable accounting policies and appty them con$islently. observe the meihods and principles in Ihe Charrties SORP, make judgements and eslmales that are reasonab￿ and prudèni". slaie whether 8pplicable ￿CoUntIng Standards. comprising FRS 102 have been followed subject lo any maleriol departures disclosèd and explained In ¢h• financial statements.. and prepare the financk31 statements on the goin9 ￿ncern basis unles5 It is Inappropriale to pr8sume that the charrtable company w41 tontinue In business. The Irusiees are responsible for keeping proper a¢counting recor(Js Ihat can discbsè wittt reasonable accuracy at any time the linancial posrtK)n of the charrtable company and enable them lo en$ui8 that the financial staiemenls cornply wrth the Compan*s Ad 2006 They are also ￿sponSible lor safeguardin9 the assets ol the charilabie company and htnce for t•kin9 r8a60nabl8 Steps for the prevention 8nd d6teciion of fraud and other Irregularrt*s. ThÈ Irvslees are responsib￿ for the maintenance and ffttegrity of the corporate and financT?I inforrnalion included on the Ghariiable ccmpanys websrte Legislation goveming the Pfeparation and dissemination of tinancial $t8lemenls may diflei liom bgtskqtron in other iurnsdi¢tion¥. Dlsclosure ol Infonnatlon to auditor Each trustee has taken sieps Ihal they oughl lo have tsken as a Irustee in order lo make themselves aware ol any relevant au¢il Information an¢ lo establish Ihat the charrty's audrtor is aware ol that information The Irusiees confirm Ih•t there is no ￿￿vant Information Ihat they know of and of which they krnow the audrtor Is unaware. Thè annual report %Yas approved by the trustees ol thè eh8rty on behalf by.. and signed on its 8 M Mcore Esq Trustee Page 6 Honiton and District Agricultural Association Independent Audltorfs Report to the Members of Honlton and Dlstrict Agricultural Assoclation Opinion We have audited the finaTrcial statements of Honrton and District Agricumural A550clai￿n lthe 'ch8rty'l for the year erided 31 October 2025. which comprise the Statefflent of FinaThcHI Aetivrties, Balance Sheet, and Note5 to the Financial StaloTncnt5. Including a summary of S￿nifIcan1 accounting policies. The financk41 repDiting Iratnework Ihat has been appl*d in their preparatK)n Is United Kingdom A¢¢ountinll Slandaids, Cornpi￿lng Chairties SORP FRS 102 'The Financial Reporting Standard applicable In the LIK and Republic of Ireland. and applKablp kw Iunited Kingdoni GeneTalty Accepted Accounting Piacticel. In our opinion the financial statements.. give a liue and fair view of the 51ate of the charws affairs as at 31 October 2025 and of its Incoming resources and aP￿Ica￿.0n of resources. In¢ludiTwJ rfs income and expendrtuie. lor the yeai then ended, have btren woperly prepaied in accotdance wih Unried Kingdom Genoialty Accepted Accounling Prartice., and ha¥e been piep81ed in ￿￿ordanCe wrth the iequirements of the Companies Aet 2006 Basis for opinion Wc ccnducted oui audit in 8ccoidanco v+7th Internation81 Slandards on Audrfing IUKI IISAS IUKII and appI￿.able law. Our iespon5knililies uThder those sland8rds ale furthef described in the auditor iesponsibililios foi the audrt ol the tinancial siatemenis seciion 01 oui report We are indepondoni ol the ¢h(Irrty In accordance wrth the eth￿￿1 requiiem¥nt¥ Ihai are le￿vant to our dudit ol the financial 51atefflen15 In the UK, including the FRC'S Elhieai Slandald. 8nd we have fulfille(l our Olher elhical ie5ponsibilrties In atcordance with these iequilemenls We ￿lIeVe ihal Ihe audfl evhlence %ve have blained is sufficient and appiowiate to prov￿¢ a basis loi our ownknn. Cgnvlu5ions rolAting to going ¢&n¢•rn In (iudiling Ilie finaneial siaiernenls we have concluded thai the Iru6tee6 use ol the going concern basis of accounting In the piepaiation of the finanr.ial %iatemenls fj appropridle Based on the work we have perfoimed we have not ￿len￿lled any material untertainties le￿ling lo p.vpnls 01 conditions Ihgt. indivKJualty or ¢ollectvely. may casl synilKant doubt OTr the charrty'5 abilfy to continue 8s a going ¢on¢ern for a pel￿d ot at least monlhs from when the oiiginal f￿ancIal slatomenls weie author￿ed loi issue. Our responsibilities and Ihe re$ponsii¥lrties ol Ihe truslees v*lh respect lo going concein are de8ciibed in the rele¥ant Sec1￿nS of ths weporf- Oth•r inlormilioty The iru5tees ale responsible lot the other inlorrnation. The olhei inforrnation compiises the Information inclu¢Jpd In the annual report. Dlhei Ihan the financial statements and our audiloi's report theieon. Our opinioTh Dn ihe financial stalements doe5 nol cover the olher Inloimalion and. except to the extent olherwise eMplKity slated In oui report. we do not expre55 any loim of assuianGe conClus￿n theieon. Page 7 Honiton and District Agricultural Association Independent Audltorfs Report to the Members of Honiton and District Agricultural Assoclation ID connection with our audit of the fiThanoal statements. our responsibilty to read the other Information and, in doing so, ¢onsKJer whethei the other infermalion ts mateiialty inconsistenl with the finan¢ial slatetnenls oi our knowledge obtained in the audit 01 othe￿￿e appears to be materially k55tated If we identify such matertal in¢onstslencies oi apparent material mtsstatotnent5, we are required to determine %thether there is a malerial misstaternenl in the financial 5t31ernents or material misstaternent of the other informalion. If. based on Ihe work we have pertormed. we contlude that there ts a material mk%slalernent of thts Olher infoimation. we ar¢ rcquiFCfl to ieport that fact. We have nothing to report in this iegard. Oplnion on oth•r matknr pr•sefib•d by tho Compani•s A¢t 2006 In our opinKJn, based on the woik undertaken in the coursE uf the audit". the Inlorrnalion gi¥en in the Trustees. Rep)rt low the financial year for vthi¢h tho financial siaiement% arr prepared s consislent with the finan¢ial siaiement5. and the Trustoos. Report has been prepaied in a¢coidance applicable legal iequirements M•tt•rs on whieh w• *1• r•quiw•d to r•p•rt by •xe•plir*n In the Iighl ol our knowledge and understanding ol Iho ¢haity and ts environment obtained in the course ol the audrt, we have nol hlènhfied maiervdl rn￿$talerne￿ts in the SliategK Repoit and the Trustees, Rewrt Vve have nothing to ieport in respect ol Ihc lollowing matters where the Compan￿$ Act 2006 requiies us to ieKK*rt to you if In Qui opiThK>n". adeqiiatP 8ccounting recoids have nol been kepl. or ietuin5 adequate for ¢)ur audrt have not been receNed from branches not Vk5ite(I by us., or the financial slatements ale nol in agreefflent wrtb Ihe acMunliTrg iecoids and feturns". or certain disclosuies of ITUStees reMuneial￿n specified by law ale not made.. oi we have nol receNed all the inloimation and exF4anatiQTbS %Ye iequire lo¢ oui audit. Paye 8 Honiton and District Agricultural Assoclation Independont Auditorfs Report to the Members of Honlton and Dlstrfct Agricultural Asso¢iation R•$ponsibilth"gs ol tsu5t••S As explained more fulbf in the Slatement of trustees. responsibili1￿S Iset out on page S and 61 the IrustEes are responsible for the weparation of the financial statements and foi being satisfied that they qive a true and fair vtw. and loi such internal control as the trustees determine Is ne¢e5sary to enable the piepaiation ol Iinanc%?I slaternents that are frÈe from matewk81 rni55tatement. whelhei due lo fiaud or errol. In piepaiing the financial siatemeThis. the tsustees are reswjnsible fow asses51ng the chaity's abilty to continue as a going concern, dksclosing. as applicable, matter5 reL3led to going concern and using the uuing cun¢ern basts Of aGcouDling unless the tiustees eithei intend to Iwuidate the chaiity or to cease opeialions, or have no rea&stbC aheinative bul to do so. Auditor 1gspon5ibili*•5 for th• •udit•f th• fin•n¢i•l 51•••mnts Oui objectives are to obtain roa50nable assurance atK*ut btheiher the financial staternonts as a whole ie Iiee livm material m￿StaTement. whelh¥r due lo fraud or eiror, and to ￿sue an auditor's report that Include5 our opin￿n. Reasonable as$uranct a hvJh level ol assurance, but L4 not a guarantee Ihal an audrt condubted in accoidance wilh ISAS IUKI wll 8￿y$ detecl a matCTial tni85talement when rt exists. Misstaiemen15 can arise from fraud or error and ale con$￿atred malerial Il, individual 01 In the aggregate, they couNY reasonab￿ bE expected to inlluence the ecoThomic decBioDs of u$er$ taken on the b8si6 of the$e finan¢MI1 stsiemenis. The extenl to which our pro¢¢duies ale capaNe ol delecb.ng Irregu￿ri￿e8, including Iraud is dela1￿￿ bekjw.. Page 9 Honiton and District Agricultural Association Independent Auditorfs Report to the Members of Honiton and Dlstrict Agricultural Association We identified areas of kw5 and iegulations ihai ¢oukl reasonabty be exrwted io ha¥e a matefial effccl on Ihe financial slatements from oui 9eneral commercial antl sector expprience and through discussion wrth the diiectois We communicated 1denb.fied lav45 and regulations throughout our team, and remained alert to any indirations ol non-¢omF4￿nCe throughout the audrt. The cornpany k5 subject to kn and regulalv)ns that govern the preparation of the financial statp.Fnents. including financial ieportwlg legislation. and othei companies legBlation. The comp8ny aLso subie¢t lo olhTrr laws and regulaMns where the tonsequences ot non-compliance could have a ateiial irnpact on the dinOUThts or dk5closures within the finantkil stotemenls Including employment laws and regulalDns and certain asFects of companies le9islatr)Th Owing lo the inherent limitations of an audrt. there Is an unavoidable nsk thai we may not h8ve drlecl8d some materièl tnisslalernent5 In the findncidl 518tetnents. even though we have piopeily planned and poifortned ouw audit In ac¢oidan¢e wrth aud￿ng 51andards In any audit. Ihete rpmain5 hKJher risk of non-detection ol iiwegulaiities. as Ihese May Involve ¢ollusion, foigeiy. Intentional ornissrons. mBrepre¥enlalH)ns. oi the o¥eiibJ¢ of inteinal ¢oniroL%. We are not responsible IOT preventing nonrting by Charitieb. Statement of Recommended Pra¢liLC lapplKable to charibes piep3riDy their accounts in 8¢coidance wrth the Financ1411 Reporting Siandaid appliCa￿e ITh the LJK and RepubliG ol Iicland IFRS 10211 li$sued in Octobei 20191- IChairfi&s SORP IFRS 10211. Ihe Finanriyl Reporting Slandard applicable kn the UK and RepublK ol licknd IFRS 1021 and the Compan*6 Act 2006. Basis d pl•paial￿n Honiton and District Agiicuttuial AssociabL)Tr meets the definrti¢n ol a public benefrt entity under FRS 102. Assets and IiabMrt*s are initialty recogntsed HI hi￿lor1¢al cost or transachon value unle¥s otherwL4e stated in the relevant 8¢count#ig PDlicy notes. Going ¢•nc•wn The tTUStees constt1er that there are no material uncertainlies about the charity's ability to ¢ontiTrue as 8 going conceifi nor any spJnifi¢ant aieas of uncertainty thal affecl the Carrying value of assets he￿ by the charty. Ex•n*tTron frorn pw•parino * e#5h flow 5tat•Trxnt The charrty opted to earty ado￿ Bulklin I pUbl￿hed OTr 2 February 2016 and have theiefoie not Included a cash flow 5taleffienl in these f￿a￿tIal Slate￿ents. Ineorr• and •ndowThw*nts All Incorne B TecognL8ed once the chawty has enlillemenl lo the Intome. rt ￿ piobable that the income 11 be retÈwÈd and the atnounl ol the income ieceNable can be measured rtliabty Page 14 Honlton and District Agricultural Association Notès to the Flnancial Statements foc the Year Ended 31 October 2026 Donatiom andl•ga¢i•• Donat￿nS are recognBed when the charity has been notified In wri)ng of Lv)th the amount and settlement date In the evènl that a donation 15 sui4ect lo conditions that require a ￿ve1 of peiformance by the tharity befoie the charty enb.lled to the funds. the incomts is defeired and not fecognoed until etther those condrtions are lulty met. or the fvlllmenl ol Ihose conditions ra vthol wthin Ihp contwol ¢f Ihe ¢hariry and it ￿ probatrAe Ihal Ihe5e condiiK*ns wll be fulfilled in the reporting period. InvMlm¥nl in¢om• Dividends are recognised once the dNKJ¢nd has been declaied aThJ nolificatson has been receNed ol the dNwJend due. Exp•lld￿jr• All expendrture is iecognk5ed once there ts a legal oi construclNe obl￿￿119￿ lo that expenditure, rt is probable 5ettletnenl K5 iequired ihe atnounl can be measured reliabty. All costs are allocatod to the applicable expenditure h￿Oiding that aggregale siinilar cos15' lo that category Where ¢¢sts cannot be diieclly a￿1buted to particuiai headings Ihey Iia¥e been allocated on a basis conslslent with the use of resources, wlh cential staff tosts allo¢aled on the baso ol tirne Spent and depretialion chaige5 auocated on the portion ol the asset's use Othei co¥ts are g10¢?ted based on the 5piead ol staff costs. R•l•lng lund• The$e are costs Incurred in 8ttr¥Lting voluntdry in¢ome. the management ol iThvo8tments and Ih06e incurred In trading aCtNities thai ralse lunds. Ch•ril•bl• •¢tiviil•* Charil**ble expendrture comp118es those costs K)cuired by the charty in the delNery ol its actNrties end seNiee$ foi its beneficiaries It includes tKJlh cosls thai ¢an be allocaled directty to $u¢h activibEs and those co818 of an indirect nature Dece¥saiy to support Ihern. Support eosts Suppoil r.0515 include ceTrtr81 hJn¢ti)ns and have been allocaled lo actNty cost cateoories on a basr8 consistent wilh the use of resources. toi example. allocating woperty eosts by lloor area5, 01 per capita, 51aff costs by the time spent and othei cobts by their usage. GoV•rn*n￿ costs These include the costs attribuiable lo the ¢harty'5 compliance wtth constftulional and 8tatul0ry requiicments. incluijing audil. siralègic management and Irustee5 meetsngs and reimbursed pxpense5. TaXat￿n The charity consvjefed Ic PdS5 the tests Set out in Paragraph 1 Stheduk 6 of the Finance Act 2010 Iherefore it moets Ihe definrtion ol a charrtable cotnpany lor UK corp)ratk)n tax purposes. Accordingly. the charity is potenlialty exempt fwom taxa￿On in respect ol incotne or capital gains retÈived wthin categories covered by Chaptei 3 Part 11 01 the Corporatr)n Tax Acl 2010 or Section 256 01 the Taxation of Chargeable Gains kt 1992. to Ihe exteTrt that such Income or gains are applied excluswefy lo chaiitable purposes. Page 15 Honiton and DistTi¢t Agricultural Association Notes to the Finan¢lal Stalements fof th¢ Year Ended 31 October 2025 Tangibl• lix•d a5s•ts 1 fixed assots are inrtialty reu)ided at cost. le55 any subsequent accumulated depreciath.on and subsp.qup.nt occumulated Impairmenl bs5es. D•pr•eiaknn and amortisation Depreciation Is providpd OTh laTrgib￿ ftted a55ets 50 as lo wrrte off the cost oi valuation. ￿55 any estimated teSKJual value, over their expected useful etonornK lrfe as folknws. A$5•t ¢1455 Showground equipment Office equipmenl Motor vehiLles Showgiound Imwovements Trophies D•pwoeiation n*thod r•t• 25°A 51iaight line 25¢/0 sw8hJht line 25¢/u strawjht l*ne 5% reducing balance OO/ts wrlten down to nominal value ol £250 Flx•d a55•t inv•5tm•nts Fixed a8set investments ale included al market value al the balance sheet date. Realtsed galny and 108$os on investments arp calculated as the diffeience belween sales procTrpd$ and thTrir Tnarkel Value at Ihe slart ol Ihe ypar. oi Iheii subsequent cost. and are tharged oi credrted to the Slaternen¢ ol Financsdl AclNities in thc period of ￿￿poSal. Unre8lNed g&in8 8nd losses represent the movemetrt m rnarket values during the ye8r and arè credrted or chaiged lo the Slatement of Fin8n¢o1 Aciivlies based on the maiket value al the year end. CAsh And ¢•sh •quiv•l•nts Cash and cash equNalents compiisfr cash on hand and call deposts. and other 5hort-lerm high INukl investments that are ieadity convertible lo a kno%Yn atnounl of cash and are subject to an ins*Jnffjicanl itsk ol change ￿ ¥a￿t. Fund struc￿￿• Unreslricled incoffle lunds are geneial funds thal are a¥ailable loi use at the iFUSiees discretion in lurtheran¢e of the obJecti¥es of the charty. Reslricled in¢omc funds are those donaled loi use in a ￿rtIculor area or for specific purposes, the use ol whKh k5 restricted lo Ihal area 01 PUWPD5e. Finan¢￿1 instrum•nts Cl•••ifiealion FinaDrial assets and financial liab11rt￿ are lec￿nIsed when the charty bewme5 a party to the r.ontiactual plovisions of the ￿strUMent. Financial liabilities and equrty Instruments are Gla55ifred accoiding to Ihe substance of the contiactU81 rrangernents entered Inlo An equrty instrument is any conlioct that ev￿enceS a resklual interest in the assets of the chaity aftei deducti￿ all ol its liabilth"es. Page 16 Honlton and Distrlct Agricuftural Association Notes to the Flnan¢lal Ststem•nts lor tho Year Ended 31 October 2026 R•¢oqnili?n and mea•ur•m•nl All finanp.ial assets and liabilrties arè inrtialty measured al transaction price lintluding tlilnSaGtio costs). except for Ih05t flnancial assets classified as at f8ir value through wofrt or 105s. wttich are Initialty mea5Uted at lair value Iwhich ￿ norrnalty the transachon pr￿￿ extknding transaction coslsl. unle55 the ariangement constrtutes a financing Iransaclion. 11 an aiiangemenl constitute8 a financing transaction. the financ￿1 asset or financial liabilty s measured al Ihe present value of the futuie payrnents discounted at a markel late ol Inleiesl for a simi￿r debt Instrument Financial a5sels and Ik3bilities are onw offset ￿ Ihe Statement ol financial position when, and only when there exists a legalty enforceable r￿ht Io soi oll Ihe reCOgn￿ed amounts and the chaiity intends ei¢her to settl¢ on a ryel bh$L%. Oi to iealise the assel and settle the Imgbilfy sirnullaneously. Financial assets are dere¢ogThised wknen and On￿ al the contsaciual rKJhts to thc cash flow5 from the financial a&%et e.xpirp or are settled. bl the ¢harty Iransl¢is lo another pany Substantialty all of th0 ii5ks and iewaids of ownership ol the finonci41 assel. or cl the chanty, despite having ielained some. but noi 811. $￿an￿1¢ant i¢sks and rewaids of ownership. has transferred ¢onliol ol the a55el to another pary. Finanr.ièl liabilities ale dèrecognssed when the obligat￿n Specif￿￿ in the GontiaGI r& drscharged, cantelled oi expires. Inv••lm•nl• Inveslinenls in n0n-¢onvertib￿ preleien¢e share5 ar*J non-puttable ordinary or preleience Shares Iwheie ¥hare$ afe publi¢ty Itaded oi their laii value Is reliabty measurab￿) aro measured at fail valuc through piofrt oi loss. Wheie laii value cannot be measured reliably. investments are rnea8ured al cost less lrnpairment. Investmenls in bubsKJiai￿s and associates are rnea$ur¢d at cost kss impairment For Investments in subs*liai*s acquiied lor cons￿er8t10n ncludI￿ the issue ol shares qUalI￿ng toi merger relief. cost mp.A%ured by releience to Ihe nomintil value of the 5haie5 15sued plus fair value of other conS￿eration. Premium i& vJDored. Page 17 Honiton and District A9ricultural Associatlon Notes to the Financial Statements for the Year Ended 31 October 2025 3 Ineom• from donations #nd 1•04¢i•$ Unw•5triot•d luttds Totsl 2026 Donatlen5 and legacies.. OonatlDns fiom indivkluaL8 2.284 2,284 2.284 2.284 Unr•stricl•d lunds G•n•ral T¢*l41 2024 Donat￿n8 and legacies", oonal￿n5 Irom indNiduaL8 57.154 57,1 $4 S7.1 $4 57.1 $4 Page 18 Honiton and Dlstri¢t Agricultural Association Notes to th¢ Flnanclal Statements for the Year Ended 31 O¢tober 2025 4 Incom• from #hAritabl• a¢tiviti•s unl•str￿*d funds G•n•rAI Tot•1 2026 Sundry Incorne TIAde Stand8 Sweet & Catering Concessions On The day Sale8 Ad¥erti$ements Presale Ticke15 Gra55keep SUbsid￿s Anirnal Entry Fees Catak)gues Special PrI7e and Spon80rship Tiactor Ent1￿5 SubscriFrtions 3.434 87.588 21,515 90.952 546 61,922 9.085 3.687 8,666 1.932 10,963 460 10.254 3.434 87,588 21.515 90.952 546 61.922 9.085 3.687 8.666 1.932 10.963 460 10.2S4 311.004 311,004 Unr•stsiotsd fund5 GonorAI Totsl 2024 Sundry In¢omo Trade Stands Sweet & Catering Concessions On The day Sales vertisemEnts Presale Tickels Grasskeep SubsKlies Aniinal Entry Fees Calak)gue5 Special Prue and Sporwiship Tractor Entrie8 Subsciipliorbs 12.332 85.249 17.201 51.717 1.601 50.495 11.238 9.969 8,387 1.769 10.884 4c6 12.332 85.249 17.201 S1,717 1,601 50.495 11,238 9.969 8.387 1.7$9 10.884 406 10.051 271.299 271.299 Page ly Honbton and District Agrf¢ullural Association Notes to the Flnanclal Statements for the Year End¢d 31 Oclob¢r 2026 6 Inv•stm•nt 1th￿m Unw•striet•d fund5 G•n•rAI Tot•1 2026 Interest ieGewable aTrd similar income., InteTesl ieceNable on bank deposits Other incDmE Irom fmed asset inve$lments 1.011 4.651 1.011 4.651 5.662 5.662 Unw•stsiotsd f¥nds G•nor•l Total 2024 Inteiest reGeivable and 5imilai income., Inteie51 ieceivablp on bank deposi¢s Other incoFThe Irom fixed assei invostments 1.186 4.228 1,186 4,228 5.414 5,414 6 Exp•ndityr• on 14isino luhds I Costs of q•n•r#ting d•n4ti•ns l•o*ei•s Uni•stri¢tsd TotAI l¢Jrtds G•n•F*l Nat• Marketing and publithty 11.504 11.504 Total for 2026 11,504 11.504 Total for 2024 10.585 10,585 Page 20 Honiton and District Agricultural Assoclation Not05 to th¢ Flnancial Statements for the Year Ended 31 October 2026 7 EX￿ndItUre on oh•rilabl• aetivits•5 UnT•stsi¢t•d funds Go￿ra1 Total 2026 Nof• Charitablp. aclNty undertaken dired located sUPPOrt costs Governance costs 2SS.382 32 472 13,698 255.382 32,472 13698 301.552 301,552 Unr•striclpd funds G•noi41 T?t•l 2024 Charitable gCtNty undertaken directly localod support C0518 Govornance costs 244.261 37.686 8,IM 244,261 37,686 8.144 290,091 290.091 Aetivity nd•ntsk• dir•olly 2025 2024 Ground Preparation Cost of online tickets Hired attra¢lions Prizes Showday laboui Resettes Judue5 expense5 Walef Catcring Hire of fieh Rep8irs and maintenanGe Insurance Prinling Secretary Baij debts De.preciat￿n 101.100 3.187 16.595 11.69S 3S.715 6.503 2.625 590 6.313 1.050 9,807 4,809 7,931 34.964 3,600 8.898 101,100 3,187 16.595 11.695 35.715 6,503 2.62S 590 6.313 1.050 9.807 4.809 7.931 34.964 3.600 8.898 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 5,590 255,382 255.382 244.261 Pdge 21 Honiton and District Agrlcultural Assoclallon Notes to tho Flnancial Staloments for the Year Endod 31 October 2026 8 AnAIy515 of gov•wnan¢• •Trd support ¢0sts Support ¢05ts allO￿t*d tr• 14ising funds Oth•r support #osts Gov•rnano• ¢ts$ts Totsl 2025 Bookkeeping or11ce lent Bank charges Postage & Stationary Telephone Affiliation fee6 Donations Sundry expenses Computer expenses Accountancy feos Audit fees Legal tee 12,360 4,000 12.360 4.000 17 4.367 2.571 399 2,850 2.489 3.419 S.840 6.500 1,358 46.170 4.%7 2.571 399 2.850 2,489 3,419 5.840 6.500 1.358 13.698 32,472 O•¥•in*nc• suppoit sts Total 2024 Bookkeeping OftiEe rent Bank Charges Postage & St8tionary Telephone Affiliation fe Donation$ Sundry expenses Computpr expenses A¢¢ounlaficy fees Audit fees Legal feÈB 12,000 4,C4)0 55 4.C68 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 1.3CKI 5.300 8.144 37.686 45,830 Page 22 Honiton and District Agricultural Association Not¢s to the Financlal Statements for the Year Endod 31 October 2026 N•t in¢omingloutooino r•50ur¢•s Net incoming reseurces for the ye81 itkdude: 2026 2024 Depreciat#)n of fixed assets 8.898 5.590 10 Trust••s r•Mun•ralion *Trd •xp•ns•s No trustee5. noi any persons ¢onnecled wrth thern. ha¥e recewed any remunelation frorn the charity during the year. No trustee6 have rÈ¢ewed any i?imbui$ed expEnse5 or any other benefits liom the charity duiing the year. 11 8t•ff Costs The aggregate pa￿011 costs weie as lollow5". 2026 2024 Staff ¢05ts during th• y••f w•r•.' Wages an¢J salaries Pension costs 33,038 1.926 31,724 1,694 34.964 33,418 The rnonthty average numbei of pefsons linduding senKr management I leadership team) employed by the charity during the year was as lollows. 2026 2024 Management staff No employee receiwed ernoluments of More than £60.000 duiiftg the year. Page 23 Honiton and District Agricultural A550ciation Notes to th¢ Flnan¢ial Stat¢ments for the Year Ended 31 O¢tober 2026 12 Taxat￿ The charity is a regL%ieied Gharity ar￿ thereloie exempt from taxalw)n. 13 Tangibl8 fix•d ass•ts Land Fixtur•5 nd buildings Motr•r PIAnt & v•hi¢1•5 Equipm•nt Trophi•s M•¢ltin•ry Fitlin•s Tot•1 Cost Al 1 Novembei 2024 Jdrtions DtsposaL% 475.787 49.547 700 800 350 207.505 73,238 807.767 800 11.415 170 At 31 October 202S 475.787 49.377 1.150 207.505 62.343 797,152 D•pr•¢iation Al l Novembei 2024 Charge loi the ye41f Eliminated on disposaLs 48.039 700 82.716 740 72.052 204.247 1,275 21 0,237 170 350 10.895 11.415 At 31 October 2025 49.144 550 88.953 740 62.343 201,730 N•t book v*lu• Al 31 October 2025 475.787 233 6QO 118.552 250 S95,422 At 31 O¢tober 2024 475.787 1.508 124.789 250 1.186 603,520 14 Fix•d #ss•t inv•stm•nts 2028 2024 Other investments 110.957 102.592 Page 24 Honiton and District Agricultural Association Notes to the Financial Statements forth¢ Y¢ar Endod 31 October 2025 Oth•r inv•stmfrnts Lisl•d Inv•5tm•nts Uhli5t•d inv•slm•nts Total C￿t ar Valuatrtyn Al 1 November 2024 Revaluatw)n Additions Disposals 96.406 3.714 4.992 6.186 102,592 3.714 4,992 341 341 At 31 Octobei 2025 105.112 5.845 110.957 N•¢ bmk v*lu• At 31 Oclobei 2025 105.112 5.845 110,957 At 31 October 2024 96.406 6.186 102,592 1S D•btors 2025 2024 Trade debtors Prepayme.nrs VAT rccovDTable Other debtors 27,7S3 6,145 10,948 28.699 4.969 12.975 46,419 46.643 16 Cash and #•sh •quiv*l•nts 2025 2024 Cash on hand Cash at bank 570 120,835 570 108.722 121,405 109.292 17 Cr•dit•is'. Amgunts 1411tng du• within on• y•Ar 2025 2024 Trade creditor5 Other creditors 17,055 11,029 28.088 3.945 21.595 25.540 Page 25 Honlton and District Agricultural A550ciation Notes to the Finan¢ial Statements for the Year Ended 31 O¢tober 2026 18 Conts"hg•nt ass•ts Folthng the Upper Tribunals deci%h)n in Yorkshiwe Agr￿u￿￿ra1 Society to alk)w their $uthies ol admtsSK)n to the Show as exempt from Value Added Tax IVATI. the VAT rolurns trom March 2021 to January 2025 have bÈon rècalculated taking Into consdeialion partial exÈmMion resulting in an overpayment 01 £60.392. As the overpayment B sutyecl to HM Revenue & Custorn's appioval and rfs receipt is, In the opinion of the trusico5. not reasonabty cÈrtain. the amounl has nol been recognised bu¢ it 1$ probable that the A550cialson will reteNe the oveipayment. The total Value of contirrfJeDt assets ￿ £60,392 Page 26 Honbton and District Agricullural Association Notes to the FTnancial Statements for tht Y•ar Ended 31 October 2026 19 Funds Balthh￿ at Balane• al 31 OGtob•r 2026 Other Incoming R￿OUra•S r•oognis•d r•soure•s •xp•ndo*ainslllossosl Nov•nth•r 2024 Unr•striot•d tunds G•n•r•l General Fund5 815,519 318.950 1313 0561 3.714 825.127 R•stript•d lunds Restricted Funds 20.988 20 988 Tatsl lund% 836.S07 318.950 313.056 3.714 846.115 B*L•n¢• at Oth•r In¢ominq R•sourc•s i•¢ogttisod r•sourc•s •xp•r+d•OJ#insllk*$5o51 31 O¢tob•r 2024 Nov•mb•r 2023 Unr•5trid•d funds O•n•r•l General Funds 775,822 333.867 {300.6761 6.506 815.519 R•striot•d funds Resliicted Funds 20.988 20.988 T¢¢•1 funds 796.810 333.867 3¢YJ.676 6.506 e36.507 Page 27 Honiton and District Agricultural Association Notes to Ihe Financial Statements for the Year Ended 31 October 2026 The specifjc purposes for which the funds are to bt applied are as lollows.. The Marker Tru$1 Fund ts to be used lor caprtal improvemÈnls, Èther new buildings or the pui¢hase of addrtional land. 20 Analysis of n•t Ass•ts b•tsv••n lund$ Totslfvnds At31 O¢tob?r 2026 UnwestriGt•d lunds G•n•r*l R•stricl•d funds Tangible fixed assets Fixed asset investments Current assets Curreni Ik3bilrties 595.422 89.969 167.824 128.0881 595,422 110,957 167,824 28,088 20,988 Tot81 net 8ssetg 825.127 20,988 846,115 Totsl funds at31 O¢tobor 2024 Unw•stri¢tsd fvnds G•n•wal R•stwiot•d fvnds Tangible fixed assets Fixed asset investments Current assets Current Ikibilrtie5 603.520 81.604 155.935 125.5401 815.519 603,520 102,592 155,935 25.540 20.988 Total net assets 20,988 836,507 21 R•l•t•d paity tr4nsa¢tiohs Durinq the yeai the charity made Ihe lolknm'ng related party transaclion8: MI And Mrs E R Und•idown (Trustees) £1.050 12024 £1,200) Rent ofshowgrouThJ £2212024 £nill Repairs and rent%Ya £nil 12024. £nill Sale of fence pos15 £nil12024 £5181 Hiwe of telehandlewlliactorlgangwnowers. Al the balance sheet date the amount d￿e tolfrom Mi and MTS E R underdo￿ was £NIl12024- £Nill. J Larcombo-Fowd Esq ITru5teel £9 07912024 . £8.5751 Showday labouiltraffic ¢one51vehicle hire. At the balance sheet dale the amounl due toffiom J Lar¢ombe.Ford Esq was £Nil12024 - £NIll. Page 28