REGISTERED COMPANY NUMBER: 01288824 (England and Wales) REGISTERED CHARITY NUMBER: 505947 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 FOR MONMOUTHSHIRE SHOW SOCIETY LIMITED Green & Co Chartcrcd Ccrtificd Accountanls Pembroke House Llantamam Park Way Cwmbran Torfacn NP44 3AU
MONMOUTHSHIRE SHOW SOCIETY LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Actii'ities Balance Sheet Notes to the Financial Statements Detailed Statement of Financial Activities 17
MONMOUTHSHIRE SHOW SOCIETY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 The trustees who are also directors of the Charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 st August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recominended Practice applicable to Charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives of the Societ). The main objectives of ihe Society are the advancement of agriculture, horticulture, foresiry and conservation in Wales. More specifically.. i) To promote agriculture. horticulturc. forestry and conservalion particularly in Wales. i1} To advance science, research and education in connection with agriculture, horticuliure, forestry and conservation. iii) To promotc thc improvcmcnt of livc.stock and the prevention and eradication of diseases in animals harmt.ul to humans. iv) To hold dcmonslrations of modern agricultural practices. v) To hold shows for ihc cxhibition of lii'cstock. pouliry. farm and horticultural produce and forestry. and for the demonstration of agricultural machinery, and their methods. Thc stratcgy undcrpinning thcsc objcctivcs is to cncouragc altcndancc. involvcmcnt and compctitivc participalion at Ihc Monmouthshirc Show. This is a onc day agriculiural cvcnl. currcnily hcld on thc third Sunday in August each year. The Show acts as a "local shop window for farniing and the countryside community to come together, and broaden the understanding of the public attending. The Society is able to achieve its objectives with the aid of voluntary persons who assist in organising the running of the show. Page I
MONMOUTHSHIRE SHOW SOCIETY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 ACHIEVEMENT AND PERFORMANCE Review of activities and future developments The statement of financial activities for the year are set out on page 17 and 18. The Society has applied all its funds for the year Tn the furtherance of its objectlves. The net incoming resources over expendilure for the year ended 3 1st August 2024 amounled to a surplus of £46,397 compared with a surplus of £28,527 in 2023. The net assets of the Society as at 31 st August 2024 have increased to £554,736 from £508,339 as at 31 st August 2023. The Monmouthshire Show Society built on the success of 2023. with an estimated 40% increase in show attendance for 2024, and overwhelmingly positive feedback from the local community. Finances ¢ontinu¢d to b¢ carcfully m¢inaged throughout the year. though cosis were subjecl to acute inflaiionary pre%%ures (experienced globally) a.s a resuli of the War in Ukraine. The Show staycd truc to its charitablc objcctii'cs, with significant focus on promoting awarcncss of agricultural practiccs lo i'isilors. A new 'Young HandlcTS' compclition was inlroduccd, whcrc childrcn dcmonstratcd the skills required in traditional livestock shows, following guidance from a local expert. It was a huge success, and rcprescntcd another step towards incrcascd interaction with thc public. This ycar's charity sponsorship wcnl to Wycsham Hivc. who wcrc also prcscnt al thc show to continuc thcir engagement with the community. Their 'Hive Community Cafe, will prolde a place to meet friends, attend workshops, meetings & events, and will actively reach out to locals who may feel isolated or lonely. This is a great opportunity to improve Ihe wellbeing of ihose who live in and around Wyesham. and a thoroughly deserving iniliative. The showground remains available for the use of local walkers and other recrcalional pursuits. providing both physical and mental health benefits to many. One such example being the Rotaiy's 'Walk the Wye,, where free access was provided to the showground. Investment powers A further objeclive is to invest ihe monies of ihe Society nol immediately required for its main purpose in invcslmcnts, securities or propcrty as may be thoughi fit subjcct lo condilions ofihc law. As stated in the charitable company's memorandum and articles of association. the incom¢ and property of the Socicty shall only bc applicd towards thc promotion of ihc objcclivcs of thc Socicty and no portion shall bc paid or transferred directly or indirectly by way of dividend, bonus or otherwise by way of profit to the members of the Society. All the Society's fixed assets are solely for the Society's use. The cups and trophies are valued significantly higher than their original Cost which is reflected in the balance sheet as indicated by the Revaluation reserve. The location of the cups and trophies are accurately recorded hen prizes are issued and collection of them each year prior to the show day is strictly monitored. They are also adequately insured. Page 2
MONMOUTHSHIRE SHOW SOCIETY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 FINANCIAL REVIEW Reserves policy It is the policy of the charity to maintain unrestricted funds (currently £554,736) which are available for use at thc discrction of Ihc trustccs in furthcrancc of the gencral objectives of the charity and which have noi been degignated for other purposes. The liquid reserves are mainiained at a level sufficient for any or all of the charity's purposes, once it has met its commitmenls and other planned expenditure ensuring that funds are available to cover management and administration and support costs and io respond lo emergency requirements which arise from time to time. STRUCTURE, GOVERNANCE AND MANAGEMEIYT Governing document Monmoiith ShoTh' Society Limited is a charitable company limited by guarantee incorporated on l December 1976 and is governed by its memorandum and articles of associalion. The liability of members upon liquidation is limited to £2 each and any surplus remaining after the realisatlon of assets shall not be di5tribul¢d to the members but shall be transferred to some charitable institution, having objectives similar to that of the Society. Directors and trustees Thc dircctors of thc charitablc company are its trustccs for the purpose of charity law and throughout this report arc collcctivcly rcfcrrcd io as Ihc truslCCS. Thc Chairnian, Trcasurcr and othcr membcrs arc thc trustccs. Thc trustccs adminislcr thc charily and mcct wilh thc rcmaindcr of ihc Managcmcni Committcc on a montlily basis rcccivingi no rcinuncration for acting in that capacity. In ordcr to be elected as a truslcc of the Management Coininittce, thc nained pcrson must be a mcmber of the Socicty. At cach Annual Gcncral Mccling of the Society. thc Prcsidcnt, Chairman and Trcasurcr rctirc from officc but are all cligiblc for rc-clcction. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 01288824 {England and Wales) Registered Charit). number 505947 Registered office Pembroke House Llantarnam Park Way Cwmbran Torfaen NP44 3AU Page 3
MONMOUTHSHIRE SHOW SOCIETY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 Trustees The trustccs at ycar cnd under review wcrc: M Herbert J Durrant R Webb Chairman (From 22nd November 2021) Vice Chainnan (From 9th January 2024) Treasurer and Showground Administrator The Trustees neither received nor waived any emoluments or expenses during the year (2023 - £Nil). Independent Examiner Nicholds Park Green & Co Chartered Certified Accountants Pcinbroke Hou%e Llantarnam Park Way Cwmbran Tort"aen NP44 3AU Approved by order of the board of trustccs on 27th January 2025 and signed on its behalf by.. R Webb - Trustee Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MOINMOUTHSHIRE SHOW SOCIETY LIMITED Independent examiner's report to the trustees of Monmouthshire Show Soeiety Limited {'the Company,) report to the charity trustees on my examination of the accounts of the Company for the year ended 31 sl August 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance wilh the requiremenls of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of ihe Company are not required io be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respecl of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my CX<imination I have followed the Directions given by ihe Chariiy Commission under Section 145(5) (b) of the 2011 Act. Independent examiner's statement I have complctcd my examinaiion. I confirnl Ihal no matiers have come to my atlention in connection with the examination giving me cause to believe: accounting rccords wcrc not kept in respcct of the Company as rcquircd by Scction 386 of the 2006 Act. or Ihe account.s do not accord with thosc records. or Ihc account.% do not comply with the accounting rcquircmcnls of Section 396 of the 2006 Act oihcr than any rcquircmcnl that Ihc accounls givc a truc and fair view which is nol a Inaltcr considcrcd as part of an indcpcndcnt cxaminalion. or Ihe accounls have not been prepared in accordance with the methods and principles of the Stateinent of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matlers in connection with the examination to which atlention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Nicholas Park Thc Association of Chartcrcd Ccrtificd Accountants Green & Co Chartered Certified Accountants Peinbroke House Llantarnam Park Way Cwmbran Torfaen NP44 3AU 27th January 2025 Page 5
MONMOUTHSHIRE SHOW SOCIETY LIMITED STATEMENT OF FtNANCIAL ACTtVlTIES FOR THE YEAR ENDED 31ST AUGUST 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 4.227 4,227 3,880 Charitable activities Showground General resources 131,066 7.361 131.066 7,361 112.087 5,237 Investment income Other income 3.291 100 3.291 100 876 Total 146,045 146.045 122,080 EXPENDITURE ON Charitable activities Showground 96.771 96,771 91,457 Othcr 2.877 2,877 2,096 Total 99,648 99,648 93,553 NET INCOME 46.397 46.397 28,527 RECONCILIATION OF FUNDS Total funds brought fonvard 508,339 508,339 479,812 TOTAL FUNDS CARRIED FORWARD 554.736 554,736 508,339 The notes fomi part of these financial statements Page 6
MONMOUTHSHIRE SHOW SOCIETY LIMITED BALANCE SHEET 31ST AUGUST 2024 2024 2023 Notes FIXED ASSETS Tangible assets 406,771 407,516 CURRENT ASSETS Debtors Cash at bank 13,613 147,536 6,667 119,163 161,149 125,830 CREDITORS Amounts falling due within one year (13.184) (17.807} NET CURRENT ASSETS 147.965 108.023 TOTAL ASSETS LESS CURREIYT LIABILITIES 554.736 515.539 CREDITORS Amounts lallingi duc after morc than onc ycar 9 (7,200) NET ASSETS 554.736 508.339 FUNDS Unrcstricted funds 13 554,736 508,339 TOTAL FUNDS 554,736 508,339 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 3 Isi Augusi 2024. The members have not required the Lompdny to obtain an audit of it5 finanLial statements for the year ended 31 st August 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (d) ensuring that the ch<iritdble company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and prcparing financial statcmcnts which givc a truc and fair vicw of thc statc of affairs of thc charitablc company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which othenvise comply with the rcquircmcnts of thc Companics Act 2006 rclating to financial siatcmcnts, so far as applicablc lo thc charitable company. (b) The notes fomi part of these financial statements Page 7 continued...
MONMOUTHSHIRE SHOW SOCIETY LIMITED BALANCE SHEET- continued 31ST AUGUST 2024 Thcsc financial statements havc bccn prcparcd in accordance with thc provisions applicable to charitablc companies subject to the small companies Tegime. The fjnancial statements were approved by the Board of Trustees and authorised for issue on 27th January 2025 and were signed on its behalf by: R Webb - Trustee The notes fomi part of these financial statements Page 8
MONMOUTHSHIRE SHOW SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of ihc charitable company. which is a public bcncfit cntity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'A¢¢ounting and Reporting by ChaTlties'. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in ihe UK and Republic of Ireland (FRS 102} (effective I January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will be received and the amount can Ix measured reliably. Expenditure Liabililics arc rccogniscd as expenditure as soon as there is a legal or constructive obligation committing IhL charity to that expcnditurc. it is probable that a Iransfcr of economic benefits will bc required in etilcmcnt and ihc amounl of Ihc obligation can bc m¢a%urcd reliably. Expcnditurc is accountcd for on an accruals basis and ha.s been cla.ssified under hcadings that aggrcgate all cost related to the catcgory. Whcre costs cannot bc directly atlributcd to particular headings they have been allocatcd to activitics on a basis consistcnt with thc usc of rcsourccs. Grants offcrcd subjcct to conditions which havc not bccn met at thc ycar cnd datc arc notcd as a commitmcnl but not accrucd as cxpcnditurc. Tangible fixed assets Tangible fixed assets costing more than £250 are capitalised and included at cost including any incidental expenses of acquisition. Depreciation is provided at the following annual rates in older to write OIT each assei over its expected useful eLonomic life.. Freehold property Improvemcnls to property Cup5 and trophie5 Offic¢ equipment Showground Equipment Nil IO% of cost NAI 250/0 of the reducing balance 250/0 of the reducing balance Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furthcrancc of thc Socicty's objcctivcs and which havc not bccn dcsignatcd for olhcr purposcs. Pag¢ 9 continued...
MONMOUTHSHIRE SHOW SOCIETY LIMITED NOTES TO THE FTNANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2024 ACCOUNTING POLICIES - continued Fund accounting Rcstricted funds arc funds which arc to bc used in accordance with spccific rcslrictions imposed by donors which have been raised by the Society for particular purposes. The cost of raising and administering such funds are charged againsl the specific fund. There are nol cuentlY any restricted funds. INVESTMENT INCOME 2024 2023 Deposit account interest 3,291 876 NET INCOME/(EXPENDITURE) Nel incomcl{expcnditure) is statcd after chargingl(crcditing): 2024 2023 Deprccialion - owncd assels Surplus on disposal of fixcd asscls 745 (100) 1,779 TRUSTEES, REMUNERATION AND BENEFITS Thcrc wcrc no trustcc's rcmuncration OT oihcr bcncfits for thc ycar cndcd 31 st August 2024 nor for thc year ended 31 st August 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 st August 2024 nor for the year ended 3 Isi August 2023. Page 10 continued...
MONMOUTHSHIRE SHOW SOCIETY LIMITED NOTES TO THE FTNANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2024 TANGIBLE FIXED ASSETS Improvcmcnts to property froin 01101109 Freehold property upto 31112108 Showground equipinent COST At I st September 2023 and 31 st August 2024 389.838 143,133 16,814 DEPRECIATION At 1st September 2023 Charge for year 142.942 155 15,782 258 At 3 1st August 2024 143,097 16,040 NET BOOK VALUE Ai 31%1 Augpu%i 2024 389.838 36 774 At 31 st August 2023 389,838 191 1,032 Cups and trophics Officc cquipimcnt Totals COST Ai I st September 2023 and 3 1st AubYUSt 2024 15,124 27,678 592,587 DEPRECIATION At I st September 2023 Charge for year 26.347 332 185,071 745 At 3 1st August 2024 26,679 185,816 riET BOOK VALUE At 3 1st August 2024 15,124 999 406,771 At 3 1st August 2023 15.124 1,331 407,516 Pagell continued...
MONMOUTHSHIRE SHOW SOCIETY LIMITED NOTES TO THE FTNANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2024 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepaymenls 12,347 1,266 6,667 13.613 6,667 CASH AT BANK 2024 Total funds 2023 Total funds N<il Wc%t Currenl account Nai Wc%t Dcposit account Nal West High Inlcrcst account 38.316 6.670 102,550 11,980 107,183 Tolal 147.536 119,163 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts {see note 10) Trade cr¢dilors Accruals and deferred income 1,200 249 16,358 3,905 9,279 13.184 17,807 Page 12 ontinued...
MONMOUTHSHIRE SHOW SOCIETY LIMITED NOTES TO THE FTNANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2024 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loans (see note l O) 7,200 10. LOANS An analysis of the maturity of loans is given below.. 2024 2023 Amounts falling due within onc year on demand: Bank loans 1,200 Amounts falling between one and two years: Bank loans 1,200 Amounts falling due between two and five years: Bank loans - 2-5 years 3.600 Amounts falling duc in morc ihan fivc ycars: Repayable by instalments: Bank loans more 5 years 2,400 11. SECURED DEBTS The bank loan is secured by a charge over the company's freehold land. This loan was fully repaid on 1711012023. 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total funds 2023 Total funds Unrestricted funds Restricted fund Flxed assets Currcnt asscts Current liabilities Long term liabilities 406,771 161,149 (13,184) 406,771 161,149 (13,184) 407,516 125,830 (17,807) (7,200) 554,736 554,736 508,339 Page 13 continued...
MONMOUTHSHIRE SHOW SOCIETY LIMITED NOTES TO THE FTNANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2024 13. MOVEMENT IN FUNDS Nct moN'einent in funds At 31.8.24 At 1.9.23 Unrestricted funds General fund Revaluation Fund 496,646 11,693 46,397 543,043 11,693 508,339 46,397 554,736 TOTAL FUNDS 508,339 46,397 554,736 Nel movement in funds, included in the above are as follows: Incoming resourcc% Resources expcndcd Movement in fund% Unrestricted funds Gencral fund 146,045 (99,648) 46,397 TOTAL FUNDS 146,045 (99,648) 46,397 Comparatives for movement in funds Net movement in funds At 31.8.23 At 1.9.22 Unrestricted funds Gcncral fund Revaluation Fund 468.119 1.693 28,527 496,646 11,693 479,812 28,527 508,339 TOTAL FUNDS 479,812 28,527 508,339 Page 14 continued...
MONMOUTHSHIRE SHOW SOCIETY LIMITED NOTES TO THE FTNANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2024 13. MOVEMENT IN FUNDS- continued CompaTativ¢ net movement in funds. included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 122.080 (93.553) 28,527 TOTAL FUNDS 122,080 (93,553) 28,527 A curreni year 12 months and prior year 12 months combined posilion is as follows.. Net movemcnt in funds At 31.8.24 Al 1.9.22 Unrestricted funds GenLral fund Rcvalualion Fund 468.119 11,693 74,924 543,043 11,693 479,812 74,924 554,736 TOTAL FUNDS 479.812 74.924 554,736 A current year 12 months and prior year 12 monihs combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 268,125 {193,201) 74,924 TOTAL FUNDS 268.125 (193.201) 74,924 The unrestricted funds represent the free funds of the charity which are not designated for particular purposes. Page 15 continued...
MONMOUTHSHIRE SHOW SOCIETY LIMITED NOTES TO THE FTNANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2024 14. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 st August 2024. 15. ULTIMATE CONTROLLING PARTY The company is controlled by the Truslees - Mr M Herbert (Chair), Ms R Webb (Treasurer) and the remaining members of the Management Committee. Pag¢ 16
MONMOUTHSHIRE SHOW SOCIETY LIMITED DETAILED STATEMENT OF FtNANCIAL ACTtVlTIES FOR THE YEAR ENDED 31ST AUGUST 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Subscriptions Sponsorship, donations and grants 2,510 1,717 2,189 1,691 4,227 3.880 Investment income Deposit account inlerest 3,291 876 Charitable activities Trade stands Gate receipts Othcr show incomc Ba%ic Payment Schcmc Gra%%kccp Showground hire Car boot salcs 33,424 52,863 2.529 4,832 5,919 31,330 7,530 31.120 38,420 351 4,886 7.120 35.427 1311,427 117,324 Other income Gain on salc of tangible fixcd asscts 100 Total incoming resources 146,045 122,080 EXPENDITURE Charitable activities Insurance PTeparation of showground Hire of equipment Entertainment Waste disposal Water Maintenance Secretary tees Office expenses Carricd forward 2,732 15,284 16,534 6,781 1,757 506 8,076 13,292 15,797 80,759 3,282 10,737 9,860 7,943 1,404 516 15,771 10,250 10,043 69,806 This page does not forni part of the statutory financial statemenls Page 17
MONMOUTHSHIRE SHOW SOCIETY LIMITED DETAILED STATEMENT OF FtNANCIAL ACTtVlTIES FOR THE YEAR ENDED 31ST AUGUST 2024 2024 2023 Charitable activities Brought fonvard Reporting accountant's fees Advertising and web maintenance Home and garden Gate management Security etc Livestock Catering Electric Depreciation of new building Depreciation of showground appliances Deprecation of office equipment Prize cost Charitablc donations 80,759 1,518 2,066 421 1,035 8,133 69,806 984 1 ,597 2,592 693 6,427 405 5.576 358 991 344 444 240 1,000 758 326 155 258 332 1,010 96,771 91,457 Other Bank charges and intercst 2,877 2,096 Total rcsourccs cxpcndcd 99,648 93,553 Net income 46,397 28,527 This page does not forni part of the statutory financial statemenls Page 18