Caseware UK (AP4) 2023.0.135 2023.0.135 Caseware UK (AP4) 2023.0.135 2023.0.135 2024-10-312025-05-2702024-10-312025-04-292023-11-01falsenot blank15152024-10-31 02646090 2023-11-01 2024-10-31 02646090 2022-11-01 2023-10-31 02646090 2024-10-31 02646090 2023-10-31 02646090 2023-11-01 02646090 c:CompanySecretary1 2023-11-01 2024-10-31 02646090 c:RegisteredOffice 2023-11-01 2024-10-31 02646090 d:Buildings 2023-11-01 2024-10-31 02646090 d:Buildings 2024-10-31 02646090 d:Buildings 2023-10-31 02646090 d:Buildings d:LongLeaseholdAssets 2023-11-01 2024-10-31 02646090 d:PlantMachinery 2023-11-01 2024-10-31 02646090 d:PlantMachinery 2024-10-31 02646090 d:PlantMachinery 2023-10-31 02646090 d:MotorVehicles 2023-11-01 2024-10-31 02646090 d:FurnitureFittings 2023-11-01 2024-10-31 02646090 d:OfficeEquipment 2023-11-01 2024-10-31 02646090 d:OfficeEquipment 2024-10-31 02646090 d:OfficeEquipment 2023-10-31 02646090 d:OtherPropertyPlantEquipment 2023-11-01 2024-10-31 02646090 d:OtherPropertyPlantEquipment 2024-10-31 02646090 d:OtherPropertyPlantEquipment 2023-10-31 02646090 d:FreeholdInvestmentProperty 2024-10-31 02646090 d:FreeholdInvestmentProperty 2023-10-31 02646090 d:CurrentFinancialInstruments 2024-10-31 02646090 d:CurrentFinancialInstruments 2023-10-31 02646090 d:Non-currentFinancialInstruments 2024-10-31 02646090 d:Non-currentFinancialInstruments 2023-10-31 02646090 c:FRS102 2023-11-01 2024-10-31 02646090 c:Audited 2023-11-01 2024-10-31 02646090 c:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 02646090 b:Trustee1 2023-11-01 2024-10-31 02646090 b:Trustee2 2023-11-01 2024-10-31 02646090 b:Trustee3 2023-11-01 2024-10-31 02646090 b:Trustee4 2023-11-01 2024-10-31 02646090 b:Trustee5 2023-11-01 2024-10-31 02646090 b:Trustee6 2023-11-01 2024-10-31 02646090 b:Trustee7 2023-11-01 2024-10-31 02646090 b:Trustee8 2023-11-01 2024-10-31 02646090 b:Trustee9 2023-11-01 2024-10-31 02646090 b:Trustee10 2023-11-01 2024-10-31 02646090 b:Trustee11 2023-11-01 2024-10-31 02646090 d:WithinOneYear 2024-10-31 02646090 d:WithinOneYear 2023-10-31 02646090 d:BetweenOneFiveYears 2024-10-31 02646090 d:BetweenOneFiveYears 2023-10-31 02646090 d:MoreThanFiveYears 2024-10-31 02646090 d:MoreThanFiveYears 2023-10-31 02646090 c:ChiefExecutive 2023-11-01 2024-10-31 02646090 d:ComputerSoftware 2023-11-01 2024-10-31 02646090 1 2024-10-31 02646090 1 2023-10-31 02646090 b:TotalUnrestrictedFunds 2024-10-31 02646090 b:TotalUnrestrictedFunds 2023-10-31 02646090 b:TotalRestrictedIncomeFunds 2024-10-31 02646090 b:TotalRestrictedIncomeFunds 2023-10-31 02646090 c:FullAccounts 2023-11-01 2024-10-31 iso4217:GBP xbrli:pure

Registered number: 02646090
Charity number: 1004255











THE NEW FOREST AGRICULTURAL SHOW SOCIETY
(A company limited by guarantee)










TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY
 
(A company limited by guarantee)
 

CONTENTS



Page
Reference and administrative details of the Company, its Trustees and advisers
 
1 - 2
Trustees' report
 
3 - 8
Independent auditors' report on the financial statements
 
9 - 13
Consolidated statement of financial activities
 
14
Consolidated balance sheet
 
15 - 16
Company balance sheet
 
17 - 18
Consolidated statement of cash flows
 
19
Notes to the financial statements
 
20 - 44

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY
 
(A company limited by guarantee)
 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 OCTOBER 2024


Trustees
A J Lawford
A M Jennings
H Long (resigned 28 May 2024)
T M Dalton
K Slocombe
D M Stewart
M R Montagu-Scott
M R Harris
S C Dovey
J W Lowth
O J Cook (appointed 28 May 2024)

Company registered number
02646090

Charity registered number
1004255

Registered office
The Showground
New Park
Brockenhurst
Hampshire
SO42 7QH

Company secretary
D J Dooley

Chairman
A J Lawford

Independent auditors
Shaw Gibbs (Audit) Limited
Statutory Auditor
Union Road
Farnham
Surrey
GU9 7PT
Page 1

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY
 
(A company limited by guarantee)
 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Bankers
Lloyds Bank Plc
39 High Street
Lymington
Hampshire
SO41 9ZF

Solicitors
Trethowans LLP
The Pavilion
Botleigh Grange Business Park
Southampton
Hampshire
SO30 2AF

Investment Advisors
Evelyn Partners
4th Floor, Cumberland House
15-17 Cumberland Place
Southampton
Hampshire
SO15 2BG

Page 2

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY
 
(A company limited by guarantee)
 
  
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The Trustees are pleased to present the Society's Annual Report and audited consolidated financial statements for the year ended 31 October 2024, incorporating its two trading subsidiaries, New Park Events Ltd and Camping In The New Forest Ltd.

These financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) as detailed in the accounting policies. The aim is to link income and expenditure of each area of the Society's activities to give a clearer picture of what the Society does and the financial consequences of these actions.

Structure, Governance and Management 

Governing Document
The Charity is a company limited by guarantee, incorporated on 17 September 1991 and registered as a charity on 9 January 1992.

The Charity was formed under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association.

The liability of the members is limited to such contribution as may be required (but not exceeding £1) to the Charity’s assets should it be wound up whilst they are members or within one year after they cease to be members, for payment of the Charity's debts and liabilities contracted before they cease to be members and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories amongst themselves. The total number of such guarantees at 31 October 2024 was £1,239 (2023: £1,495).

If on winding up or dissolution of the Charity there remains, after the satisfaction of all its debts and liabilities, any property whatever, the same shall not be paid or distributed among the members of the Charity but shall be given or transferred to some other charitable institution or institutions, having objects similar to the objects of the Charity.

Appointment of Officers and Trustee
The President, President Elect and elected members of the Board are appointed at the Annual General Meeting. The other board members currently totalling 10 are elected for a three-year term, one third retiring annually. Board members must be members of the Society, proposed and seconded by existing Council Members. All other positions are determined by the Board.
The Board meet on a monthly basis with the Council of 62 convening quarterly. This new structure ensures trustees are fully involved in the decision-making process.
The trustees, who are also the directors for the purpose of company law, and who served during the year were:
 
 
T M Dalton

O J Cook
Appointed 28th May 2024
A M Jennings

A J Lawford

H Long
Resigned 28th May 2024
K Slocombe

D M Stewart

Hon. Mrs M R Montagu-Scott

M R Harris

S Dovey

J Lowth



Page 3

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY
 
(A company limited by guarantee)
 
Trustees’ Induction and Training
New trustees normally, but not exclusively, have knowledge of the charity’s functions and of the Annual Show. They are forwarded a copy of the last two years’ accounts and a copy of the charity’s Memorandum and Articles. New trustees are invited to a meeting with the charity’s staff and are also introduced to the Board at the first opportunity. Trustees receive a full briefing from the Chief Executive and Chairman about their responsibilities, the Charity’s remit, future plans and how the charity operates and manages its affairs. This is followed up in writing. All Trustees attend the Annual Summer Briefing which includes all board members and the majority of the 400 volunteers.

Responsibilities of the Trustees
The Trustees, who are also the directors of The New Forest Agricultural Show Society for the purpose of company law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and UK Accounting Standards and FRS102.

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;

observe the methods and principles in the Charities SORP (FRS 102);

make judgements and estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Organisation
The Board of Trustees, who administer and set plans and objectives for the Charity, meet monthly. The Chief Executive is appointed by the Trustees to manage the day-to-day operations; he has delegated authority, as approved by the Trustees, for all operational matters and is answerable to the Board. There are various sub- committees who administer aspects of the Show and who meet regularly.

Staff pay and remuneration is set by the Board on an annual basis. On deciding pay, the Board consider past financial results, performance over the previous year as well as current market rates in the area.
 
Some board members exhibit at the Show on the same terms as those available to members generally.


 

Objectives and activities
The objectives and strategies are designed to help promote the Charity’s main aim to promote and encourage the development of agriculture, forestry, equestrianism and horticulture in all their branches and generally to improve and encourage the improvement in the breeding of stock and the achievement of agriculture, forestry,
Page 4

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY
 
(A company limited by guarantee)
 
equestrianism and horticulture generally.

Objective – To successfully stage the three day 2024 New Forest & Hampshire County Show.

Strategy – Work with stewards, contractors, exhibitors and other stakeholders to encourage visitors to    learn about life in the New Forest, its livestock, horticulture, conservation and to appreciate our wonderful   environment by offering charitable activities and holding top quality competitions.

Measurement – Visitor surveys, competitor responses and data from Show activities.

Outcome – The very hot weather at the end of July resulted in lower than budgeted attendance.     Nevertheless our feedback from the Show was very positive and visitors of all ages enjoyed the huge    variety of demonstrations, events, and competitions in celebration of The New Forest.  

Objective – To hold quality competitions to promote the best of breed.
 
Strategy – Work with Breed Societies to create a platform to attract national competitions.

Measurement – The number of horse qualifiers or national shows held at the event along with the    standard of competitor.  

Outcome – The 2024 New Forest & Hampshire County Show held over 50 Horse of the Year Show    qualifiers and welcomed near record equine entries. Our groundsmen, once again, produced quality rings   and competitors enjoyed competition of the highest standard. 
Objective – To improve educational activities to promote our charitable remit.
 
Strategy – Hold educational activities and improve charitable activities.
 
Measurement – The Society hosts educational courses throughout the year, monitors attendee numbers   and reviews visitor feedback.
 
Outcome – Little New Park Ranger courses ran throughout the summer but were poorly attended. We    have therefore developed several new courses better able to attract people in a fun but educational way.   For example, we introduced educational walks on our campsites which enjoyed a record attendance with   over 1,000 people enjoying these sessions last August. In addition, each section of the Show, offered    activities to ‘educate’ and inform visitors about how agriculture works, how food is produced and the    importance of a vibrant and thriving countryside and rural sector.
Objective – To ensure the Show continues to be financially viable.
 
Strategy – Lower the cost of holding the Show, broaden income streams away from the event and find    new sources of income.
 
Measurement – Careful budgeting alongside preparation of accurate monthly management accounts will   be used to review the current financial performance and the impact of new ideas.
 
Outcome – Following the Show’s financial loss in 2023 a major cost cutting exercise was undertaken.    These measures included changing the toilet providers, removing attractions and lowering the number of   marquees. Sadly, the hot weather in July 2024 impacted income, but lower costs helped manage theloss.

Public Benefit
The Trustees confirm they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and planning future activities. The Trustees have used the main Charity’s overall objective to set the objectives and strategies detailed above to ensure that they will increase the benefit to the widest possible audience.
Short and Long Term Aims
The immediate priority is to bring the Show back into profit through carefully managed cost savings and the
Page 5

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY
 
(A company limited by guarantee)
 
introduction of new sources of income. Work on this began in early 2024 with significant cost savings having been achieved across many areas. Looking forward to our 2025 Show, we are focusing on improving income with the introduction of premium tickets, improved hospitality and new sponsorship packages. 
Alongside the improved finances the Society will improve its charitable remit by providing new activities and links to local community groups. The new ‘“mini-forest”’ will create links with schools and local community groups and throughout 2025 we will hold tree planting events in partnership with the New Forest National Park, the Hampshire Forest Partnership and Forestry England. The re-launched Sam Bailey Bursary will support young people in Agriculture by providing support in their education. 
Long term, the Society will continue to focus on its charitable goals and develop the most effective ways to improve charitable activities outside the Show. We will continue to focus on growing our trading subsidiaries to ensure their long term financial support.
Contribution of Volunteers
The Charity is indebted to the hundreds of volunteers who give their time freely to assist throughout the year. Volunteers play a critical role in the running of the Charity and all major decisions are passed through the individual committees. The Board approve both budgets and major financial outlays. 
Achievements and Performance
Despite the very hot weather in late July 2024 visitors enjoyed the Show and the feedback was very favourable. The weather undoubtedly lead to lower than expected attendances and consequently a fall in visitor spend. 
Competitors enjoyed quality competitions and educational activities were spread throughout the Showground. The local community came together to showcase the best of the New Forest, and there were no major incidents.
Education remained a key focus for the Society, with a record number of visitors engaging with the educational department throughout the year. However, demand for the Little New Park Rangers program has declined in recent years, leading to a planned pause in 2025.
Camping in the New Forest had a successful year, with a 23% year on year increase in income. After its first year, many lessons were learned resulting in smoother operations, fewer incidents and happier customers. Visitors enjoyed new educational experiences, and feedback was generally very positive.
Special thanks go to everyone involved, especially the staff, who once again went above and beyond this year.
Financial Review
The net incoming resources for the year totalled £443,618 (2023: £172,820). The net increase in funds for the year totalled £476,862 (2023: £116,782) bringing total reserves at the year end to £2,746,797 (2023: £2,269,935). £60,000 of these reserves relate to a restricted fund used for specific site improvements and the refurbishment of the Mill Building, £14,371 relate to a restricted fund for the Sam and Florence Bailey Bursary and £10,449 relate to a restricted education fund.
New Park Events Limited made a profit of £49,366 (2023: loss of £10,656) in the year, donating £nil (2023: £96,897) to the Charity. Camping in the New Forest Ltd made a profit of £453,832 (2023: £466,245), donating £424,956 (2023: £nil) to the Charity.
Reserves Policy
The Board has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (free reserves) held by the Charity should be half the average annual gross income. This should currently equate to about £800,000. At this level, the Board feels that it would be able to continue the current activities of the charity in the event of two consecutive years of poor results due to unforeseen reasons, cancellation, or bad weather. At the end of the period, unrestricted reserves of the group were £2,661,977 (2023: £2,185,113) and free reserves, calculated as unrestricted funds less designated funds, intangible and tangible fixed assets stood at £2,028,881 (2023: £1,625,316).
Investment Powers and Policy
The Board has considered the most appropriate policy for investing surplus funds and, in view of the volatile markets, has decided to move its investments from a mix of UK and overseas equities and bonds to a short-term money market fund to generate reliable income whilst preserving capital. Our independent financial
Page 6

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY
 
(A company limited by guarantee)
 
advisor, Evelyn Partners, has been made aware of the aims of the Charity and they ensure that our managed investments comply with our policy.
Related Parties
The Charity is a full member of the Association of Show and Agricultural Organisations (ASAO). The ASAO provides access to all new and relevant legislation through meetings, conferences and training days and also provides access to other charities involved in the running of similar events. The Chief Executive is currently Chairman of the ASAO.
New Park Events Limited, a wholly owned subsidiary of the Charity, was established in March 2004 and manages the camping facilities at New Park. Its directors are all board members of the Charity. During the year, the subsidiary company made a gift aid payment of £nil (2023: £96,897), in respect of its profit for the previous period. The company owed the Charity £167,239 at the year end. 
Camping In The New Forest Limited, a wholly owned subsidiary of the Charity, commenced trading in March 2023 and manages ten varied campsites across the New Forest on behalf of Forestry England. Its directors are all board members of the Charity. During the year, the subsidiary company made a gift aid payment of £424,956 (2023: £nil), in respect of its profit for the previous period. The company owed the Charity £66,048 at the year end.
Transactions with trustees are disclosed in note 12 of the financial statements.
Auditors
The auditors, Shaw Gibbs, are deemed re-appointed under section 487(2) of the Companies Act 2006.
Risk Management
Risks affecting the Charity are assessed annually. All identified risks are considered and action is taken to manage and mitigate the problem. The Board review the risk assessments and put in place any necessary actions.
 
Fundraising
The Chief Executive organises fundraising events and coordinates the activities of our supporters. The New Forest Agricultural Show Society does not use professional fundraisers or involve commercial participators. It is not part of any voluntary scheme or standards for regulating fundraising. There have been no complaints about fundraising activity during the year. The New Forest Agricultural Show Society does not undertake any direct marketing for the purposes of fundraising in order to ensure that there is no unreasonable intrusion, persistent approaches or undue pressure. No third party fundraisers are used by the Charity.
 

 

Plans for future periods
 

The strategic direction for New Park, camping and education across all three companies has been agreed with all stakeholders and will be implemented throughout 2025. Discussions about the future direction of the Show are ongoing with a focus on increasing visitor numbers, further reducing costs and enhancing our charitable activities.
 

Page 7

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY
 
(A company limited by guarantee)
 
Disclosure of information to auditors
 

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
 

 

On behalf of the Board of Trustees:





A J Lawford
(Chair of Trustees)

Date: 29 April 2025

Page 8

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW FOREST AGRICULTURAL SHOW SOCIETY
 

Opinion


We have audited the financial statements of The New Forest Agricultural Show Society (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:

give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 October 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


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 Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.


Page 9

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW FOREST AGRICULTURAL SHOW SOCIETY (CONTINUED)


Other information


The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
the Trustees' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception


In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.


We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company financial statements 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 for our audit.


Page 10

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW FOREST AGRICULTURAL SHOW SOCIETY (CONTINUED)


Responsibilities of trustees


As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for 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 statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
 

Page 11

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW FOREST AGRICULTURAL SHOW SOCIETY (CONTINUED)


Auditors' responsibilities for the audit of the financial statements


Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charitable company and the industry which it operates, and considered the risk of acts by the charitable company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities Act 2011, the Companies Act 2006 and UK tax legislation.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 
As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud. We also reviewed expenditure on a sample basis for any irregular amounts which are not in line with the objects of the charity.
We did not identify any key audit matters relating to irregularities, including fraud. 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 12

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW FOREST AGRICULTURAL SHOW SOCIETY (CONTINUED)


Use of our report
 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.







Mark Dickinson FCA (Senior statutory auditor)
for and on behalf of
Shaw Gibbs (Audit) Limited
Statutory Auditor
Union Road
Farnham
Surrey
GU9 7PT

27 May 2025
Page 13

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY
 
(A company limited by guarantee)

 
 
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 OCTOBER 2024


Restricted funds
2024
Unrestricted funds
2024
Total
funds
2024
As restated
Total
funds
2023
Note
        £
        £
        £
        £

Income from:






Donations and legacies

3

-

3,839

3,839

2,165
 
Charitable activities

4

-

1,807,311

1,807,311

1,678,220
 
Other trading activities

5

-

4,678,164

4,678,164

3,911,067
 
Investments

6

-

145,060

145,060

86,981
 
Other income


-

-

-

1,194
 
Total income
-
6,634,374
6,634,374
5,679,627
Expenditure on:







Other trading activities

7

-

4,196,817

4,196,817

3,440,835
 
Charitable activities

8

2

1,993,937

1,993,939

2,065,972
 
Total expenditure
2
6,190,754
6,190,756
5,506,807

Net (expenditure)/income before net gains/(losses) on investments

  

(2)

443,620

443,618

172,820
 
Net realised and unrealised gains on investments

  

-

33,244

33,244

(56,038)
 
Net movement in funds
  
(2)
476,864
476,862
116,782

Reconciliation of funds:

  





Total funds brought forward

  

84,822

2,185,113

2,269,935

2,153,153
 
Net movement in funds

  

(2)

476,864

476,862

116,782
 
Total funds carried forward
  
84,820
2,661,977
2,746,797
2,269,935

Page 14

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY
 
(A company limited by guarantee)
REGISTERED NUMBER: 02646090

 
 
CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2024


As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
7,664
5,196

Tangible assets
 14 
625,432
554,601

Investments
 16 
-
314,176

Investment property
 15 
964,881
964,881

  
1,597,977
1,838,854

Current assets
  

Stocks
 17 
13,118
15,528

Debtors
 18 
236,406
148,592

Cash at bank and in hand
  
2,253,531
1,574,232

  
2,503,055
1,738,352

Creditors: amounts falling due within one year
 19 
(1,237,568)
(1,064,605)

Net current assets 
  
 
 
1,265,487
 
 
673,747

Total assets less current liabilities
  
2,863,464
2,512,601

Creditors: amounts falling due after more than one year
 20 
(116,667)
(242,666)

Net assets excluding pension asset 
  
2,746,797
2,269,935

Total net assets 
  
2,746,797
2,269,935


Charity funds
  

Restricted funds
 22 
84,820
84,822

Unrestricted funds
 22 
2,661,977
2,185,113

Total funds
  
2,746,797
2,269,935

Page 15

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY
 
(A company limited by guarantee)
REGISTERED NUMBER: 02646090

 
 
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:






A J Lawford
(Chair of Trustees)

Date: 29 April 2025


The notes on pages 20 to 44 form part of these financial statements.

Page 16

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY
 
(A company limited by guarantee)
REGISTERED NUMBER: 02646090

 
 
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024


As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
114,628
141,125

Investments
 16 
100
314,276

Investment property
 15 
964,881
964,881

  
1,079,609
1,420,282

Current assets
  

Stocks
 17 
2,277
-

Debtors
 18 
291,029
650,031

Cash at bank and in hand
  
1,095,340
76,618

  
1,388,646
726,649

Creditors: amounts falling due within one year
 19 
(215,922)
(213,219)

Net current assets 
  
 
 
1,172,724
 
 
513,430

Total assets less current liabilities
  
2,252,333
1,933,712

Creditors: amounts falling due after more than one year
 20 
(40,000)
(119,999)

Net assets excluding pension asset 
  
2,212,333
1,813,713

Total net assets 
  
2,212,333
1,813,713


Charity funds
  

Restricted funds
 22 
84,820
84,822

Unrestricted funds
 22 
2,127,513
1,728,891

Total funds
  
2,212,333
1,813,713

The Company's net movement in funds for the year was £398,620 (2023 - £(241,911)).

Page 17

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY
 
(A company limited by guarantee)
REGISTERED NUMBER: 02646090

 
 
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:






A J Lawford
(Chair of Trustees)

Date: 29 April 2025


The notes on pages 20 to 44 form part of these financial statements.

Page 18

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY
 
(A company limited by guarantee)

 
 
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Net cash generated from operating activities

479,781
852,298

Cash flows from investing activities

Dividends, interests and rents from investments
145,060
86,981

Purchase of intangible assets
(4,000)
(5,995)

Purchase of tangible fixed assets
(162,963)
(143,251)

Proceeds from sale of investments
347,420
64,775

Purchase of investments
-
(65,924)

Net cash provided by/(used in) investing activities

325,517
(63,414)

Cash flows from financing activities

Repayments of borrowing
(125,999)
(126,001)

Net cash used in financing activities

(125,999)
(126,001)

Change in cash and cash equivalents in the year
 
679,299
 
662,883

Cash and cash equivalents at the beginning of the year
1,574,232
911,349

Cash and cash equivalents at the end of the year
2,253,531
1,574,232

The notes on pages 20 to 44 form part of these financial statements

Page 19

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

The New Forest Agricultural Show Society is a charitable company established under its Memorandum
and Articles of Association and registered with the Charity Commission and Companies House in
England and Wales. The principal address is The Showground, New Park, Brockenhurst, Hampshire,
SO42 7QH.


2.Accounting policies

  
2.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The New Forest Agricultural Show Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

Page 20

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

  
2.2

Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually
 associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are
provided in accordance with the stage of completion of the contract when all of the following
conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured
 reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.


  
2.3

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

  
2.4

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 21

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.5

Intangible assets and amortisation

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

 Amortisation is provided on the following basis:

Computer software
-
%
5 years straight line.

 
2.6

Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

Showground and office
-
10 years straight line.
Leasehold improvements
-
20 years straight line.
Show equipment
-
4 years straight line.
Office equipment
-
3-4 years straight line.
Campsite equipment
-
5-10 years straight line.
Tractors
-
4 years straight line.
Motor vehicles
-
4 years straight line.

  
2.7

Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

  
2.8

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 22

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

  
2.9

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

  
2.10

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.


2.11

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

  
2.12

Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

  
2.13

Operating leases

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight-line basis over the lease term.

  
2.14

Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

Page 23

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

  
2.15

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.


3.

Income from donations and legacies




Restricted funds
2024
Unrestricted funds
2024
Total
funds
2024
        £
        £
        £
 



Donations

-

3,839

3,839





Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
        £
        £
        £



Donations

560

1,605

2,165



4.

Income from charitable activities




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




 Show income

1,807,311

1,807,311

1,678,220
 

Page 24

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.

Income from other trading activities

Income from non charitable trading activities




Unrestricted funds
2024
Total
funds
2024
As restated
Total
funds
2023
        £
        £
        £




Property income

85,767

85,767

79,395
 
Campsite income

4,592,397

4,592,397

3,831,672
 


4,678,164
4,678,164
3,911,067


6.

Investment income



Unrestricted funds
2024
Total
funds
2024
        £
        £



Rental income

82,507

82,507

Interest and dividends receivable

62,553

62,553

Total 2024


145,060
145,060




Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
        £
        £
        £




Rental income

-

81,990

81,990

Interest and dividends receivable

97

4,894

4,991

Total 2023


97
86,884
86,981

Page 25

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

7.

Expenditure on other charitable activities







Other trading expenses




Unrestricted funds
2024
Total
funds
2024
As restated
Total
funds
2023
        £
        £
        £




Property costs

56,204

56,204

27,945
 
Education costs

25,873

25,873

27,546
 
Cost of sales

2,256,801

2,256,801

1,823,725
 
Administration expenses

260,328

260,328

274,653
 
Interest payable

11,438

11,438

12,845
 
Cost of sales staff costs

935,573

935,573

855,692
 
Administration staff costs

584,742

584,742

375,089
 
Administration depreciation

65,858

65,858

43,340
 


4,196,817
4,196,817
3,440,835

Page 26

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.

Analysis of expenditure on charitable activities


Summary by fund type




Restricted funds
2024
Unrestricted funds
2024
Total
2024
        £
        £
        £




Show costs

2

1,993,937

1,993,939





Restricted funds
2023
As restated
Unrestricted funds
2023
As restated
Total
2023
        £
        £
        £




Show costs

57

2,065,915

2,065,972



9.

Analysis of expenditure by activities




Activities undertaken directly
2024
Support costs
2024
Total
funds
2024
        £
        £
        £




Show costs

1,319,781

674,158

1,993,939






As restated
Activities undertaken directly
2023
As restated
Support costs
2023
As restated
Total
funds
2023
        £
        £
        £




Show costs

1,467,788

598,184

2,065,972



Page 27

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.Analysis of expenditure by activities (continued)

Analysis of direct costs




Show Income
2024
Total
funds
2024
As restated
Total
funds
2023
        £
        £
        £




Staff costs

118,464

118,464

119,643
 
Support costs

1,201,317

1,201,317

1,348,145
 


1,319,781
1,319,781
1,467,788

Analysis of support costs




Show Income
2024
Total
funds
2024
As restated
Total
funds
2023
        £
        £
        £




Staff costs

383,775

383,775

276,965
 
Support costs

274,352

274,352

301,518
 
Governance costs

16,031

16,031

19,701
 


674,158
674,158
598,184


10.

Auditors' remuneration - consolidated

2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's annual accounts
27,532
25,203

Fees payable to the Company's auditor in respect of:

All non-audit services not included above
1,500
4,627

Page 28

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.



Staff costs


Group
Group
As restated
Company
Company
As restated
2024
2023
2024
2023
£
£
£
£


Wages and salaries
1,813,595
1,495,001
425,467
342,247

Social security costs
159,326
95,617
48,225
29,920

Contribution to defined contribution pension schemes
49,633
36,771
28,547
24,441

2,022,554
1,627,389
502,239
396,608

The average number of persons employed by the Company during the year was as follows:


Group
Group
Company
Company
2024
2023
2024
2023

No.
No.
No.
No.


Management and administration
72
65
15
15

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:


Group
Group
2024
2023

No.
No.


In the band £60,001 - £70,000
-
-

In the band £70,001 - £80,000
2
-

In the band £80,001 - £90,000
-
1

During the year key management received remuneration (including employer pension costs) of £278,482 (2023: £161,353).  


12.


Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 October 2024, no Trustee expenses have been incurred (2023 - £NIL).

The charity has purchased insurance for the trustees and officers of the charity against liability arising
for wrongful acts in relation to the charity. The cost of this insurance amounts to £864 (2023: £3,464).

Remuneration is paid to Mrs JL Dooley who is the wife of Mr DJ Dooley, a member of key management
personnel. This totalled £18,748 (2023: £16,829).

Page 29

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

13.


Intangible assets

Group



Computer software

£



Cost


At 1 November 2023
5,996


Additions
4,000



At 31 October 2024

9,996



Amortisation


At 1 November 2023
800


Charge for the year
1,532



At 31 October 2024

2,332



Net book value



At 31 October 2024
7,664



At 31 October 2023
5,196

Page 30
 


 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024


14.


Tangible fixed assets


Group






Showgroup and office
Leasehold property
improvements
Tractors
Motor vehicles
Campsite equipment
Office equipment
Show equipment
Total


£
£
£
£
£
£
£
£



Cost or valuation


At 1 November 2023
645,977
533,691
21,500
27,895
28,422
46,025
307,095
1,610,605


Additions
-
10,751
2,300
9,683
137,924
820
1,485
162,963


Disposals
-
-
-
(1,800)
-
-
-
(1,800)



At 31 October 2024

645,977
544,442
23,800
35,778
166,346
46,845
308,580
1,771,768



Depreciation


At 1 November 2023
523,088
268,834
19,750
2,712
2,318
40,238
199,064
1,056,004


Charge for the year
21,714
26,894
990
7,912
14,238
2,690
15,894
90,332



At 31 October 2024

544,802
295,728
20,740
10,624
16,556
42,928
214,958
1,146,336
Page 31

 


 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.Tangible fixed assets (continued)

Group (continued)



Showgroup and office
Leasehold property
improvements
Tractors
Motor vehicles
Campsite equipment
Office equipment
Show equipment
Total


£
£
£
£
£
£
£
£



Net book value



At 31 October 2024
101,175
248,714
3,060
25,154
149,790
3,917
93,622
625,432



At 31 October 2023
122,889
264,857
1,750
25,183
26,104
5,787
108,031
554,601

Page 32

 


 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.Tangible fixed assets (continued)

Company





Showground and office
Tractors
Office equipment
Show equipment
Total

£
£
£
£
£
Cost or valuation

At 1 November 2023
645,977
5,500
44,659
166,458
862,594


At 31 October 2024

645,977
5,500
44,659
166,458
862,594


Depreciation

At 1 November 2023
523,088
5,500
40,011
152,870
721,469

Charge for the year
21,714
-
2,348
2,435
26,497


At 31 October 2024

544,802
5,500
42,359
155,305
747,966


Net book value


At 31 October 2024
101,175
-
2,300
11,153
114,628


At 31 October 2023
122,889
-
4,648
13,588
141,125

Page 33
 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

15.


Investment property

Group




Leasehold investment property

£


Valuation

At 1 November 2023
964,881


At 31 October 2024
964,881

Company





Leasehold investment property

£
Valuation

At 1 November 2023
964,881


At 31 October 2024
964,881

The valuations were made by New Park Consultancy on 31 October 2023 and reviewed by the Trustees for 31 October 2024 on an open market value for existing use basis. The Trustees agreed there to be no changes to the valuation at the year end.

Page 34

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

16.


Fixed asset investments





Listed investments

£


At 1 November 2023
314,176


Disposals
(347,420)


Revaluations

33,244




Net book value




At 31 October 2024
-



At 31 October 2023
314,176

During the year, the listed investments were sold and invested into an account which is classified under cash at bank and in hand.





Investments in subsidiary companies
Listed investments
Total

Company
£
£
£



Cost or valuation





At 1 November 2023
100
314,176
314,276


Disposals
-
(347,420)
(347,420)


Revaluations
-
33,244
33,244



At 31 October 2024

100
-
100




Net book value






At 31 October 2024
100
-
100



At 31 October 2023
100
314,176
314,276

Page 35

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

Principal subsidiaries

The following were subsidiary undertakings of the Company:


Names

Company number

Registered office or principal place of business

Class of shares

Holding


New Park Events Limited
05083451
The Showground, New Park, Brockenhurst, Hampshire, SO42 7QH
Ordinary
100%

Camping In The New Forest Ltd
14159381
The Show Office, New Park Farm, Lyndhurst Road, Brockenhurst, England, SO42 7QH
Ordinary
100%


The financial results of the subsidiaries for the year were:


Names

Income
£

Expenditure
£

Profit/(Loss)/ Surplus/ (Deficit) for the year
£

Net assets
£


New Park Events Limited
412,327
362,961
49,366
39,443

Camping In The New Forest Ltd
4,218,844
3,765,012
453,832
495,121



17.



Stocks


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Stock
13,118
15,528
2,277
-

Page 36

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

18.



Debtors


Group
Group
As restated
Company
Company
As restated
2024
2023
2024
2023
£
£
£
£


Due within one year

Trade debtors
31,643
52,879
9,940
43,080

Amounts owed by group undertakings
-
-
233,287
580,770

Other debtors
4,464
6,714
4,464
6,714

Prepayments and accrued income
200,299
88,999
43,338
19,467

236,406
148,592
291,029
650,031


19.



Creditors: Amounts falling due within one year


Group
Group
As restated
Company
Company
As restated
2024
2023
2024
2023
£
£
£
£


Bank loans
126,000
126,000
80,000
80,000

Trade creditors
144,767
232,344
16,479
62,179

Other taxation and social security
224,935
68,432
9,851
11,264

Other creditors
4,030
153,175
-
13,169

Accruals and deferred income
737,836
484,654
109,592
46,607

1,237,568
1,064,605
215,922
213,219


20.



Creditors: Amounts falling due after more than one year


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Bank loans
116,667
242,666
40,000
119,999

At the year end a debenture deed was in place as security for the loan. A commercial decision was made
after the year end to fully repay the Coronavirus Business Interruption Loan. This loan was repaid in
February 2025.

Page 37

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

21.


Prior year adjustments

In the previous year £97,587 of shop revenue earned in the year was incorrectly recognised within deferred income which has been released to prior year revenue. In addition, further costs of £74,419 have been identified in 2024 which should have been recognised in the previous year. The resulting effect on net movement in funds is an increase of £23,168 in the prior year. 

Page 38

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

22.

Statement of funds


Statement of funds - current year

Balance at 1 November 2023
£
Income
£
Expenditure
£
Gains/
(Losses)
£
Balance at 31 October 2024
£

Unrestricted funds






General Funds

2,185,113

6,634,374

(6,190,754)

33,244

2,661,977
 

Restricted funds







Mill Building Fund

60,000

-

-

-

60,000
 
Sam and Florence Bailey Bursary Fund

14,373

-

(2)

-

14,371
 
Education Fund

10,449

-

-

-

10,449
 



84,822
-
(2)
-
84,820

Total of funds


2,269,935
6,634,374
(6,190,756)
33,244
2,746,797

Mill Building Fund
A SEEDA grant received as a contribution towards the renovation of the Mill Building, which has been capitalised as an investment property asset.
The Sam and Florence Bailey Bursary
The Sam and Florence Bailey Bursary fund was set up in memory of Samantha and Florence Bailey with the aim of supporting young people in agricultural education. The monies received will be used to fund students attending agricultural college or short courses with the aim of enabling them to begin or benefit a career in agriculture.
Education fund
Donations were received as a contibution towards education projects.

Page 39

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

22.

Statement of funds (continued)



Statement of funds - prior year

Balance at
1 November 2022
£
As restated
Income
£
As restated
Expenditure
£
Gains/
(Losses)
£
Balance at
31 October 2023
£

Unrestricted funds






General Funds

2,068,936

5,678,971

(5,506,756)

(56,038)

2,185,113
 


Balance at
1 November 2022
£
As restated
Income
£
As restated
Expenditure
£
Gains/
(Losses)
£
Balance at
31 October 2023
£






Restricted funds







Mill Building Fund

60,000

-

-

-

60,000
 
Sam and Florence Bailey Bursary Fund

13,773

657

(57)

-

14,373
 
Education Fund

10,449

-

-

-

10,449
 



84,222
657
(57)
-
84,822


Total of funds


2,153,158
5,679,628
(5,506,813)
(56,038)
2,269,935


23.

Summary of funds


Summary of funds - current year

Balance at 1 November 2023
£
 
Income
£
 
Expenditure
£
 
Gains/
(Losses)
£
 
Balance at 31 October 2024
£
 
General funds

2,185,113

6,634,374

(6,190,754)

33,244

2,661,977
 
Restricted funds

84,822

-

(2)

-

84,820
 


2,269,935
6,634,374
(6,190,756)
33,244
2,746,797

Page 40

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

23.

Summary of funds (continued)


Summary of funds - prior year

Balance at
1 November 2022
£
 
As restated
Income
£
 
As restated
Expenditure
£
 
Gains/
(Losses)
£
 
Balance at
31 October 2023
£
 
General funds

2,068,936

5,678,971

(5,506,756)

(56,038)

2,185,113
 
Restricted funds

84,222

657

(57)

-

84,822
 


2,153,158
5,679,628
(5,506,813)
(56,038)
2,269,935


24.

Analysis of net assets between funds

Analysis of net assets between funds - current period

Restricted funds
2024
Unrestricted funds
2024
Total
funds
2024
        £
        £
        £



Tangible fixed assets

-

625,432

625,432

Intangible fixed assets

-

7,664

7,664

Investment property

60,000

904,881

964,881

Current assets

24,820

2,478,235

2,503,055

Creditors due within one year

-

(1,237,568)

(1,237,568)

Creditors due in more than one year

-

(116,667)

(116,667)

Total 


84,820
2,661,977
2,746,797


Page 41

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

24.Analysis of net assets between funds (continued)


Analysis of net assets between funds - prior period

Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
        £
        £
        £



Tangible fixed assets

-

554,601

554,601

Intangible fixed assets

-

5,196

5,196

Fixed asset investments

-

314,176

314,176

Investment property

60,000

904,881

964,881

Current assets

24,822

1,713,530

1,738,352

Creditors due within one year

-

(1,064,605)

(1,064,605)

Creditors due in more than one year

-

(242,666)

(242,666)

Total 

84,822
2,185,113
2,269,935


25.



Reconciliation of net movement in funds to net cash flow from operating activities


Group
Group
As restated
2024
2023
£
£

Net income for the period (as per Statement of Financial Activities)



476,862

116,782

Adjustments for:

Depreciation charges
90,332
66,832

Amortisation charges
1,532
799

(Gains)/losses on investments
(33,244)
56,038

Dividends, interests and rents from investments
(145,060)
(86,981)

Loss on the sale of fixed assets
1,013
2,038

Decrease/(increase) in stocks
2,410
(15,528)

Increase in debtors
(87,814)
(102,194)

Increase in creditors
173,750
817,609

Net cash provided by operating activities
479,781
855,395


Page 42

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

26.



Analysis of cash and cash equivalents


Group
Group
2024
2023
£
£

Cash in hand
2,253,531
1,574,232

Total cash and cash equivalents
2,253,531
1,574,232


27.



Analysis of changes in net debt





At 1 November 2023
Cash flows
At 31 October 2024
£
£

£

Cash at bank and in hand

1,574,232

679,299

2,253,531

Debt due within 1 year

(126,000)

-

(126,000)

Debt due after 1 year

(242,666)

125,999

(116,667)


1,205,566
805,298
2,010,864


28.


Contingent liabilities

The charitable company has a commitment under its lease with the Forestry Commission to maintain the buildings on the New Park site.


29.


Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £50,033 (2023 - £36,371). At the period end there were contributions payable to the fund and included in creditors of £4,030 (2023: £22,790).

Page 43

 
THE NEW FOREST AGRICULTURAL SHOW SOCIETY

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

30.


Operating lease commitments

Lessee

At 31 October 2024 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Not later than 1 year
461,355
452,892
116,800
116,800

Later than 1 year and not later than 5 years
1,838,579
1,789,879
467,200
467,200

Later than 5 years
3,930,672
4,460,077
2,822,666
3,056,267

6,230,606
6,702,848
3,406,666
3,640,267



.


Lessor

The operating leases represent leases of properties to third parties. The leases are negotiated over various terms and after the initial lease term, the residential properties move onto a rolling lease. 
At 31 October 2024 the Group and the Company had contracted with tenants for the following minimum lease payments:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Not later than 1 year
63,935
81,740
63,935
81,740

Later than 1 year and not later than 5 years
79,333
92,045
79,333
92,045

143,268
173,785
143,268
173,785



31.


Related party transactions

During the year the company purchased services of £2,768 from New Park Consultancy Ltd, of which O Cook is a director.

Page 44