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Registered number:
Charity number:
(A company limited by guarantee)
FOR THE YEAR ENDED 31 OCTOBER 2024
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THE NEW FOREST AGRICULTURAL SHOW SOCIETY
(A company limited by guarantee)
CONTENTS
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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
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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
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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:
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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,
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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
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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
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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.
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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:
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THE NEW FOREST AGRICULTURAL SHOW SOCIETY
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW FOREST AGRICULTURAL SHOW SOCIETY
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
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.
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.
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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)
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 report. Our 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.
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.
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.
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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)
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.
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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)
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.
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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)
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.
for and on behalf of
Statutory Auditor
Union Road
Farnham
Surrey
GU9 7PT
27 May 2025
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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
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THE NEW FOREST AGRICULTURAL SHOW SOCIETY
(A company limited by guarantee)
REGISTERED NUMBER: 02646090
CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2024
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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:
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THE NEW FOREST AGRICULTURAL SHOW SOCIETY
(A company limited by guarantee)
REGISTERED NUMBER: 02646090
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
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THE NEW FOREST AGRICULTURAL SHOW SOCIETY
(A company limited by guarantee)
REGISTERED NUMBER: 02646090
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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THE NEW FOREST AGRICULTURAL SHOW SOCIETY
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
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THE NEW FOREST AGRICULTURAL SHOW SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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
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.
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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)
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.
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.
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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)
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:
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.
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:
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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)
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
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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)
Page 24
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THE NEW FOREST AGRICULTURAL SHOW SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 25
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THE NEW FOREST AGRICULTURAL SHOW SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 26
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THE NEW FOREST AGRICULTURAL SHOW SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 27
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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)
Page 28
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THE NEW FOREST AGRICULTURAL SHOW SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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
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THE NEW FOREST AGRICULTURAL SHOW SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 30
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14.Tangible fixed assets (continued)
Page 33
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