Company registration number 06956588 (England and Wales)
Charity registration number 1130942 (England and Wales)
OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr M J Wooldridge
Mr R R Cunningham
Mr C P Heard
Mr P T Davies
Mr P J Balsom
Mr B P C Coward
Mr J R Shields
Mr W Heard
Secretary
Mrs A Heywood
(Resigned 31 January 2025)
Miss S Barrow
(Appointed 31 January 2025)
Charity number
1130942
Company number
06956588
Principal address
South Narraton Farm
Narratons Road
Okehampton
Devon
EX20 1SL
Registered office
South Narraton Farm
Narratons Road
Okehampton
Devon
EX20 1SL
Independent examiner
Mr A Hemmings BA (Hons) FCA CTA
Simpkins Edwards LLP
The Summit
Woodwater Park
Exeter
EX2 5WS
Bankers
Lloyds Bank Plc
Okehampton
OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 15
OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019).

Objectives and activities

The main objective of the Association is the advancement of agriculture and horticulture and allied industries including the holding of an Annual Show at Okehampton in the County of Devon.

These objectives are met by the organisation structure of an Executive Committee who consider suggestions from a Management Committee of eight members.

Achievements and performance

Showday income increased this year to a total of £184,935 with showday costs increasing to £196,267, resulting a loss on the day of £11,332 compared with a loss of £42,790 last year. In addition to income from investments and the Caravan Park left a net income of £82,676 (2024: £39,545).

Financial review

The financial affairs remain in a satisfactory condition with no capital expenditure in the year (202 4: £Nil). At 31 December 202 5, the Association held reserves of £1,519,803 (202 4: £1,437,127).

The Trustees have reviewed the reserves policy of the Charity and with the history of shows being cancelled in 2008, 2009 and 2020 some due to inclement weather and the other to the Pandemic, resulting in deficits, the Trustees estimate that there are sufficient reserves to cover such potential deficits but that cash reserves of £200,000 should be retained. Consideration has been given to insurance against inclement weather but the premiums continue to be high with some restrictions as to cover.

Structure, governance and management

The charitable company was incorporated on 8 July 2009 and commenced operations on 1 January 2010 when the assets and liabilities of the previously unincorporated charity (number 272910) were transferred into the company.

A report covering the major risks to which the charity may be exposed was commissioned and is reviewed every three years. There are volunteer officers who cover the risk areas.

Subject as otherwise provided in the rules and to any further direction of the Charity Commissioners, the Executive Committee shall have power to raise, borrow or make such investments of the Association's monies as they shall from time to time deem desirable and may appoint nominees to hold any such investments on the Association's behalf.

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr M J Wooldridge
Mr R R Cunningham
Mr C P Heard
Mr P T Davies
Mr P J Balsom
Mr B P C Coward
Mr J R Shields
Mr W Heard

The trustees' r eport was approved by the Board of Trustees.

Mr M J Wooldridge
Mr P J Balsom
Trustee
Trustee
Dated: 5 March 2026
Dated:5 March 2026
OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
- 3 -

I report to the trustees on my examination of the financial statements of Okehampton and District Agricultural Association (the charity) for the year ended 31 December 2025.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Mr A Hemmings BA (Hons) FCA CTA
for and on behalf of Simpkins Edwards LLP
The Summit
Woodwater Park
Pynes Hill
Exeter
EX2 5WS
Dated: 16 March 2026
OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Unrestricted
Unrestricted
funds
funds
2025
2024
Notes
£
£
Income and endowments from:
Charitable activities
3
228,338
194,347
Other income
4
27,673
21,653
Total income
256,011
216,000
Charitable activities
5
196,341
189,394
Other material expenditure
1,661
1,370
Other expenditure
9
10,226
8,818
Total expenditure
208,228
199,582
Net gains on investments
10
34,893
23,127
Net income and movement in funds
82,676
39,545
Reconciliation of funds:
Fund balances at 1 January 2025
1,437,127
1,397,582
Fund balances at 31 December 2025
1,519,803
1,437,127

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirement for an income and expenditure account under the Companies Act 2006.

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 5 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
555,904
562,114
Investments
13
621,065
568,728
1,176,969
1,130,842
Current assets
Debtors
14
17,335
23,649
Cash at bank and in hand
330,838
288,352
348,173
312,001
Creditors: amounts falling due within one year
15
(5,339)
(5,716)
Net current assets
342,834
306,285
Total assets less current liabilities
1,519,803
1,437,127
The funds of the charity
Unrestricted funds
16
1,519,803
1,437,127
1,519,803
1,437,127

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 5 March 2026
Mr M J Wooldridge
Mr P J Balsom
Trustee
Trustee
OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
1
Accounting policies
Charity information

Okehampton and District Agricultural Association is a private company limited by guarantee incorporated in England and Wales. The registered office is South Narraton Farm, Narratons Road, Okehampton, Devon, EX20 1SL.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4
Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Income from the holding of the agricultural show is included in the period to which it relates on a cash receivable basis.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Rental income is accrued in accordance with the period to which it relates and is recognised as such in the general fund.

Bank interest is received gross to the statement of financial activities as it accrues. It is allocated to the general fund.

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 7 -
1.5
Resources expended

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 is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Items included in other expenditure are costs which are not incurred directly in any of the charitable activities or projects of the charity.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold buildings
3.33% Straight line method
Freehold improvements in 1994 and subsequent years
10% Straight line method
Plant and equipment
10% Straight line method
Computer equipment
33% Straight line method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 8 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Charitable activities

Charitable Income

Charitable Income

2025
2024
£
£
Catalogue sales
500
400
Showday premiums
14,988
12,181

Entry fees

14,424
12,754

Gates and advance ticket sales

100,973
69,961

Special prizes and sponsorship money

3,208
2,525

Subscriptions and VP collections

1,570
65
Trade stands and craft tents
49,272
45,009

Showfield income

43,403
51,452
228,338
194,347
OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
4
Other income
Unrestricted
Total
funds
2025
2024
£
£

Investment income

18,988
18,457

Interest received: Bank accounts

8,685
3,196
27,673
21,653
5
Charitable activities

Charitable Expenditure

Charitable Expenditure

2025
2024
£
£

Advertising

3,133
1,515

Commission on gates

17,776
15,097

Fee to rotary club

1,500
1,500

St Johns ambulance

3,445
3,445

Entertainment

9,825
8,785

Hire of field for car park

813
813

Hire of showday equipment

54,411
51,068

Judging fees and expenses

6,012
7,018

Loud speaker service

11,800
11,400

Printing catalogues, schedules and entry forms

2,398
4,732

Printing, stationery and post

835
2,098

Prize money and awards

16,588
15,202

Public transport

1,140
1,080

Repairs and renewals and labour

4,937
3,514
Security expenses
1,888
1,740
Section secretaries honoraria/expenses
6,327
7,651
Sundry expenses
876
458
Signage
1,691
1,846
Health and safety
1,400
1,750
Showfield expenditure (salary, telephone, other)
44,896
43,657
191,691
184,369
Grant funding of activities (see note 6)
4,650
5,025
196,341
189,394
OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
6
Grants payable

Charitable Expenditure

Charitable Expenditure

2025
2024
£
£
Grants to institutions (1 grants):
The Farming Community
-
175
Devon YFC Travel Scholarship
650
1,300
Grants to individuals (2 grants)
4,000
3,550
4,650
5,025

The number of grants made to individuals during the year was 2 (202 4: 5). These had an aggregate value of £4,000 (202 4: £3,550).

7
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
1
1
There were no employees whose annual remuneration was more than £60,000.
OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
9
Other expenditure
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Investment management fees
4,842
4,628
Secretary's salary
1,456
2,686

Sundry expenses

1,014
94

Telephone

2,226
144
Accountancy and typing fees
563
273
Bank charges
1,661
1,370
Insurance
347
330
Annual dinner
43
420
Computer and website
504
243
12,656
10,188
10
Net gains/(losses) on investments
Unrestricted
Total
funds
2025
2024
£
£
Revaluation of investments
55,849
22,451
Gain/(loss) on sale of investments
(20,956)
676
34,893
23,127
11
Taxation

The charity is exempt from tax ation on its activities because all its income is applied for charitable purposes.

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
12
Tangible fixed assets
Freehold buildings
Plant and equipment
Total
£
£
£
Cost
At 1 January 2025
608,512
101,077
709,589
At 31 December 2025
608,512
101,077
709,589
Depreciation
At 1 January 2025
77,012
70,463
147,475
Depreciation charged in the year
1,059
5,151
6,210
At 31 December 2025
78,071
75,614
153,685
Carrying amount
At 31 December 2025
530,441
25,463
555,904
At 31 December 2024
531,500
30,614
562,114

The carrying value of the investment properties included within tangible fixed assets is £5 30,441 (2024: £5 31,500).

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
13
Fixed asset investments
Listed investments
£
Valuation
At 1 January 2025
568,728
Additions
164,373
Valuation changes
55,849
Decrease in portfolio cash account
(6,245)
Realised loss on disposal of investments
(20,956)
Disposals
(140,684)
At 31 December 2025
621,065
Carrying amount
At 31 December 2025
621,065
At 31 December 2024
568,728
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Prepayments and accrued income
17,335
23,649
15
Creditors: amounts falling due within one year
2025
2024
£
£
Other taxation and social security
310
-
Other creditors
1,779
-
Accruals and deferred income
3,250
5,716
5,339
5,716
OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
16
Unrestricted funds

The unrestricted funds of the charity compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January 2025
Incoming resources
Resources expended
Gains and losses
At 31 December 2025
£
£
£
£
£
General funds
1,437,127
256,011
(208,228)
34,893
1,519,803
Previous year:
At 1 January 2024
Incoming resources
Resources expended
Gains and losses
At 31 December 2024
£
£
£
£
£
General funds
1,397,582
216,000
(199,582)
23,127
1,437,127
17
Key management personnel

The key management personnel of the Association comprise the trustees and the Show Secretary.

18
Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION
INCOME AND EXPENDITURE ON SHOWDAY ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
2025
2024
£
£
£
£
Income
Catalogue sales
500
400
Showday premiums
14,988
12,181
Entry fees
14,424
12,754
Gates and advance ticket sales
100,973
69,961
Special prizes and sponsorship money
3,208
2,525
Subscriptions and VP collections
1,570
65
Trade stands and craft tents
49,272
45,009
184,935
142,895
Expenditure
Advertising
3,133
1,515
Commission on gates
17,776
15,097
Fee to Rotary Club
1,500
1,500
St John Ambulance
3,445
3,445
Entertainment
9,825
8,785
Hire of field for car park
813
813
Hire of showday equipment
54,411
51,068
Judging fees and expenses
6,012
7,018
Loud speaker service
11,800
11,400
Printing, schedules and entries
2,398
4,732
Printing, stationery and post
835
2,098
Prize money and awards
16,588
15,202
Public transport
1,140
1,080
Repairs and renewals and labour
3,479
2,368
Rubbish collection
1,458
1,146
Security expenses
1,888
1,740
Section secretaries
6,327
7,651
Sundry expenses
876
458
Signage
1,691
1,846
Health and safety
1,400
1,750
Stripe commission
1,631
1,370
148,426
142,082
Secretary's salary
27,639
24,179
Telephone
595
1,296
Other showfield expenditure
19,607
18,128
196,267
185,685
Net deficit
(11,332)
(42,790)
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