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NOTES TO THE ACCOUNTS
1. ACCOUNTING POLICIES
(a) Basis of the Accounts:
The accounts have been prepared under the historical cost convention with the exception of investments, which are included
on a market value basis. The accounts, incorporating a Statement of Financial Activities, have been prepared in accordance
with the Statement of Recommended Practice (SORP)-Accounting and Reporting by Charities 2005 and applicable Accounting
Standards.
(b) Entry Fees:
Entry Fees are brought into the Statement of Financial Activities only after the relevant animal has been accepted for
registration.
(c) Conversion of Foreign Currency:
Assets and liabilities are translated into sterling at the rate of exchange ruling at the Balance Sheet date. Income and Expenditure
are translated into sterling at the average rate for the year. All differences on translation are taken to the Statement of Financial
Activities.
(d) Depreciation and Amortisation:
Depreciation is calculated to write off the cost of assets evenly over the following useful lives:-
Furniture and Fittings 10 Years. Royal Show Pavilion 20 Years. Motor Vehicles 4 Years. Office Machinery & Equipment 2-8 Years.
Computer Equipment 2 Years.
(e) Research & Development:
Expenditure on research & development is written off in the year in which it occurs.
(f) Pension Costs:
The amount charged to the Statement of Financial Activities in respect of pension costs is the contributions payable in the
year.
(g) Stocks:
Stocks of consumables are stated at the lower of cost and net realisable value.
(h) Leased Assets:
Rentals paid under the operating leases are charged to Statement of Financial Activities on a straight-line basis over the life of
the lease.
(i) Investments and Investment Income:
Investments are stated at market value. It is the Society’s policy to keep valuations up to date such that when investments are
sold there is no gain or loss arising. As a result the Statement of Financial Activities only includes those unrealised gains and
losses arising from the revaluation of the investment portfolio throughout the year. Disclosure is made within note 6 to the finan-
cial statements of the difference between historic cost and the sales proceeds of the investments sold during the year.
(j) Freehold Land, Buildings and Investment Properties
These are held for the long term continuing benefit of the Charity at Market Value. Any gain or loss is taken to the SOFA and
held in the unrealised revaluation reserve account. Further disclosure is made in note 5.
(k) Group Accounts:
The financial statements consolidate the results of the Charity and its wholly owned subsidiaries Cattle Information Services Ltd
and The Centre for Dairy Information Ltd.
(l) Subscriptions:
Subscriptions received are taken to the Statement of Financial Activities on the day in the year in which they fall due.
(m) Deferred Income:
Deferred Income represents amounts received for future periods and is released to incoming resources in the period for which
it has been received.
ANNUAL REPORT 13
2008-2009 Annual Report.indd 15 22/09/2009 16:19:53
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