**Charity registration number 1000652 (England and Wales) Company registration number 02525580**
## **BUCKS COUNTY AGRICULTURAL ASSOCIATION**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024**
## **BUCKS COUNTY AGRICULTURAL ASSOCIATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|A J G Alexander||
|---|---|---|
||S P K Alexander||
||E Bishop|(Appointed 24 September|
|||2024)|
||C R Blacklock||
||P M Claridge||
||B N Cooper||
||H J Cox||
||F Goss||
||W R J Goss||
||F Hancock||
||S Hodges||
||R J Lewis||
||H Lyons||
||S Patrick||
||S Pring||
||D Spears||
||G Taylor||
||J Williams||
|**Secretary**|A J Baylis||
|**Charity number (England and Wales)**|1000652||
|**Company number**|02525580||
|**Registered office**|No.5 Lilies||
||High Street||
||Weedon||
||Buckinghamshire||
||HP22 4NS||
|**Independent examiner**|Richardsons||
||30 Upper High Street||
||Thame||
||Oxfordshire||
||OX9 3EZ||
## **BUCKS COUNTY AGRICULTURAL ASSOCIATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustee report|1 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 - 14|
## **BUCKS COUNTY AGRICULTURAL ASSOCIATION**
## **TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 OCTOBER 2024**
The Trustees who are also the directors of the charity for the purposes of the Companies Act 2006, present their report and financial statements of the charity for the year ended 31 October 2024.
The financial statements have been prepared in accordance with the Companies Act 2006 relating to small entities, the company's Memorandum and Articles of Association and the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2005).
## **Objectives and activities**
The objects for which the Association is established are "to promote agriculture and horticulture and the advancement of education in those industries both nationally and in particular in the County of Buckinghamshire and in particular for the furtherance of the aforesaid purposes the holding of an annual show and the provision of prizes offered thereat …".
The Trustees are conscious of the need to ensure that the charity's aims and actions continue to serve the promotion of agriculture and horticulture and the advancement of education in those industries for the public benefit.
## **Achievements and performance**
Following last year’s show we were blessed with fine weather and a beautiful day to show off the best of the County’s agricultural expertise. The set up of the show was also fortunate in some dry weather which always aids with the build of this event
Not only were we favoured with a brilliant turnout by the public but they also came throughout the day giving the
Show a really positive atmosphere from the beginning.
The online system once again proved very successful with the most income taken since it was introduced over 10 years ago. Some Wi-Fi issues were encountered which will be investigated for next year but always a difficult ask in a green field site with over 20,000 people.
The Show managed to attract many Trade Stands which were up on both amounts and quality from the previous year and as always the fantastic local Agricultural stands, the envy of many other agricultural shows in the country. The Food Hall grows each year in size and the variety of produce is always popular and attracts many visitors to try the wares of all the stands.
All livestock competitions were well supported although sadly with the ever growing areas affected by TB, only one local dairy exhibitor was able to attend the show. They managed to exhibit cattle in all the dairy classes which is extremely important as this bridges the gap between the general public and the agricultural sector. Horse entries were again of a high standard of which the winner of the main Horse of the Year Show In Hand champion at the show went onto win at the Horse of the Year Show Championship which shows the calibre of exhibitor the show attracts. Encouragingly in the Home and Garden sector the Children's classes had good entries with all other sections maintaining their high standard.
Overall we had a successful Show but following on from our loss last year all areas of the show were looked at and costs were scrutinised to find areas where savings could be made but without losing the quality and expectations of the show. The control on the costs must not be lax at any time and together with the enthusiasm and dedication of the voluntary assistance given to the Show these controls will be maintained. Sadly though as every year we are as always totally dependent upon weather and the generous support given by our Sponsors.
On behalf of the Management Committee I would very much like to extend our thanks to everyone who has supported us this year and I trust will continue do so for many years to come. The Show would of course not run without the support and commitment of the Show office of which I would like to extend my thanks.
In the meantime the Committee will continue to strive to maintain the standard which you rightly expect and look forward to seeing you all again on 28[th] August 2025.
## **Financial review**
It is the policy of the Bucks County Show that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Bucks County Show’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
- 1 -
## **BUCKS COUNTY AGRICULTURAL ASSOCIATION**
## **TRUSTEE REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 OCTOBER 2024**
The major risk to which the Association is exposed is the cancellation or abandonment of the annual show. The trustees review the exposure that they are open to each year to confirm that sufficient funds are available to cover such an eventuality. The underlying management and administration costs are in the region of £75,000 per annum. In the event that the show is not held in any particular year, the charity would nevertheless need reserves sufficient to meet underlying costs and any non-refundable show costs already incurred. The trustees anticipate the need for these reserves is between £80,000 to £100,000. Free reserves at 31 October 2024 were £391,367 (2023: £384,234).
The Finance and Management Committee are happy that the reserve funds are kept as at present and as they mature are reinvested in short term high interest accounts with regular reviews. They also want to continue holding surplus funds on deposit as having suffered such a loss in a wet year it is essential that contingency funds are available. They will also continue to provide a scholarship for students and sponsor entry to the show for local schools which is within the guidelines of the Charities Commission.
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
## **Structure, governance and management**
The Bucks County Agricultural Association (Bucks County Show) is a company limited by guarantee, registration number 2525580, charity number 1000652. The company is governed by its Memorandum and Articles of Association dated 26 July 1990.
There are currently twenty two members. Every member of the company undertakes to contribute such amount as may be required (not exceeding £1) to the assets of the company if it should be wound up while he is a member, or within one year after he ceases to be a member, for payment of the company's debts and liabilities contracted before he ceased to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves.
The financial statements have been prepared in accordance with the Companies Act 2006 relating to small entities, the company's Memorandum and Articles of Association and the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2005).
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:
A J G Alexander
S P K Alexander E Bishop (Appointed 24 September 2024) C R Blacklock P M Claridge B N Cooper H J Cox F Goss W R J Goss F Hancock S Hodges R J Lewis H Lyons S Patrick S Pring D Spears G Taylor J Williams
- 2 -
## **BUCKS COUNTY AGRICULTURAL ASSOCIATION**
## **TRUSTEE REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 OCTOBER 2024**
The Committee consists of a Chairman, up to three Vice-Chairmen and twenty members of the Association. These shall be elected at the first meeting after the Annual General Meeting and hold office for three years at which time they can then be re-elected.
The trustees administer the charity through a management committee. The trustees are appointed by the management committee. Investment decisions are taken by the management committee
New trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the charity. During the induction day they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
The Trustee report was approved by the Board of Trustees.
## **B N Cooper**
Trustee Dated: 23 January 2025
- 3 -
## **BUCKS COUNTY AGRICULTURAL ASSOCIATION**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF BUCKS COUNTY AGRICULTURAL ASSOCIATION**
I report on the financial statements of the Bucks County Show for the year ended 31 October 2024, which are set out on pages 5 to 14.
## **Respective responsibilities of Trustees and examiner**
The Bucks County Show’s Trustees, who are also the directors of Bucks County Agricultural Association for the purposes of company law, are responsible for the preparation of the financial statements. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination being a qualified member of FCA.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
- (i) examine the financial statements under section 145 of the 2011 Act;
- (ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- (iii) to state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- (a) which gives me reasonable cause to believe that in any material respect the requirements:
- (i) to keep accounting records in accordance with section 386 of the Companies Act 2006; and
- (ii) to prepare financial statements which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities;
- have not been met or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Jemima King FCA Richardsons 30 Upper High Street Thame Oxfordshire OX9 3EZ
Dated: 23 January 2025
- 4 -
## **BUCKS COUNTY AGRICULTURAL ASSOCIATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 31 OCTOBER 2024**
|**Notes**
**Income from:**
Voluntary income
**3**
Bucks County Show
**2**
Investment income
**4**
**Total income**
**Expenditure on:**
Charitable activities
**5**
**Net incoming/(outgoing) resources**
**Other recognised gains and losses**
Revaluation of investments
**Net movement in funds**
Fund balances at 1 November 2023
**Fund balances at 31 October 2024**|**2024**
**£**
11,552
287,865
4,226
303,643
293,416
10,227
2,906
13,133
384,234
397,367|**2023**
**£**
14,675
245,175
2,152
262,002
301,128
(39,126)
865
(38,261)
422,495
384,234|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
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 requirements for an income and expenditure account under the Companies Act 2006.
- 5 -
## **BUCKS COUNTY AGRICULTURAL ASSOCIATION**
## **BALANCE SHEET**
## **AS AT 31 OCTOBER 2024**
|**Notes**
**Fixed assets**
Tangible assets
**10**
Investments
**11**
**Current assets**
Stocks
**12**
Debtors
**13**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**14**
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds
General unrestricted funds
Revaluation reserve|**2024**
**£**
2,734
35,603
249,224
287,561
(10,859)
394,461
2,906|**£**
77,051
43,614
120,665
276,702
397,367
397,367
397,367|**2023**
**£**
2,212
27,240
241,965
271,417
(6,262)
383,369
865|**£**
78,371
40,708|
|---|---|---|---|---|
|||||119,079
265,155|
|||||384,234|
|||||384,234|
|||||384,234|
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 October 2024.
The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. 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 23 January 2025
B N Cooper **Trustee**
## **Company Registration No. 02525580**
- 6 -
## **BUCKS COUNTY AGRICULTURAL ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024**
## **1 Accounting policies**
## **Charity information**
Bucks County Agricultural Association is a private company limited by guarantee incorporated in England and Wales. The registered office is No.5 Lilies, High Street, Weedon, Buckinghamshire, HP22 4NS.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the Bucks County Show's Memorandum of Articles, 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 2016). The Bucks County Show is a Public Benefit Entity as defined by FRS 102.
The accounts have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Bucks County Show 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 can be used in accordance with the charitable objectives at the discretion of the Trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **1.4 Incoming resources**
Incoming resources are amounts invoiced to third parties, net of VAT and represent the total value of sales invoices, together with admission receipts, entries and membership, and relate wholly to the continuing principal activity in the United Kingdom. Subscriptions for life membership are accounted for in the period in which they are received.
## **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.
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of resources.
Investments are carried at market value. Any gain or loss on revaluation and disposal is taken to the Statement of Financial Activities.
- 7 -
## **BUCKS COUNTY AGRICULTURAL ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024**
## **1 Accounting policies**
## **(Continued)**
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Show cups Not depreciated Showground equipment 20% straight line basis Office equipment 20% straight line basis
The Show cups are not depreciated and are carried at a valuation which took place in September 2011. The directors do not believe that any depreciation charge would be material, having regard to the useful economic life of the show cups and the expected residual value.
Assets with a value of less than £30 are not capitalised.
## **1.7 Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **2 Bucks County Show**
|Subscriptions
Sponsorship
Trade stands
Entry fees
Shopping marquee
Gate money
Catalogue sales
Pre-show tickets
Members day badge
First aid|**2024**
**£**
22,528
17,079
88,149
14,453
5,440
51,257
5,058
80,368
1,257
2,276
287,865|**2023**
**£**
22,611
16,631
74,298
5,491
5,196
78,438
2,783
26,735
1,283
11,709|
|---|---|---|
|||245,175|
- 8 -
## **BUCKS COUNTY AGRICULTURAL ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024**
## **3 Voluntary income**
|**Unrestricted**
**funds**
**2024**
**£**
Donations and gifts
11,552
**4**
**Investment income**
**Unrestricted**
**funds**
**2024**
**£**
Other unlisted securities
1,197
Interest receivable
3,029
4,226|**Total**
**2023**
**£**
14,675|
|---|---|
||**Total**
**2023**
**£**
1,180
972|
||2,152|
- 9 -
**BUCKS COUNTY AGRICULTURAL ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024**
## **5 Expenditure on charitable activities**
|**Direct costs**
Depreciation and impairment
Judges and prizes
Showground hire
Construction of showground
Advertising and displays
Sound system
Medical and security
General expenses
Coach and parking services
Secretarial services
Donations and subs
Catering and refreshments
Office expenses
Accountancy
Insurance
Bank charges and interest
Other charitable expenditure
**Analysis by fund**
Unrestricted funds
**6**
**Net movement in funds**
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets|**2024**
**£**
1,320
25,279
5,500
95,902
19,781
9,489
13,098
5,418
19,865
59,498
1,720
8,293
17,080
1,909
4,557
4,707
-
293,416
293,416
**2024**
**£**
-
1,320|**2023**
**£**
1,320
27,335
7,499
108,295
9,319
8,730
12,572
9,830
19,228
53,177
1,042
8,491
21,346
1,800
4,236
6,521
387|
|---|---|---|
|||301,128|
|||301,128|
|||**2023**
**£**
-
1,320|
## **7 Trustees**
One person connected with one of the Trustees received remuneration or benefits from the Bucks County Show during the year of £18,171 (2023: £20,766).
- 10 -
## **BUCKS COUNTY AGRICULTURAL ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024**
## **8 Employees**
The average monthly number of employees during the year was:
||**2024**|**2023**|
|---|---|---|
||**Number**|**Number**|
|Office|3|2|
|Committee of management|18|17|
|Total|21|19|
There were no employees whose annual remuneration was more than £60,000.
## **9 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **10 Tangible fixed assets**
|**Show cups**
**Showground**
**equipment**
**Office**
**equipment**
**£**
**£**
**£**
**Cost**
At 1 November 2023
73,680
12,217
12,725
At 31 October 2024
73,680
12,217
12,725
**Depreciation and impairment**
At 1 November 2023
-
10,005
10,246
Depreciation charged in the year
-
590
730
At 31 October 2024
-
10,595
10,976
**Carrying amount**
At 31 October 2024
73,680
1,622
1,749
At 31 October 2023
73,680
2,212
2,479|**Total**
**£**
98,622|
|---|---|
||98,622|
||20,251
1,320|
||21,571|
||77,051|
||78,371|
The show cups are included at an insurance valuation carried out in September 2011 by Tring Market Auctions. Tring Market Auctions is an unrelated external party. This revalued the show cups by £23,575. The show cups were valued by Tring Market Auctions in 2001. This revalued the show cups by £10,930. The historic cost of the show cups is £39,175.
- 11 -
## **BUCKS COUNTY AGRICULTURAL ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024**
## **11 Fixed asset investments**
|**Cost or valuation**
At 1 November 2023
Valuation changes
At 31 October 2024
**Carrying amount**
At 31 October 2024
At 31 October 2023
**12**
**Stocks**
Finished goods and goods for resale
**13**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**Amounts falling due after more than one year:**
Prepayments and accrued income
**Total debtors**|**Unlisted**
**investments**
**£**
40,708
2,906
43,614
43,614
40,708
**2024**
**2023**
**£**
**£**
2,734
2,212
**2024**
**2023**
**£**
**£**
26,810
21,829
56
2,808
2,737
2,603
29,603
27,240
**2024**
**2023**
**£**
**£**
6,000
-
35,603
27,240|
|---|---|
- 12 -
## **BUCKS COUNTY AGRICULTURAL ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024**
## **14 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
|Other taxation and social security
Accruals and deferred income|**2024**
**£**
8,984
1,875
10,859|**2023**
**£**
3,421
2,841|
|||6,262|
## **15 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|**At 1**
**November**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**£**
**£**
**£**
General funds
384,234
303,643
(293,416)
Revaluation reserve
-
-
-
**Previous year:**
**At 1**
**November**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**£**
**£**
**£**
General funds
422,495
262,002
(301,128)
Revaluation reserve
-
-
-|**October**
**2024**
**£**
394,461
2,906|
|---|---|
||**October**
**2023**
**£**
383,369
865|
## **16 MOVEMENT IN FUNDS**
|||General|Contingency|Revaluation|Total|
|---|---|---|---|---|---|
|||reserve|reserve|reserve||
|||----------|----------|----------|----------|
|As at 1 November||135,560|210,000|38,674|384,234|
|2023||||||
|Net|movement|4,227|-|2,906|7,133|
|in funds||||||
|||----------|----------|----------|----------|
|As at|31 October|139,787|210,000|41,580|391,367|
|2024||||||
|||=======|=======|=======|=======|
The trustees have designated funds to the contingency reserve to cover such eventualities as the cancellation of the show and the purchase of a piece of land to hold the show on, should an appropriate site come up for sale.
The revaluation reserve is in relation to the show cups. An insurance valuation was carried out in September 2011 and 2001.
- 13 -
## **BUCKS COUNTY AGRICULTURAL ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024**
## **17 Operating lease commitments**
## **Lessee**
At the reporting end date the Bucks County Show had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Within one year|11,500|13,500|
## **18 Related party transactions**
Rents of £5,500 (2023: £7,499) were paid to Mrs Blacklock for the rent of the showground. Mrs Blacklock is connected to C R Blacklock who is a trustee and director of the charity.
## **19 ULTIMATE CONTROLLING PARTY**
The Association is controlled by no single member.
## **20 LIMITATION OF GUARANTEE**
Every member of the company undertakes to contribute such amount as may be required (not exceeding £1) to the assets of the company if it should be wound up while he is a member, or within one year after he ceases to be a member, for payment of the company's debts and liabilities contracted before he ceased to be a member and of the costs, charges and expenses of winding up and for the adjustment of rights of the contributories among themselves.
## **21 Analysis of changes in net funds**
The Bucks County Show had no material debt during the year.
- 14 -