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2020-09-30-accounts

Kent County Agricultural Society KENT COUNTY AGRICULTURAL SOCIETY {A company limited by guarantee} (Company No. 2556508. Charity No. 10011911 Patron.. HIS ROYAL HIGHNESS THE DUKE OF KENT, KG Chairman.. JAMES PETER FORKNALL Trustees, report and financial statements for the year ended 30 September 2020 KENT COUNTY AGRICULTURAL SOCIETY KENT SHOWGROUND DETLING MAIDSTONE KEKr ME14 3JF Tel: 01622 S30975

KETrif COUNTY AGRICULTURAL SOCIETY IA company limitod by guarnntee) Contents Page+ Tru8tees' report Trustees. responsibilitie5 Statement 11 Independent audltors. report on the financlal statements 12-14 Consolldated staternont of finaft¢l•l actlvEtS8s 15 Consolldated balancè 8h••t 16 8ocioty balance sheet 17 Con*olldat•d stat8m•nt of c•sh flows 18 Not•s to the fln•nGlal stat•m•nts 19-42

KENT COUNTY AGRICULTURAL SOCIETY (A company limited by guarantoel Tru5tees' report for the yBar ended 30 September 2020 Reference and administration details of the Society, its Trustees and advisors Name The full name is Kent County Agricultural Society. The Society is exempt from the requirement to use the word 'Limited° in ils lille. Reglstratlon numbe The Society i¥ registered as a charity under number 1001191 and as a limited company under number 2556508. Patron HIS ROYAL HIGHNESS THE DUKE OF KENT. KG Presldent Imlliam Boscawen Chalrman James Peter Forknall TTUStO09 Mr J Forknall, Chaiman Mr R J Barnes, Vice Chairman Mr H Summerfield FCA, Honorary Finance Dlrector Mrs M Anthony (resigned 14 February 20201 MrAD Barr Mr T Cathcart Mr T J Coultrip Ms S Durling Mr S Gibbons Mrs G Hickmott Ms J A Loraine lappoinled 14 February 2020} Mr C Tassell Address of reglstsrod office Kent Showground Delling hhaidslone Kent ME14 3JF Page 1

KEKf COUNTY AGRICULTURAL SOCIETY {A company limited by guaranteo) Trustees. report {continuedl for the year ended 30 September 2020 Advisors: Independent audito Kreston ReBves LLP statutory Auditor 37 St Margaret's Street Canterbury Kent CT12TU Bankers Barclays Bank Pl 13 Fremlin Walk Maidstone Kent ME14 1QG Sollcitor5 Brachers LLP 59 London Road Maidslone Kent ME16 TVH Investment managers Cazenove & Co 12 Moorgate London EC2R 6DA Pa9e 2

KENf COUPITY AGRICULTURAL SOCIErY IA company limited by guarantoel Trustees. report Icontinuedl for the y6ar •nded 30 September 2020 Narrative informatlon Struthire. govgmance and management Constltution The Society ll% a company limrted by guarantee and dees not have a Sha￿ capital. It was incorporated on 8 November 1990, and its goveming d￿Urnents are the Memofandum and Articles of Association as amended on 7 October 2011. The liabil-ty of M￿berS is limi(ed lo a Ma￿muM £1 each in the event of a wnding up resulting in a deficii. In the evenl of a winding up produeing a surplus, that surplus must be donated to another charity having simitar objedives. The SO¢￿ vras fomied to take over the undertsking and assets of the unincorporated association of the same name which had for many years pre￿U$￿ held the annual Kent County Show and this took pla￿ on 29 January 1991. Subsldlary companles At 1 Oelober 2019 and 30 Sept￿ber 2020, Kent C(wnty Agricullural Society had four wholty owned subsidiaries.. Kent Event and Exhibition Centre Limited: This subsidiary carries out those actiwts.es that wouhj not be exercised in carying out the primary purposes of the Kent County Agricullura Stxtety, being the hire of the sh(hvground. Why Farnilng Mattèrs in Kent Llmitad: This c￿npary has rwoined domiant throughout the year lo 30 Sept￿nber 2020. Farm Expo Limited: This company has remained dormant throughout the year to 30 September 2020. Blddond8n Tractorfest Limited: This Gompany was incorporated ￿ 20 December 2019 and has ￿mained domwnt throughout the yearto 30 Septernber 2020. Further details are set out in note 20 to these aecounts. The objects and policies Vision Statement To be the l&ading county sh(hv and event venue in the Soulh East of England. Objeclives to deliver our tharilable ofyectNes eff￿￿ety. pUbl￿LSe our actrvitses and engage a broad network of support to ensure the Society remain5 ffinan￿￿ty sustainable with lequate reserves to support our staff to be a highty skilled and effe(ve team lo ensure year on year grrhvth through the provision of a high quality, good value experience at all uur events lo inspire and educate young people whilst engaging a wider audien￿ in agriculture the countryside Page 3

KENT COUNry AGRICULTURAL SOCIErY IA company limitgd by guarantge) Trustees. report Icontlnuedl for the year ended 30 September 2020 The objects and pollcles lcontlnugdl The objects and policies are Sel out in the Memorandum of Assttiation as being.. the improvement of agTicuKure, forestry, horticuhure, allied industries. rural craft and the breeding of IwestDck the demonslralion of impToved methods and processes connecte¢J with the above the holding of an annual show for the exhibrf(ion of livestock, equines, fami produce. horticultural produce. Tnachinery. implements, tools. appliances, utensils, animal feeding stuffs, fertilisers, seeds and other things connected wth or appertaining lo agriculture the encouragement of agricultural and horticultural education, research and experimental work by publications. grants or other means to promola such other charitable measures as the Company may from lime to time deterniine The w5ion that shape5 our annual actNities remains the promotion and improvement of agriculture by the prowsion of facilities for the education and recreation of the public and to support and enhance the practices of the famiing community. In shaping our objectives for the year and planning our actNrf(ies the Trustees have considered the Charity Commission's guidance on public benefit. The running of the annual Kent County Show relies on the income generated by the subsidiary trading wmpany. Affordabilrty and access to the Kent County Show is important to the Society and is considered Careful￿ when selting entrance fees. The strategies employed to achieve the Societys aims and objectives are to.. present a broad range of displays, entertainment and competition al the annLJal Kent County Show and to nurture links with the widef community through sponsorship opportunities and the presentation of agricultural long serw¢e awards invite every primary school in Kent lo the annual educational show, Living Land award prizes, funding and butsaries to students following courses of study in keeping with the obl￿ts of the Society and to foster relationships with them during this lime and beyond Support the Kent Young Farmers Clubs particularty with the running of livestock classes at the annual Kent County Show bul also through awards and financial support during the year maintain links and develop relat￿nshIpS with rural colleges in the South East to fully understand the needs of today's rural students and enlranls into the agricultural industry in order to best support them demonstrate the latest in agricultural methods and machinery and host debates on up lo date topics through the holding of an annual Farm Expo encourage interest and knowledge in agriculture by sponsorship of the Kent Ploughing Championships and attending ploughing matches with an educational display enhan￿ the funds generated by the subsidiary by maximising in￿rne and managing wsts To pul these strategies into action we have three major area5 of actNty which are.. edLJcalional and ree￿atIonal events including the Kent County Show, the Heritage Transport Show, LNing Land, Farm Expo and Biddenden Tractorfest educational programmes incjuding awards, grants and bursaries increasing public awareness of famiing in Kent through ne￿Orking, ao*rtising and.publicalton. Board response to the Covid-19 pandemic Following the national thkdown in March the board responded by setting up a 'CoMd-19 Task and Finish Group, as a subgroup within the boaTd. It was mandated by the full board at their meeting in June. Ils purpose was to undertake strategic d8cisions in r8lalion to a revi8w and if n8cessary, restructure of th8 organisalion. An independent review was carried out by Alluxi Consulting during June and July and identifi'ed the need lo carry out a restructure in response lo the Ios5 of revenue from cancelled events ancl shows as the irnpact of the pandemic es￿lated. Thej Covid-19 Task and Finish Group worked to identty where resource and cost savings could best be deployed lo deliver plans to take the organisalion through the following 12-18 months and ensure its suslainabilty. Page 4

KENT COUNTY AGRICULTURAL SOCIErY IA company lirntted by guarant901 Trustees. report Icontlnuedl for thg yoar endod 30 September 2020 Board response to the Covid-19 pand8mi¢ Icontinuedl During this lime, the Government Fudough Scheme was used to the benefit of the Society whilst retainin9 Staff lo ensure the day-t￿aY operation was able to continue wthin the imposed govemmont re81riction8. The reslruclure process look place during September and October and resurted in a reconfigured staff team that went live on 1 November. It is designed lo provide the Operational skill sel and expertise n8C8ssary for the future wrth the managerial support lo ensure effacttva deliv8ry. HR adV￿e was provided by Outsel, an HR company based in Maidstone. The organlsatlon The organisation of the SoC￿ty is as follows.. The executive board of Diffjclors, who are also Trustees, exercise th8 g&ngral control and managem8nl', The council acts in an advisory capacity lo the Directors on matters affecting pollGy and general management,. One standing committee, known as the Show Committee. together with variou8 advisory sub eommittees. assist the Diroclors wlh the operations of various departments of the annual Kent County Show and other specific activities., The day lo d3y management generally is delegated lo three board member8 who are 8UPPOrted by th8 sgnior management team. Tru8tae recruStment, Inductlon and tralnlng The Trustees continue lo seek lo identify su(£able Indiwduals with an understanding of the agricultural and rural community andlor event and èxhibition experience with a view to seNing on the board. The Trustees all have particular and relevonl skills which enable them lo contribute lo the work of the Society. Their knowledge of good practice, change8 in legislation and technical issues is supplemented by publiealions i8sued by the Charity Commi$¥ion and other relevant organisalion8 and attendancg 81 appropriate conferences and trainings. New Trustees are provided wf(h detailed background infomialion about the Society, copies of the conslrtulion of the Society, Current financlal data and other documents relevant lo the oparallon ol the Soclety. Pay pollcy for Senlor stsff The Trusteès considgr the board of Directors, who are the Truste8s. and the senior management team comprise the key management Pofsonnel of the Society in chargè of directing and controlling, running and operating the Society on a day lo day basis. All Trustees give of their lime freely and no Trustee receNed remuneration in the year. Details of Trustees, expenses and related party transactions are disc105ed in notes 12 and 31 to the accounts. The pay of senior staff is reviewed annually and normally increased in accordance wlh average earnings. In order to ensure appropriate pay levels, the TnJsle$ in$lrucled an independent HR prolessional lo beneh mark the remuneration in 2014 and may consider annually the need to repeal this proce88. R•strtctlons on methods of operatlon The constllution imposes no restriction$ on the Soci8ly's method of operation. Pag8 5

KENT COUNTY AGRICULTURAL SoCI￿y IA company Ilmitgd by guarant991 Trustees. report Icontinuedl for the year ended 30 Septernber 2020 Achlevements and perforniance Sadty, due to the restrith.ons arising from the Cow&19 pandemic, the Sfxiety had lo make the decisK)n to cancel the 91st Kent County Show due to be hehj on 10. 11. 12 Jufyf 2020. The Society was already a long way into the preparation, vith tickets on sale, trade stands booked along with much of the servi￿$ and entertainment lined up. Everyone who requested a refund was granted one. Some trade 51and5 agreed lo hold their payment Dver for use against th& 2021 show. The SocEty had paid deposits for many of the semces required for the show and these deposits were lost. Some contracted seMce$ Iwed Can￿lIatiOn fees and ail of these were challenged by the team and were in rnany cases reduced and a small amount were waived. Despite this, we still celebrated the show ￿th a small tractor run and an equine pleasure ride in conjunction wi(h the British Horse SOc￿ty and also maintained our posrtion on S￿la1 modia channels. OUT second Fami Expo was held pre£ovid on 4 March and built on the success of the inaugural show wrth a similar number of Irade stands and visitors lo the prewous year. The series of s￿inar$ were topical and well attended. The Heritage Transport Show due lo be held on 4th April was not abte lo go ahead due to CovT&19. The Ltwng Land event that has alTeady hdped to educate SO,OLKs primary school chiklren from Kent about food, famiing and the countryside was also unable to go ahead. Hcwever. remained in contad ￿￿th schools, Young Fanners Clubs and exhibitors during this time. The Society had formed a relationsh(p ￿￿th the organiseTS of the suceessful Biddenden Traclorfest and had agreed lo assist with the running of the 2020 event on 1 5th & 16th August al the original location in Biddenden. However, as with the other SocEty events, this was nc able to go ahead. A smail 5cciaily distanced tractor run and car run was held lo mark the ctcasion. The Kent Rural Scholars prcMJramme has ncw been running long enough for the first scholars to have graduatedl Despite Covid-19. ZCKJM inleTviews were hetd for the 2020r21 applicants and 2 new scholars joined the scheme. The society is grateful to genercxjs don¢)rs who enab￿ thi% lo continue lo grow in these drfficuli times. The Societys wholty owned subsidiary, the Kent Event and Exhibrtion Centre Limited, undertook a￿angeMentS for the use ofthe showground by various third wties. The abilty lo let the showground was severely curtailed wth the imposed Lockdown and other govemment restrictions on mass gatherings and social dislancing requirements. However, the leam have worked hard to achieve the Good lo Go" Covhd Compliance mark and to work with existing clients ￿thIn the nv•V guideline5 and to attr¥l drfferent types of hire suth as hybrid conferencing clients and film bxabon wor Many events have been postpon￿ to 2021 bul in 2020 the sh¢xgrouTrJ rentals vrtre understsndabty down by £583.525. The surplus achieved from these actmties wfil be donated to the Scciety by means of a grft aid payrnerrt. As can be appreciated from these financial slatements and those of previous years. the income from the Kent Event and ExhIb￿on Centre Ltmited continues to be paramount to the financi￿ stability of the Kent County Agricultural Society. The major financial resutts of the group are diled in the attachod statements of financial aCtiV￿eS and balance sheets, toaether with the notes to the financial statements. In the year ended 30 September 2020 the group suffered a defiut of unrestricted income over expenditu￿ WO￿ investrnent gains of losses and taxation of £54.54412019". £73.8231 a5 reported on page 15. After realised gains on In￿Str￿ent disposals and unrealis&J gains on investment market wdlue fflOve￿￿t. the group deficit was r￿lUced to £50,22212019". £10,220). Page 6

KE￿ COUNTY AGRICULTUIiAL SOCIETY (A company limitgd by guarant901 Trustees. report (continued) for the year ondod 30 Septgmbgr 2020 Educational awards Many of our usual methods of pursuing the Societys charitable objectives were not available lo us due lo the effects of the pandemic. We were unable lo hold the Kent County Show and this also meant the support given to other organisalions such as the Kent Young Farmers Clubs. Kent Federation of Horticultural Soci81ies, the Kent Bee Keepers and others was not able lo be prowded. The Swiety provided benefit to the local communtty at the beginning of the fin8ncial year by giving a lolal of £8.921 to Young Farmers Clubs in Kent to support their aclivilie8. The plovghing matches did not go ahead and so our sponsorship was not required. The Hooson Award was not presented this year bul the Lady Astor Award went lo Olly Slw from Mount Lodge Young Famiers Club. The Socrety 18 in the frfth year of 8 bursary scheme in whieh bursaries of £1,000 per year are awarded to Kent based studénts following courses In keeping with our gbjeclives for up lo three years of their course of study. Students are invited annually to apply for the bursaries which are limited lo three new students per year. The lolal paid lo the Rural Scholars to date is £34,000 with £9.000 being paid in 202012019.. £1 D,aOOI. We continue lo support the Kent Federation of Horticultural Societies wth equipmanl storage al the sh¢)wground and the Kent Bee Keepers Associations with meeting facilitie5 through the year. Investment powors and pollcy The Society's investment powers are set out in the Memorandum of Associallon and are lo inve$l the money3 of the company not immediately required for the furtheranc8 of its objgclives in or upon such inveslmenls, securities or propety as may be thought fil, subject nonetheles8 to such condition8 lif any) and such eonsenlg lif any) as may be imposed or ￿qUired by law.. The Society's investment policy is ba8&1 on professional advlce and is to invest lo produce short term income and capital appiecialion wlth long term capttsl protection. The income generated from listed investments in the year amounted to £7,545 12019.. £7,780} which is in line with the investment objectives. The listed investments have achievgd a capital growth in line with the investment policy. Flnanclal rwlew of the subsldlarles The financial conlTibulion mad& by the subsidiary Kent Event and Exhibition Centre Limrfted, through its gift aid payment wll be £37,558 12019.. £390,980} representing the surplus made from ils activities. This surplus wa$ achieved after the Society had made proper charges for the use of the showground and for all staff and other facilities Used by the subsidiary. The subsidiarie$ Why Farming Matters in Kent Limited, Fam) Expo Limited and Biddenden Tractorfesl Limited all remained domianl throughout the year. Page 7

KENT COUNTY AGRICULTURAL SOCIETY {A company Ilrnited by guardnteel TfUSteo$' report {continuedl for the year ended 30 September 2020 Flnanclal revlew of the Society 2020 has been an atypical year for the Society due lo the Pgndemic curtailing our usual aclivrties. As such, we are unable to report on the results of the Kent County Show. The Society produced gross income of £621,239 {2019'. £1,182,974) and incurTed direct costs lex¢luding support costs) of £105,247 (2019.. £1,412.D831 to gwe a gross surplus of £515,992 12019.. gross deftcit of £229,109>. Society SLJPPOrt costs as reported in note 10 amounted to £548,28312019". £865,921). This produced an overall deficit for the Society of £32,291 12019.. £1,095,030). During the year the Society continued lo moniloT and update a detailed risk asses5rnent programme with professional consullanls engaged to assist with meeting ils obligations in this respect. Key perforrnance indicators The Trustees are of the opinion that the following are key performance indicators of the group.. Level of annual corporate gift aid from Kent Event and Exhibition Centre Limited to the Society During the year ended 30 September 2020. Kent Event and Exhibiiion Centre Limited pledged lo donate £37,55812019.. £390,980) Visitor numbers to the Kent County Show The 2020 Kent County Show was unable to be held due lo Cowd-19. The 2019 Show achieved visitor numbers of circa 78,000 Trade stsnd revenues During the year ended 30 September 2020, trade sland income for the Kent County Show was refunded due to cancellation of the show12019.. £288.7291. Reserves policy The Society is implementing a long-lerm policy Its increase reserves ￿1th1n the general unrestricted fund to safeguard the Society against the absence of budgeted income resulting from adverse weather conditions affecting the Kent County Show attendance. The Society holds lolal unreslficted reserves at 30 September 2020 of £3,525.886 12019= £3,576,108) of which £2,804,394 12019.. £3.139.1721 has been designated as representing the tangible fixed assets of the Society, less the associated borrowings., £35.971 (2019." £36,471) which is represented by listed investments and has been designated to meet the wishes of the testators and £2,16012019.' £2,171) which ts represented by cash as designated by the Trustees lo rneet the wwshes of the donors. Thefefore, general unreslricled reserves at 30 September 2020 amounted to £683.381 {2019'. £398,294). The directors have agreed to invest a proporbon of the proceeds from the sale of the campsite. To reach an even greater level of comfort, the Trustees aspired to achieve general unrestricted reserves of £600.000. This was achieved at the end of the current financial year following the sale of the Scragged Oak Caravan Park. The Trustees are satisfied that the ￿1 of reserves held are sufficient to safeguard the Society in the currerrt economic climate for the foreseeable future. Fixed assets In the opinion of the Trustees the Wdlue of the freehold land and buildings substantially in excess of ils written down value. Page 8

KEKf COUNTY AGRICULTURAL SOCIETY IA eompany Ilmlted by guarantee) Trustees. report (conllnued) for the year ended 30 Septemb8T 2020 Principal rlsks and uncertalntles The Trustees are aC￿elY aware of the need to identify and manage risks and implement a risk management Strategy with advice from a professional safety consultant which comprises.. an annual review of the principal risks and uncertaintie5 faced by the Society, its subsidiary Kent Event and Exhibition Centre Limi(ed and the Society events, the Kent County Show, Farm Expo, Heritage Transport Show and Living Land., the establishment of policies, systems and procedures Éo mitigate those risks identrfied in the annual review., and the implemenlalion of procedure8 desyned to minimise or manage any potenlial impact on the Society should th￿e risks materialise. Attention has been given lo non-financial risks arising from events such a5, but not exclusDiely, fire. heatth and safety of the public, animal heatth hazards and food and hygiene issues. These risks are managed by ensuring accreditation is LJP to date and by having robust policies, prowlures and risk assessments in pla￿ which a detailed in the Health and Safety Policy and supporting documents. The Society is in regular contact WTth the safety consuttant throughout the course of the year. This work has also identffied that adverse weather or traffic incidents over the peTiod of the Kent County Show Can have a severe affect on visitor numbers. Whilst the Trustees accept that these events are outside their control, there are emergency procedures in place and improvements have been made lo access to the sile allowing it to cope wth most aclverse weather. The mechanics of Command and Control procedures allow for fast lime decisions lo be made up to and ineluding the point of needing lo abandon the Kent County Sh¢)W. The board has responded to tho Covid-19 pandemic by setting up a 'Covid-19 Task and Finish Grcsup. as a subgroup within the board. 115 Purpose was lo undertake strategic decisions in relation lo a review and if necessary. restructure of the organisatK)n. including addressing any associated risks that arose., The Trustees are managing the financial impact of these risks by building a sufficient level of reserves to safeguard the SocAety against the absence of budgeted income as a result of such an adverse event. Plans ft>r future periods The Society plans lo continue wrth the strategies outlined in the objects and policies with major aspects of this being the Kent County Show, Fam Expo. Living Land and the educational awards and bursaries. The Trustees and senior management team look al feedback from past events and procedures and athys undertake detailed reviews in order lo enhance experience, reduce costs and increase educational aspects and outreach of future offerings. The Society is also continuing to maximise rèvenuès gener*ed by the Kent Event and Exhibition Centre Limited in order lo increase funds available to support the charitable objectwes. The Board wll continue to support the senior management team'8 plan to adapt the SoGiely'5 future activities in light of Covid-19 to ensuie rt$ Charitab￿ objectives are achieved. Page 9

KENT COUNTY AGRICULTURAL SOCIETY {A company Ilmlted by guaranto01 Truste6S' rnport Icontinuadl for the year ended 30 September 2020 Dlsclosure of Infomiatlon to audltors Each of the persons who are Trustees at the time when this Trustees Report is approved has confirmed that.. $0 far as that Trustee is aware, there is no relevant audi( information of whth the charilablo group's auditors are unaware. and that Trustee has taken all steps that ought lo have been taken as a Trustee in order to be aware of any infom)alion needed by the charitabie group's auditor5 in connection with preparing their report and lo estsblish that the ¢haril8ble group's auditors are aware of that information. This report was approved by the Trustees on 14 December 2020 and signed on their behalf by.. Mr J P Forknall, Chainnan Page 10

KENT COUNTY AGRICULTURAL SOCIEtY IA company limitgd by guarantee) Statement of Trustees. responsibilities for the year ended 30 Sgptgmber 2020 The Trustees (who are aL%o the direclors of the Society for the purpctses of company lawl are responsible for preparing the Trustees. report arKI the financial statements in accordance with applicable Lw and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted A¢xounting Practi￿1. Company requires the Trustees to prepare than¢￿1 statements for exh finan¢tal year. Undgr company law, the Trustees musl not approve the finanaal statements unles5 they are sakn"5fEd that they give a true and fair view of the State of affairs of the Group and the Society and of th￿r incoming reSoUr￿S and application of resources. including their inccffle and expendrture. for thal period. In p￿paring these ftnancHI statements, the Trustees are required lo.. select Suitab￿ accounting poltcie5 and then appty them consistenty," observe the methc¥ls and principles of the Charitie5 SORP IFRS 1021". make judgements and accounting estimates that are reasonable and pnJdent'. state whether applicable UK Accounting Standards IFRS 102) have been folkAv&d, subject to any material departures disclosed and expLqined in the finanoal statements., prepare the financi￿ statements on the going concem bask8 unless it ts inappropriate to pr&sume that the Group wdl continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and exptain the Group and the Sc￿letys transathons and disclose vthh reasonable accurdcy at any lime the financ￿1 position of the Group and the Society and enable th￿n to ensure that the financial statements compty ￿￿th the Companies Act 2006. They are also responsh)te for safeguarding the assets of the Group and the So¢￿ty and hence for taking reasonable steps for the prevention and deteclton of fraud and other ifregularities. Page11

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Independent auditors' report to the Members of Kent County Agricultural Society

Opinion

We have audited the financial statements of Kent County Agricultural Society (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 30 September 2020 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Society 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:

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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Page 12

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Independent auditors' report to the Members of Kent County Agricultural Society (continued)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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:

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:

Page 13

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Independent auditors' report to the Members of Kent County Agricultural 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.

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.

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.

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, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.

Samantha Rouse FCCA DChA (Senior statutory auditor)

for and on behalf of Kreston Reeves LLP

Statutory Auditor Chartered Accountants

Canterbury

15 December 2020

Page 14

KEKr couTrrrY AGRICULTURAL SOCIETY IA company Ilmlted by guarantee) Consolidated Statemant of linancial activities Ilncorporating Income and expendlture account) for the year ended 30 September 2020 Unrestricted funds 2020 Total funds 2020 Total funds 2019 Nots Income from: Donations and legacies Charitable actNilies Other trading activities Investments Other income 167,902 46,984 742.678 7,095 361,794 167,902 46,984 742,678 7,095 361.794 30.840 1,107,080 1,338,766 7,780 7,876 Total Income Expenditure on: Raising funds Charitable artivilies 1.326,453 1,326.453 2,492,342 157.887 1,223.110 157.887 1,223,110 682,585 1,883,580 11 Total expendlture 1,380.997 1,380,997 2,566.165 Net gains on irwestrments 4,322 4,322 63,603 Net movement In funds 150,2221 150.2221 (10,2201 Reconciliation of funds: Total funds broijghl foward Not movement in funds 3.578,108 150.222) 3.576.108 150.2221 3.586,328 110,2201 Total funds carrled for•¥ard 3,525,886 3,525,886 3,576,108 The Consolidated slalement of financial activities include8 all gains and losses recognised in the year. The notes on pages 19 to 42 form part of these financial statemenls. Page 15

KENT COUNTY AGRICULTURAL SOCIETY (A company limitgd by guarantee) Reg18tered number: 02566508 Consolidated balance sheet as at 30 Septèmber 2020 2020 2019 Flxed a888ts Tangible as$8ts Investments Investment propety 18 20 19 3,834,464 405,361 525,000 4.229,319 363,459 525,000 4.764,825 5,117,778 Current assets Dgblors Cash al bank and in hand 21 113,689 606,578 136,529 244,824 719,247 381.353 Cieditors.. amounts falllng due within ono year (377,1TI} 1375,806} Not curront asset• 342,070 S,S47 Total assets le￿ current Ilabllltl•• 5.106,89S 5,123,325 Creditors.. amounts falling due after mo than one year Provisions for liabilitie8 23 25 {1.622,8581 168,1511 {1,531,0171 116.2001 Total not ass8ts 3,525.886 3,576,108 Charlty fund# Restricted funds Unre51ricled funds 26 26 3,525,886 3.576,108 Total fund5 3,525,886 3,576,108 The Trustees acknowtedge their responsibilities for Complying with the iequir8rnents of the Act with respect to accounting records and P￿paratIOn of financial slalemenls. The financial statements have been prepared in accordance with thè pmvi$ions applicable to entities subjèct to Ihe small companies regime. The financial slalgmenls were approved and aulh0ri5ed for issue by the Trustees on 14 December 2020 and signed on their b alf by.. MR J P Forknall Chairman The notes on pages 19 to 42 fom part of these financial stalemenls. Page 16

KENT COUNTY AGRICULTURAL SOCIETY (A company limited by guarantoe R8gist&rgd number. 02556508 Society balance sheet as at 30 September 2020 2020 2019 Note Fixed assats Tangible assets Investments 18 3,834,464 405.366 525,000 4,229,319 363,464 525,000 20 Investment property 19 4,764,830 5,117,783 Current assets Debtors Cash at bank and in hand 21 102,309 490,654 19,978 134,565 592,963 154,543 Creditors.. amounts falling due within one year 22 1254,7601 (543,7601 Net ¢urrgnt assats I liabiliti8s 338,203 (389,217) Total assets less current liabilities 5.103.033 4.728,566 Creditors.. amount$ falling due after fflore than one year Prowsions for liabilitie5 23 25 {1,522,8581 {58,1 $1) (1.531,01n 116,2001 Total net assets 3,522,024 3,181,349 Charity funds Reslricled funds 26 Unrèstricted funds 26 3,522.024 3,181,349 Totsl funds 3,522,024 3,181,349 The Trustees ackn£￿￿1edge their Te5PDn5ibililies for complwng wlh the requirements of the Act with respect to accounting records and preparation of financial statements. The financial slalements h'ave been prepared in accordance wtih the provisions applicabie to entities subject to the small companies regimg. The financial stateM￿ts w6r& approved and authorised for issua by the Trust8as on 14 Decem￿r 2020 and signed on thoir beham by.. Mr J P Forknall The r￿eS on pages 19 10 42 form part of these financial statements. Page17

KENT COUN￿ AGRICULTURAL SOCIErY (A Company Ilmited by guarnntg9) Consolidated ststamsnt of cash flows for Ihe year onded 30 Soptwnber 2020 2020 2019 Cagh flows from operatlng actlvltles Net cash used in operatin9 ￿T￿lieS {128,3891 54,922 Cash flows from Inv88ting activltl Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Proceeds from sale of invoslments Purchasa of investments 7,780 581.500 11.335} (27.6931 58.099 88.592 (96,6291 1195,3221 Net cash provld•d tyl{usod In) Invesijng actl¥liSe8 660,280 {126,6431 Cash flo￿ from Ilnanclng actlvltle• Repayments of borr(yMng 161,1371 188,4941 Ngt u¥h uwd In flnanclng actlvlll {61,137) 18B,494) Change In ush and cash ¢qulvalents In th• y•ar Cash and cash equiv￿ent8 at the keginning of the yeai 360.764 {160,21S) 405,039 244.824 Cash and c•*h •qufv•lents at the ond of th• y•ar 605.578 244,824 Th8 I￿18¥ on p4es 19 10 42 lo￿n part ofthese fIn￿CIal Statements Page 18

KEKf COUNTY AGRICULTURAL SOCIETY IA company limited by guarantee) Notes to tho financial ststements for the year ended 30 September 2020 Gongral infomiation Kent County Agricultural Society is a charty, limited by guarantee, which is inwrporaled in England and Wales, wi(h the registration number 2556508. The Societvs registered office is County Showground. Detling, Maidstone. Kènt, ME14 3JF. The charitable activ¢ti'es of the Sou8ty are to hold the Kent County Show for the exhibition of Iwestock, farm and horticultural produce, machinery and other things pertaining lo agriculture. and to encourage agricultural and horticultural education and for the improvement of agriculture generally. Accounting policies 2.1 Basi$ of preparation of financlal statements The financial statements have been prepared in accordan￿ with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalemenl of Recommended PraCt￿e applicable lo charities prepOTing their accounts in accordanca wih the Financial Reporknng Standard applicab￿ in the UK and Republ￿ of Ire(and IFRS 1021 (effective 1 January 20151, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 20Q6. Kent County Agricultural Society meets the definition of a public benefit enlfy under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unles$ otherw$ Stat￿ in the relevant accounting policy. The group's functional and presentational currency is Pounds Slerfing. The group's f nancial statements are presented to the nearest pound. The Consolidated 5talemenl of financial actiwties (SOFA) and Consolidated balance sheet consolidate the financial statements of the Group and ils subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Group has taken adwdntage of the exemption allcwed under section 408 of the Companies Act 21)06 and has not presented its own Slalemont of financial actNities in these financial stalemenls. The company has taken advantage of the fc41owng disclosure exemptions in preparing ils individual financial statements as permrtted by FRS 102 'The Financial Reporting Stsndard Applicab￿ in the UK and Republic of Ireland" . the requirements to present a statement of cash flows for the company., the requirements of Sedion 33 Related Party Disclosures paragraph 33.7. 2.2 Company ststus The Society is limrted by guarantee and does not have a share capital. The liability of each of the members is limited lo such contribution as may be required (not exceeding £11 to the Societys assets rf it should be wound up while such person is a member, or wi(hin one year after such person ceases to be a member. and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories Ihemsefves. If upon the winding up or dissolution of the Society there remains a surplus, after the satisfaction of all rts debts and liabilities, and property whatsoever. Ihe same shall nol be paid to or distribuled among the members of the Society and sh811 be gwen or transferred lo some other charitable instiiution hamng objectives simi18r to the objectwes of the Society. Page19

KENT COUNTY AGRICULTURAL SOCIET {A company limited by guarant8al Notes to the financial statements for the year ended 30 September 2020 A¢Gountlng pol1cl￿ Icontlnuedl 13 Going Con￿rn The finaneial statements have been prepared on a going concem basis. During the year, a pandemic was dec18red as a ￿sum of Cow&19, which had an impact on the Society due to the restrictions and national l¢xkdowns put in place by the goveTnment which restricted the activities of the Society, including the cancellation of the Annual County Show. While the Group have a deficit for the year and￿1 30 September 2020, they have an incrèase in cash and cash equivalents al the year end due to the sale of the Scragged Oak Caravan Park during the year providing additional working ￿prtaI. Further funding has been obtained since the year end by way of a Coronavirus Business Interruption Loan. The Society has ￿rfOrni8d a rèorganisation since the year end in an affort lo reduca 8xpanditure in pect of staffing and maintenance. In an adverse financial scenario th8 share portfolio and investment property could be realised without impacting the Society's charitable objective8. In all plausible downside scenarios the directors have no reason lo believe that the Group would not bè abb to continue trading for the foresè¢ablè future. 2A Fund accountlng Gener81 fund8 are unrestricted funds which are avaii8ble for use al th8 discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purpos9$. Designated fund8 comprise unrestricted fundB that have been set aBido by the Trustees for particular purposes. The 'aim and u88 of each designated fund 18 set out in the notes lo the ffnancial statements. 2.6 Bas18 of con8011datlon The financial statèments eonsolidal8 the accounts of Kent County Agricultural Society and all of its gubsidiary undertakings I'subsKiiaries'l. The company has taken advantage of the exemption contained within sedion 408 of the Companies Act 2006 not to present ils own Income and Expenditure account. Page 20

KENT couiiry AGRICULTURAL SOCIETY IA company limit8d by guarante81 Notes to the financial statemènts for the year ended 30 September 2020 Accountlng pollcles {contlnuedl 2.6 Incomlng r8sourco8 Annual subscriptions from members are included in th8 year they are received. Life membership Subscriptions are credited lo deferred income and released lo income in equal installmenls over enty year8, Income from the showground letting is recognised as earned. Investment income 18 recognised on a receivable basis. Income from charitable aclmlies 18 recogni5ed as earned. Grant income is recogni5￿ where thère is enlitlemtnt. certainty of receipt and the amount can be measured with sufficient certainty. VVh8re applicable, incoma is sL*ed 8xclu$ive of Value Added Tax and trade discounts. Grants are included in the Consolidated Statement of financial aclivrti8s on a recewable basi8. Th8 batance of income received for specific purposes bul not expended during the period is shown in the relevant funds on the Balancg sheet. Where income 18 receNed in advance of enlillemenl of receipt, ils recognrtion is deferred and included in creditors as deferred incom8. Where enlillemenl occurs before in￿rne is recgivgd. the incomg is accfued. 2.7 Resources expendad Expenditure 13 recogni3ed whgn a liabilty is incurred. Costs of generating funds are those costs that are in¢urred in undertaklng trading activities that ralse fund8 and in managing the Society's investments. Charitable aclMlie8 include the expenditure 88s¢xialed wlh staging the Kent County Show. LivSng Land, Fam Expo and in the making of educational awaré8 and bursaries as well as gran15 to Young Farmer8 Clubs. Governance costs include those incurred in the yovernance of the Society and ts a888t8 and are primarily associated with con5tilulional and slalulory roquiremenls. Support costs include central functions that have been allocated to acliwly cost calegorigs on a basis consigtent wrth use of resources. 18 Tangible flxed as88ts and dopraclatlon Tangible fixed assets are carried at cost, nel of deprgciation and any provision for impaim)ent. Depreeialion is not charged on freehold land. Depreciation is provided at rates calculated lo write off the cost of fixed assets, less their estimated residual value, over their expected useful lives. Depreciation is provided on the following bases.. Freehold property Freehold land Plant and machinery Motor vehicles Office equipment _ 12.5% per annum on c05t O•/0 per annum on cost 12.soh _ 250fi per annum on cost 25./0 per annum on cost 33.33Yo per annum on cost The carrwng values of tangible fixed assets are reviewed for impairment when events or changes in circumstan￿8 indicate that the carrying value may not be recoverable. Page 21

KEfrrr COUNTY AGRICULTUFIAL SOCIETY IA company limited by guarantee) Notss to the flnancial statements for th8 yéar ènded 30 September 2020 Accounting policies {continuedl 2.9 Pensions Pension costs charged against income represent the amount of contributions payable lo group personal pension schemes in respect of the accounting year. 2.10 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured at fair value al th& Balance sheet dale, unless fair Wdlue annot be measured reliably in which case it 15 measured at Cost les5 impairment. Investment gains and losses, whether realised or unrealised. are combined and shown in the heading 'Gains]Ilossesl on investments, in the Consolidated statement of financial aclNrities, incorporating income and expenditure accounL 2.11 Investrnent proporty Investment propety is carried at fair valu& determined annually by the tlirectors with the assistance of extemal valuers when required and derwed from the current market rents and investment property yields for comparable real estate, adjusted rF necessary for any drfference in nature, location or eondition of the specific asset. No depreciation ts prowded. Changes in fwr value are recognised in the Statement of financial &tiwlies. 2.12 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company.. this is normally upon notrfication of the interest paid or payable by tho 8ank. 2.13 Leasing and hire purchase Assets obtained under hire purchase contracts and finance leases are ¢apitalised as tangible fixed assets. Assets a￿uIred by finance lease are depreciated over the shorter of the lease temi and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where subslanlialty all of the benefits and risk5 of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged Its the Consdidaled statement of financial actwrf(ies so as lo produce a constant periodic rale of charge on the net obligation oulslanding in each period. 2.14 Operating leases Rentals paid under operating leases are charged to the Consolidated statement of financial aclimlies on a straight line basis over the lease term. 2.15 Debtors Trade and other debloTS are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.16 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investments wth a short malurrty of three months OT less from the date Df acquisition or opening of the deposit or similar aceount. Page 22

KEfr¥f COUNTY AGRICULTURAL SOCIETY IA company limlted by guarantee) Notes to the financial statements for the year gndgd 30 Septembgr 2020 Accounting policies (continued) 2.17 Liabilities and provtsions Liabilities and provisions are recognised when there is an obligation at the Balance sheet dale as a result of a past event, it is probable that a transfer of economic beneff( will be required in settlement, and the amount of the settEement can be estimated reliabty. Liabilities are recognised at the amount that the Socièty antscipates il wll pay to Sett￿ Ihe debt or the amount il has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required lo settle the Obl￿allon. Where the effect of the lime value of money is material. the provision is based on the present value of those amounts, discounted at the pr&tax discount rate that reflects the risks specrfic lo the liability. The unwinding of the discount is recognised in the Consolidated sL*ement of financial aclivrties as a finan￿ cost. 118 Flnanclal Instruments The CDmpany only has financial as5els and financial liabilities of a kind that qualify as basic financial instruments. Basi¢ financial instruments are inrtialty recognised at Iransa¢lion value and subsequently measured at their setmement value wth the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Debt instruments lolher than those wholly repayable or ￿CeiVable within one year}, induding loans and other a￿UnIS receivable and payable, are initialty measured at present value of the future cash flows and subsequently al amortised cost using the effectivè interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, inf(ially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangernents of a short4erm instrument constitute a financing transaction, like the payrnent of a trade debt deferred beyond normal business terms or financed at a rale of interest that is not a market rale or in case of an out-right short-lemi loan not at market rate. the financial asset or liability is measured, initially, al the present value of the future cash flow discounted at a market rale of inl8resl for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortrsed cost are assessed al the end of each reporting period for objective evidence of impaimienl. If objectnie evidence of impairment is found, an impairment loss is re￿nised in the profrt andlgss account. For financi￿ assets measured at amorhsed cost, the impaiTment10ss is measured a5 the difference betsween an asset's carying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable inleresl rate, the discount rale for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impaimient. thè impairment loss is measured as the drfference befvleen an asset's carrying amount and best estimate of the recoverable amount. which is an approximation of the amount that the company would receive for the asset If it were to be sold at Ihe balance sheet date. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right lo set off the recognised amounts and there is an intentton to settle on a nel basis or to realise the asset and setue the liabilty simultaneously. Page 23

KENT COUNTY AGRICULTURAL SOCIETY IA Company Ilmlted by guarant901 Notes to the financtal ststements for the year ended 30 Septembgr 2020 Judgements In apptylng accountlng pollclos and key sources of estimation uncertainty The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the resutts for the year. The nature of eslimalion is such though Ihal actual outcomes could differ significantly from those estimates. The following judgements have had the most significant impact on amounts recognisèd in the firbancial sl8lemenl$'. Lease Commitn￿nts The company has enl8red into a range of leasé commilmgnls in respgct of propety, plant and equipment. The dassificalion of these leases as either financial or operating ieases requires the directors lo eonsidor whether the terms and conditiong of each lease are such that the company has acquired the rTsks and rewards ass¢xiatèd with the ownership of the undertying assets. Going concem In th8judgement of the director811 is appropriaté lo prepare the financial statomenls in accordance with the going concem basis of accounting. See accounting policy 2.3 for further detail8. The following are the company'8 key sourees of estimation uneertainty.. Investmenl prop8rt18S The company holds investment property with a fair value of £525,000 at year end Isee note 191. In order lo determine the fair value of investment property the directors have used a valuation technique based on comparable market data. The delemiined fair value of the inve8lmenl proporty is most sen8ilNe lo fluclualions in the property market. Tèngible fix8d assets The company ha3 rg¢0gnised tangible fixgd assets with a carying value of £3,834,464 at the reporting dale (see note 181. These assets are slated at their cost less provision for depreciation and impairment. The company's accounting policy sets out the approach lo Calculating depreciation for immaterial assets acquired. For material assets such as land and buildings the company deternines at acquisition reliable e81imal8s for the useful life of the asset, ils residual value and decommi$5i0ning costs. These eslimales are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dalgs the directors consider whether there are any factors such as technological gdvancements or Changes in market conditions that indicate a need lo reconsider the estimates used. Where there are indicators that thè carrying value of tsngibie assets may be impaired the company undertakes lesls lo delemiine the recoverable amount of assets. These lesl8 require estimates of the fair value of assets less cost to sell and of Iheif value in us8. Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental wsl lor disposing of the asset. The value in use calculation Is based upon a discounted Cash Ilow MC￿91, based upon the company's forecasts for the foreseeable future which do not include any restructuring activities that the company is not yet committed lo or signrficanl future investments that will enhance the asset's performance. The recoverablg amount is most sensitwe lo the discount rale used for the discounted cash flow mc4Jel as well expected future Gash flows and the growth rale used for extrapolation purposes. Page 24

KENT COUNTY AGRICULTURAL SOCIETY {A company lirnited by guarant991 Notss to th8 flnancial statements for thg yoar ended 30 September 2020 Donations and legacie5 2020 2019 Membership subscriptions Donations Govamment grants 19,681 30.673 167 148,221 167,902 30,840 Govemrnent grants are income r￿1Ved from the Coronavirus Job Retenb'on Scheme during the year. Incorne frorn invostments 2020 2019 Interest receivable Dividends receivable 603 6,492 448 6,918 7,095 7,366 other income 2020 2019 Profrt on disposal Other income 333,096 28.698 7,876 361,794 7,876 Incomlng rgsourres These predominantly represent income in relation lo Farm Expo, the only Society event able to go ahead in 2020, together wth other income which includes receipts not requested to be refvnded from the Kent County Show and the Heritage Transport Show, and are slated net of Value Added Tax. Page 25

KENT COUNTY AGRICULTURAL SOCIETY {A company limited by guarant99) Notes to the financial $tatemenl$ for thg yoar ended 30 September 2020 Taxation In the wew of the directors, the vaTiOUS sources of income attributable lo the Society are not liable lo Corporation Tax. This position has been confirmed by HM Revenue & Customs in relation lo the accounts of tho Soc¢ety for rts fiTsI accounting period, subject to the Society continuing lo apply its income for charitable purposes in accgrdan¢e with Paragraph 1 Schedule 6 of the Finan￿ Act 2010. The Society was required lo submit its acwunts and a Corporation Tax self assessment return to HM Revenue & Customs for the year ended 30 September 2009 which indicated that no taxable resutt arose. 11 is likely that this position will be reviewed from time to time. Direct Costs Total Total Unrastri¢tod Unrestricted 2020 2019 Finance income and expenses Show expenditure Wages and salaries National insurance Pension cost 65.298 322,301 259,643 16,926 10,659 67,888 670.215 247,641 19.096 12,819 674827 1.017,659 Page 26

KEwf COUNTr AGRICULTURAL SOCIETY (A Company limited by guarantee) Notss to the flnantlal ststements for tho y••r ended 30 Septombor 2020 10. Support Costs for Socloty Activities Total Tot81 Unrestrfcted Unreslricled 2020 2019 salari￿ and temporary staff Notional insurance Pension c081s Othar employment costs 254,836 23,521 14,365 660 267,063 25,056 13,588 5,937 293,382 311,644 Insurance Propoty and equipment maintenance Depreciation Sundry Gosls net of showground letting expenditure 26,471 8,251 134,762 29,095 211,768 144.054 89,768 169,484 474,685 Govèrnancg costs Audit 10,676 4.171 30,505 24,135 16,031 10,575 601 Accountancy Professional Marketing Soclety costs 22,995 32,010 13,411 85,417 79,592 548,283 865,921 Profésslonal fees 2020 2019 Stockbroking Legal other 4,398 27.921 11.814} 4,131 11,719 7.145 30.505 22.995 P8ge 27

KENT COUNTY AGRICULTURAL SOCIETY {A company limited by guaranteo) Notss to thè flnanclal statemènts for the ygar gndod 30 Septgmbgr 2020 11. Anatysis of axpenditurn on ¢haritablo activities Summary by fund type Unrnstrictod funds 2020 Total funds 2020 Total funds 2019 Society 1,223,110 1,223,110 1,883,580 Total 2019 1,883,580 1,883,580 Summary by expgndlture type Total funds 2020 Total funds 2019 sL￿CoSts Depreciation Other costs 2020 2020 2020 Society 579,950 134,762 508,398 1.223,110 1,883,580 Total 2019 585,263 1H,054 1.154.263 1.883,580 12. Anatysis of èxpanditurn by activities Acllvltles undertaken directly 2020 Support Total funds 2020 Totsl funds 2019 2020 Society 674,827 548,283 1.223.110 1,883.580 Total 2019 1.017,659 865,921 1,883.580 Page 28

KENT COUNTY AGRICULTURAL SOCIETY (A company Ilmited by guarantee) Notes to tho financlal statsm8nts for the year onded 30 Sèptember 2020 13. Auditors. r8muneration 2020 2019 Fees payable to the Society's auditor for the audit of the Society's annual accounts 10,57S 10,575 Fees payable to the Society's auditor in respect ot. The audrting of accounts of associates of the company Taxation compliancè serMC8S 1,000 500 1￿ Stsff costs Group 2020 Group 2019 So¢lety 2020 Society 2019 Wages and salanes S¢xial security costs Contribution lo defined wnlribution pen3ion h￿e5 614,479 40,44Y 514,704 44.152 614,479 40A47 514,704 44,152 28,024 26.407 26,024 26,407 679.960 585.263 679,950 585,263 Included in wages and 8alari88 are redund8ncy co$18 tolalling £64,54112019'. £16,200). Thè thrage numbgr of persons employed by the Soclety during the year was a8 follow8.' Group 2020 Group 2019 No. 21 23 No empbyee received remuneration amounting lo more than £60,000 in either year. The Truslges and Senior Management Team who have the aulhorty and rgsponsibility lor planning. directing and conlTolling the activities ol the group are considered lo be key managernenl personnel. The Trustees received no remuneration in the year 12019.. £Nill and total remuneration in re5pgd of the Senlor Management Team is £187,37612019.. £175,848}. 15. Truste￿. remunoratlon and expens0$ During the ye8r. no Trustees weived any remun&ration or other benefil$12019- £NILI. Durfng the year ended 30 Seplembor 2020, expen8es lolalling £28 (2019.. £1351 were paid lo certain Trustees during the year in respect of reimbursement of out of pocket exp&ns&s. Page 29

KENT COUNTY AGRiCULTURAL SOCIETY {A company Ilmlted by guarantee) Notes to the financial statements for the year ended 30 Septembor 2020 16. Pen8lon costs The Society makes conlribukn'ons to a group personal pension scheme in resp8Ct of ¢grtain members of staff and lo an auto enrolment ¢omplianl scheme in respect of all other qualifying members of staff. The as8els of the sehemes are held separately from those of the Society in independently administered funds. The pension cost represents conlTibuts'on8 Payable by the Society and amounted 10 £25,024 {2019.' £26.4071. 17. Internst payabl• 2020 2019 On other loans On finance leasès and hire purchase contrads 64,031 1,267 68,771 1,117 6S,298 67,888 18. Tanglblo flxed assets Group and Soclety Assats In the courn6 Freehold of property constrnctlon Plant and machlnery Total Cost or valuatlon Al 1 Oclobor 2019 Additions Dlsposals 7.198,261 39,926 385 643.T19 950 {15.931} 7.881,956 1,335 1286,2171 1270,286) At 30 September 2020 6,927,965 40,311 628.798 7,597,074 Depreclatlon At 1 October 2019 Charge for the y$ar On disposals 3,153.915 103.045 {22.7981 498,722 31,717 {1,9911 3,652.637 134,762 {24.7891 AI 30 September 2020 3.234.162 528,448 3,762,610 Not book valug AI 30 September 2020 3.693,803 40.311 100,350 3.834.464 At 30 September 2019 4.044,336 39,926 145,057 4,22Y,319 Page 30

KETr￿ couiiry AGRICULTURAL SOCIET IA company Ilmited by guardnteg) Notes to the financial statements for thg year onded 30 September 2020 Tanglble flxed assets Icontlnuedl Group and Soclety (¢ontlnuedl The nel book value of assets held under finance or hire purchase contracts, included above, are as follows.. 2020 2019 Plant and machinery 18,450 37,002 Included in land and buildings are the following amount8 relallng lo a¥3el$ on whlch no depreciation has been charged.. Freehold land.. £228,43112019'. £267.9691. 19. Invojtment property Group Freehold Investment property Valuatlon At 1 October 2019 Surplu8 on revaluation 525.000 At 30 September 2020 525,000 The 2020 valuations were mad8 by Ihg directors on an open market value for existing u$9 basis. Page 31

KENT COUNTY AGRICULTURAL SOCIErY {A company limited by guarantee) Notes to the tinancial statements for the year ended 30 September 2020 20. Fix8d ass&t inveslments Llstad Investments Group Cost or valuauon At 1 October 2019 Addtiions Disposals Revaluations 363,459 95.529 158.6281 5.001 At 30 Sapt•mb•r 2020 405.361 Net book value At 30 September 2020 405,361 AI 30 September 2019 363.459 Page 32

KENT COUF¥fY AGRICULTURAL SOCIETY IA company Ilmtted by guarant801 Notes to the financial statemènts for the year ended 30 September 2020 20. Flxod asset Investments Icontlnufjdl Usted securitles Unlisted ¥ecuriti Total Soclety Cost or valuatlon Al 1 Odober 2019 Addrtions Disposals Revaluations 363,459 95.529 {58.628} $.1)01 363,464 95.529 158.628) 5,001 At 30 Septomb•r 2020 405,361 405,366 Nèt book valug At 30 Soptombgr 2020 405,361 405.366 AI 30 September 2019 363,459 363,464 Listed investrnenls are heid within the UK AN amounts above relal&J lo tha gengral fvnd. Sub8ldlary undortaklngs The fellowing were subs¢diary undertakings of the Sooety: Class of 8har•s Namo Holdlng Prlnclpal actlvlty Kent Event and Exhibition Centre Limited Ordinary 1(N)% Raising funds for the Kent County Agricultural Society by the hire of the showground to oulside user8 y Farming Matters in Kent Limited Ordinary 100% Domant Fam Expo Limited Ordinary 100% Domwnt BKldenden Tr*Jrfgst Limited Ordinary 100% Dormant The reg￿tered offKe of the at4)ve companw is County Showyround. Dettiry. Maidstona. Kent, ME14 3JF. Page 33

KENT COUNTY AGRICULTURAL SOCIETY {A company limit9d by guarantee) Notes to the financial statements for the year endad 30 Soptembgr 2020 21. DebtQTS Group 2020 Group 2019 Society 2020 Society 2019 Due after more than one year Other debtors 22,500 22.500 22.5DO 22,500 Due wlthln one year Trade debtors other debtors Prepayments and a¢cNed incomo 47,450 43.719 120,664 5,380 10,485 36,090 43,719 8.601 5,377 6,000 113,669 136,529 102.309 19,978 22. Credltors: Arnounts falling due within one year Group 2020 Group 2019 Society 2020 Society 2019 Bank loans Trade creditors Amounts owed lo group undertakings other taxation and socBI security Obligations under finance lease and hire purchase contracts Other creditors Accruals and deferred income 37.828 45,764 80,937 83,245 37,828 36,419 45,520 67.343 80.937 41,499 356,657 32,579 67.343 32,579 7,380 25,736 193.126 12,690 418 7.380 838 59.432 12,690 418 18.980 185,937 377,1 375.806 254.760 543.760 Doferrgd income Group Society Deferred income al 1 October 2019 Resources deferred duTing th6 year Amounts releas&d from premous years 136.357 159.943 1136,3571 49.666 159,943 49,866 Page 34

KETr￿ COUNTY AGRICULTURAL SOCIErY IA company lirnit8d by guarantsel Notss to the flnanclal statements for tho yoar endad 30 September 2020 23. Credltoys: Amounts falllng due after more than one year Group 2020 Group 2019 Soclety 2020 Society 2019 Bank loan5 1,508,187 1,5Q5,559 1.508.187 1,505.559 Net obligations under ffnan￿ leas6 and hire purch8$8 contracts Accruals and deferTed income 615 14.066 15,961 9.497 615 14.056 15.961 9,497 1,522,858 1,531.017 1.522.858 1.531,017 The aggregate amount of liabilitias payablo or repayable wholly or in part MO￿ than five years after the reporting date is.. Group 2020 Group 2019 Society 2020 Society 2019 Payable or repayable by inslalments 1,186.378 1,145,523 1.186.378 1,145,523 1,186,378 1,145,523 1,186.378 1,145,523 Deferred income represents membership subscriptions in respect of lrfe members and life governors. Amounts recewed are released lo inccfne over a 20 year pericd. Bank loans comprise.. il A bank loan lo part finance the Kent Event Centre Exhibition Hall is Secured by way of a Eegal charge on the County Showground. The toan is repayable in monthty instalments over a period of 25 years from 2010, inter8$1 is payable at 3.95°A per annum. li} 3 bank loans to finance the hAaidslone Exhibftion Hall. The bank bans are secured by way of a ￿gaI charge on the County Showground. The loans had a 2 year deferred repayment period after which the loan is repayable by inslalments by between 2033 and 2034. Interest is payable at bekneen 4.150A above base rale and 4.35Yo above base rale per annum. During the year the Society's bankers granted Capital Payment Holidays on the bank loans for 12 months. Deterred Income Group s￿Iety Deferred income al 1 Octc*)er 2018 Resources deferred dunng the year Amounts released from premous years 9,496 5,664 11.104) 9,496 11,104} 14.056 14,056 Page 35

KENT COUNTY AGRICULTURAL SOCIETY {A company Ilmlted by guararktee} Notss to the financial statements for th8 year ended 30 Sgptgmbor 2020 Financial instruments Group 2020 Group 2019 Society 2020 Society 2019 Flnanclal assets Financial assets measured at fair value through income and expenditure 930.361 888.459 930.361 888,459 Financial assets measured al fair value Ihmugh income and expenditure comprise of fixed asset investments and investment property. Provisions Group and Soclety Redundancy provlsion Al 1 October 2019 16,200 58,151 (16.2001 Additions Amounts used 58,151 Redundancy provtslon DLJring the year ended 30 September 2020, a decision was made lo restructur8 the organisalion. This resutted in a redundancy provision being recognised. The prior year provision related lo th8 closure of Oak View Caravan Park and was fully ulili8ed during the year. Page 36

KENT COUNTY AGRICULTURAL SOCIETY IA company limitgd by guarantee) Notes to the financial statements for the year •nded 30 September 2020 Statement of funds Statem•nt of funds - current year Balan¢8 at 30 Galnsl September (Losses) 2020 Balance at 1 October 2019 Transfors inlout Income Expendlturn UDTe8trfcted funds Dgslgnat•d funds Awards Fund Tangible fixed 8s$et8 Womens Farning Union 36,471 16001 35.971 3,139,172 {334,TT81 2,804.394 2,171 {181 2,160 3,177,814 16181 {334,778) 2.842.626 Ggneral fvnds General Funds 398,294 1,326,446 {1.380,479) 334,TT8 4.322 683,361 Total Unrèbtrlctsd funds 3,576.108 1.328,453 11,380,997) 4.322 3,525,888 DMlgnated lund# (il The Awards fund represents the balance of funds recèived from George Lane Hooson and Irene. Lady Astor. By dec￿lon ol the directors, legaciey have been Iransferrod to a de8ign81ed fund in order lo meo1 the wshes of the testators, akhough those wshes were not bindlng. Transfers in the year represent awards granted from the designat￿ fund. lill A dgsign*gd fund, the Tangible Fixed Asset fund, reprèsents th¢ book value of tangible fixed assets used in the furtherance of the Sociells objects loss any directly 8ssociale¢J Ixjrrowings as these ara not in the opinion of the directOT3, part of tha So¢i&ll$ free reserves. Illil The WFU Fund represents a donation of funds received from tho W¢ynen's Food and Famiing Union (WFUI. By the dacision of the directors. this donation has been Iransferrad to a designèted fund in order to support the actiwlies of Ihtr Faming in the Classroom projed. Pagg 37

KENT COUNTY AGRICULTURAL SOCIErY IA company Ilmlted by guarantee) Notss to the flnanclal statements for the ygar ended 30 Sgptgmber 2020 26. Ststsment of funds Icontinuedl Statement of funds- prlor year Balanee at 30 Gainsl September (Loss￿> 2019 Balance at 1 October 2018 Transfers inloul Incomè Expendrture Unrestrfcted fund# Dgsignatod funds Awards Fund Tangible fixed assets Womens Faming Unlon 36.532 414 {770) 295 36,471 3,117.039 22,133 3,139,172 2,353 10 11921 2,171 3,155,924 424 19821 22.133 295 3.177,814 G•n•ral fund• General Fund¥ 430,404 2,491,918 {2,565,2031 122,1331 63,308 398,294 Total Unrestrlct•d fund8 3,586,328 2,492,342 {2,566,1651 63,603 3,576,108 27. Summary of fvnd• Summary of funds - currènt year Balanc8 at 30 Gainsl September {Lo8sesl 2020 Balance at 1 October 2019 Transfers inlout Incom8 Expanditure Designated funds General funds 3,177,814 398.294 (5181 {3347781 1,326.446 (1.380A791 334.778 2,842.525 683.361 4,322 3.576,108 1.326A53 11.380,9971 4,322 3.525.886 Page 38

KENT COUNTY AGRICULTURAL SOCIETY IA company limited by guarantee) Notes to the financial ststsments for thè yèar ended 30 September 2020 27. Summary of funds Icontinued} Summary offunds- prioryear Balan￿ at 30 Gainsl September ILosses) 2019 Balance at 1 October 2018 Transfers inloul Income Expenditure Designated funds General funds 3.15S,924 430,404 424 1962) 2.491,918 12,565,203> 22,133 122,133} 295 3.177.814 398,294 63.308 3,586,328 2,492,342 12.566, 165} 63.603 3.576.108 2& Analysls of net assets batWè8n fvnds Analysis of net assets between funds- current perlod Unrestrfcted funds 2020 Total funds 2020 Tangible fixed assets Fixed asset investments Inveslmenl propety Debtors due after more than one year Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges 3,834,464 3,834,464 405.361 405,361 525.000 525.000 22.500 22,500 696.747 696.747 1377,17n 1377.1771 11,522,858) 11,522.8581 158,151) 158.151) Total 3,525,886 3,525.886 Page 39

KENT COUNTY AGRICULTURAL SOCIETY A company limitgd by guarantee) Notes to the financlal statements for the year ended 30 Septembar 2020 28. Analy81s of net assets between funds Icontinuodl Analysls of net assets betsveen funds - prlor porlod Unrestricted funds 2019 Total funds 2019 Tangible fixed assets Fixed ass81 investments Inve8lmenl propety Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilrtie8 and charges 4.229,319 4.229,319 363,459 363,459 52S,000 525,000 381,353 381,353 1375,8C61 1375,8061 {1,531,0171 11,531,0171 116,2001 116,2001 Total 3,576,108 3.576,108 29. Reconclllatlon of n•t movamènt In funds to ngt cash flow from operatlng actlvltl Group 2020 Group 2019 Nel expenditure for the pariod {as per Stalemènl of Financial Aclivitiesl {50.222) 110.2201 Adjustments for: Depreciation charges Losses on investments Dmdends, interests and rents from invgstmgnts Gain on revaluation of investment property Decrease in debtors Increasel{decrea8el in creditors Increase lo provisions Profit on disposal of fixed asset 134,782 {4,4721 {7,54SI 144,054 {13,6031 (7,7801 (50,0001 82,230 1105,9591 18,200 22,860 54,350 41,951 1320,0731 Net cash provided byllused inl oparatlng a¢tlviti95 1128.3891 54,922 Pagg 40

KENT COUNTY AGRICULTURAL SOCIETY (A company limited by guarant991 Notes to the flnanclal statements for the year ended 30 September 2020 30. Analysls of Cash and cash equlvalents Group 2020 Group 2019 Cash in hand 605,578 244,824 Total cash and cash •qulvalent8 605,578 244,824 31. Analy$ls of chang•s In net debt At1 October 2019 Cash flows At30 September 2020 Cash al bank and in hand Debt due within 1 year Debt due after 1 year Finance leases 244.824 180,9371 1,505,559) 128,6511 360.754 605,578 43,109 137,8281 {2,6281 11.508,1871 20,656 17,9951 11.370,3231 421,891 1948.432 32. Operatlng l•a80 commltments At 30 September 2020 the Group and the Society had C¢Jmmilmenls lo make future mlnimum lease payments under non-eancellablè operating leas9$ as follows.. Group 202Q Group 2019 Socl?ty 2020 Society 2019 Not lalgr than 1 yeaT Later than 1 year and not later than 5 years Later than 5 years 13.880 40.421 300 16,962 54.489 4,506 13,880 40,421 300 16,962 54,489 4,506 54.601 75,957 64.601 75,957 33. R•lated party transactions During the prior year, Mrs H Cathcart, the wrfe of Mr T Calhcart a Trustee of the Society, was employed by th8 Society on a casual contract. The total compensation she received for her employment was £3,492 commensuiate lo the role. There were no related party transactions du¥ing the year ended 30 September 2020. Page 41

KENT COUNTY AGRICULTURAL SOCIETY IA Company limited by guarantee) Notes to the financial statsments for the year ended 30 September 2020 Post balancè sheet events There have been no 5ignTficanl e￿nts affecting the S¢xiety since the year end. During the current financial year, a pandemic was declared as a result of Covid-19, which had an impact on the Society due lo the reslriclions and national lockdowns pul in pla¢8 by tha government which reslricled the activities of the Society. The second lockdown ended on 2 December 2020. Tho directors hav8 carefully c¢nsid8red the impact of the pandemic on the ¢omp8ny as detaileé in the Trustees report. The Society has obtained government support through the Coronamnjs Bu5ine$8 Interruption Loan Scheme and was granted a loan of £250,O¢JO on 30 November 2020. 35. Controlllng party There is no ultimate controlling paty. Page 42