Kent County Agricultural Society KENT COUNTY AGRICULTURAL SOCIETY (A company limited by guarantee) {Company No. 2556508. Charity No. 1001191) Patron.. HIS ROYAL HIGHNESS THE DUKE OF KENT, KG Chairman: RICHARD JULIAN BARNES Trustees, report and financial statements for the year ended 30 September 2023 KENT COUNTY AGRICULTURAL SOCIETY KENT SHOWGROUND DETLING MAIDSTONE KENT ME14 3JF Tel: 01622 630975 KENT COUNfY AGRICULTURAL SOCIErY IA company limrted by guarantee) Contents Page Reference and administrative details of the Society. its Trustees and advisers Tn￿tee$. report Trustees. responsibilities statement 10 Independent audttors. Trport on the financial statements 11- 15 Consolidated statement of finan¢ial adivitses 16 Consolidated balance sheet 17 Society balance sheet 18 Consolidated statèmènt of cash flows 19 Notes to the financial statements 20-41 KENT COUNTY AGRJCULTUIiAL SOCIErY IA ¢ompany limited by guarantee) Trustees. report for thÈ yèar ended 30 September 2023 Reference and administration details of the S￿iety. its Trustees and advisors Name The full name is Kent County Agricultural Soaety. The So¢iety is exempt from the requirement to use the word "Limited- in its lille. Règistration numbers The Soclety is registered as a charity under number 1001191 and as a limited company under number 2556508. Patron HIS ROYAL HIGHNESS THE DUKE OF KENT. KG Presidenl William Boscawen Chaiman Richard Julian Barnes TrustèÈs Mr R J Barnes. Chaim)an Ms J A Loraine, Vice Chair Mr H Summerfield FCIK Honorary Finance Director Ms S Matthews Mrs S K Gaines Mr N Lakeland MT N M Bolas Ms C E Seymour Mr J J C McGrorty (appointed 1 October 20221 Hon F A W M Comwallis (appointed 11 JanI￿ry 20231 Mr M R Cullen lappointed 11 January 20231 Mr J W Booth (appointed 11 January 20231 Address of registsred office Kent Showground Deding Maidstone Kent ME14 3JF Page 1 KENT COUNTY AGRICULTURAL SOCIETY IA company limited by guarantee) Trustees. report lcontinuedl for the year ended 30 September 2023 Advisors: Independent auditors Kreston Reeves LLP Statutory Audttor 37 St Margaret's Street Canterbury Kent CT1 2TU Bankers Barclays Bank PIC 13 Fremlin Walk Maidstone Kent ME14 1QG Soli¢itors Brdchers LLP 59 London Road Maidstone Kent ME167VH Investsnent manage Cazenove & Co 12 Mcx)rgate London EC2R 6DA J.M. Finn & Co Ltd 4 Coleman Street London EC2R STA HR Consultants Outset IUKI Ltd Wintners Business Park New Cul Road Maidstone Kent ME14 5NZ Page 2 KENT COUNTY AGRICULTURAL SOCIETY {A company limited by guarantee) Trustees. report (continued} for the year ended 30 September 2023 Structure, governance and managèmènt Constitution The Society is a company limited by guarantee and does not have a share (3pitsI. It was incorporated on 8 November 1990. and its goveming documents are the Memorandum and Articjes of Association as amended on 7 October 2011. The liabilty of member5 is limrted to a maximum £1 each in Ihe event of a winding up resulting in a deficit. In the event of a wnding up produang a surplus. that surplus must be donated to another charity having similar objectives. The Society vrds formed lo tske over the undertaking and assets of the unincorporated assooalion of the same name which had for many years previousty held the annual Kent County Show and this took Pla￿ on 29 January 1991. Subsidiary companies At 1 October 2022 and 30 September 2023. Kent County Agiiculbjral Society had four wholly owned subsidiaries.. Kent Event and Exhibttion Centre Limited: This subsidiary carries out those acbwties that would not be exer¢ised in carfying out the primary purposes of the Kent County AgricxJKural Soaety. being the hire of the showground. Why Fanning Matters in Kent Limited: This company has ￿mained dormant throughout Ihe year to 30 September 2023. Farm Expo Limited: This company has ￿Mained domwnt throughout the year to 30 September 2023. Biddenden Tractorfest Limited: This company has rernalr￿d domwnt throughout the year to 30 September 2023 Ftjrther detsils are set out in rK)le 20 to these accounts. Th• objects and policies Vision Ststement To be the leading county show and event venue in the South East of England. Objectives to deliver our Charitsble objectives effectNely. publiase our activities and engage a broad network of support to ensure the Society remains financially sustsinable with adÈquate reserves to support our staff lo be a highly skilled and effective team to ensure year on year gr¢)wth through Ihe provision of a high qualrty. gthy value experien￿ at all our events to Inspi￿ and educate young people whilst engaging a wder audience in agriculture and the countryside Page 3 KENT COUNTY AGRICULTURAL socIErY {A company limited by guarantee) Trustees. report (continued} for the year ended 30 September 2023 The objects and policies {continuedl The objects and policies are set out in the Memorandum of A%so¢iation as being.. the improvement of agriculture. forestry. hortyculture. allied industries. rural uaft and the breeding of livesto¢k the demonstration of improved methcxjs and processes connected wrth the above the holding of an annual show for the exhibition of livestock, equines. farm produ￿. horb"cultural produce, machinery. implements. tools. appliances. utensils, animal feeding stuffs, fe￿"11Sers, seeds and other things connected wrth or appertsining to agri(JJltu the encouragement of agricuttural and horticultural edu(2tion, research and experimental work L)y publications, grants or other means to promote such other tharitable measures as the Company rnay from b.me to time detemi¥ne The vision that shapes ￿r annual activities remains Ihe promots.on and improvernenl of agriculture by the provision of facilities for the education and rettèation of the public and to support and enhan￿ the praGtiGes of the farming communrty. In shaping our objectives for the year and planning our activi￿eS the Trustees have considered the Charity Commission's guidance on public benefft_ The running of the annual Kent County Show relies on the income generated by the subsidiary trdding company. Affordabilty and a￿sS to the Kent County Show is important to the Swety and is considered carefully when setting entran￿ fees. The strategies employed to achieve the Sooetys aims and objectives are to". present a broad range of displa￿. entertainment and competition al the annual Kent County Show and to nurture links with the wider communty through sponsorship opportunities and the presentation of agricultural long Servi￿ awards invite every primary school in Kent to the annual educats.onal show. Living Land award prizes, ftjnding and bursaries to students followng courses of study in keeping with the objects of the Society and to foster relationships with them during this b.me and beyond support the Kent Young Farmers Clubs parb"cularly the running of livestock dasses at the annual Kent County Show but also through awards and finanaal support d¢Jring the year maintsin links and develop relationships with njral colleges in the South East to fully understsnd the needs of todals rural students and entrants into the agricuttural industy in order to best support them demonstrate the latest in agricuttural methods and machinery and host debates on up to date topi(s through the holding of an annual Fam) Expo encourage interest an¢J k￿edge in agricurture by sponsorship of Ihe Kent Ploughing Championships and attending ploughing matthes with an edu(2tional display enhance the funds generated by the subsKliary by m￿miS1n9 income and managing costs To put these strategies into acts.on we have three major areas ot a¢tivity whith are.. educational and recreatsonal events induding the Kent Cotjnty Show. the Herrtage Transport Show, Living Land. Farm Expo and Biddenden Tractorfest edu(3b"onal programrnes induding awards. grants and bursarses increasing public awareness of faming in Kent through nefvlothng. advertising and publiiation. The organisation The organisation of the Society is as follows= The executive board of Directr)rs. who are also Truslees. exerase the general control and management.. The council acts in an advisory txpacity to the Directors on matters affecting policy and general management,. One standing committee, known as the Show Commrtlee, together wtth various advisory sub ¢ommittees, assist the DireGtor5 With the operations of various departrnents of the annual Kent County Show and other spectfic activ1ties', Page 4 KENT COUNTY AGRICULTURAL SOCIErY {A company limited by guarantee) Trustees. report {continued} for the year ended 30 September 2023 The day to day management generalty is delegated to three board members who are supported by the senior management team. Trustee recruitmen( induction and training The Trustees corstinue to seek to identty SL¢[ta￿e individuals wrlh an understanding of the agricultural and rural community andlor event and exhibition experien￿ wrth a view to serving on the board_ The Tnjstees all have p8￿Curar and relevant skills which enable them to conlribute to the work of the Society. Their knowledge of good practice. changes in legislation and technical i&8ues is supplemented by publications Issued by the Charity Commission and other relevant organisalions and attendance at appropriate conferences and trainings. New Trustees are provided wth detailed background informats.on about the Swety. ¢opies of the const'tution of the Society, current financial data and other doDJments relevant to the operats.on of the SoGiety. Pay poli¢y for senior stsff The Trustees consider the board of Directors. who are the Trustees, and the senior management team comprise the key management personnel of the Swety in tharge of directing and cnntrolling, running and operating the Soaety on a day to day basis. AJI Trustees give of their b.me freely except one Trustee was provided wrth remuneration during the year. Details of Trustees. expenses. remunerab.on and related paty transactions are disclosed in notes 15 arTrd 32 to the a¢￿￿nts. The pay of senior staff is reviewed annually and normally increased in accordance wth average eamings. In order to ensure appropriate pay levels. the Trustees instructed an independent HR professional to bench mark the remuneration in 2014 an¢J may Consider annually the need to repeat this process. Restrictions on methods of operation The constrtution imposes no rest￿tionS on the Soriety's melhod of operab"on. Achievements and perforrnance The Kènt County Show once again retumed to the Showgound for its 92nd year in 2023 attracting just under 70,000 visitors over three da￿. The key focus of the Show this year was that of a ¢elebration of the Kent County Agriojltural So¢ieties centenary year. It was a pleasure to host HRH The Duke of Kent KG and to facilitate an Agri Connect Breakfast for fam)ers and assocAates. In January 2023 the Srriety welcomed back to its second year the Farming conferen￿ bringing together 130 delegates to discuss The Future of Famiing. Our keynote speakers induded Jake Fiennes, David WoKe, Proof Mario Caccamo and headline sponsors Brathers. Hosted by our President Vvilliam Boswwen. farners, growers agri¢ulturist and industy experts gathered to and enjo￿ a informative and interesting disujssion about the future of the sector. Farm Expo returned on 1st Mar¢h 2023 welcoming 1(K) trade stands and over 2000 ViSTtors. As well as providing plarfomi lo view new machinery and seek advice. the event also offered the opEx)rbJnity to network with colleagues and industry professionals. The show featured seminars on the theme of 'The Future of farming. which were well ￿ceNe￿. Sadly. The Heritsge Trdnsport Show incorporating the South East Bus Festival which was due to take pla￿ on the 1st April 2023 was cancelled due to extremely pwr weather conditions. Inevitably there were some expenses al￿adY incurred which induded signage and marketing. The Society was please to curtail the potential loss. The Living Land Event retume¢J to the Showground on 4th May 2023 with 2900 children learning about food. farming and the countryside. The children were able lo vrstt six intera¢ttve zones= Discovery, Animals, Touch & Taste, Machinery, The Sheep Show and Birds of Prey. Plans are al￿adY well underway for the 2024 event and s¢hool places are already fully booked. The further potential of this event is under considerdb"on. Page 5 KENT COUNTY AGRICULTURAL socIErY IA ¢ompany limited by guarantee) TnAstees' report Icontinuedl for the year ended 30 September 2023 The Society was delighted to be able to stage Biddenden Tractorfest for the 2nd year alongside the Tractorfest committee and Lucy Hegaty. Taking pla￿ again at Hdden Fam) in BH8denden this is an off site event. The event welcomed more than 14.500 visitors over the weekend. an in¢xease on the 2022 show. Feedback remains extremely positive. The Kent Rural Scholarship Scheme conkn.nued in 2023 with three r￿¥ scholars joining the program this year. We are currenyy suppO￿ng nine scholars at an annual cost of £9.000. The Soaety's wholly owned subsidiary. the Kenl Event and Exhibiti"on Centre Limf(ed has thrived this year. It ¢ontinues to undertake arrangements for the use of the showground by various third pa￿es. It was a pleasure to see that the Kenl Event Centre is back lo Pre-￿VId levels of trading with 264 wnference and 33 events. The surplus achieved from these activib.es will be donated to the Soaety by means of a grft aid payment. As can be appreciated from these finanaal statements and those of p￿VIouS years. the incorne from the Kent and Exhibition Centre Limite(I ￿ntinUeS to be paramounl to Ihe financial stability of the Kent County Agri¢ultural Society. The major finanaal results of the group are detsiled in the attached statements of finan¢ial activrties and balance sheets, together wth the notes to the financial statements. In the year ended 30 September 2023. the group generated a surplus of unrestricted income over expenditure before investment gains or loss and taxab.on of £52.293 12022.. surplus £140.003} as reported on page 16. After realised gains on investrnent disposals and unrealised losses on investment market value movement the group surplus was inGreased to a surplus of £114,90412022'. surplus of £93.9711. Voluntsry assistance The Sotiety is grateful for and substants.ally dependent on unpaid voluntary help over the days of the Kent County Show. Voluntary assistance was provided by stewards and judges, some of whom are members of the council. Community and educational support The Kent County Show remains to have an edu(ational fO￿S and included a larger Ea￿￿tIonal zone which was supported again by the National Fruit Show Education Team, this concept wll ¢ontnue to be expanded at the 2024 Show. The Show also enabled us to support the Kent Bee Keepers Association and the Kent Federation of Horts"cultural Societies and associated countryside acb"vtbes. We were able to welcome the Kenl Young Famiers Clubs to the Show for a full programme of events and to facilitste what we understsnd to be the largest gathering of Young Famiers in Europe. No finan¢ial awards were made to Young Farmers Clubs in Kent however we are supporting the dubs by making available office and event space at the Showground to faolitate training and other activthes_ No appliG3tions were invited for the Hooson Award or the Lady Astor Award again this year but the intention is to relook at the process and funds for 2024. The Society is in the eighth year of a Bursary Scheme. in which bursaries of £1,000 per year are awarded to Kent based students. followng courses in keeping ￿tti our objectives for up to three years of their course of study. Students a￿ invited annually to apply for the bursaries which are limited to three new students per year, as noted above_ We continue to support the Kent Federation of Horticulttjral sweb.es equipment storage at the showground and the Kent Bee Keepers A¥sociations meeting faultties through the year. Pagè 6 KENT COUNTY AGRICULTURAL SOCIETY IA ¢ompany limited by 9uaranteel Trystees. report l¢ontinuedl for the year ended 30 September 2023 Investment powers and policy The Society's investment powers are set out in the Mernorandum of Asso¢iation and are lo"invest the moneys of the wmpany not immediately ￿qUIred for the fvrtherance of its obje¢tives in or upon such investments, securities or pro￿ty as may be thought fit, subject nonetheless to such conditions Irf any) and such consents {if any) as rnay be imposed or required by IW. The Societys investment policy 5s based on professional advi￿ and is to invest lo produce short term income and capitsl appreciation wtth long term caprtal prote¢tion_ The income generated from listed investments in the year amounted to £5.53212022- £10.6221 which is in line with the investment objectives. However, the listed investments have suffered a capital defi¢it this year, as is expected in the current environment. ar￿ is not in line with ojr objectives. We invest for long term Capital growth and the portfolio is still being held for this purw)se. Financial review of the subsidiaries The financial contribution made by thè subsidiary Kent Event and Exhibition Centre Limited. through its gift aid payment will be £557.267 {2022- £464.1921 ￿preSents"n9 the surplus made from its acbvities. This surplus was achieved after the Society had made proper eharges for the use of the showground and for all staff and other faalities used by the subsidiary. The subsidiaries Why Farming Matters in Kent Limited, Fami Expo Lim¢ted and Bidden¢Jen Tractorfest Limited all remained dormant throughout the year_ Financial review of the Society The Society prodU￿d gross income of £1.184.086 12022." £1.093.6021 and incurred direct costs lexcluding support costs} of £956,892 12022.. £788.211} to give a gross surplus of £227.194 12022.. £305,391). Society support ￿$1$ as reported in note 10 amounted to £465.89012022.- £455.8081. This produced an overall deficit for the Society of £238.69612022.. £150.4171. During the year the Society continued to monitor and update a detailed risk assessment programme with professional consultants engaged to assist with meeting its obligations in this respect. Key perforn)ance indicators The Tnjstees are of the opinion that the Key PerfOrrnan￿ IndiGator of the Society is to be able lo organise a suc￿$$ftJI Kent County Show eath year at a reduced cost to the public. With entry Costs that are deemed to be fair. The cost of the annual show will far outweigh the revenue generated by it for the Soaety and the shortfall will be covered by the profrt of the Soaetys trading subsidiary. Kent Events & ExhIb￿On Centre Limfted. These key performance indicators can be measured reliably by l(K>king at the financial results of both the Society and its trading partners. During the year ende(1 30 September 2023 the Society had suffered a deficit befo￿ gains on investments of £567.585. indicab.ng the So¢iety has prowde(J the public wih the Kent County Show al a loss to the organisation. This concept can only happen as a resuft of Kent Events & Exhibtti"on Centre Limited allowing approxirnately 297 events to take pla￿ at the Showground, results.ng in a year end profit of £557,267. Page 7 KENT COUNTY AGRJCULTUIiAL SOCIErY {A company limited by guarantee) Trustees. report {continued) for the year ended 30 September 2023 Reseprfes policy The Society has taken on the responsibilty lo organize and fund Biddenden TractorFest, classified as part of Society Events. As this is an outside event and hosted in the Weald of Kenl on heavy clay there is a degree of finanaal Msk. Thus the Trustees ￿nsider tt prudent to create a designated fund of £50,000 to cover such eventuality- The Society is very reliant on the net income from the Event Centre each year to provide working capitsl to facilttale the County Show. SoGiety Events and Charitable Objectives as well as assisting in the bank loan capital repayments. In case there were dtrriculties in the event market the Trustees consider it essenb'al to have a reasonable level of Reserves. The trustees also wsh to create a level of reserve re that will provide option to create G3Pital assets on the site. This will create a business model fit for purpose over the coming years. The trustees ¢onsider the current level of reseryed to be in line with the philosophy oudined above. The Society holds tr>tal un￿StriCted ￿SerVeS at 30 September 2023 of £3.791,24912022.' £3.676,3451 of which £2,703,556 12022.. £2.451.865) has been designated as represents.ng the tangible fixed assets of the Society. less the ass(￿lated borrowings." £35.971 12022.. £35,971) which Is represented by listed investments and has been designated lo rneet the wishes of the teststors and £2,16012022= £2.1601 whi¢h is represented by cash as designated by the Trustees to meet the wishes of the donors. Therefore, general unrestricted reseNes at 30 September 2023 amounted to £999.562 (2022: £1.186,3491. Fixed assets In the opinion of the Trustees the value of the freehold land and buil¢Jings is substantially in excess of ils written down value. Principal risks and uncertainties The Trustees are acutely aware of the need lo idenify and manage risks and implement a risk rnanagèment strategy with advice from a professional safety consuttant which comprises: an annual review of the prinapal risks and ￿n￿rtaInb"e$ faced by the Soaety, tts subsidiary Kent Event and Exhibttion Centre Limited and the Soaety events. the Kent County Show, Farni Expo. Heritage Transport Show and Living Land and BiddÈftden Tractorfest- the establishment of poliues. S￿leMS and procedures to mth.gate those risks identified in the annual review.. and the implementation of procedures designed to minimise or manage any potential impact on the Soaety should those risks materialise. Attention has been given to non-finanaal risks arising frorn events suth as, but not exclusively. fire. health and safety of the public, animal health hazards and f¢)od and hygiene issues_ These risks are managed by ensuring acc￿dit8t10n is up to date and by having robust policies. procedures and risk assessments in pla￿ which are detsiled in the Health and Safety Policy and supporting documents. The Soaety is in regular contact with the safety consuKant throughout the coutse of the year. This wod( has also identified that adverse weather or traffi¢ incidents over the period of the Kent County Show can have a severe affect on visitor numbers. Whilst the Truslees accept that these events are outside their control. there are emefgency procedures in place and improvements have been made to access the site allowing rt lo wpe wth most adverse weather. The mechanics of Command and Control procedures allow for fast time deusions to be made up to and indudiThJ the point of needing to abandon the Kent County Show. The Trustees aTe managing the finanual irnpact of these risks by building a sufficient level of reseNes to safeguard the Soaety againsl the absence of budgeted in¢ome as a result of such an adverse event. Page 8 KENT coupiry AGRICULTURAL SOCIETY IA company limited by guarantee) Trustees. reF)Ort {continued) for the year ended 30 September 2023 Plans for future periods The Society plans to continue with the strategies outlined in the Objects and Policies with major aspects of this being the Kent County Show, Fami Exw, Lrving Land, Biddenden Tractorfest and the educational awards and bursaries in so far as the current (ifcumstances allow. The Trustees and senior managemeftt team look at feedtIa￿ from past events and prO￿dUKeS and always undertake detailed ￿vIewS in order to enhance experien￿. redu￿ or maintain costs and increase educational aspects and outreach of future offerings. The Society is also continuing to maximise revenues generated by the Kent Event and Exhibition Centre Limited in order to in¢rease funds available to support the ¢haritsble objectives. Disclosure of information to auditors Eath of the persons who are Trustees al the ts.me when this Trustees Report is approved has confirmed Ihal.. so far as that Trustee is aware, there is no relevant audit infom)ation of which the charitable group s auditors are unaware. and that Twslee has taken all steps that ought lo have been taken as a Trustee in order to be aware of any information needed by the charitable group's auditors in connection with preparing their report and to establish that the charitable group s auditors are aware of that infomiats"on. Approved by order of the members of the board of Tnjstees and signed on their behaw by. Mr R J Bames ChairTnan Date.. L3 Page 9 KENT COUNTY AGRICULTURAL SOCIErY {A company limited by guarantee) Statèment of Trusteès. responsibilities for the year ended 30 September 2023 The Trustees {who are also the di￿¢t0{$ of the Society for the purposes of company lawl a￿ responsible for p￿paring the Trustees. report and the financial statements in accordance with applirable law and United Kingdom Accounbng Standards (Unrted Kingdgm Generally AC￿pted Accounting Practs"cel. Company law requires the Trustees to p￿pare financial siatements for each finanual . Under company law, the Trustees musl not approve the financial ststements unless they are satisfied that they give a Inre and fair view of the state of affairs of the Group and the Soo"ety and of their incoming resources and application of reS)Ur￿$. including their income and expenditure. for that period. In p￿Paring these financ¢al statements. the Trustees are reqUI￿d to.. select suitable accounting policies and then apply them ¢onsistenUy. observe the methods and principles of the Charibes SORP IFRS 1021". make judgements and accounting esb"mates that are reasonable and prudent.. stste whether applicable UK Accountrng Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial siatemènts". prepare the financial ststements on the going ¢on¢em basis unless it is inappropriate to presume that the Group will continue in business_ The Trustees are responsible for keeping adequate accounting records that a￿ sttffitient to show and explain the Group and the So¢ietys transa¢lions and disclose with reasonable accuracy at any lime the financial position of the Group and the Sw"ety and enable thern to ensure that the finanaal statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Society an hen￿ for tsking reasonable steps for the prevention and detection of fraud and other irregularib'es. Page 10 KENT COUNTY AGRICULTURAL SOCIETY IA company limtted by guarantee) Independent auditors. report to the Members of Kent County Agricultural Society Opinion Vve have audited the financial ststements of Kent County Agricultural Society (the 'parent charitable company'l and its subsidiaries lthe 'group'l for the year ended 30 September 2023 whi¢h ¢omprise the Consolidated statement of financial activities, the Consolidated balance sheet. the Society balance sheet. the Consolidated statement of cash flows and the related notes. induding a summary of signrficant accounting polioes. The finanoal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Financial Repo￿n9 Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. Iunrted Kingdom GenerallyAc￿pIed Accounting Practice). In our opinion the financial stslements- give a true and fair view of the state of the Group's and of Ihe parent charitable companys affairs as at 30 September 2023 and of the Group's incoming resources and application of resources. including its income and expenditure for the year then ended: have been propedy syepared in accordan￿ Unf(ed Kingdom Generally AC￿pted Accounting Practtce.. and have been prepa￿ in accordan￿ the requirements of the Companies Act 2006 and the Charities Ac12011. Basis for opinion We conducted our audrt in accordance wrth Inlemational Standard5 on Audtting IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilrf(ies for the audit of the financial ststemenls section of our ￿pOrt. We are independent of the Group in accordance with the ethical requirements that are relevant to our audrt of the financial statements in the United Kingdom. induding the Finanual Reporting Council's Ethical Standard. and we have ftjlfilled our other ethical responsibilities in accordance these requirements. We believe that the audit eviden￿ y￿ have obtained is sufficient and appropriate to provide a basis for our opinion_ Con¢lusions relating to going concern In auditing the financial statements. we have Gonduded that the TTUStees' use of the going concern basis of accounb.ng in the preparation of the financial stalernents is appropriate_ Based on the work we have performed. we have not idÈnbfied any material un￿rtaIntieS relating to events or ondrtions that, indwiéually or GolleGtivety. rttay (3st signfficant ¢Joubt on the Group's or the parent charitable companls ability to continue as a going concem for a period of at least tsvelve months from when the financial statements are authorised for issue. Our reswnsibilities and the iesponsibilities of the Truslees ￿SPect to going concem are described in the relevant sections of this reporL Page 11 KENT COUNTY AGRICULTURAL SOCIErY {A company limited by guarantee) Independent auditors. report to the Membèrs of Kent County Agricultural Society Icontinuedl Other infomiation The other information comprises the information induded in the Amrhual report other than the financial statements and our Auditors, ￿port thereon. The Trustees are responsible for the other infomation contained within the Annual report. Our opinion on the finanaal statements does not cover the tsthèr information and. except to the extent otherwise explicitly stated in our report. we do not express any forrn of assuranGe conclusion thereon. Our responsibility is to ￿ad the other infomiation and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstsleil. If we identify sud) material inconsistencies or apparent material misstatements, we are required to deterrrtine whether this gives rise to a material misststement in the financial statements themselves. If, based on the work we have performed. we condude that there is a material misstslement of this other infom)ation, we are required to report that fact. We have nothing lo ￿port in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion. based on the work un¢Jertaken in the wurse of the audit.. the infom)ation given in the Trustees. rerK>rt for the finanoal year for which the financial staternents are prepared is wnsistent wth the financial ststements. the Trustees. report has been p￿pared in aC￿r￿an￿ wth applicable legal requirements. Matters on vthich we are required to report by exception In the light of our knowledge and understanding of the charitsble company and its enwronment obtsined in the course of the audrt. we have not identified material misststements in the Trustees. report. We have nothtng to report in respecl of the following matters in relation to whith Companies Act 2006 requires us to report to you rf, in our opinion= the parent Charitable ¢ompany has nol kept adequate and sufficient accounting records. or ￿lUMS adequate for our audit have not been recetved from branches not visited by us-. or the pa￿nI ¢haritsble company financial statements are not in agreement with the accounting records and tums". or certain disdosures of Trustees. remuneration specified by law are not made- or we have not received all the infomiation and explanations we require for our audit.. or the Trustees We￿ not entiued to prepare the financial ststements in accordance with the small companies regime and tske advantsge of the small companies. exemptions in preparing the Trustees, report and from the requirement to prepare a Strategic report. Responsibilities of trustees As explained more fully in the Trustees, responsibilities stalement. the Tnjstees (who are also the directors of the charitable company for the purposes of company lawl a￿ responsible for the preparation of the financial statements and for being salisfied that they give a true and fair view. and for such internal wntrol as the Trustees detemine is necessary to enable the preparation of fina￿la1 statements that are free from material misstatement. whether due to fraud or eryor. In preparing the financial ststements. the Trustees are responsible for assessing the Groijp's and the parent haritsble Gompanls abilty to continue as a going ¢oncem. disdosing. as applicable, matters related lo going concem and using the going concem basis of accounb.ng unless the Trustees either intend to liquidate the Group or Ihe parent thantable company or to ￿ase operdtsons. or have no realists"c altemab.ve bijt to do so_ Page 12 KENT COUNTY AGRICULTURAL SOCIETY IA ¢ompany limtted by guarantee) Independent auditors. report to the Members of Kent County Agrieuliural Society (continued) Auditors. responsibilities for the audit of the financial statements Our objectives are to obtsin reasonable assurance atK)ul whether tr￿ ffinancial ststements as a whole are free from material misstatement. whether due lo fraud or error. and to issue an Auditors. report that includes our opinion. Reasonable assurance is a high level of assuran￿. but is rtrol a guarantee that an audit wnducted in accordance with ISAS IUKI wll always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are Conside￿d material if, indiwdu211y or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. I￿egularitieS, indudiTrJ fraud. are instances of nonmpliance throughout the audit_ Wè evaluated management's incentives and opportunities for fraudulent manipulab.on of the financial slatements lincluding the risk of tsverride of ¢ontrolsl and determined that the pnnapal risks were related to posting inappropriate joumal entries and management bias in ac¢ounting estimates and judgemental areas of the finanual statements. Audrt procedures performed by the èngagement team induded.. Discussions ￿th management and assessment of known or suspected instances of non-compliance with laws and regulations lin¢luding health and safety) and fraud,. and Assessment of identified fraud risk factors.. and Review of expenditure to confim no ewdence of personal benefit.. and Identifwng and assessing the design effectiveness of c4)ntrols that management has in place to prevent an detect fraud.. and Challenging assurnptions and judgements made by management in its significant accounting ests'mates.. and Performing analyts.cal procedures lo identsfy any unusual or unexpected relationships, induding related party transa¢tions. that may indicate risks of matèrial misststèment due to fraud., and confirmab.on of related parDes with management. and review of transactions throughout the period to identify any prewously undisclosed transartions related parties outside the nomial course of business.. and Reading minutes of meetTngs of those charged with governan￿.. and Physical inspection of tangible assets suS￿p￿"b1e to fraud or I￿egula￿v. and Review of significant and unusual trdnsactions arhd evalLtats"on of the undedwng finanGial rationale supporting the transactions." and Using data analytics to review transactions,. and Identifwng and testing joumal entries. in particular any manual entries made at the year end for fin8n¢i81 ststemenl preparab"on. Page 13 KENT COUNTY AGRICULTURAL SOCIErY (A company limited by guarantee) Independent auditors. report to the Members of Kent County Agricultural Society (continued) Be(2use of the inherent limrtations of an audit. there is a risk that we wll not deted all irregularities. including those leading lo a material rrsisstatement in the finan￿al statements or non-compliance with regulats"on. This risk increases the more that Complian￿ wrth a law or regulab.on is removed from the events and transactions reflected in the financial ststements. as we wll be less likely to become aware of instan￿5 of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion. omission or misrepresentation. As p8rt of an audit in accordance with ISAS IUKI, we exerase professional judgement and maintain professional s￿pticisM throLtghout the audit. We also". Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit prO￿uTeS responsive to those risks, and obtain audit eviden￿ that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a material misstatement resuhing from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrep￿Sentat1Ons. or the override of intemal control. Obtsin an understsnding of intemal control relevant to the audit in order to design audit prO￿dureS that are appropriate in the cirojmstsnces, but not for the purpose of expressing an opinion of the effectiveness of the charitable companls internal control. Evaluate the appropriateness of accounting poliaes used and the reasonableness of accounting ests"mates and related disdosures made by the Tnjslees. Conclude on the appropriateness of the Trustees. use of the going cor¢cem basis of accounting and, based on the audit eviden￿ obtained, whether a material Un￿rtaInty exists related to events or conditions that Tnay cast significant doubt on the charitable companys ability to conts.nue as a going concem. If we condude that a material un￿rtaInty exists. we are required to draw attention in our Auditors, report to the related disclosures in the finanual ststements or. rf such disdosures are inadequate. to modify our opinion. Our condusions are based on the audit evidene£ obtarned up to the date of OLJr Auditors. report. However. future events or Conditions may cause the charitsble wmpany to ￿ase to continue as a going concem. Evaluate the overall presertstion. stru¢ture and content of the financial ststements, including the disdosures, and whether the finanGial ststements represent the underfyng transactions and events in a manner that achieves fair presentaijon. Obtsin sufficjent appropriate audit eviden￿ regarding the financial infomiation of the entities or business activrties wthin the Group to express an opinion on the consolidated financial statements. We are responsible for the direction. supervision and performance of the Group audit. We remain solely responsible for our audrt opinton. We comrnunicate with those charged wth govemance regarding. among other matters. the planneé scope and timing of the audit and si9nthcant audit findings. including any Signifi￿nt deficiencies in intemal control that we identify during our audtt. Page 14 KENT COUNTY AGRICULTURAL SOCIErY (A company limited by guarantÈe} Independent auditors. report to the Members ol Kenl County Agricultural Society Icontinued) Use of OUT report This report is made solely to the ¢haritable (x)mpanYs member5. as a body. in aC￿rdan￿ with Chapter 3 of Part 16 of the Companies Act 2006. and to the tharitable companls tJustees. as a body. Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the ¢haritsble cornpanys members those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent pemiitted 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 fomied. Samantha Rouse FCCA OChA {Senior statutory auditor) for and on behaK of Kreston Reeves LLP Statutory Auditor Chartered Ac¢ountsnts Canterbury Date.. Pa9e 15 KENT COUNTY AGRICULTURAL SOCIETY IA ¢ompany limited by guarantee) Consolidated Statement of financial activities (incorporating income and expenditure account) for the year ended 30 September 2023 Unrestricted funds 2023 Total fvnds 2023 Total funds 2022 Note Income from- Donations, legacies and grants Charitable activities 30,082 1.090,650 1.436.464 11,620 10.363 30.082 1,090,650 1,436,464 11,620 10,363 29,214 988.489 1.159.266 12.872 11.009 Other trading activities Investments Other income Total income 2,579,179 2,S79.179 2,200,850 Expenditure on: Raising funds Charitsble aCtiv￿eS 468.613 2,OS8.273 468.613 2,058,273 289,041 1,771.806 Total expenditure 2,526.886 2,526.886 2,060,847 Net income before nèt gainsl{lossesl on investments S2.293 62,611 52,293 62,611 140.003 146.0321 Nel gainsl{losses) on investments Net movement in funds 114,904 114,904 93.971 R•eonciliation of funds: Total funds bmught fornard Net movement in ftjnds 3.676.345 114.904 3,676,345 114,904 3.582.374 93.971 Total fvnds ￿rrIed forward 3,791,249 3.791.249 3.676.345 The Consolidated statement of financial activities indudes all gains and losses recognised in the year. The notes on pages 20 to 41 fom) part of these financial statements. Page 16 KENT COUNTY AGRICULTURAL SOCIETY IA company limited by guarantee) Registered number: 02556508 Consolidated balance sheet as at 30 September 2023 2023 2022 Note Fixed assets Tangible assets Investments 18 3.479.708 678.979 525,000 3,548,723 655,742 525.000 20 Investment propety 4,683.687 4,729,465 Current assets Debtors 21 259.244 719.650 200.520 767.782 Cash at bank and in hand 978,894 968.302 Creditors= amounts falling due ￿1n one {638.5861 1545.0681 Nèt current assèts 340.308 423.234 Total assets less current liabiliti•s 5.023.99S 5.152,699 Creditors.. amounts falling due after more than one year 23 {1,232.746} 11.476.354) Total net assets 3.791.249 3,676,345 Charity fvnds Unrestricted fijnds 24 3,791.249 3.676.345 Total funds 3.791.249 3,676,345 The TTUStees acknowledge the¥r responsibilities for complying wth the requ1￿Ments of the Act with respect to accounting recortss and preparation of financial ststement5. The finanaal statements have been prepared in accordance wth the provisions applicable to entities subject to the small companres regimè. The finanaal statements were approved and alrthorised for issue by the Trustees and signed on their behaff by.. /// Mr R J Bames ChairTnan Date.. The notes on page$ 20 to 41 forrn part of these financial statements. Page 17 KENT COUNTY AGRICULTURAL SOCIErY A company limtted by guarantee} Registered number: 02556508 Society balance sheèt as at 30 S•ptembtr 2023 2023 2022 Note Fixed assets Tangible assets Investments 18 3.479.708 678.984 525.000 3.548,723 65S,747 525.000 Investment property 4,683,692 4,729.470 Current assets Debtors Cash at bank and in hand 21 335.859 255.627 526,379 205.383 591,486 731,762 C￿d(lors.' amounts falling due wthin one year {255.045} 1312.395} Net current assets 336.441 419,367 Total assets less current liabilities 5,020.133 5,148,837 Creditors". amounts falling due after more than one year 23 {1,232,746} {1.476.3541 Total net assets 3,787.387 3,672,483 Charity funds Unrestri¢ted funds 24 3.787.387 3,672,483 Total funds 3.787.387 3,672,483 The Trustees ad(nO￿edge their respon5ibilits.es for complying with the requirements of the Act with respect to accounting re¢ord$ and preparalion of Iinanaal slalements. The finanual statements have been prepared in accordance wth the provisions applicable to entities subject to the small companies wime. The financ¢al statements were approved and authorised for issue by the Trustees and signed on their behaK by.. Mr R J Barnes Chairnian Date-. 73 The notes on pages 20 10 41 form part of these financial statements. Page 18 KENT coup¥rY AGRICULTURAL SOCIETY IA Company limitèd by guarantee) Consolidated statement of cash flows for the year ended 30 September 2023 2023 2022 Note Cash flows from operating activities Net cash used in operating activiti.es 27 262.415 386,332 Cash flows from investing acttvities Dividends. interests and rents from invesknents Purchase of tangible fixed assets Pro¢ee¢Js from sale of investments Purchase of investments 11,620 151,462) 96,572 {68,298} 12.872 114.4921 60,851 176,1121 Nèt cash used in invèsting aCtivrtiÈs {11,5681 {16,8811 Cash flows from financing activities IncreasellrepayThentsl of borrowing 1298.9791 1134,0991 Net cash used in financing activities 1298.9791 1134,0991 Change in cash and cash equivalents in the year Cash and c2sh equivalents at the beginning of the year 148,132) 767,782 235.352 532,430 Cash and cash equivalents at the end of the year 28 719,650 767.782 The notes on pages 20 to 41 form part of these finanaal statements Pagè 19 KENT couKrY AGRICULTURAL SOCIErY {A company limited by guarantee) Notes to the financial statements for the year ended 30 September 2023 General infomation Kent County Agricultural Society is a charity, limited by guarantee. which is incorporated in England and Wales. wrth the wistrab.on number 2556508. The Societys registered Offi￿ is County ShovKJround. Deuing. Maidslone, Kent, ME14 3JF. The charitable activities of the Swety are to hold the Kenl County Show for the exhibition of livestock, farm and horticultural produce. machinery and other things pertaining to agriculture, and to encourage agricultural and horbcultural education and for the improvernent of agriculture generally. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance wrth the Charitses SORP IFRS 1021- Accounting and Repor￿ng by Charities= Statemeftt of Recommended Practi￿ applicable to charities preparing their accounts in a¢cordan¢e wrth the Finanoal Reporting Standard applicable in the UK and Republic of I￿land IFRS 1021 leffective 1 January 20191. the Financial Reporting Standard applicable in the UK and Republic of I￿land {FRS 1021 and the Companies Act 2006. Kent County Agriculiural Swiety meets the definition of a public benefit entity under FRS 102. A&8ets and liabtlitie5 are initially recognised at histori(31 cost or transaction value unless othetwise ststed in the relevant accounting poli￿. The group's fvnctional and presentsb.onal currency is Pounds Steding. The group's financial statements are presented to the nearest rK>und. The Consolidated statement of finanoal a¢bwb"es ISOFAI and Consolidated balance sheet consolidate the financial statements of the Group and rts subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Group has taken advantage of the exemption allowed under section 408 of the Cornpanies Act 2006 and has not presented its own Statement of financial acttvttses in these financial statements. The company has taken advantage of the follo￿ng disdosure exernpb.ons in preparing its individual finanoal stslements as permitted by FRS 102 Tre Financial Reporting Standard ApplicAble in the UK an(t Republic of Ireland". the requirements to present a ststernent of cash flows for the company, the requirements of Section 33 Related Party Disdosures paragraph 33.7. 2.2 Company ststU5 The SoGiety is limited by guarantee and d(*$ not have a share capital. The liability of each of the members is limited to suth contribution as may be required (not exceeding £11 to the Souews assets if it should be wound up while such person is a member, or within 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 c￿ntribUtOneS themselves. If upon the wnding up or dissoluti￿ of the Swety there remains a surplus. after the satisfadion of all its debts and liabilities. and property whatsoever. the same shall not be paid to or distributed among the members of tre Society and shall be given or transferred to some other charitable institution having objectives similar to the objectives of the Society. Page 20 KENT COUNTY AGRICULTURAL SOCIETY IA company limited by guarantee) Notes to the financial statements for the year ended 30 September 2023 Accounting policies (continued} 2.3 Going concem After making enquiries, the directors have reasonable expectation that the cornpany and the group has adequate resour￿5 to continue in operational existence for the foreseeable future. Accordingly, they continue lo adopt the going ¢on¢em basis in preparin9 the finanaal statements. 2.4 Fund accounting General funds are unrestricted funds whtch are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purpt)ses. Designated fvnds comprise unreslricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fvnd is sel out in the notes to the financial ststements. Investrnent income. gains and losses are allocaled lo the appropriate fvnd. 2.5 Basis of consolidation The finanGial statements consolidate the accounts of Kent County Agricultural Society and all of its subsidiary undertakings I'subsi(liaries'l_ The company has taken advantage of the exernpts.on contsined fftin section 408 of the Companies Act 2006 not to present it5 own Income and Expenditure account. 2.6 Incoming resources Annual subscriptions from members are in¢luded in the year they are re￿ived. Life membership subscripb.ons are credtted lo deferred inwme and released to income in equal installments over twenty years. Income from the showground letb.ng is recognised as eamed. Invesbment income is recognised on a receivable basis. In￿rne from ¢haritable a¢tivitses is recognised as earned. Grant income is recognised where there is entiuernent. certainty of receipt and the arnount (an be measured w¥th sufficient certainty. Where applicable. income is stated exclusNe of Value Added Tax and trade discounts. Grants a￿ induded in the Consolidated statement of financial activities on a receivable basis. The balan￿ of income ￿￿1Ved for speufic purposes but not expended during the period is shown in the relevant fijnds on the Balan(E sheet. Where income is received in advance of entitlement of receipt. its re¢ognition is deferred and included in credllors as deferred income. Where entrfclement o¢¢urs before tncome is received. the incorne is accrued. Page 21 KENT COUNTY AGRICULTURAL SOCIErY {A company limited by guarantee) Notes to the financial statements for the year ended 30 September 2023 Accounting policies {continued) 2.7 Re$ources expended Expenditure is recognised when a liability is incurred. Costs of generating funds are those costs that are InCu￿e￿ in undertaking trading a¢tivities that raise funds and in managing the Socievs investsnents. Charitsble activities indude the expenditure associated with staging the Kent County Show, Living Land, Fam Expo and in the making of edU￿tional awards and bursaries as well as grants to Young Famieis Clubs. Governan￿ costs include those incurred in the govemance of the Society and its assets and are primarily associated with wnstitutional and ststutory requirements. Support costs indude central functions that have been allo(ated to activity cost categories on a basi5 consistent with use of resou￿S. Expendilure on raising fvnds indudes all expendittjre incurred by the Group to raise funds for its charitsble purposes and indudes (xists of all fundraising activities events and non-charitable trading. Expendrture on charitsble activities is In(￿rred on difedy undertaknng the activitses whi¢h further the Group's objectives. as well as any assocjated support costs. 2.8 Tangible fixed assets and depreciation Tangible fixed assets costing £1.000 or more are caprtalÈsed and recognised when future econornic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are carried at cost, net of depre(iation and any promsion for impairment. Depwation is not tharged on freehold land. Depreciab"on is provided at rates ¢al¢ulated to write off the cosl of fixed assets, less their esb"maled residual value. over their expected useful lives. Depreaation is provided on the fdlowing bases". Freehold property Freehold land Fixtures and fftts'ngs 2°￿- 12.5°A per annum on cost O°A per annum on cost 2.kn - 25 /0 per annum on cost The carrying val￿$ of tangibje fixed assèts a￿ reviewed for impairment when events or changes in rCumStan￿$ indicate that the carTring value may not be recoverable. 2.9 Pensions Pensi￿ costs charged against income represent the amount of contributions payable to group personal pension schemes in respect of the accounting year. 2.10 Investments Fixed asset investments are a form of financial instrumenl and a￿ initsally recognised at their transaction cost and subsequenyy measured at fair value at the Balan￿ sheet date. unless fair value cannot be measured reliably in whith case it is measured at Gost less impairment. Investment gains and losses. whether ￿alIsed or unrea115ed. a￿ combined and shown in the heading 'Gainslllossesl on investments in the Consolidaled statement of finanual a¢tivib"es, incorporating income and expenditure acGounL Page 22 KENT coui¥rY AGRICULTURAL SOCIErY IA ¢ompany limited by guarantee) Notes to the financial statemerrts for the year ended 30 September 2023 A¢¢ounting policies {continued) 2.11 Investment property Investment propety is carried at fair value detemiined annually by the directors With the assistance of exlemal valuers when required and derived from the current market rents and investment property elds for comparable real estate. adjusted rf necessary for any difference in natu￿, location or condition of the specific asset. No dePre￿a￿"0n is provided. Changes in fair value are recognised in the Statement of finanaal a¢tsvibes. 2.12 Interèst receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the wmpany. this is nomially upon notificatr.on of the interest paid or payable by the Bank. 2.13 Leasing and hire purchase Assets obtsined un¢Jer hire purchase conlracts and finance leases are capitalised as tsngible fixed assets. Assets acquired by fin8n¢e lease are depreciated over the shorter of the lease tem and their useful lives. Assets acquired by hire purd)ase are depreuateof over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. OblwJations under such agreements are induded ift (xeditors, net of the finance charge allocated to futuTr periods. The finance element of the renlal payTnent is charged to the Consolidated statement of financial activities so as to pr(XIu￿ a constant periodi¢ rate of charge on the net obligab'on outstsnding in each period. 2.14 Operating leases Renials pahj under operab.ng leases are tharged to the Ci)nsolidaled ststement of financial adivities on a straight line basis over the lease term_ 2.15 Debtors Trade and other deblo¥s are recognised at the setvement amount after any trade discount offered. Prepayrnents are valuèd at the amount p￿paid net of any trade discounts due. 2.16 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short rnalurity of three rnonlhs or less from the date of acquisib.on or opening of the deposit or similar account. 2.17 Liabilities and provisions Liabil￿eS are ￿COgnised when there is an obligation at the Balan￿ sheet date as a result of a past event, f( is Probable that a transter of economic benefft ¥MII be required in settlement, and the arnount of thè setuement can be estimated reliably. Liabil￿eS are recognised at the amount that the Swety anb"opates it ￿11 pay to setue the debt or the amount it has r￿1Ved as adVan￿d payments for the gocxJs or se￿iceS it must proviLIe. Provisions are measured at the best estsmate of the amounts required to settle the obligation. Where the effect of the time 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 Ihe risks specific lo the liability. The unwinding of the dis(wnt is recryjnised in the Consolidated statement of financial acb"vibes as a ffinan￿ cost. Page 23 KENT COUNTY AGRICULTURAL SOCIErY IA company limited by guarantee) Notes to the financial statements for the year ended 30 September 2023 Accounting policies {continued) 2.18 Financial instruments The company only has financAal assets and finanoal liabilrties of a kind that qualrfy as basic financial instruments. Basic finan¢ial inst¥uments are initialty recognised at transaction value and subsequently measured at their settlernent value th the exception of bank loans which a￿ subsequently measured at amorb.sed ci)st using the effeclive interest method. Page 24 KENT coup¥rf AGRICULTVRAL SOCIE IA company limited by guarantee) Notes to the financial statements for the year ended 30 September 2023 Judgements in applying a¢counting policie5 and key sources of estimation uncertainty The preparab.on 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 results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates. Critical accounting estimates and assumptions" Lease ¢ommitments The CL)mpany has entered inlo a Tange of lease commitments in respect of propety. plant and equipment. The dassification of these leases as either financial or operating leases requires the directors lo consider whether the tem)s and ¢ondib"ons of eath lease are such that the company has acquired the risks and wards associated wtth the ownership of the underfwng assets. GoAng concem In the judgement of the directors it is appropriate to Prepa￿ the financial ststements in accordan￿ with the going concem basis of acrx>unting. See accounb.ng policy 2.3 for further details. The following are the companls key sources of estimation uncertainty. Investmentproperties The company holds investrnent property a fair value of £525,000 at year end (see note 191. In order to detemiine the fair value of investment propety the ￿1￿ctorS have use(1 a valuab.on technique based on comparable martet dats. The ¢Jetermined fair value of the investrnent property is most sensitive lo fluctuations in the property ￿arket. Tangible fixed assets The company has recognised tangible fixed assets a Carrying value of £3.548.723 at the reporting date Isee note 181. These assets a￿ stated at their cost less provision for depreciation and impairrnenl. The company s accounting policy Sets out the approach to calculating depreuabon for imrnaterial assets a￿UIred. For material assets such as land and buildings the company detemiines at acquisition reliable estimates for the useful lrfe of the assel, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the directors ¢onsider whether there are any factors such as technological advancements or changes in market condrttons knal indicate a need to reconsider the estimates used. whe￿ there are indicators thal the carrying value of tangible assets may be impaired the company undertakes tests to determine the recoverable amount of assets. These tests require estimates of the fair value of assets less cost to sell and of their value in use. Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental cost for disposing of the asset. The value in use calculation rs based upon a discounted (ash flow model. based upon the company's forecasts for the foreseeable future which do not indude any restructuring aGbvib"es that the company is not yet committed to or signfficant future investrnents that will enhan￿ the asset's perforrnance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow modèl as well expected fvture cash llows and the growth rate used for extrapolation purposes. Page 25 KENT COUNTY AGRICULTURAL SOCIETY IA company limited by guarantee) Notes to the financial statements for the year ended 30 September 2023 Donations. legacies and grants 2023 2022 Membership subscriptions Govemmenl grants 30,082 23.214 6.000 30.082 29,214 Income from investments 2023 2022 Interest receivable Dswdends receivable 6,088 5.532 2,250 10.622 11,620 12.872 Other income 2023 2022 Othèr income 10,363 11,009 Income from charitatde activities These predominantly ￿p￿sent income in relation to the Kent County Show. logether with other income. and a￿ ststed net of Value Added Tax_ Taxation In the view of the directors, the various sources of income attn"bLrtable to the Society are not liable to Corporation Tax. This postb.on has been confim)ed i*y HM Revenue & Customs in relation to the accounts of the Souety for its first accounting peri(xJ. subject to the Society continuing to apply its income for charttable purposes in accordance wth Paragraph 1 Schedule 6 of the Finan￿ Ad 2010. The Society was required to submit its accounts and a corporab.on Tax self assessment retum to HM Revenue & Customs for the year ended 30 September 2009 which indicated that no tsxable ￿SuIt arose. It is likely that this position will be reviewed from b.me to ts"me. Page 26 KENT COUNTY AGRICULTURAL SOCIErY IA company limited by guarantsel Notes to the financial ststements for the yèar éndèd 30 S¢ptsmber 2023 Direct costs Total Total Unrestricted Unrestricted 2023 2022 Finance income and expenses Show expenditure Wages and salaries Nab"onal insuran 71,557 1.276.672 225.133 13,352 4,176 70.091 1,061.392 167,698 8.556 7.510 Pension cost 1,590.890 1.315,247 10. Support costs for Society Activttits Total Total Unrestricted Unrestricted 2023 2022 Salaries and temporary staff National insurar 219,000 19.48$ 9.417 3.332 209.822 18.702 6.409 2,367 Pension costs Other employTnent costs 251,234 237.300 Insuran Property and equipment maintenance Depreciaton 34.757 4.9S6 120,478 24,331 4,957 127.479 160,191 156.767 GovemaneÈ eosts Audr( 17,510 1,250 14.650 18,884 2,171 14,100 1.900 16,229 27,175 2,337 Accountancy Professional Marketing Society costs 54,465 61.741 465.890 455,808 Page 27 KENT COUNTf AGRICULTURAL SOCIEr (A company limited by guarantèe) Notes to the financial statements for the year ended 30 September 2023 Professional fees 2023 2022 Stockbroking Legal 6,382 8,268 6.734 9.495 14.650 16,229 11. Analysis of expenditure on charitable activities Summary byfvnd type Unrestricted funds 2023 Totsl 2023 Totsl 2022 Sooety 2.058.273 2.058.273 1,771,806 Total 2022 1,771,806 1.771.806 Summary by expenditure type Stsff costs Depreciation Other costs 2023 2023 2023 Total 2023 Total 2022 Society 4￿.563 120.478 1,447.232 2,058.273 1,771,806 Total 2022 418.697 127,479 1.225.630 1.771.806 Page 28 KENT COUNTY AGRICULTURAL SOCIETY IA company limit¢d by guarantee) Notes to the financial statements for thè yèar Ènded 30 September 2023 12. Analysis of èxpenditure by activities Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Total funds 2022 Society 1.592.383 465.890 2.058.273 1,771.806 Totsl 2022 1.315.998 455.808 1.771,806 13. Auditors. remuneration 2023 2022 Fees payable to the Sociews audrtor for the audtt of the So¢ieWs annual a¢counts 17,510 14,100 Fees paydble to the Socievs auditor in ￿spect of: Taxation Complian￿ services 1.250 1,900 14. Staff costs Group 2023 Group 2022 Society 2023 Society 2022 Wages and salaries Swal security costs Contribution lo defined contribution pension schemes 444.133 32.837 377.520 27.258 444,133 32,837 377,520 27,258 13.593 13,919 13,593 13.919 490.563 418.697 490,563 418.697 The average number of persons employed by the Socaety during the year was as follows.. Group 2023 No. Group 2022 No. Society 2023 No. Society 2022 No. 14 15 14 Page 29 KENT COUNTY AGRICULTURAL SOCIErY {A company limited by guarantee) Notes to the financial statements for the year ended 30 September 2023 14. Staff costs (continued) No employee received remuneration amounting to more than £60.LX)O in either year. The Trustees and Senior Management Team who have the authority and responsibility for planning. direGting and wntrolling the adtvrties of the group are considered to be key management personnel. Totsl remuneration in respect of the Senior Management Team is £63.24912022.' £54,834). 15. Trustèes. remuneration and expenses During the year, one Trustee has been paid remuneration from the Society. Janis Loraine had performed services for the Society to cover the role left vacant during a period of staffing drfficulty. Pèrmission was granted by Charity Commission to amend the artides of association to allow payment for su¢h services to Trustees. Currently the Society is awaiting Charity Commission's final approval to make the payment and as such the Swety has accxued the followrng value until final approval is obtained.. 2023 2022 Mrs J Loraine Remunerab"on 5,888 Duriryj the year ended 30 September 2023, expenses totalling £869 {2022.. £3231 were paid to one Trustee 12022: one} during the year in respect of reimbursement of out of pC￿ket expenses such as travel. 16. Pension costs The Society makes conth"bub"ons lo a group personal pension sd)eme in respect of ￿rtain members of staff and to an auto enrolment compliant scheme in respect of all other qualifw.ng members of stsff. The assets of the schemes are held separately from those of the Society in independenuy administéréd funds. The pension cost rep￿sents contributions Pa￿ble by the Souety and amounted to £13.593 12022_" £13,919). 17. Interest payable 2023 2022 On other loans 76.466 70,969 Page 30 KENT couKrY AGRICULTURAL SOCIETY IA company limited by guarantee) Notes to the financial statements for the year ended 30 September 2023 18. Tangible fixed assets Group and Society Assets in the course Freehold of Fixtures and property construction fittings Total Cost or valuation At 1 O¢tober 2022 Additions 6,927,965 46.097 1.825 643,290 5,365 7,573,080 51,462 At 30 September 2023 6.974.062 1.825 648.655 7.624,542 Depreciation Al 1 October 2022 Charge for the year 3.440.256 100.448 584,101 20,029 4.024.357 120,477 At 30 September 2023 3.540.704 604.130 4,144,834 Net book value At 30 September 2023 3.433.358 1.825 44,525 3.479.708 At 30 September 2022 3,487.709 1,825 59,189 3,548,723 The net book value of assets held under finance or hi￿ purchase contracts. induded above, are as follows.. 2023 2022 Plant and machinery 4,613 9.225 Induded in land and tyjildings a￿ the following amounts relating to assets on whith no depreciation has been charged.. Freehold land.. £228,431 12022." £228.431 ). Page 31 KENT COUNTY AGRICULTURAL SOCIETY IA company limrted by guarantee) Notes to the financial statements for the year ended 30 September 2023 19. Inve$tment property Group Freehold investment property Valuation Al 1 Odober 2022 Surplus on revaluation 525,000 At 30 September 2023 525.000 The Trustees have had a professional valuation undertaken for the year ended 30 September 2023. BTF Partnership conducted the valuab.on on an open market value for existing use basis. 20. Fixed asset investments Listed investments Group Cost or valuation Al 1 October 2022 Additions Disposals Revaluab'ons 655.742 68.298 196,5721 51,511 At 30 September 2023 678.979 Net book value At 30 September 2023 678,979 At 30 September 2022 655.742 Page 32 KENT COUNTY AGRICULTURAL SOCIETY IA company limited by guarantee) Notes to the financral statements for the year ended 30 September 2023 20. Fixed asset investments {continuedl sted securitses Unlisted securities Totsl S¢¢i¢ty Cost or valuation At 1 October 2022 Addit￿nS Disposals Revaluations 655.742 68.298 {96,5721 51,511 655,747 68,298 {96.5721 51.511 At 30 September 2023 678.979 678,984 Net book value At 30 September 2023 678,979 678,984 At 30 September 2022 655.742 655.747 Listed investments are held within the UK. AJI amounts above related to the general fund. Subsidiary undertakings The fotlowng were subsidiary undertakings of the So(#ety. Class of shares Name Holding Principal a¢tivty Kent Event and Exhibition Centre Limited Ordinary 100% Raising funds for the Kent County Agricultural Society by the hire of the showground lo outside users Why Farming Matters in Kerbt Limited Ordinary 1000A Dormant Fam) Expo Limited Ordinary 100% Dorniant Biddenden Tractorfest Limrted Ordinary 100% Domianl The registered office of the aL¥Jve companies is County Showground. Deding. Maidstone, Kent. ME14 3JF. Page 33 KENT COUN￿ AGRICULTURAL SOCIETY IA company limited by guarantee) Notes to the financial statements for the year ended 30 SeptembÈr 2023 21. Debtors Group 2023 Group 2022 Society 2023 Society 2022 Due wrlhin one yèar Trade debtors Amounts owed by group undertakings Other debtors 233,212 62,151 10.460 485.894 30,025 313.$62 22,297 22.297 3.735 30.025 108.344 Prepayments and accrued income 259.244 200.520 335,859 526.379 22. Creditors: Amounts falling due within one year Group 2023 Group 2022 Socièty 2023 Soaety 2022 Bank loans 101,141 61,918 157.420 111.628 101.141 40.232 157.420 78,578 Trade creditors Amounts owed to group urHJertakings Other taxation and social secwrity Other creditors Accruals and deferred income 102.413 51.016 1,530 223.474 14,$01 12,805 1,530 62.060 373,114 99,169 638.586 545.068 255.045 312,395 Deferred income Group Society Deferred income at 1 October Resources deferred during the year Amounts released from previous years 157,008 239,067 (157,0081 169.858 157.008 1169.8581 239.067 157,008 Page 34 KENT COUNTY AGRICULTURAL SOCIETY IA company limited by guarantee) Notès to the financial statements for the year ended 30 September 2023 23. reditors= Amounts falling due after more than one year Group 2023 Group 2022 Society 2023 So¢iety 2022 Bank loans 1.221,738 11,1)08 1.464.438 11.916 1,221,738 11,008 1,464,438 11,916 Acouals and deferred income 1.232.746 1.476.354 1,232.746 1,476.354 The aggregate amount of liabilities payable or repayable wholly or in part MO￿ than ftve years after the reporting dale is" Group 2023 Group 2022 Society 2023 Society 2022 Payable or repayable by instalments 771.372 885.814 771.372 885,814 Bank loans comprise" i) A bank loan to part finan￿ the Kent Event Centre ExhIb￿"On Hall is secured by way of a legal charge on the County Showground. The loan is repayable in monthty instalments over a period of 25 years from 2010. Inte￿$1 is payable al 3.95/0 per annum_ ill 3 bank loans to finance the Maidstone Exhibibon Hall_ The bank loans are seCU￿d by way of a legal charge on the County Showground_ The loans had a 2 year deferred repayment period after which the loan is repayable by instalments by between 2033 and 2034. Interest is payable at between 4.15Yo above base rate and 4.35¥0 above base rate per annum. iiil Duriftg the year the Coronawrus Business Intemiption Loan was repaid in full. Deferred income rep￿sents membership subscriptions in respect of lrfe members and life govemors. Amounts re￿iVed are released lo income over a 20 year period. Deferred income Group Souety Deferred income 311 October Resources deferred during the year Amounts released from previous years 11,916 13,004 11,916 113,0041 19081 11.008 11,916 Page 35 KENT COUNTY AGRICULTURAL SOCIETY (A company limited by guarantee) Notes to the financial statements for thè year ended 30 September 2023 24. Statement of funds statement of fvnds - current year Balance at 30 Gainsl September ILo5sesl 2023 Balance at 1 October 2022 Transfers inlout Income Expenditure Unrestricted funds Designated funds Awards Fund Tangible fixed assets 35,971 35,971 2N51.865 251,691 2,703,556 Womens Farming Union Event Disruption Fund 2.160 2.160 50,000 50,000 2.489,996 301.691 2.791,687 General funds General Funds 1.186,349 2.$79.179 (2,526,886) 1301.691) 62,611 999,562 Total Unrestricted funds 3,676,345 2.579,179 (2.526,8861 62.611 3,791.249 Designatsd funds lil The Awards Fund represents the balance of funds received from George Lane Hooson and Irene. Lady Astor. By decision of the direthrs. legaaes have been transferred to a designated fund in order to meet the wshes of the testators. atthough those wishes were not binding. Transfers In the year represent awards granted from the designated fund. lill The Tangible Fixed Asset Fund. represents the tK)ok value of tar*gible fixed assets used in the furtherance of the Sociews objects less any direclly assouated borrowings as these are not in the opinion of the directors. part of the So(ieVs free reseryes. liiil The WFU Fund represents a don8ts.on of funds received frorn the Women's Food and Farming Union IWFUI. By the de￿slon of the directors. this donation has been transferred to a designated fund in order to support the activities of the Farming in the ClassrcK)m project. livl The Event Disruption Fund is designated by the Trustees to cover the potential eventuality that the So(2ety do not benefit from the addtts.onal £50.000 contribution generated by the Biddenden TraGlorFest in any one year. This is as a result of severe weather disrupts'ons on land that is susceptible to flooding. Page 36 KENT coup¥rY AGRICULTURAL SOCIETY IA company lirnited by guarantee) Notes to the financial statements for the year ended 30 September 2023 24. Statement of funds Icontinuedl statement of funds- prior year Balan￿ at 30 Gainsl September (Losses) 2022 Balan￿ at 1 October 2021 Transfers inlout Income Expenditure Unrestricted funds Designated funds Awards Fund Tangible fixed assets 35,971 35,971 2,430,138 21.727 2,451.865 Womens Farming Union 2.160 2,160 2.468.269 21.727 2.489.996 General funds General FLEnds 1,114,105 2.200.850 (2,060,847) 121.7271 146,0321 1.186,349 Total Unrestricted funds 3.582.374 2.200,850 12.060.847) 146.0321 3.676.345 Page 37