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2024-09-30-accounts

DRAFT

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 2024

KENT COUNTY AGRICULTURAL SOCIETY KENT SHOWGROUND DETLING MAIDSTONE KENT ME14 3JF

Tel: 01622 630975

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Contents

Page
Reference and administrative details of the Society, its Trustees and advisers 1
Trustees' report 1 - 10
Trustees' responsibilities statement 11
Independent auditors' report on the financial statements 12 - 16
Consolidated statement of financial activities 17
Consolidated balance sheet 18
Society balance sheet 19
Consolidated statement of cash flows 20
Notes to the financial statements 21 - 42

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Trustees' report for the year ended 30 September 2024

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 its title.

Registration numbers

The Society 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

President

William Boscawen

Chairman

Richard Julian Barnes

Trustees

Mr R J Barnes, Chairman Ms J A Loraine, Vice Chair Mr H Summerfield FCA, Honorary Finance Director Ms S Matthews Mrs S K Gaines Mr N Lakeland Mr N M Bolas Ms C E Seymour Mr J J C McGrorty Hon F A W M Cornwallis Mr M R Cullen Mr J W Booth

Address of registered office

Kent Showground Detling Maidstone Kent ME14 3JF

Page 1

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Trustees' report (continued) for the year ended 30 September 2024

Advisors:

Independent auditors

Kreston Reeves LLP Statutory Auditor 37 St Margaret’s Street Canterbury Kent CT1 2TU

Bankers

Barclays Bank Plc 13 Fremlin Walk Maidstone Kent ME14 1QG

Solicitors

Brachers LLP 59 London Road Maidstone Kent ME16 7VH

Investment managers

Cazenove & Co 12 Moorgate London EC2R 6DA

J.M. Finn & Co Ltd 4 Coleman Street London EC2R 5TA

HR Consultants

Outset (UK) Ltd Vinters Business Park New Cut 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 2024

Structure, governance and management

Constitution

The Society is a company limited by guarantee and does not have a share capital. It was incorporated on 8 November 1990, and its governing documents are the Memorandum and Articles of Association as amended on 7 October 2011.

The liability of members is limited to a maximum £1 each in the event of a winding up resulting in a deficit. In the event of a winding up producing a surplus, that surplus must be donated to another charity having similar objectives.

The Society was formed to take over the undertaking and assets of the unincorporated association of the same name which had for many years previously held the annual Kent County Show and this took over on 29 January 1991.

Subsidiary companies

At 1 October 2023 and 30 September 2024, Kent County Agricultural Society had four wholly owned subsidiaries:

i) Kent Event and Exhibition Centre Limited:

This subsidiary carries out those activities that would not be exercised in carrying out the primary purposes of the Kent County Agricultural Society, being the hire of the showground.

ii) Why Farming Matters in Kent Limited:

This company has remained dormant throughout the year to 30 September 2024.

iii) Farm Expo Limited:

This company has remained dormant throughout the year to 30 September 2024.

iv) Biddenden Tractorfest Limited:

This company has remained dormant throughout the year to 30 September 2024

Further details are set out in note 20 to these accounts.

The objects and policies

Vision Statement

To be the leading county show and event venue in the South East of England.

Objectives

Page 3

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Trustees' report (continued) for the year ended 30 September 2024

The objects and policies (continued)

The objects and policies are set out in the Memorandum of Association as being:

things connected with or appertaining to agriculture

The vision that shapes our annual activities remains the promotion and improvement of agriculture by the provision of facilities for the education and recreation of the public and to support and enhance the practices of the farming community.

In shaping our objectives for the year and planning our activities 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 company. Affordability and access to the Kent County Show is important to the Society and is considered carefully when setting entrance fees.

The strategies employed to achieve the Society’s aims and objectives are to:

The organisation

The organisation of the Society is as follows:

The Executive Board of Directors, who are also Trustees, exercise the general control and management;

The Council acts in an advisory capacity to the Directors on matters affecting policy and general management;

One standing committee, known as the Show Committee, together with various advisory sub committees, assist the Directors with the operations of various departments of the annual Kent County Show and other specific activities;

Page 4

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Trustees' report (continued) for the year ended 30 September 2024

The day to day management generally is delegated to three Board Members who are supported by the senior Management Team.

Trustee recruitment, induction and training

The Trustees continue to seek to identify suitable individuals with an understanding of the agricultural and rural community and/or event and exhibition experience with a view to serving on the board. The Trustees all have particular and relevant skills which enable them to contribute to the work of the Society. Their knowledge of good practice, changes in legislation and technical issues is supplemented by publications issued by the Charity Commission and other relevant organisations and attendance at appropriate conferences and trainings. New Trustees are provided with detailed background information about the Society, copies of the constitution of the Society, current financial data and other documents relevant to the operation of the Society.

Pay policy for senior staff

The Trustees consider the Board of Directors, who are the Trustees, and the senior management team comprise the key management personnel of the Society in charge of directing and controlling, running and operating the Society on a day to day basis. All Trustees give of their time freely except one Trustee was provided with remuneration during the year. Details of Trustees’ expenses, remuneration and related party transactions are disclosed in notes 15 and 31 to the accounts.

The pay of senior staff is reviewed annually and normally increased in accordance with average earnings. In order to ensure appropriate pay levels, the Trustees instructed an independent HR professional to bench mark the remuneration in 2014 and consider annually the need to repeat this process.

Restrictions on methods of operation

The constitution imposes no restrictions on the Society’s method of operation.

Achievements and performance

The Kent County Show returned for its 93rd year 2024 and celebrated another remarkable year of agriculture, community, and entertainment, even though the weather did not cooperate fully! The event, held over a wet weekend, proved the resilience and spirit of Kent's agricultural community, delivering a memorable experience for circa 60,000 attendees.

This year, a major highlight was the performance by Ben Atkinson’s Horses. The Astor Ring was the stage for their spectacular display, which captivated audiences with intricate routines and impressive horsemanship. Despite the rain, the performances went ahead, showcasing the bond between horse and rider and the skill involved in their training.

The 2024 Farming Conference held on 24th January marked the third consecutive year of our initiative to address critical issues in agriculture, and specifically, this year's focus was on addressing food safety. The conference aimed to educate and empower farmers with the latest insights, strategies, and technologies to ensure the UK produced and processed safe and high-quality food. The Conference on Food Safety witnessed a significant increase in attendance, with a record-breaking 180 participants joining the event. This surge in participation reflects the growing interest and recognition of the importance of food safety in our agricultural community. Three distinguished speakers, each an expert in their field, shared invaluable insights during the conference: Andrew Ward MBE founder of Forage Aid, Peter Greig – Founder of Pipers Farm, Marion Regan MBE – Managing Director, Hugh Lowe Farms.

Page 5

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Trustees' report (continued) for the year ended 30 September 2024

Farm Expo took place on the 6th March 2024 and proved to be another successful gathering for local farmers and agricultural stakeholders inviting over 1500 visitors to the event. Building on the momentum of previous years, the event showcased the latest innovations, technologies, and services in the farming industry, providing a platform for networking, knowledge exchange, and business growth. Similar to 2023, the event attracted a substantial number of visitors, however one of the most notable highlights was the exceptional increase in the number of trade stand holders. Compared to the previous year, the 2024 Farm Expo witnessed a significant uplift in the participation of exhibitors, showcasing a wide array of products and services tailored to the needs of modern farmers.

The annual Heritage Transport Show featuring the South East Bus Festival, held on Saturday, 6th April 2024, was concluded as a resounding success, marking a significant milestone in attendance and participation. This year's event attracted over 3000 enthusiastic visitors and welcomed more than 2600 vehicle exhibitors, traders, and caterers making it the most successful edition to date. The remarkable turnout underscores the enduring appeal of Heritage Transport and highlights the event's pivotal role in celebrating our rich automotive history.

The Living Land event, held on 2nd May 2024, marked a significant milestone as it celebrated its 20th consecutive year. This free event, aimed at educating children aged 7 to 9 about the origins of their food, witnessed the participation of 2733 enthusiastic young learners. This year Sally Higgins took the helm in the organisation and ensured that the event featured an array of engaging activities spread across various zones. The event unfolded as a vibrant tapestry of learning and fun, with children immersed in activities designed to deepen their understanding of agriculture and food production. Throughout the day, participants explored 6 different zones, each offering unique experiences. Again, plans are well underway for 2025 event whereby school places are already fully booked.

Biddenden Tractorfest saw its 10th show take place this year – the 3rd with the support of KCAS over the weekend of 17th & 18th August 2024. This year saw 19,000 visitors to the event, huge increase from previous years. The event continues to provide a traditional day out whatever your age or interests. Just short of 300 tractors were exhibited this year breaking all records along with classic cars, Miniature and full sized steam, horticultural machinery, bygonesm stationary engines, emergency vehicles and for the first time a dedicated military section. Over 100 trade stands and 30 caterers took part all proudly local.

The Kent Rural Scholarship Scheme continued in 2024 with three new scholars joining the program this year. We are currently supporting nine scholars at an annual cost of £9,000.

The Society’s wholly owned subsidiary, the Kent Event and Exhibition Centre Limited has thrived this year. It continues to undertake arrangements for the use of the showground by various third parties. It was a pleasure to see that the Kent Event Centre play host to 292 conference and 30 events. The surplus achieved from these activities will be donated to the Society by means of a gift aid payment.

As can be appreciated from these financial statements and those of previous years, the income from the Kent and Exhibition Centre Limited continues to be paramount to the financial stability of the Kent County Agricultural Society.

The major financial results of the group are detailed in the attached statements of financial activities and balance sheets, together with the notes to the financial statements. In the year ended 30 September 2024, the group generated a deficit of unrestricted income over expenditure before investment gains or loss and taxation of £184,247 (2023: surplus £52,293) as reported on page 17. After realised gains on investment disposals and unrealised losses on investment market value movement, the group deficit was increased to a deficit of £189,959 (2023: surplus of £114,904).

Voluntary assistance

The Society is grateful for and substantially 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 educational focus and included a larger Educational zone which was

Page 6

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Trustees' report (continued) for the year ended 30 September 2024

supported again by the Rochester Bridge Trust, this concept will continue to be expanded at the 2025 Show. The Show also enabled us to support the Kent Bee Keepers Association and the Kent Federation of Horticultural Societies and associated countryside activities.

We were able to welcome the Kent Young Farmers Clubs to the Show for a full programme of events and to facilitate what we understand to be the largest gathering of Young Farmers in Europe.

No financial awards were made to Young Farmers Clubs in Kent however we are supporting the clubs by making available office and event space at the Showground to facilitate training and other activities.

No applications 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 2025.

The Society is in the ninth year of a Bursary Scheme, in which bursaries of £1,000 per year are awarded to Kent based students, following courses in keeping with our objectives for up to three years of their course of study. Students are invited annually to apply for the bursaries which are limited to three new students per year, as noted above. This year we also supported Alice Edmonds on a trip to California as part of the Next Gen Group.

We continue to support the Kent Federation of Horticultural Societies with equipment storage at the showground and the Kent Bee Keepers Associations with meeting facilities through the year.

Investment powers and policy

The Society’s investment powers are set out in the Memorandum of Association and are to “invest the moneys of the company not immediately required for the furtherance of its objectives in or upon such investments, securities or property as may be thought fit, subject nonetheless to such conditions (if any) and such consents (if any) as may be imposed or required by law”.

The Society’s investment policy is based on professional advice and is to invest to produce short term income and capital appreciation with long term capital protection.

The income generated from listed investments in the year amounted to £9,199 (2023: £5,532) which is in line with the investment objectives. However, the listed investments have suffered a capital deficit this year, as is expected in the current environment, and is not in line with our objectives. We invest for long term capital growth and the portfolio is still being held for this purpose.

Financial review of the subsidiaries

The financial contribution made by the subsidiary Kent Event and Exhibition Centre Limited, through its gift aid payment will be £458,241 (2023: £557,267) representing the surplus made from its activities. This surplus was 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 subsidiaries Why Farming Matters in Kent Limited, Farm Expo Limited and Biddenden Tractorfest Limited all remained dormant throughout the year.

Financial review of the Society

The Society produced gross income of £1,152,567 (2023: £1,184,086) and incurred direct costs (excluding support costs) of £988,695 (2023: £956,892) to give a gross surplus of £163,872 (2023: surplus of £227,194). Society support costs as reported in note 10 amounted to £517,979 (2023: £465,890). This produced an overall deficit for the Society of £354,107 (2023: deficit of £238,696).

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.

Page 7

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Trustees' report (continued) for the year ended 30 September 2024

Key performance indicators

The Trustees are of the opinion that the Key Performance Indicator of the Society is to be able to organise a successful Kent County Show each 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 Society and the shortfall will be covered by the profit of the Society’s trading subsidiary, Kent Events & Exhibition Centre Limited.

These key performance indicators can be measured reliably by looking at the financial results of both the Society and its trading partners.

During the year ended 30 September 2024 the Society had suffered a deficit before gains on investments of £639,158, indicating the Society has provided the public with the Kent County Show at a loss to the organisation.

This concept can only happen as a result of Kent Events & Exhibition Centre Limited allowing approximately 297 events to take place at the Showground, resulting in a year end profit of £458,241.

Reserves policy

The Society has taken on the responsibility to organize and fund Biddenden TractorFest, classified as part of Society Events. As this is an outside event and hosted in the Weald of Kent on heavy clay there is a degree of financial risk. Thus the Trustees consider it 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 capital to facilitate the County Show, Society Events and Charitable Objectives as well as assisting in the bank loan capital repayments. In case there were difficulties in the event market the Trustees consider it essential to have a reasonable level of Reserves. The trustees also wish to create a level of reserve that will provide option to create capital assets on the site. This will create a business model fit for purpose over the coming years. The trustees consider the current level of reserved to be in line with the philosophy outlined above.

The Society holds total unrestricted reserves at 30 September 2024 of £3,601,290 (2023: £3,791,249) of which £2,995,376 (2023: £2,703,556) has been designated as representing the tangible fixed assets of the Society, less the associated borrowings; £35,971 (2023: £35,971) which is represented by listed investments and has been designated to meet the wishes of the testators and £2,160 (2023: £2,160) which is represented by cash as designated by the Trustees to meet the wishes of the donors. Therefore, general unrestricted reserves at 30 September 2024 amounted to £517,783 (2023: £999,562).

Fixed assets

In the opinion of the Trustees the value of the freehold land and buildings is substantially in excess of its written down value.

Principal risks and uncertainties

The Trustees are acutely 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 uncertainties faced by the Society, its subsidiary Kent Event and Exhibition Centre Limited and the Society events, the Kent County Show, Farm Expo, Heritage Transport Show and Living Land and Biddenden Tractorfest;

• the establishment of policies, systems and procedures to mitigate those risks identified in the annual review; and

• the implementation of procedures designed to minimise or manage any potential impact on the Society should those risks materialise.

Page 8

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Trustees' report (continued) for the year ended 30 September 2024

Attention has been given to non-financial risks arising from events such as, but not exclusively, fire, health and safety of the public, animal health hazards and food and hygiene issues. These risks are managed by ensuring accreditation is up to date and by having robust policies, procedures and risk assessments in place which are detailed in the Health and Safety Policy and supporting documents. The Society is in regular contact with the safety consultant throughout the course of the year.

This work has also identified that adverse weather or traffic incidents over the period 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 to access the site allowing it to cope with most adverse weather. The mechanics of Command and Control procedures allow for fast time decisions to be made up to and including the point of needing to abandon the Kent County Show.

The Trustees are managing the financial impact of these risks by building a sufficient level of reserves to safeguard the Society against the absence of budgeted income as a result of such an adverse event.

Page 9

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Trustees' report (continued) for the year ended 30 September 2024

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, Farm Expo, Living Land, Biddenden Tractorfest and the educational awards and bursaries in so far as the current circumstances allow.

The Trustees and senior management team look at feedback from past events and procedures and always undertake detailed reviews in order to enhance experience, reduce 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 increase funds available to support the charitable objectives.

Disclosure of information to auditors

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr R J Barnes Chairman

Date:

Page 10

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Statement of Trustees' responsibilities for the year ended 30 September 2024

The Trustees (who are also the directors of the Society for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Society and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Society's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Society and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 11

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 2024 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

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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 other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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:

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.

Page 13

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

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

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charity and the sector, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety and employment law. We considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:

Page 14

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances 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 part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Page 15

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

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

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

Date:

Page 16

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Consolidated Statement of financial activities (incorporating income and expenditure account) for the year ended 30 September 2024

Note
Income from:
Donations, legacies and grants
4
Charitable activities
Other trading activities
Investments
5
Other income
6
Total income
Expenditure on:
Raising funds
Charitable activities
11
Total expenditure
Net (expenditure)/income before net (losses)/gains
on investments
Net (losses)/gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
33,597
1,065,500
1,317,081
20,371
18,370
2,454,919
462,867
2,176,299
2,639,166
(184,247)
(5,712)
(189,959)
3,791,249
(189,959)
3,601,290		 Total
funds
2024
£
33,597
1,065,500
1,317,081
20,371
18,370
2,454,919
462,867
2,176,299
2,639,166
(184,247)
(5,712)
(189,959)
3,791,249
(189,959)
3,601,290		 Total
funds
2023
£
30,082
1,090,650
1,436,464
11,620
10,363
2,579,179
469,948
2,056,938
2,526,886
52,293
62,611
114,904
3,676,345
114,904
3,791,249

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

The notes on pages 21 to 42 form part of these financial statements.

Page 17

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee) Registered number: 02556508

Consolidated balance sheet as at 30 September 2024

Note
Fixed assets
Tangible assets
18
Investments
20
Investment property
19
Current assets
Debtors
21
Cash at bank and in hand
Creditors: amounts falling due within one
year
22
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
23
Total net assets
Charity funds
Unrestricted funds
24
Total funds		 293,035
412,450
705,485
(628,257)		 2024
£
3,422,288
754,943
525,000
4,702,231
77,228
4,779,459
(1,178,169)
3,601,290
3,601,290
3,601,290		 259,244
648,581
907,825
(638,586)		 2023
£
3,479,708
750,048
525,000
4,754,756
269,239
5,023,995
(1,232,746)
3,791,249
3,791,249
3,791,249

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

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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr R J Barnes Chairman Date:

The notes on pages 21 to 42 form part of these financial statements.

Page 18

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee) Registered number: 02556508

Society balance sheet as at 30 September 2024

Note
Fixed assets
Tangible assets
18
Investments
20
Investment property
19
Current assets
Debtors
21
Cash at bank and in hand
Creditors: amounts falling due within one
year
22
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
23
Total net assets
Charity funds
Unrestricted funds
24
Total funds		 218,272
89,995
308,267
(234,906)		 2024
£
3,422,288
754,948
525,000
4,702,236
73,361
4,775,597
(1,178,169)
3,597,428
3,597,428
3,597,428		 335,859
184,558
520,417
(255,045)		 2023
£
3,479,708
750,053
525,000
4,754,761
265,372
5,020,133
(1,232,746)
3,787,387
3,787,387
3,787,387

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

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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr R J Barnes Chairman Date:

The notes on pages 21 to 42 form part of these financial statements.

Page 19

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Consolidated statement of cash flows for the year ended 30 September 2024

Note
Cash flows from operating activities
Net cash used in operating activities
27
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
(Repayments) of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
28
The notes on pages 21 to 42 form part of these financial statements		 2024
£
(80,347)
20,371
(67,742)
21,706
(32,570)
(58,235)
(97,549)
(97,549)
(236,131)
648,581
412,450		 2023
£
262,415
11,620
(51,462)
96,572
(112,161)
(55,431)
(298,979)
(298,979)
(91,995)
740,576
648,581

Page 20

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

1. General information

Kent County Agricultural Society is a charity, limited by guarantee, which is incorporated in England and Wales, with the registration number 2556508.

The Society's registered office is County Showground, Detling, Maidstone, Kent, ME14 3JF.

The charitable activities of the Society are to hold the Kent County Show for the exhibition of livestock, farm and horticultural produce, machinery and other things pertaining to agriculture, and to encourage agricultural and horticultural education and for the improvement of agriculture generally.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Kent County Agricultural Society meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The group's functional and presentational currency is Pounds Sterling.

The group's financial statements are presented to the nearest pound.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Group and its 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 Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

The company has taken advantage of the following disclosure exemptions in preparing its individual financial statements as permitted by FRS 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland".

2.2 Company status

The Society is limited by guarantee and does not have a share capital. The liability of each of the members is limited to such contribution as may be required (not exceeding £1) to the Society's 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 contributories themselves.

If upon the winding up or dissolution of the Society there remains a surplus, after the satisfaction of all its debts and liabilities, and property whatsoever, the same shall not be paid to or distributed among the members of the Society and shall be given or transferred to some other charitable institution having objectives similar to the objectives of the Society.

Page 21

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

2. Accounting policies (continued)

2.3 Going concern

After making enquiries, the directors have reasonable expectation that the company and the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

2.4 Fund accounting

General funds are unrestricted funds which 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 purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.5 Basis of consolidation

The financial statements consolidate the accounts of Kent County Agricultural Society and all of its subsidiary undertakings ('subsidiaries').

The company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and Expenditure account.

2.6 Incoming resources

Annual subscriptions from members are included in the year they are received. Life membership subscriptions are credited to deferred income and released to income in equal installments over twenty years.

Income from the showground letting is recognised as earned.

Investment income is recognised on a receivable basis.

Income from charitable activities is recognised as earned. Grant income is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient certainty.

Where applicable, income is stated exclusive of Value Added Tax and trade discounts.

Page 22

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

2. Accounting policies (continued)

2.7 Resources expended

Expenditure is recognised when a liability is incurred.

Costs of generating funds are those costs that are incurred in undertaking trading activities that raise funds and in managing the Society's investments.

Charitable activities include the expenditure associated with staging the Kent County Show, Living Land, Farm Expo and in the making of educational awards and bursaries as well as grants to Young Farmers Clubs.

Governance costs include those incurred in the governance of the Society and its assets and are primarily associated with constitutional and statutory requirements.

Support costs include central functions that have been allocated to activity cost categories on a basis consistent with use of resources.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.

Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to 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 - 2% - 12.5% per annum on cost
Freehold land - 0% per annum on cost
Fixtures and fittings - 2% - 25% per annum on cost

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

2.9 Pensions

Pension 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 instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Consolidated statement of financial activities, incorporating income and expenditure account.

Page 23

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

2. Accounting policies (continued)

2.11 Investment property

Investment property is carried at fair value determined annually by the directors with the assistance of external valuers when required and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of financial activities.

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 notification of the interest paid or payable by the Bank.

2.13 Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks 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 to the Consolidated statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.14 Operating leases

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease term.

2.15 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid 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 maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.17 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Society anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate 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 pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

Page 24

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

2. Accounting policies (continued)

2.18 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 25

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

3. Judgements in applying accounting policies 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 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 commitments

The company has entered into a range of lease commitments in respect of property, plant and equipment. The classification of these leases as either financial or operating leases requires the directors to consider whether the terms and conditions of each lease are such that the company has acquired the risks and rewards associated with the ownership of the underlying assets.

Going concern

In the judgement of the directors it is appropriate to prepare the financial statements in accordance with the going concern basis of accounting. See accounting policy 2.3 for further details.

The following are the company’s key sources of estimation uncertainty:

Investment properties

The company holds investment property with a fair value of £525,000 at year end (see note 19). In order to determine the fair value of investment property the directors have used a valuation technique based on comparable market data. The determined fair value of the investment property is most sensitive to fluctuations in the property market.

Tangible fixed assets

The company has recognised tangible fixed assets with a carrying value of £3,425,918 at the reporting date (see note 18). These assets are stated at their cost less provision for depreciation and impairment. The company’s accounting policy sets out the approach to calculating depreciation for immaterial assets acquired. For material assets such as land and buildings the company determines at acquisition reliable estimates for the useful life of the asset, 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 consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used.

Where there are indicators that 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 is based upon a discounted cash flow model, based upon the company’s forecasts for the foreseeable future which do not include any restructuring activities that the company is not yet committed to or significant future investments that will enhance the asset’s performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well expected future cash flows and the growth rate used for extrapolation purposes.

Page 26

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

4. Donations, legacies and grants

2024 2023
£ £
Membership subscriptions 33,597 30,082

5. Income from investments

Interest receivable Dividends receivable

2024
£
11,172
9,199
20,371		 2023
£
6,088
5,532
11,620

6. Other income

2024 2023
£ £
Other income 18,370 10,363

7. Income from charitable activities

These predominantly represent income in relation to the Kent County Show, together with other income, and are stated net of Value Added Tax.

8. Taxation

In the view of the directors, the various sources of income attributable to the Society are not liable to Corporation Tax. This position has been confirmed by HM Revenue & Customs in relation to the accounts of the Society for its first accounting period, subject to the Society continuing to apply its income for charitable purposes in accordance with Paragraph 1 Schedule 6 of the Finance Act 2010. The Society was required to submit its accounts and a Corporation Tax self assessment return to HM Revenue & Customs for the year ended 30 September 2009 which indicated that no taxable result arose. It is likely that this position will be reviewed from time to time.

Page 27

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

9. Direct costs

Total
Unrestricted
2024
£
Finance income and expenses
71,557
Show expenditure
1,276,672
Wages and salaries
225,133
National insurance
13,352
Pension cost
4,176
1,590,890		 Total
Unrestricted
2023
£
70,091
1,061,392
167,698
8,556
7,510
1,315,247

10. Support costs for Society Activities

Total
Unrestricted
2024
£
Salaries and temporary staff
251,985
National insurance
25,751
Pension costs
9,139
Other employment costs
1,347
288,222
Insurance
40,021
Property and equipment maintenance
3,903
Depreciation
124,862
Loss on disposal of fixed assets
300
169,086
Governance costs
Audit
20,000
Accountancy
1,375
Professional
16,092
Marketing
17,303
Society costs
5,816
60,586
517,894		 Total
Unrestricted
2023
£
219,000
19,485
9,417
3,332
251,234
34,757
4,956
120,478
-
160,191
17,510
1,250
14,650
18,884
2,171
54,465
465,890

Page 28

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

Professional fees

Stockbroking
Legal		 2024
£
7,201
8,891
16,092		 2023
£
6,382
8,268
14,650

11. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Society
2,176,299
Total 2023
2,056,938		 Total
2024
£
2,176,299
2,056,938		 Total
2023
£
2,056,938

Summary by expenditure type

Society
Total 2023		 Staff costs
2024
Depreciation
2024
£
£
561,551
124,862
490,563
120,478		 Other costs
2024
£
1,489,886
1,445,897		 Total
2024
£
2,176,299
2,056,938		 Total
2023
£
2,056,938

Page 29

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

12. Analysis of expenditure by activities

Society
Total 2023		 Activities
undertaken
directly
2024
£
1,658,405
1,591,048		 Support
costs
2024
£
517,894
465,890		 Total
funds
2024
£
2,176,299
2,056,938		 Total
funds
2023
£
2,056,938
13. Auditors' remuneration
2024 2023
£ £
Fees payable to the Society's auditor for the audit of the Society's annual
accounts 20,000 17,510
Fees payable to the Society's auditor in respect of:
Taxation compliance services 1,375 1,250

14. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2024
£
507,223
38,939
15,389
561,551		 Group
2023
£
444,133
32,837
13,593
490,563		 Society
2024
£
507,223
38,939
15,389
561,551		 Society
2023
£
444,133
32,837
13,593
490,563

The average number of persons employed by the Society during the year was as follows:

Group Group Society Society
2024 2023 2024 2023
No. No. No. No.
17 15 17 15

Page 30

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

14. Staff costs (continued)

No employee received remuneration amounting to more than £60,000 in either year.

The Trustees and Senior Management Team who have the authority and responsibility for planning, directing and controlling the activities of the group are considered to be key management personnel. Total remuneration in respect of the Senior Management Team is £68,219 (2023: £63,249).

15. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £5,888).

During the year ended 30 September 2024, expenses totalling £88 (2023: £869) were paid to one Trustee (2023: one) during the year in respect of reimbursement of out of pocket expenses such as travel.

16. Pension costs

The Society makes contributions to a group personal pension scheme in respect of certain members of staff and to an auto enrolment compliant scheme in respect of all other qualifying members of staff. The assets of the schemes are held separately from those of the Society in independently administered funds. The pension cost represents contributions payable by the Society and amounted to £15,389 (2023: £13,593). At year end there remains £1,748 payable to the fund (2023: £1,599).

17. Interest payable

2024 2023
£ £
On other loans 71,590 76,466

Page 31

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

18. Tangible fixed assets

Group and Society

Cost or valuation
At 1 October 2023
Additions
Disposals
At 30 September 2024
Depreciation
At 1 October 2023
Charge for the year
At 30 September 2024
Net book value
At 30 September 2024
At 30 September 2023		 Freehold
property
Assets in
the course
of
construction
£
£
6,974,062
1,825
50,191
-
(300)
-
7,023,953
1,825
3,540,703
-
103,819
-
3,644,522
-
3,379,431
1,825
3,433,359
1,825		 Fixtures and
fittings
£
648,655
17,551
-
666,206
604,131
21,043
625,174
41,032
44,524		 Total
£
7,624,542
67,742
(300)
7,691,984
4,144,834
124,862
4,269,696
3,422,288
3,479,708

The net book value of assets held under finance or hire purchase contracts, included above, are as follows:

2024 2023
£ £
Plant and machinery 4,613 9,225

Included in land and buildings are the following amounts relating to assets on which no depreciation has been charged:

Freehold land: £228,431 (2023: £228,431).

Page 32

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

19. Investment property

Group
Valuation
At 1 October 2023
Surplus on revaluation
At 30 September 2024		 Freehold
investment
property
£
525,000
-
525,000

The Trustees had a professional valuation undertaken on 20 November 2023 by BTF Partnership that valued the property at £525,000. The Trustees have conducted a review of similar property in the area and although countryside property comparisons are difficult to make, the Trustees have concluded the reported valuation, on an existing use basis, remains appropriate at the year end.

20. Fixed asset investments

Group
Cost or valuation
At 1 October 2023
Additions
Disposals
Revaluations
At 30 September 2024
Net book value
At 30 September 2024
At 30 September 2023		 Listed
investments
£
750,048
32,570
(21,706)
(5,969)
754,943
754,943
750,048

Page 33

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

20. Fixed asset investments (continued)

Society
Cost or valuation
At 1 October 2023
Additions
Disposals
Revaluations
At 30 September 2024
Net book value
At 30 September 2024
At 30 September 2023		 Listed
securities
£
750,048
32,570
(21,706)
(5,969)
754,943
754,943
750,048		 Unlisted
securities
£
5
-
-
-
5
5
5		 Total
£
750,053
32,570
(21,706)
(5,969)
754,948
754,948
750,053

Listed investments are held within the UK. All amounts above related to the general fund.

Subsidiary undertakings

The following were subsidiary undertakings of the Society:

Class of
Name shares Holding Principal activity
Kent Event and Exhibition Centre Limited Ordinary 100% Raising funds for the Kent
County Agricultural Society by
the hire of the showground to
outside users
Why Farming Matters in Kent Limited Ordinary 100% Dormant
Farm Expo Limited Ordinary 100% Dormant
Biddenden Tractorfest Limited Ordinary 100% Dormant

The registered office of the above companies is County Showground, Detling, Maidstone, Kent, ME14 3JF.

Page 34

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

21. Debtors

Due after more than one year
Prepayments and accrued income
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2024
£
51,000
159,591
-
75,125
7,319
293,035		 Group
2023
£
-
233,212
-
22,297
3,735
259,244		 Society
2024
£
51,000
-
92,147
75,125
-
218,272		 Society
2023
£
-
-
313,562
22,297
-
335,859

22. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2024
£
109,869
54,529
-
65,997
25,500
372,362
628,257		 Group
2023
£
101,141
61,918
-
102,413
-
373,114
638,586		 Society
2024
£
109,869
43,728
2
11,942
25,500
43,865
234,906		 Society
2023
£
101,141
40,232
2
14,501
-
99,169
255,045

Deferred income

Deferred income at 1 October
Resources deferred during the year
Amounts released from previous years		 Group
£
239,067
255,397
(239,067)
255,397		 Society
£
157,008
14,347
(157,008)
14,347

Page 35

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

23. Creditors: Amounts falling due after more than one year

Bank loans
Accruals and deferred income		 Group
2024
£
1,115,461
62,708
1,178,169		 Group
2023
£
1,221,738
11,008
1,232,746		 Society
2024
£
1,115,461
62,708
1,178,169		 Society
2023
£
1,221,738
11,008
1,232,746

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Group Group Society Society
2024 2023 2024 2023
£ £ £ £
Payable or repayable by instalments 669,382 771,372 669,382 771,372

Bank loans comprise:

i) A bank loan to part finance the Kent Event Centre Exhibition Hall is secured by way of a legal charge on the County Showground. The loan is repayable in monthly instalments over a period of 25 years from 2010, interest is payable at 3.95% per annum.

ii) 3 bank loans to finance the Maidstone Exhibition Hall. The bank loans are secured 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 4.15% above base rate and 4.35% above base rate per annum.

Deferred income represents membership subscriptions in respect of life members and life governors. Amounts received are released to income over a 20 year period.

Deferred income

Deferred income at 1 October
Resources deferred during the year
Amounts released from previous years		 Group
£
11,008
37,208
(11,008)
37,208		 Society
£
11,008
11,708
(11,008)
11,708

Page 36

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

24. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Awards Fund
Tangible fixed
assets
Womens
Farming Union
Event Disruption
Fund
General funds
General Funds
Total
Unrestricted
funds		 Balance at 1
October
2023
£
35,971
2,703,556
2,160
50,000
2,791,687
999,562
3,791,249		 Income
£
-
-
-
-
-
2,454,919
2,454,919		 Expenditure
£
-
-
-
-
-
(2,639,166)
(2,639,166)		 Transfers
in/out
£
-
291,820
-
-
291,820
(291,820)
-		 Gains/
(Losses)
£
-
-
-
-
-
(5,712)
(5,712)		 Balance at
30
September
2024
£
35,971
2,995,376
2,160
50,000
3,083,507
517,783
3,601,290

Designated funds

(i) The Awards Fund represents the balance of funds received from George Lane Hooson and Irene, Lady Astor. By decision of the directors, legacies have been transferred to a designated fund in order to meet the wishes of the testators, although those wishes were not binding. Transfers in the year represent awards granted from the designated fund.

(ii) The Tangible Fixed Asset Fund, represents the book value of tangible fixed assets used in the furtherance of the Society's objects less any directly associated borrowings as these are not in the opinion of the directors, part of the Society's free reserves.

(iii) The WFU Fund represents a donation of funds received from the Women's Food and Farming Union (WFU). By the decision of the directors, this donation has been transferred to a designated fund in order to support the activities of the Farming in the Classroom project.

(iv) The Event Disruption Fund is designated by the Trustees to cover the potential eventuality that the Society do not benefit from the additional £50,000 contribution generated by the Biddenden TractorFest in any one year. This is as a result of severe weather disruptions on land that is susceptible to flooding.

Page 37

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

24. Statement of funds (continued) Statement of funds - prior year

Unrestricted
funds
Designated
funds
Awards Fund
Tangible fixed
assets
Womens
Farming Union
Event Disruption
Fund
General funds
General Funds
Total
Unrestricted
funds		 Balance at
1 October
2022
£
35,971
2,451,865
2,160
-
2,489,996
1,186,349
3,676,345		 Income
£
-
-
-
-
-
2,579,179
2,579,179		 Expenditure
£
-
-
-
-
-
(2,526,886)
(2,526,886)		 Transfers
in/out
£
-
251,691
-
50,000
301,691
(301,691)
-		 Gains/
(Losses)
£
-
-
-
-
-
62,611
62,611		 Balance at
30
September
2023
£
35,971
2,703,556
2,160
50,000
2,791,687
999,562
3,791,249

Page 38

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

25. Summary of funds

Summary of funds - current year


Designated
funds
General funds		 Balance at 1
October
2023
£
2,791,687
999,562
3,791,249		 Income
£
-
2,454,919
2,454,919
Income
£
-
2,579,179
2,579,179		 Expenditure
£
-
(2,639,166)
(2,639,166)
Expenditure
£
-
(2,526,886)
(2,526,886)		 Transfers
in/out
£
291,820
(291,820)
-
Transfers
in/out
£
301,691
(301,691)
-		 Gains/
(Losses)
£
-
(5,712)
(5,712)
Gains/
(Losses)
£
-
62,611
62,611		 Balance at
30
September
2024
£
3,083,507
517,783
3,601,290
Balance at
30
September
2023
£
2,791,687
999,562
Summary of funds - prior year
Designated
funds
General funds		 Balance at
1 October
2022
£
2,489,996
1,186,349
3,676,345
3,791,249

26. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
3,422,288
Fixed asset investments
754,943
Investment property
525,000
Debtors due after more than one year
51,000
Current assets
654,485
Creditors due within one year
(628,257)
Creditors due in more than one year
(1,178,169)
Total
3,601,290		 Total
funds
2024
£
3,422,288
754,943
525,000
51,000
654,485
(628,257)
(1,178,169)
3,601,290

Page 39

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

26. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2023
£
3,479,708
750,048
525,000
907,825
(638,586)
(1,232,746)
3,791,249		 Total
funds
2023
£
3,479,708
750,048
525,000
907,825
(638,586)
(1,232,746)
3,791,249

27. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the period (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
(Gains)/losses on investments
Dividends, interests and rents from investments
(Increase)/decrease in debtors
Increase in creditors
Loss on disposal of fixed asset
Net cash provided by/(used in) operating activities
28.
Analysis of cash and cash equivalents
Cash in hand		 Group
2024
£
(189,959)
124,862
5,969
(20,371)
(33,791)
32,643
300
(80,347)
Group
2024
£
412,450		 Group
2023
£
114,904
120,477
(51,511)
(11,620)
(58,724)
148,889
-
262,415
Group
2023
£
648,581

Page 40

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

29. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1
October
2023
£
648,581
(101,141)
(1,221,738)
(674,298)		 Cash flows
£
(236,131)
97,549
-
(138,582)		 Other non-
cash
changes
£
-
(106,277)
106,277
-		 At 30
September
2024
£
412,450
(109,869)
(1,115,461)
(812,880)

30. Operating lease commitments

At 30 September 2024 the Group and the Society had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2024
£
17,346
45,900
63,246		 Group
2023
£
12,014
5,106
17,120		 Society
2024
£
17,346
45,900
63,246		 Society
2023
£
12,014
5,106
17,120

Page 41

KENT COUNTY AGRICULTURAL SOCIETY

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2024

31. Related party transactions

During the year, infrastructure works were completed by S J Barnes Ltd, son of R J Barnes who is a Trustee, under normal market conditions. Work invoiced amounted to £1,418 (2023: £1,100) and no amounts remained outstanding at year end.

During the year, Biddenden Vineyards Limited, a company owned by R J Barnes, supplied goods and a temporary cash float (to mitigate a potential security risk presented by handling cash for an event) to the Society under normal market conditions amounting to £3,514 (2023: £2,754). No amounts remained outstanding at year end.

During the year, Brachers LLP, an organisation of which S Gaines (Trustee) is a Partner, provided legal advice to the Society and invoiced costs under normal market conditions for £5,425 (2023: £2,107). No amounts remained outstanding at the year end.

During the year, Bax Thomas French Limited, a company of which F Cornwallis is a Director, provided services to the Society under normal market conditions amounting to £655 (2023: £750). No amounts remained outstanding at year end. The same company also provided a valuation service for the Society's investment property and conducted such valuation under normal market conditions. F Cornwallis was not the surveyor conducting the valuation.

Last year the Charity took steps to obtain approval from Charity Commission to pay J Loraine (Trustee) for services provided to the Society to cover the role left vacant during a period of staffing difficulty. Permission was granted by Charity Commission to amend the articles of association to allow payment for such services to Trustees, but the Charity awaited final approval from the Charity Commission to make payment. As such the amount of £5,888 was accrued for in 2023. In 2023/24 approval was obtained and payment made.

32. Controlling party

There is no ultimate controlling party.

Page 42

Kent County Agricultural Society and its subsidiaries

Detailed income and expenditure account for the year ended 30 September 2024

Society Subsidiary
Group
2024
£
£
£
Kent County Show income
1
757,025
-
757,025
Less: direct expenditure
2
786,698
-
786,698
29,673
-
-
29,673
-
Showground letting income
14,729
1,302,352
1,317,081
Less: direct expenditure
-
451,095
451,095
14,729
851,257
865,986
TractorFest
201,541
-
201,541
Less: direct expenditure
131,059
-
131,059
70,482
-
70,482
Farming Conference
2,450
-
2,450
Less: direct expenditure
3,297
-
3,297
847
-
-
847
-
Living Land
-
-
-
Less: direct expenditure
19,775
-
19,775
19,775
-
-
19,775
-
Heritage Transport Show
45,562
-
45,562
Less: direct expenditure
15,369
-
15,369
30,193
-
30,193
Farm Expo
58,922
-
58,922
Less: direct expenditure
29,167
-
29,167
29,755
-
29,755
Other income
Donations and legacies
3
33,597
-
33,597
Other income
18,370
-
18,370
Interest and dividends
4
20,371
-
20,371
72,338
-
72,338
Gross income less
direct expenditure
167,202
851,257
1,018,459
Administration
5
954,592
1,439
956,031
General
6
93,236
28,577
121,813
Depreciation
124,862
-
124,862
1,172,690
30,016
1,202,706		 Society
Subsidiary
Group
2023
£
£
£
887,032
-
887,032
794,220
-
794,220
92,812
-
92,812
41,371
1,395,093
1,436,464
-
466,667
466,667
41,371
928,426
969,797
154,346
-
154,346
106,756
-
106,756
47,590
-
47,590
-
-
-
2,244
-
2,244
2,244
-
-
2,244
-
8,501
-
8,501
20,677
-
20,677
12,176
-
-
12,176
-
300
-
300
5,272
-
5,272
4,972
-
-
4,972
-
40,471
-
40,471
27,723
-
27,723
12,748
-
12,748
30,082
-
30,082
10,363
-
10,363
11,620
-
11,620
52,065
-
52,065
227,194
928,426
1,155,620
880,651
5,943
886,594
84,039
12,216
96,255
120,478
-
120,478
1,085,168
18,159
1,103,327

Page 43

Kent County Agricultural Society and its subsidiaries

Detailed income and expenditure account for the year ended 30 September 2024

Surplus before inter-entity
charges and gift aid
Inter-entity charges
Surplus before taxation
Taxation
Surplus after taxation		 Society Subsidiary
Group
2024
£
£
£
(1,005,488)
821,241
(184,247)
363,000
(363,000)
-
(642,488)
458,241 (184,247)
-
-
-
(642,488)
458,241 (184,247)		 Society Subsidiary
Group
2023
£
£
£
(857,974)
910,267
52,293
353,000
(353,000)
-
(504,974)
557,267
52,293
-
-
-
(504,974)
557,267
52,293

Page 44

Kent County Agricultural Society and its subsidiaries

Schedules to the detailed income and expenditure account for the year ended 30 September 2024

1 Kent County Show income
Admissions
Trade stands
Entry fees,livestock etc
Catering franchise income
Sponsorship and hospitality
Show guide
Official lunch
2 Show expenditure
Showground preparation and services
Entertainment
Gatekeepers and car park attendants
Security services
Printing and Publicity
Cost of catering
Prize money and engraving cups
Affiliation fees
3 Donations and legacies
Life governors' subscriptions
Governors subscriptions
Life members' subscriptions
Members subscriptions
Show subscriptions		 Group
Group
2024
2023
£
£
367,336
462,242
241,856
263,505
43,422
46,162
59,621
60,659
42,517
50,334
2,206
3,905
67
225
757,025
887,032
483,797
499,636
46,689
33,792
66,058
60,759
38,047
37,594
65,457
69,727
14,685
13,017
69,586
76,601
2,379
3,094
786,698
794,220
586
1,543
1,167
3,692
464
939
15,282
14,489
16,098
9,419
33,597
30,082

Page 45

Kent County Agricultural Society and its subsidiaries

Schedules to the detailed income and expenditure account for the year ended 30 September 2024

4 Interest and dividends receivable
Interest receivable
Dividends receivable
5 Administration
Staff costs
Premises costs
Property and equipment maintenance
Travelling
Printing and stationery
Postage
Telephone
Software costs
Loss on disposal
Bank interest and charges
Costs reallocated to showground letting expenditure
Extraordinary items		 Group
Group
2024
2023
£
£
11,172
6,088
9,199
5,532
20,371
11,620
565,863
496,860
148,139
90,122
59,464
144,424
3,618
2,798
11,605
11,069
2,755
1,769
16,468
16,804
30,459
32,300
300
-
74,637
84,505
-
-
41,284
-
954,592
880,651

Page 46

Kent County Agricultural Society and its subsidiaries

Schedules to the detailed income and expenditure account for the year ended 30 September 2024

6 General
Insurance
Accountancy
Professional
Marketing and promotion
Educational awards
Society functions
7 Inter-entity charges
KEECL - administration
KEECL - licence		 Society Subsidiary
Group
2024
£
£
£
40,021
-
40,021
15,125
6,250
21,375
16,498
10,333
26,831
5,309
11,994
17,303
10,467
-
10,467
5,816
-
5,816
93,236
28,577
121,813
340,000
(340,000)
-
23,000
(23,000)
-
363,000
(363,000)
-		 Society Subsidiary
Group
2023
£
£
£
34,757
-
34,757
13,360
-
13,360
14,650
2,738
17,388
9,406
9,478
18,884
9,695
-
9,695
2,171
-
2,171
84,039
12,216
96,255
330,000
(330,000)
-
23,000
(23,000)
-
353,000
(353,000)
-

Page 47