COMPANY NUMBER 02931640
CHARITY NUMBER 1039397
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR END
31 DECEMBER 2023

THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENTS
PAGE
Annual Report of the Directors
Independent Auditor's Report to the Members
13
Consolidated Statement of Financial Activities
17
Consolidated and Company Balance Sheets
18
Consolidated Cash Flow Statement
20
Notes to the Consolidated Financial Statements
21

THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 1
The directors of the charitable company ("the Society") are its trustees for the purposes of
charitable law and throughout this report are collectively referred to as the directors.
The directors submit their report and audited financial statements for the year ended 31
December 2023. The directors, report also represents the trustees, report required by Part 8
of the Charities Act 2011.
OBJECTIVES AND ACTIVITIES
OBJECTIVES
The charitable objectives of the Society are the encouragement of agriculture, manufacture,
commerce and rural crafts.
ACTIVITIES
The Society continues to have three main workstreams, each contributing to the charttable
objectives..
1. The Royal Bath & West of England Society - responsible for the delivery of the
charitable activities of the Society and regeneration and development of the
Showground.
2. Bath and West Shows Limited responsible for organising the Agricultural Shows.
3. Bath & West Enterprises Limited responsible for the commercial activity on the
Showground.
The business model remains quite simple,. the net trading surpluses from OLrr Shows and other
Showground activity maintain the Society's estate and invests in projects that deliver the
charitable objectives - the encouragement of Agriculture, Manufacture, Commerce and Rural
Crafts through education and knowledge transfer. The capital realised by releasing land for
commercial development provides investment to improve the infrastructure and building stock
on the Showground and to support other initiatives that further the Society's objectives.
Our mission remains:
As a rural Charity and through the work within the Rural Enterprise Centre we will be
recognised as a key influencer and educator in a range of farming, food and rural issues and
be regarded as being at the hub of rural enterprise in Somerset and the West of England.
Our core values are important to us..
Honesty & Integrity.,
Loyalty & Respect.,
Excellence & Pride., and
Creativity & I nnovation

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THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
ACTIVITIES (CONTINUED)
PUBLIC BENEFIT
In setting the objectives and planning the activities the Directors have considered the Charity
Commission's general guidance on public benefit. The Directors consider how planned
activities will contribute to the aims and objectives they have set.
Accentuate the delivery of our charitable objectives
The Charity Committee Fund supports projects closely allied to the Society's charitable
objectives and the Society would normally allocate 100/0 of the unrestricted surplus (excluding
any capital disposals) per year to the fund. The Charity Committee continues to distribute
financial support to a variety of projects and individuals.
The Committee's objectives are..
To encourage and facilitate research, education, knowledge transfer, innovation and
related activities for the benefit of agriculture, the countryside and the rural economy of
the West of England.,
To build an understanding of farming, food and the rural economy among the wider
public
REVIEW OF THE YEAR
The following priorities have been achieved under these themes..
Farm Vet of the Future Award - A new award for 2023 recognising and celebrating the talent
of the next generation of farm vets. Won in 2023 by Heather Hemingway-Arnold who
impressed the judges with her dissertation on investigating the use of technology and
production data to predict lameness in dairy cows. Runner up, Aiden Coe, is a student at the
Royal Veterinary College who mapped out the future of the farm vet as a custodian of the
farming industry.
Under 16s Funding. For courses that are relevant to the core values of the Royal Bath and
West of England Society.
Brymore scholars - The Charity Committee supports be￿een five and ten Brymore students
each year. The award is usually £500 which they use for extracurricular activities.
FE students- The Charity Committee supports between five and ten FE students each year.
Each student is asked to steward at the RBW Show or the Dairy Show and to contribute an
article to the Society s journal. Bursaries range from £500 to £2000 and courses have
included.. BSG Agri Food Marketing with Business. Veterinary Medicine. Msc Food Security
and Sustainable Ag,. Msc Food Chain Systems and Msc Applied Ecology
Art scholars- This is a bi-annual award and the scholar receives £2000. They are invited to
exhibit a selection of their work at the Show. It is awarded to artists between the ages of 18
and 30 who are inspired by rural life in the UK.

THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
Page 3
WCDA (West Country Dairy Awards) - Established in 1925 the awards provide grants to
people studying courses related to the dairy industry. Funds are available to students of all
ages who are undertaking further education courses related to the dairy industry, sons and
daughters of farmers, farm employees or students.
RASC Commonwealth Conference - The Society has partially funded attendance for several
Next Generation Council members. In 2024 the conference will be held in Edinburgh and
Jess Madge will be receiving a bursary to assist her to attend.
POW (Prince of Wales Award). This is intended for projects that are run by the people for
the people with the option for large and diverse parts of the community to become involved.
Previous winners have included West Somerset Flood Group, St Johns Place, Stogumber
Cricket Club, Kempley Produce Market, The APE Project in Bristol and this year's winner
Somewhere House Somerset
LSA (Long Service Award) - This award is presented at the opening ceremony of the Show
to those who have worked in agriculture for more than 40 years. In 2023 three individuals
were recognised who cumulatively had worked in agriculture for 157 yearsl Andrew
Hedditch, Gerald Hussey and Charlie Oram were presented their awards by joint Society
Presidents Lord and Lady Radnor. Stewards who have volunteered at the Show for more
than 30 years are also recognised
EYA (Environmental Youth Award) - This award began in 1996 and covers four counties,
Somerset, Dorset, Bristol and Wiltshire. Promoting a better awareness and understanding of
conservation and environmental matters the award is given at the Royal Bath and West Show
to schoolslyouth groups who have ma(Je a significant contribution to conservation or
environmental management. This can be in an urban or rural environment.
Bath and West Education Hub - The Education Hub was launched in March 2023,
masterminded and curated by Lilanie Self. It has been devised to deliver resources that
would be used to learn all about British farming, conservation, natural capital and the
process of plough to plate. Some STEM (Science, Technology, Engineering and Mathematics)
activities have also been included. The content is aimed at edLrcating young people in
engaging ways and was created to ensure that it would satisfy aspects of the National
Curriculum, with links to'living things and their habitats, and 'principles of a healthy diet,.
South West Holstein Club - The South West Holstein Club, incorporating the counties of
Dorset and Somerset, is affiliated to Holstein UK and Holstein Young Breeders. In August
2023 the South West Club hosted the annual National Holstein Young Breeders Weekend
Rally at the Cannington campus of Bridgwater &Taunton College and the Society has made a
donation to the club.

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THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
Community Support
Under 12s Shepton Mallet FC who play in the Midsomer Norton Youth Football League.
The Showground supply them with their kit for the season. They finished top of the league
table at the end of the season.
Vixens Ladies netball team - a group of ladies from Somerset who play in the Yeovil
District Summer League. The Showground provides their netball kit.
This is a great opportunity to promote the Bath & West Showground across Somerset, to a
number of different audiences, as well as supporting two local sports clubs
Field to Food Learning Day
The Field to Food Learning Day was held on April 19th 2023 after a three-year hiatus. Over
1200 schoolchildren were provided with an array of activities to help them understand how the
food on their plate is produced. They had the opportunity to get up close to livestock, pretend
to be a cow in an auction, make butter, taste cheese, and watch sheep shearing. Created with
the purpose of educating and informing young people about agriculture in engaging, interactive
ways, the event has evolved from The Royal Bath and West of England Society's founding
principles.
Delivered as part of the Society's charitable objectives, Field to Food Learning Day has been
devised in collaboration with educational specialists to ensure that it satisfies aspects of the
National Curriculum, as well as being enormous fun for all involved. It was made possible by
the enthusiastic participation of local businesses and farms.
It's not surprising many children don't realise what goes into getting food on to the supermarket
shelf and the day helps them understand the hard work that farmers put in to put the very best
of British produce on our plates. Field to Food Learning Day gives ample opportunity to ask
questions and even provides teachers with inspiration for further learning once back in the
classroom.
The Royal Bath and West Show
The 2023 Show welcomed more than an estimated 108,000 people across the three days full
of fun, action and sunshine. The feedback received post Show from our various stakeholders
has been tremendously positive, echoing the wonderful atmosphere. At an operational level,
internal communications also saw a huge improvement owing to the introduction of a comms
centre during Show as well as a Chief Stewards App and announcement platform
contributing to improved and smoother communication.
The addition of our 'Agricultural Avenue, saw tenth avenue lined with an impressive array of
agricultural machinery from suppliers joined by the ever-popular Tractor Ted who continues to
entertain our potential farmers of the future.
Also appealing to the next generation was our enhanced Lakeside Farm area which offered a
little oasis of educational delights, from spinning to livestock to a butchery demo, all stewarded
by a great team of farmers and specialists who informed the public in a fun and interactive
way, sparking interest in agriculture and rural activities in our youngest visitors.

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THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
With much work put into our permanent horticultural area on the showground ahead of this
year's Show, visitors could enjoy the wonderful flora of the Pop Up Gardens, this year including
installations from Yeo Valley Organic and The Newt as well as the beautiful floral art and
horticultural displays.
The Charitable Im
act of the Show
Various aspects of the show provide a direct public benefit, examples of this are.. competitions.
promotions, skills development and education, both to competitors and visitors alike.
Sections of particular note in this regard are,. Lakeside Farm, Discover the Future, Food &
Drink, Woodland and countryside conservation, Bees and Honey, Orchards & Cider, Sheep
Shearing, Horse Shoeing, Horses, Livestock, The Safety Zone, Horticulture and Vintage
Vehicles.
The Show continues to provide a significant contribution to our charitable objectives including
with a range of organisations who continue to work with us for mutual benefit. Such examples
are.,
Emergency Services and the armed forces - by having a presence at the show they
can promote their service and careers for young people.
Rotary- by providing the 'Meet & Greet, service, the Rotary has 2 free stand at the
Show to promote their charitable works.
Girl Guides - by providing a pedestrian courier service, the Guides have a free
camping site pitch for over 50 girls to experience camping and teamwork whilst
providing an essential service.
Street Theatre Group - by providing the Show with 'Show makers, service the group
have a small free stand at the Show and space during the winter on the showground
to build their stage sets.
Castle Cary Rugby Club - by providing volunteers to support the Show with manual
tasks, the show makes a donation to their club.
Carnival Clubs - by providing volunteers to support the Show in the livestock section
and sign erecting, the Show makes a donation to their clubs.
Duke of Edinburgh Awards - In return for providing volunteers to support the Show
with manual tasks the Duke of Edinburgh Awards have a free stand to promote the
awards scheme.
The Dairy Show
The Dairy Show has developed into the largest Dairy Show in the UK attracting exhibitors from
across the Country for the one day show that is attended by farmers, growers and industry
leaders. This year the show was back to pre pandemic strength. Visitor numbers were good,
trade stand bookings were on budget, with over a quarter of them being new to the event. The
cattle entries held up well leading to some exceptional showing and a competitive

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THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
Championship. There was also a full seminar prograrnme taking Carbon as a theme which
was very well supported throughout the day, to top it all it was a dry day between wet spells,
perfect for the good attendance.
On the eve of the Show we held the Dairy Industry Dinner giving a large proportion of the
Dairy industry an opportunity to network and meet up. The guest speaker was Shelagh
Hancock, CEO of First Milk, who reflected on the changes she has seen in the industry over
the last 30 years and the opportunities for women that are now there throughout the sector,
from farm right through to the boardroom. The Dairy Industry Award was presented to Marco
Winters. Marco has been head of animal genetics with AHDB for 18 years.
The knowledge transfer of innovative technologies at the Dairy Show include:
Milking robotics, feeding robotics, automatic yard cleaning technologies, drone driven cattle
husbandry tools, diet, feed & nutrition regimes, dairy cow health including feet & dry cow
therapies, crop management, young stock rnanagement, genetics & fertility management
techniques and veterinary improvements such as reduction in antibiotic usage.
Enterprises
Commercial activity on the showground provides a vita5 income stream. There are two main
income streams.. the permanent tenants in the Rural Enterprise Centre and elsewhere on the
showground., and the lettings of the showground for external events.
The Rural Enterprise Centre has two permanent tenants as one left during the year.
The income from the showground enables the Society to meet its charitable objectives which
are the encouragement of agriculture, manufacture, commerce and rural crafts.
Enterprises is the area where we have the greatest growth prospects if we are able to drive
more revenue from letting our premises and during 2023 we have seen a huge range of
lettings, from Cheerleading to Antiques, Toy Fairs to Cross Fit and Festivals to Election Counts.
We successfully ran more than one event simultaneously on multiple occasions., from a
weekend in April with a dog event on one half of the Showground and a cycling event on the
other, to a 3-week period throughout the summer which saw back to back 'full' Showground
events taking place across the site, plus the addition of a 100 person film crew based in our
Works Yard.
Of course, in order to let our premises we need to keep the buildings and infrastructure in good
order. There is a significant amount of work to do in this respect, to repair and maintain our
buildings and meet all the necessary compliance requirements. The income from our
Enterprise lettings will heSp us fund the programme of repairs.

THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
Page 7
2024 Group Trading Conditions
Trading conditions for the group remained challenging in 2023 with the cost of living crisis.
Rising inflation, interest rates and utilities costs impacted upon the Society and will also have
had an impact on ticket sales for events as consumers had less disposable income. It is hoped
that as inflation is brought under control interest rates will begin to fall and with energy prices
reducing that consumers will have more disposable income.
The Bath and West Shows Team are launching a new Food and Drink Festival in March 2024
which gives an opportunity for local producers to showcase their products. This will also
provide a home to the British Cheese Awards. This adds a fantastic new commercial activity
to our calendar. In November there will also be a new conference and exhibition- Landalive.
This conference and exhibition makes the case for transition to a more localised, regenerative
farming and food system. Leading practitioners, policy makers and influencers from across the
food system will present a new vision of the future of food, focused specifically on building
resilience at a regional level. Key to this is the transition, at scale, to regenerative farming, to
harness the carbon-storing power of soil and restore biodiversity, whilst democratising access
to nutrient rich food.
An opportunity for the Society is to grow the restaurant sales. The restaurant is currently
ancillary to our events and is only open when events are on site. There is an opportunity to put
on our own events in the restaurant to drive fooffall onto the showground. We are looking at
evening options such as Murder Mystery evenings, opening for key sporting events, such as
Wimbledon and improving the food offering to make the restaLrrant a destination.
FINANCIAL REVIEW
The Society continued to recover from the COVID period, in particular in Bath and West
Enterprises Limited where turnover increased from £883k to £1 ,279k. However the wider
trading conditions remained challenging given the uncertain economic outlook, rising, interest
rates and utilities costs. Thus turnover within Bath and West Shows Limited was broadly flat
as trade stand holders were more cautious and the visitors to shows fell. Total income for the
group was £3,089k (2022.. £2,951) However the Society continued to invest in the estate with
significantly increased repairs and a return to full staffing levels, in particular to support the
increasing client base within Bath & West Enterprises. After expenditure of £3,402k (2022=
£3,087k) the group reports a deficit for the year end of £313k. Whilst Bath & West Enterprises
reported a surplus of £386k, Bath & West Shows Limited reported a disappointing deficit of
£307k. Plans have been put in place for 2024 such that Shows are planned at least break
even, before returning to profitability in 2025.
Consolidated unrestricted funds decreased by £281 k to £4,871 k and consolidated restricted
funds decreased to £34k from £66k in the prior year as disclosed in note 18 of the accounts.
Year end net debt increased from £293k to £469k, partly due to an increased level of capital
expenditure of £142k (2022,- £3k) as the Society continues to invest in its infrastructure to
support the increasing demand within Bath & West Enterprises. We anticipate that debt will
continue to increase as we improve the showground, funded by increased borrowings and also
by improving profita bility.

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THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
RISK
The Audit Committee provides an important risk management tool for the Society, providing
appropriate checks to manage a range of risks that could affect the charity.
The principal risks to the Society are the underperformance of its trading subsidiaries as well
as adverse weather and animal disease that might cause the closure of all or sorne of our
Shows.
Although commercial trading activity returned to normal in 2023, the continued public cost of
living issues may also have a bearing on future shows and events attendance plus, expenditure
in these areas.
Having given consideration to the budgets which include cash flow forecasts to December
2025, along with the availability of funding from Handelsbanken, the Board believe it is
appropriate to continue to adopt the going concern basis for the preparation of the accounts.
In making their assessment the Directors have considered a period of at least 12 months from
the date of approval of these financial statements.
RESERVES POLICY
The normal reserves policy is to cover the risk of inclement weather and any unplanned repairs
and maintenance. The level of reserves should be sufficient to cover at least 3 months of
overhead costs of the Society and target liquid reserves are £500k. Whilst the society has yet
to return to a normal reserves position, adequate liquidity is maintained through banking
arrangements.
DESIGNATED FUNDS
The Charity Committee Fund supports projects closely allied to the Society's charitable
objectives and the committee meets as necessary during the year to oversee the allocation of
monies. The Society would normally allocate 10 % of the unrestricted surplus (excluding any
capital disposals) per year to the fund.
The Young People's Fund raises money from cheese sales at the Royal Bath & West Show
for charitable giving. However, there were no cheese sales from the show in 2023 because
there was no normal cheese show.

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THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUAFIANTEE
ANNUAL REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
TANGIBLE FIXED ASSETS AND INVESTMENT PROPERTY
Investment property consists of land in the development zones of the Showground site. The
land is stated at fair value. Any gains or losses arising from valuations or disposals are
recognised in the statement of financial activities in the year in which they occur.
Having considered market conditions, the Board saw no reason to change the current value of
investment properties at £3 million.
Information relating to the changes in tangible fixed assets and investment property is given in
Note g and Note 10 to the financial statements. Financial commitments as at 31 December
2023 are disclosed in Note 20.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Society is a charitable company Limited by Guarantee without share capital, the
guarantors being the council members to the extent of £1 each. There were 144 (2022.. 145)
council members at the balance sheet date.
The governing documents of the Society are the Memorandum and Articles of Association
dated 23 May 1994 with subsequent amendments agreed on 18 November 1999, 19 February
2004, 16 February 2006 and 16 September 2010. These documents are supported by the
Byelaws of the Society which govern the operation of the Society in more detail.
The business of the Society is managed by the directors who may exercise all the powers of
the Society. The directors are appointed by the Society at the annual general meeting or by
the direGtors although, if appointed by the directors, the director can only hold office until the
next annual general meeting. The directors usually meet four times a year. At every annual
general meeting directors retiring by rotation may be re-elected.
There is a regular review of the structure of the directors of the Society. This involves a skills
review as well as a review of each director's responsibilities across the Society. When a
requirement is identified, a review is made to recruit directors from within the council and
volunteer structure of the Society. However, for certain more specialist skills advice is sought
externally.
The Directors have been undertaking a Governance review in accordance with the Charity
Governance Code for larger charities. The seven codes are..
Organisational Purpose
Leadership
Integrity
Decision-making, risk and control
Board effectiveness
Equality, diversity and inclusion
Openness and aGGountability

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THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)
As the Board works through the different codes it highlights any weaknesses and areas for
improvement. As a result, we are introducing and reviewing a number of different policies and
practices to enhance our Governance. As a Charity it is important that we comply with all
relevant legislation and regulations whilst also delivering our Charitable objectives.
The Society has formal procedures for the induction and training of directors and members. All
new members and directors receive a training and information briefing prior to their first council
or board meeting. Directors, training takes place as appropriate.
The annual general meeting comprises full council members and vice presidents. The
membership has three representatives on the council of the Society and has an annual
members, meeting. The members, representatives are governed by the Byelaws.
Nominations for council membership have to be approved by the directors. Council members
are admitted at any general meeting. General meetings are held three times a year. The
Society must hold one general meeting as an annual general meeting in each calendar year.
General meetings other than the annual meeting are called extraordinary genera5 meetings.
The day to day running of the Society is usually delegated to the Chief Executive and in turn
the Senior Managers. The Chief Executive reports to the Directors who approve his or her,
and senior management remuneration and any annual changes. Annual appraisals are carried
out for all staff with any relevant financial and non-financial targets set.
The Society relies upon a large number of volunteer members who meet regularly to discuss
and deliver its charitable activities. Volunteers are supervised by the Chief Stewards and a
Code of Conduct for Volunteers was introduced during the year.
RELATED PARTIES
The Society owns 1000/0 of the share capital of Bath & West Enterprises Limited. The principal
activities of which is the commercial letting of the showground site, event management and
the provision of catering services.
The following directors of The Royal Bath & West of England Society were also directors of
Bath & West Enterprises Limited during the year..
DrLSMoir
M J Felton
M Thatcher
The Society owns 1000/0 of the share capital of Bath and West Shows Limited. The company
organises the charitable shows of The Royal Bath & West of England Society and in particular,
carries out only such activities as are in furtherance of the charitabSe objectives.

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THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
The following directors of The Royal Bath & West of England Society were also directors of
Bath and West Shows Limited during the year:
A Gibson OBE
D Cotton
C Look
R Uloth
REFERENCE AND ADMINISTRATIVE DETAILS
Charity Name
Charity Number:
Company Number:
The Royal Bath & West of England Society
1039397
02931640
Directors:
Dr L S Moir- Honorary Treasurer
M J Felton
A Gibson OBE
Mrs C R Look- Chairman
M Thatcher
R VV Uloth
Sir David Wills Bt
P M Thomson
Mrs S Seagar
Mrs V E Leng
D Cotton
E Kingston
E Allen (appointed 14 July 2023)
Chief Executive:
Mrs C Paris
Registered Office:
The Showground
Shepton Mallet
Somerset
BA4 6QN
Auditor:
PKF Francis Clark
Charteied Accountants and Statutory Auditor
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA12PX
Bankers:
Handelsbanken
Bishopbrook House
Cathedral Avenue
Wells
BA5 1FD

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THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
STATEMENT OF DIRECTORS, RESPONSIBILITIES
The directors (who are also the trustees of the charitable company for the purposes of charity
law) are responsible for preparing the Annual Report of the Directors and the financial
statements in accordance with applicable law and United Kingdom Accounting Standards
(United Kingdom Generally Accepted Accounting Practice)-
Company law requires the directors to prepare financial statements for each financial year
which give a true and fair view of the state of affairs of the Society and the Group and of the
incoming resources and application of resources, including the income and expenditure, of the
Group for that year.
In preparing these financial statements the directors are required to-
select suitable accounting policies and then apply them consistently-
observe the methods and principles in the Charities SORP"
make judgements and estimates that are reasonable and prudent.,
state whether applicable UK Accounting Standards have been followed, subject to any
material departures disclosed and explained in the financial statements., and
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the Society will continue in business.
The directors are responsible for keeping proper accounting records that disclose with
reasonable accuracy at any time the financial position of the Society and the Group 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 Society and the Group and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the directors are aware..
there is no relevant audit information of which the Society's auditors are unaware- and
the directors have taken all steps that they ought to have taken to make themselves
aware of any relevant audit information and to establish that the auditor is aware of that
information.
The directors are responsible for the maintenance and integrity of the corporate and financial
information included on the Society's website.
Approved by the directors on
and signed on their behalf by..
C Look
Chairman
DrLSMoir
Honorar
easurer

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 13
Opinion
We have audited the financial statements of The Royal Bath & West of England Society {the
'Charitable Parent Company,) and its subsidiaries (the 'Group') for the year ended 31
December 2023, which comprise the Consolidated Statement of Financial Activities, the Group
and Company Balance Sheets, the Consolidated Cash Flow Statement, and Notes to the
Financial Statements, 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 FRS 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..
give a true and fair view of the state of the Group and Charitable Parent Company's
affairs as at 31 December 2023 and of the Group's incoming resources and application
of resources, including income and expenditure, for the year then ended-
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice. and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's 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 UK, including the FRC'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 the trustees, use of the going concern
basis of accounting in the preparation of the financial statements is appropriate and that the
trustees have disclosed in the financial statements any identified material uncertainties that
may cast significant doubt about the company's ability to continue to adopt the going concern
basis of accounting for a period of at least twelve months from the date when the financial
statements are authorised for issue.

Page 14
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
Other information
The directors are responsible for the other information. The other information comprises the
information included in the annual report, other than the financial statements and our auditor's
report thereon. Our opinion on the financial statements does not cover the other information
and, except to the extent otherwise explicitly stated in our report, we do not express any form
of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit or otherwise appears to
be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to deterrnine whether there is a material misstatement in the
financial statements or a material misstatement of the other information. If, based on the work
we have performed, we conclude thatthere 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 matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Directors, Report forthe financial year for which the financial
statements are prepared is consistent with the financial statements-, and
the Directors, Report has been prepared in accordance with applicable legal
requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Group and the Charitable Parent
Company and its environment obtained in the course of the audit, we have not identified
material misstatements in the Directors, Report.
We have nothing to report in respect of the following matters where the Companies Act 2006
requires us to report to you if, in our opinion..
adequate accounting records have not been kept, or returns adequate for our audit
have not been received from branches not visited by us., or
the financial statements are not in agreement with the accounting records and returns.
or
certain disclosures of directors, remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audit., or
the directors were not entitled to prepare the financial statements in accordance with
the small companies regime and take advantage of the small companies exemption in
preparing the strategic report.
Responsibilities of directors
As explained more fully in the Statement of Directors, Responsibilities set out on page 10, the
directors 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 directors determine is
necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.

Page 15
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
In preparing the financial statements, the directors are responsible for assessing the Charitable
Parent 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 directors
either intend to liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's 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
auditor's 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..
As part of our audit planning we obtained an understanding of the legal and regulatory
framework that is applicable to the Group. We gained an understanding of the industry in which
the Group operates as part of this assessment to identify the key laws and regulations affecting
the Group. As part of this, we reviewed the Group's website for indication of any regulations
and certification in place and discussed these with the relevant individuals responsible for
compliance. The key regulations we identified were health and safety regulations and The
General Data Protection Regulation ("GDPR">. We also considered those laws and regulations
that have a direct impact on the preparation of the financial statements such as the Companies
Act 2006 and the Charities: Statement of Recommended Practice (SORP).
We discussed with management how the compliance with these laws and regulations is
monitored and discussed policies and procedures in place. As part of our planning procedures,
we assessed the risk of any non-compliance with laws and regulations on the Group's ability
to continue operating and the risk of material misstatement to the accounts.
We also
evaluated management's incentives and opportunities for fraudulent manipulation of the
financial statements. Based on this understanding we designed our audit procedures to
identify non-compliance with such laws and regLrlations. Our procedures involved the following..
Enquiries of management regarding their knowledge of any non-compliance with laws
and regulations that could affect the financial statements.
Review of the group's GDPR policy, the ICO website and enquiries to the Data
Protection Officer as to the occurrence and outcome of any reportable breaches.
Reviewed legal and professional costs to identify any possible non-compliance or legal
costs in respect of non-compliance.

Page 16
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
We assessed the susceptibility of the financial statements to material misstatement through
management override or fraud, including in relation to cash income and expenditure, and
obtained an understanding of the controls in place to mitigate the risk of fraud. We also
discussed with management whether there had been any instances of known or alleged fraud,
of which there were none. Based upon our understanding we designed and conducted audit
procedures including..
Audited the risk of management override of controls, including through testing journal
entries and other adjustments for appropriateness, and evaluating the business
rationale of significant transactions outside the normal course of business.
Reviewed estimates and judgements made in the accounts for any indication of bias
and challenged assumptions used by management in making the estimates.
We undertook audit procedures in respect of income recognition for each material
stream of income during the year.
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.
This risk increases the further removed non-comp5iance with laws and regulations is from the
events and transactions reflected in the financial statements as we are less likely to become
aware of instances of non-compliance. The risk of not detecting a material misstatement due
to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve
deliberate concealment, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located
on the Financial Reporting Council's website at www.frc.or
.uklauditorsres
onsibilities. This
description forms part of our auditor's report
Use of our report
This report is made solely to the Charitable Company's members, as a body, in accordance
with Chapter 3 of Part 16 of the Companies Act 2008. Our audit work has been undertaken so
that we might state to the company's members those matters we are required to state to them
in an auditor's 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 company and the company's
members as a body, for our audit work, for this report, or for the opinions we have formed.
PL/(. Th,.k C(.x/.
Neil Hitchings FCA (Senior Statutory Auditor)
PKF FRANCIS CLARK
Chartered Accountants and Statutory Auditor
Blackbrook Gate 1,
Blackbrook Business Park
Taunton
Somerset
TA12PX
Date..

Page 17
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
Unrestricted
Funds
2023
£'ooo
Restricted
Funds
2023
£'ooo
Total Unrestricted Restricted
Total
Funds
Fund$
Funds Funds
2023
2022
2022
2022
£'ooo
£'ooo
£'ooo £'ooo
Note
INCOME
Donations and legacies
Charitable activities
Other trading activities
Investments
Other
2,838
2,838
2,539
2,539
250
250
407
407
TOTAL INCOME
3,089
3,089
2,949
2,951
EXPENDITURE
Expenditure on raising funds
Expenditure on charitable activities
1,347
2,037
1,347
2,055
1,175
1,856
1,175
1,912
18
56
TOTAL EXPENDITURE
3,384
18
3,402
3,031
56
3,087
NET (EXPENDITURE) I INCOME
FOR THE YEAR AND MOVEMENT
IN FUNDS BEFORE TRANSFERS
1295)
(18}
{3131
(821
154)
1136)
Transfers
14
114)
NET (EXPENDITURE) I INCOME
FOR THE YEAR AND MOVEMENT
IN FUNDS AFTER TRANSFERS
12811
(32)
1313}
{82)
(54)
(136)
RECONCILIATION OF FUNDS:
FUNDS BROUGHT FORWARD
5,152
66
5,218
5,234
120
5,354
FUNDS CARRIED FORWARD
4,871
34
4,905
5,152
66
5,218
The notes on pages 21 to 41 form an integral part of these financial statements.

Page 18
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
CONSOLIDATED AND COMPANY BALANCE SHEETS
AS AT 31 DECEMBER 2023
Group
Group Company Company
Note
2023
£'ooo
2022
£'ooo
2023
£'ooo
2022
£'ooo
FIXED ASSETS
Tangible Assets
Investment Properties
Investments
2,661
3,000
2,754
3,000
2,661
3,000
2,754
3,000
10
5,661
5,754
5,661
5,754
CURRENT ASSETS
Stock
Debtors
Cash at Bank and in Hand
12
13
14
22
217
80
17
259
107
22
865
17
628
43
319
383
893
688
LIABILITIES:
Creditors Falling Due
W5thin One Year
15
{723)
(538)
(865)
(367)
NET CURRENT (LIABILITIES)IASSETS
(404)
(155)
28
321
LIABILITIES:
Creditors Falling Due
After More Than
One Year
16
(352)
(381)
(352)
(381)
NET ASSETS
4,905
5,218
5,337
5,694
The charity made a deficit of £357k for the year ended 31 December 2023
(continued on page 19)

THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
CONSOLIDATED AND COMPANY BALANCE SHEETS
AS AT 31 DECEMBER 2023
CONTINUED
Page 19
Group
Group Company Company
Note
2023
£'ooo
2022
£'ooo
2023
£'ooo
2022
£'ooo
FUNDS
Unrestricted Funds
General Funds
Non-charitable Trading Funds
Designated Funds
18
18
18
5,163
(431)
139
5,507
(476)
121
5,164
5,507
139
121
4,871
5,152
5,303
5,628
Restricted Funds
18
34
66
34
66
TOTAL FUNDS
4,905
5,218
5,337
5,694
The financial statements were approved by the directors on
their behalf by..
and signed on
Catherine Look
Chairman
DrLSMoir
Honorary Treasurer
Company Registration Number.. 02931640
The notes on pages 21 to 41 form an integral part of these financial statements.

Page 20
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
Note
2023
£'ooo
2022
£'ooo
Cash flows from operating activities
Net cash provided by operating activities
(a)
115
Cash outflows from investing activities:
I nterest received
Payments to acquire tangible fixed assets
1142)
(3)
Cash used in investing activities
(142)
(3)
Cash {outflows)linflows from financing activities:
I nterest paid
Net movement in bank borrowings
(36)
(16)
(13)
100
Cash used in financing activities
{52}
87
Increasel(decrease} in cash and cash equivalents
{192)
199
Cash and cash equivalents at 1 January
107
<92)
Cash and cash equivalents at 31 December
(85)
107
(a) Reconciliation of net income to net cash provided by operating activities
2023
£'ooo
2022
£'ooo
Net expenditure for the year
I nterest paidl(receivable)
Depreciation chargelloss on disposal
Gain on revaluation of investment properties
Increase in stock
(Increase}Idecrease in debtors
(Decrease)Ilncrease in creditors
(313)
36
235
(136)
12
305
(5)
42
(89)
23
Cash flows from operating activities
115

Page 21
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
COMPANY STATUS
The Company is a registered charity and a Company Limited by Guarantee incorporated
in England and Wales, without share capital. The address of the registered office is The
Showground, Shepton Mallet, Somerset, BA4 6QN. The guarantors are the council
members to the extent of £1 each. There were 144 (2022.. 145) members at the balance
sheet date.
ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of estimation
uncertainty in the preparation of the financial statements are as follows:
The financial statements have been prepared in accordance with 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) (Charities
SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic
of Ireland (FRS 102) and the Companies Act 2006.
The Royal Bath & West of England 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 note(s).
All amounts stated in these financial statements are expressed in round thousands,
unless specifically denoted as being displayed to another basis.
The accounts are presented in sterling which is also the functional currency of the Group.
Group financial statements
The financial statements consolidate the results of the charity and its wholly owned
subsidiaries, Bath & West Enterprises Limited, Bath and West Shows Limited, Bath and
West Estates Management Company Limited, and British Cheese Awards Limited on a
line-by-line basis.
A separate Statement of Financial Activities and Income and Expenditure Account for
the Company has not been presented because the Company has taken advantage of
the exemption afforded by section 408 of the Companies Act 2006.
The Charity meets the definition of a qualifying entity under FRS 102 and has therefore
taken advantage of the disclosure exemptions available to it in respect of its individual
financial statements. Exemptions have been taken in relation to financial instruments,
presentation of a cash flow statement and remuneration of key management personnel.
Equivalent information is presented in relation to these group accounts.

Page 22
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
ACCOUNTING POLICIES (CONTINUED)
Going concern
In the light of the consolidated net current liabilities of £404k (2022.. consolidated net
current liabilities of £155k) as at 31 December 2023, the directors have given
consideration to the operations and financial position of the Group in making their going
concern assessment.
Having considered their expectation and intentions for the next twelve months, reviewed
alongside budgets for the 2024 financial year and cash flow forecasts prepared to
December 2025, the availability of working capital and financial performance and position
of both the Group and the Charitable Company, as well as the availabi5ity of unrestricted
funds, the charitable company and the group are going concerns.
Based on the above, the directors are satisfied that the group and company will continue
to operate with sufficient cash headroom and, therefore, it is appropriate to continue to
adopt the going concern basis in the preparation of the accounts.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group's accounting policies, which are described above, the
directors are required to make judgements, estimates and assumptions about the
carrying amounts of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience
and other factors that are considered to be relevant. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognised in the period in which the estimate is revised if
the revision affects only that period or in the period of the revision and future periods if
the revision affects both current and future periods.
The key judgement that has a significant impact on the financial statements is in respect
of going concern, as described above, particularly in the light of ongoing general trading,
and individuals cost of living conditions.
The key sources of estimation uncertainty that have a significant effeGt on the amounts
recognised in the financial statements are described below.
The directors have considered the proportion of the freehold land which is considered to
be held for development, and consequently disclosed as development properties, and
have allocated this to investment properties according to the proportion of land which is
intended to be sold.
Investment properties are stated at fair value. The directors, estimate of fair value is
based upon valuations provided by external, independent valuers, eaGh of whom have
an appropriate recognised professional qualification and relevant experience. The

Page 23
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
ACCOUNTING POLICIES (CONTINUED)
carrying value of investment properties at the balance sheet date is £3.Om {2022.' £3m)
as shown in note 10. The Directors commissioned an external professional valuation in
2020 to support their valuation, and subsequent market conditions show no requirement
for an impairment.
Key management personnel are considered to be the directors and senior management
team. Key management personnel comprised 5 individuals in 2023.. Chief Executive,
Financial Controller, Head of Commercial Enterprise, Head of Estates & Head of
Marketing. As trustees, the directors are not remunerated.
Incoming Resources
Income is recognised when the Group has entitlement to the funds, any performance
conditions attached to the item(s) of income have been met, it is probable that the income
will be received and the amount can be measured reliably.
Income from government and other grants, whether 'capital' grants or 'revenue' grants,
is recognised when the Group has entitlement to the funds, any performance conditions
attached to the grants have been met, it is probable that the income will be received and
the amount can be Measured reliably and is not deferred.
Revenue from lettings is recognised on provision of the letting or service to the customer
in the period to which it relates.
Revenue from shows is recognised during the period in which the relevant show takes
place.
Resources Expended
Resources expended are accounted for in the period in which they are incurred.
Certain expenditure is directly attributable to specific activities and has been inclLtded in
those cost categories. Certain other costs, which are attributable to more than one
activity, are apportioned across cost categories on the basis of an estimate of the
proportion of time spent by staff on those activities.
Support costs are those costs incurred in support of expenditure on the charitable
activities of the Group.
Grants are payments the Company makes voluntarily to other institutions or individuals
in order to further its objectives. They are charged to the Statement of Financial Activities
in the period in which they are payable.
Tangible Fixed Assets and Depreciation
Tangible fixed assets costing more than £1,000 are capitalised and included at cost
(including any incidental expenses of acquisition).

Page 24
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
ACCOUNTING POLICIES (CONTINUED)
Depreciation, calculated on the straight-line method, is provided to write off the cost less
estimated residual value of the fixed assets over the course of their useful lives, except
for freehold land which is not depreciated. The rates during the period were as follows.'_
Showground Buildings and Improvements
Plant, Implements, Furniture and Fixtures
Motor Vehicles
Investment Properties
Properties intended for development and sale are included as investment properties.
Investment properties are stated at fair value. Any gains or losses arising from valuations
or disposals are recognised in the statement of financial activities in the year in which
they occur.
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due
allowances for obsolete and slow-moving items.
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 the deposit
or similar account.
Pension Costs
The Group contributes to a defined contribution pension scheme, the assets of which are
held separately from those of the Group. The scheme is independently administered.
Contributions are charged to the statement of financial activities as they fall due in
accordance with the scheme rules.
Operating Leases
Rentals paid under operating leases are charged to the statement of financial activities
on a straight-line basis over the term of the lease.
Fund Accounting
General funds are unrestricted funds which are available for use at the discretion of the
directors in furtherance of the Group's objectives and which have not been designated
for particular purposes.

THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
Page 25
ACCOUNTING POLICIES (CONTINUED)
The non-charitable trading funds are the funds of the subsidiary companies, Bath & West
Enterprises Limited and Bath & West Shows Limited.
Designated funds comprise unrestricted funds that have been set aside by the directors
for particular purposes. The aim and use of each designated fund is set out in the notes.
Restricted funds are funds which are to be spent in accordance with specific restrictions
imposed by donors. The aim and use of each restricted fund is set out in the notes.
Financial Instruments
The G roup only has financial assets and financial liabilities that qualify as basic financial
instrLtments, being trade and other debtors and creditors, cash and bank balances and
a bank loan.
Basic financial instruments are initially recognised at transaction value and are
subsequently measured at their settlement value. Any losses arising from impairment
('doubtful debts'} are recognised in the statement of financial activities.

inrf
(ov>mo
¢9
¢0
>50(0
c£o)ctoiicnc£O

Page 27
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
TRADING SUBSIDIARIES
Bath & West Enterprises Limited
The Company has a wholly owned trading subsidiary, Bath & West Enterprises Limited
(Registered Company Number 02891950), which is incorporated in England and Wales. The
registered office is The Showground, Shepton Mallet, Somerset, BA4 6QN. Bath & West
Enterprises Limited carries out the non-primary charitable purpose trading activities, namely
the commercial letting of the showground site, event management and the provision of
catering services. A summary of its results is shown below..
2023
£'ooo
2022
£'ooo
Turnover
1,279
883
Cost of Sales
(97)
(24)
Gross Profit
1,182
859
Administrative Expenses (excluding rents payable to parent)
(580)
(609)
Profit on Ordinary Activities Before Rent
602
250
Rent Due to Parent Company
company)
(216)
{216)
Profit on Ordinary Activities
386
34
Distribution paid to Parent Company
34
The aggregate of the assets, liabilities and funds were..
£'ooo
£'ooo
Assets
792
400
Liabilities
(314)
(274)
478
126
Funds represent 2 ordinary shares of £1 each (2022.. 2 ordinary shares of £1 each) and the
surplus on the profit and loss account of £477,667 (2022.. £126,162).

Page 28
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
TRADING SUBSIDIARIES (CONTINUED)
Bath and West Shows Limited
The Company has a wholly owned trading subsidiary. Bath and West Shows Lim5ted
(Registered Company Number 08680261), which is incorporated in England and Wales. The
registered office is The Showground, Shepton Mallet, Somerset, BA4 6QN. Bath and West
Shows Limited carries out a primary purpose charitable activity of running the agricultural
shows of the Society. A summary of its results is shown below:
2023
£'ooo
2022
£'ooo
Turnover
1,620
1,656
Cost of Sales
{1,227) (1,142)
Gross (Loss) I Profit
393
514
Administrative Expenses
(700}
(531)
(Loss) I Profit on Ordinary Activities
(307)
(17)
Distribution paid to Parent Company
The aggregate of the assets, liabilities and funds were-
£'ooo
£'ooo
Assets
117
94
Liabilities
(1,026>
(696)
(909)
{602)
Funds represent 3 ordinary shares of £1 each (2022.. 3 ordinary shares of £1 each) and the
deficit on the profit and loss account of £908,644 (2022-. deficit of £601,560)-

THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
Page 29
INCOME FROM DONATIONS AND LEGACIES
Group
2023
£'ooo
Group
2022
£'ooo
Donations
SUPPORT COSTS
Group
2023
£'ooo
Group
2022
£'ooo
Wages and Salaries
Showground Costs (Facilities)
Showground Costs (Office)
Consultancy and Professional Costs
Finance Costs
Depreciation
Auditors remuneration
859
706
136
48
55
235
16
597
702
155
50
89
305
14
2,055
1,912
The analysis of auditors, remuneration is as follows-
Group
2023
£'ooo
Group
2022
£'ooo
Audit of these financial statements
Audit of financial statements of subsidiary companies
Taxation services
16
14

Page 30
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
STAFF COSTS
Group
2023
£'ooo
Group
2022
£'ooo
Wages and Salaries
Employer's National Insurance
Pension Costs
Redundancy Costs
752
72
35
528
49
20
859
597
The average number of employees was:
Group
2023
Group
2022
Charitable activities and show organisation
Site maintenance and development
17
16
21
20
1 member of staff had emoluments, excluding pension contributions, in the banding
£120,000-£130,000 (2022: No employees with emoluments over £60,000).
No remuneration was paid to the directors (2022.. £Nil) and no expenses have been
reimbursed (2022.. £Nil)-
The total remuneration of key management personnel was £339,987 (5 individuals). In 2022
it was £205,727 (6 individuals).
TAXATION STATUS
The Company is exempt from taxation due to its charitable status. The subsidiary companies
are subject to corporation tax. However, profits are donated to the charity by way of tax-
deductible distribution made within 9 months of the financial year end, and consequently
there is no corporation tax payable.

Page 31
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
TANGIBLE FIXED ASSETS
GROUPAND COMPANY
Freehold
Plant,
Showground Implements,
Freehold Buildings &
Furniture
Motor
Land Improvements & Fixtures Vehicles
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
Total
COST
As at 1 January 2023
Additions
Disposals
158
7,616
928
140
38
8,740
142
As at 31 December 2023
158
7,616
1,068
40
8,882
DEPRECIATION
As at 1 January 2023
Charge for the year
Eliminated on Disposal
5,052
218
896
17
38
5,986
235
As at 31 December 2023
5,270
913
38
6,221
NET BOOK VALUE
As at 31 December 2023
158
2,346
155
2,661
As at 31 December 2022
158
2,564
32
2,754
The net book value at 31 December 2023 represents fixed assets used entirely for charitable
purposes.

Page 32
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
10. INVESTMENT PROPERTIES
GROUP AND COMPANY
Development
Properties
£'ooo
VALUATION
As at 1 January and 31 December 2023
3,000
The Directors last commissioned a professional external valuation of investment properties
by Cooper & Tanner on 31, December 2020. The Directors have reviewed the report and
are satisfied that the valuation and its underlying assumptions remain appropriate as at 31
December 2023. There was no external valuation performed as at 31 December 2023.
11. FIXED ASSET INVESTMENTS
COMPANY
The investments held by the Company are investments in subsidiary companies at a total
cost of £6 (2022.. £6).
Details of undertakings
Proportion of voting
rights and shares held
2023
2022
Undertaking
Holding
Subsidiary undertakings
Bath & West Enterprises Limited
Bath and West Shows Limited
Bath and West Estates Management
Company Limited
British Cheese Awards Limited (+)
Ordinary
Ordinary
100/0
Ordinary
Ordinary
(+) Shares held by a subsidiary company.
Further information in respect of Bath and West Shows Limited and Bath & West Enterprises
Limited is provided in note 4.
The principal activity of both Bath and West Estates Management Company Limited and
British Cheese Awards Limited is that of a dormant cornpany.
The registered office of each subsidiary company shown above is The Showground, Shepton
Mallet, Somerset, BA4 6QN. Each subsidiary is incorporated in England and Wales.

Page 33
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
12. STOCKS
Group
2023
£'ooo
Group Company Company
2022
2023
2022
£'ooo
£'ooo
£'ooo
Consumables
22
17
22
17
13. DEBTORS
Group
2023
£'ooo
Group Company Company
2022
2023
2022
£'ooo
£'ooo
£'ooo
Trade Debtors
Amounts Due from Group Undertakings
Other Debtors
Other Taxation and Social Security
Prepayments and Accrued Income
104
139
13
813
19
556
30
90
31
22
31
113
217
259
865
628
14. CASH & CASH EQUIVALENTS
Group
2023
£'ooo
Group Company Company
2022
2023
2022
£'ooo
£'ooo
£'ooo
Cash at bank and in hand
Overdraft
80
(165)
107
43
(165)
(85)
107
{159)
43
Analysis of net debt
At1
Jan
2023
£'ooo
At31
Dec
2023
£'ooo
GROUP
Cash
flow
£'ooo
Cash at bank and in hand
Bank overdraft
Bank borrowings
107
(27)
(165)
16
80
(165)
(384)
(400)
Total
(293)
(176)
(469)

Page 34
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINLIED
15. CREDITORS: Amounts falling due within one year
Group
2023
£'ooo
Group Company Company
2022
2023
2022
£'ooo
£'ooo
£'ooo
Bank Overdraft
Bank Borrowings
Trade Creditors
Amounts Due to Group Undertakings
Other Creditors
Other Taxation and Social Security
AGcruals
Deferred Income (Note 17)
165
32
117
16S
32
93
486
19
123
19
88
179
13
81
55
247
34
66
306
25
51
11
31
36
723
538
865
367
16. CREDITORS: Amounts falling due in over one year
Group
2023
£'ooo
Group Company Company
2022
2023
2022
£'ooo
£'ooo
£'ooo
Bank borrowings
352
381
352
381
Group and Company
Bank borrowings
The bank loans are denominated in sterling with a nominal interest rate of 2.7 % above
Base rate, the final insta5ment is due in October 2026.
The bank loans are secured by debenture over the Company's whole assets and
undertakings.

Page 35
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3q DECEMBER 2023
CONTINUED
17. DEFERRED INCOME
Group
2023
£'ooo
Group Company Company
2022
2023
2022
£'ooo
£'ooo
£'ooo
Balance Brought Forward
Trade Stand and other Advanced
Bookings Received
Rent Received
Membership Received
Released to Statement of Financial
Activities
247
272
46
127
39
61
10
(114)
(126)
(11)
(11)
Balance Carried Forward
306
247
Deferred income will be applied as follows..
Deferred Income
306
247
Within 1 year
306
247

Page 36
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
18. STATEMENT OF FUNDS
GROUP
Asat1
January
2023
£'ooo
Asat31
Transfers December
Income Expenditure and Gains
2023
£'ooo
£'ooo
£'ooo
£'ooo
Unrestricted Funds:
General Funds
Mendip DC grants
Bath and West Shows Ltd
Bath & West Enterprises Ltd
5,507
190
(771)
237
5,163
(602)
126
1,620
1,279
(1,927)
(677)
(909)
478
(250)
Designated Funds:
Charity Committee
Young People's Funds
Infrastructure Upgrade
17
(6)
(3)
27
38
100
100
Total Unrestricted
Funds
5,152
3,089
(3,384)
14
4,871
Restricted Funds:
Showering Pavilion
Heating System
South West Growth Fund
Field to Food Learning Day
Mendip DC REC F&D Grant
Mendip DC First Aid Grant
Mental Health in Agriculture
The Queens Canopy
16
29
10
(2)
(3)
(10)
(14)
26
(1)
(2)
Total Restricted Funds
66
(18)
(14)
34
Total Funds
5,218
3,089
(3,402)
4,905

Page 37
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
18. STATEMENT OF FUNDS
GROUP
Asatl
Asat31
January
Transfers December
2022 Income Expenditure and Gains
2022
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
Unrestricted Funds:
General Funds
Mendip DC grants
Bath and West Shows Ltd
Bath & West Enterprises Ltd
5,523
68
(584)
98
409
(647)
(68)
(1,674)
(633)
222
5,507
1,656
833
(602)
126
(222)
Designated Funds:
Charity Committee
Young People's Funds
Infrastructure Upgrade
25
(8)
(1)
17
100
100
Total Unrestricted
Funds
5,234
2,949
(3,031)
5,152
Restricted Funds:
Showering Pavilion
Heating System
South West Growth Fund
Rural Development Programme
for England (RDPE)
Field to Food Learning Day
Mendip DC REC F&D Grant
Mendip DC First Aid Grant
Somerset CC Business Restart
and Recovery Fund
Mental Health in Agriculture
The Queens Canopy
18
32
(2)
(3)
16
29
(1)
10
10
50
(50)
Total Restricted Funds
120
(56)
66
Total Funds
5,354
2,901
(3,087)
5,218
The transfer from Bath & West Enterprises Limited also includes an intercompany rent
payment of £216k.

Page 38
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
18. STATEMENT OF FUNDS (CONTINUED)
Designated Funds:
Charity Committee
The Charity Committee Fund supports projects closely allied to the Society's charitable
objectives and the Society would normally allocate 10°/o of the unrestricted surplus
(excluding any capital disposals) per year to the fund.
Young People's Funds
This relates to the funds received from cheese sales at the British Cheese Awards that
are designated by the Dairy Produce Committee for charitable giving.
Infrastructure Upgrade
The Company has committed to pay its development partner £150k for the upgrade of
showground infrastructure during the course of development and has therefore designated
this fund within reserves. As at 31 December 2023, £1 Ook of this commitment remains as
£Nil (2022.'£Nil) was paid in the year.
Restricted Funds:
Showering Pavilion Heating Systern
Grants were received to assist towards the costs of the sustainable (biomass) energy
heating system in the Showering Pavilion. The system has now been written off in the
accounts.
South West Growth Fund
In 2017 a grant of £43k was received from the South West Growth Fund towards the
construction of the Rural Enterprise Centre. The balance on this fund represents future
depreciation to be written off over the lift of the assets.
Field to Food Learning Day
In 2020 a grant of £1 Ok was received from the FairField Charitable Trust. The balance was
spent running the Field to Food Learning Day in the year.
Mendip District Council REC F&D Grant
In 2018 a grant of £4k was received from Mendip District Council to fund the development
kitchen in the Rural Enterprise Centre. The balance on this fund represents future
depreciation to be written off over the life of the assets.
The Queens Canopy
In 2022, money was raised for the planting of trees to celebrate the Queens Jubilee. The
balance of this fund has been spent in the year.

Page 39
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
18. STATEMENT OF FUNDS (CONTINUED)
Mendip District Council First Aid Grant
In 2019 a grant of £6k was received from Mendip District Council to fund the construction
of a First Aid Centre. The balance on this fund represents future depreciation to be written
off over the life of the asset.
Mental Health in Agriculture
In 2022 a donation of £1 k was received and this has been spent in the year.
COMPANY
For the purpose of section 408 of the Companies Act 2006, the net movement of funds for
the Company is a deficit of £357k (2022: deficit of £146k). Total funds brought forward
were £5,694k (2022: £5,840k). Total funds carried fotward were £5,337k (2022.. £5,694k).
19. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS
General Designated Restricted
Funds
Funds
Funds
£'ooo
£'ooo
£'ooo
Total
£'ooo
Fund balances at 31 December 2023..
Tangible Fixed Assets
Investment Properties
Other Assetsl(Liabilities)
2,635
3,000
(903)
26
2,661
3,000
(756)
139
4,732
139
34
4,905
There are sufficient resources available, held in an appropriate form, to enable restricted
and designated funds to be applied in accordance with restrictions imposed.
General Designated Restricted
Funds
Funds
Funds
£'ooo
£'ooo
£'ooo
Total
£'ooo
Fund balances at 31 December 2022..
Tangible Fixed Assets
Investment Properties
Other Assetsl(Liabilities)
2,709
3,000
(678)
45
2,754
3,000
(536)
121
21
5,031
121
66
5,218

Page 40
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
20. FINANCIAL COMMITMENTS
Financial
As at 31 December 2023 the Group had £nil authorised and contracted financial
commitments <2022: £1 Ook).
£nil (2022.. £100k) relates to a contribution to the Company's development partner to
upgrade the showground infrastructure for future development, the exact timing of which
cannot be determined.
Obligations under Non-cancellable Leases: as a lessee:.
As at 31 December 2023 the Group had total commitments under non-cancellable
operating leases, for the following minimum lease payments:
2023
2022
£'ooo
£'ooo
Expiry Date..
Within 1 year
2 to 5 years
The amount of non-cancellable operating lease payments recognised as an expense
during the year was £4k <2022.. £4k).
Obligations under Non-cancellable Leases: as a lessor:.
As at 31 December 2023 the Group had contracted with tenants under non-cancellable
operating leases, for the following minimum lease payments..
2023
2022
£'ooo
£'ooo
Expiry Date..
Within 1 year
130
132
2 to 5 years
130
132
The operating leases represent rental of properties to third parties.

Page 41
THE ROYAL BATH & WEST OF ENGLAND SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTINUED
21. RELATED PARTY TRANSACTIONS
In accordance with FRS 102, the company is exempt from the requirement to disclose
transactions with wholly owned group companies. There were no other related party
transactions in the year (2022.. None).
Transactions with the directors are disclosed in Note 7.
22. POST BALANCE SHEET EVENTS
The Society is in discussion with its water provider to seek reimbursement of overpaid
sewerage charges dating back to 2017 and prior. It is not yet possible to accurately
quantify the overall benefit to The Society in respect of 2017 and subsequent years. An
interim payment on account of £79k has been agreed since the year end.