Company re8iStration number.. 0368Z748 (England and Walesl Registered charity number.. 1073166 STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE CONTENTS Page Trustees, report Auditor5, report 9-12 Consolidated statement of financial activities 13 Statement of financial activitie5 14 Consolidated balance sheet 15 Balance sheet 16 Consolldated statement of cash flows 17 Statement of cash flows 18 Notes to the consolidated financial statements 19-32 The following pages do not form part of the statutory accountS'. General income and expenditure account 33 English Winter Fair income and expenditure account 34 County Show income and expenditure account 35
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE TRU5TEES' REPORT ST FOR THE YEAR ENDED 31 JULY 2024 Company Information Dlrectors R Madders M Thompstone IResigned 23, November 2023} F Thompstone (Appointed 23, November 2023 C Meynell M J Williams M R Heenan Mr A G Parrott Secretary & Chief Executive R Cwilliams Company number 03682748 (England & Wales) Charlty number 1073166 Registered Offlce The County Showground Weston Road Stafford ST18 OBD Auditors Dyke Yaxley Limited l Brassey Road Old Potts Way Shrewsbury Shropshire SY3 7FA Accountants Deans Gibson House Hurricane Court Hurricane Close ST16 IGZ Banker5 National Westminster Greengate Street Stafford 50licitors Talbots Ground Floor Suite 9 Waterloo Road Wolverhampton West Midlands WVI 4NB
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (CONTINUED) ST FOR THE YEAR ENDED 31 JULY 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT The Charity 15 governed by Articles of Association dated 24 November 2022 and its objectives are as follows: Encourage skill and industry in husbandry by the holding of agricultural shows and local competitions within a 10 mile radius of County of Staffordshire including the English Winter Fair (incorporating the National Pedigree Calf Showl and the Staffordshire County Show and any other activitie5, meetings and events that are likely to assist in these aim5,' Encourage agricultural enterprise and the promotion of improvements in the breeding, rearing, and health of livestock; Encourage the improvement and marketing of agricultural produce and the invention and development of agricultural implements, machinery innovation and technology Encourage the progress and furtherance of the agricultural industry, rural enterprise and all professions, trades and industries connected therewith. Encourage social engagement and support between the rural community by providing forum for debate and development of ideas,. Promote greater understanding and empathy with farming and the countryside amongst the general public; Promote the role of farmers as providers of high-quality produce, educating the general public as to their food source with a view to encouraging consumer5 to choose healthy local produce; Advance and develop the progression of young farmers by assisting local groups howsoever possible including free use of land, buildings and facilities owned by the Charity, providing scholarships to assist in education and holding educational courses; A55i5t the local agricultural community by providing meeting facilities free of charge to local agricultural charities and organisations. and To advance and encourage the protection and sustainability of the environment and agricultural research,.
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31ST JULY 2024 Appointment and Training of Trustees/ Directors The trustees are the directors of the Company limited by guarantee which does not have share capital. The directors therefore do not have any interest in the shares of the Com pany or any interest in the subsidiary company. The Directors who served during the year are as follows.. R Madders M Thompstone {Resigned 23° November 20231 F Thompstone (Appointed 23, November 20231 C Meynell M J Williams M R Heenan Mr A G Parrott The Trustees are drawn from the most senior members of the Society, accordingly, they are well versed in the Society's operation and structure and thus do not require further training in this area. However, training in thei r wider responsibilities as Trustees is provided through the documentation on this matter provided by the Charity Commission.
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT {CONTINUED) 5T FOR THE YEAR ENDED 31 JULY 2024 Organisational Structure The Society is made up of eight Districts based on geographical regions within the County- Stone, Stafford, Uttoxeter, Lichfield, Newcastle, South Staffordshire, Burton and Eccleshall. In addition, there is a ninth district, the National District which incorporates members of the former BAES that live outside Staffordshire. Society policy is formulated by the 120 strong Council which includes the Trustees, the Society's principal officers, representative5 from each of the nine Districts and the Chief Stewards from the County Show. The Council has two major subcommittees re5pon5ible respectively for the County Show and English Winter Fair. Day to day running of and responsibility for the administration of the Society 15 delegated to the Chief Executive. OBJEcfivES AND AcfiviTIES The Society's principal aim is to encourage excellence in agriculture through competition, This aim is achieved through the County Show in May and the English Winter Fair in November. In setting the objectives the Trustees have complied to have due regard to the public benefit guidance published by the Charity Commission. In particular the public benefit in the following activities has been identified.. a. Adoption of a policy to provide facilitie5 on the Showground to Registered Charities at no or a reduced cost. b. Provision of financial support to agricultural students. Providing a social forum for the building of the rural community. d. Providing grant aid, where the necessary criteria is met, to organisation5 which promote rural regeneration. Provide financial support and the provision of facilities for a wide range of competitive and social events undertaken by Staffordshire Young Farmers Clubs which has a membership base that is open to young people from all areas of the community. Moreover, a series of competitions encompassing all the major crop and livestock enterprises as well as traditional skills such as ploughing and hedge laying are held at both County and District level throughout the year. Furthermore. the society also discharges its secondary welfare and educational aims by sponsoring Members of the Staffordshire Young Farmers Club to attend the Oxford Farming Conference, the provision of educational grants and grants to agricultural charities including the RABI.
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (CONTINUED) ST FOR THE YEAR ENDED 31 JULY 2024 ACHIEVEMENTS & PERFORMANCE The number of visltors attending the County Show remains buoyant despite cost-of-living pressures. The Trustees were pleased to note that over thirty Registered Charities attended the Show and benefited from a significant reduction in fee5. The Show, through demonstrations and displays, promoted to the public a better understanding of rural skills and countryside management. Over 400 trade stands promoted rural commerce and 5ervice5 Wlthin the County. The En81ish Winter Fair, which incorpor3tes the National Pedigree Calf Show, wa5 held in November 2023. The Fair was a resounding succe5S Wlth visitor numbers, livestock entrie5 and trade stand exhibitors all broadly similar to or Surpassing the levels achieved in 2022.The Fair hosts the National Farmer's Stock Judging Competition which attract5 some 250 young people from 18 counties within England, promoting animal husbandry ski115 amongst the young and providing an opportunity for social interaction. The operation of the Society's activities is made possible by the support of over two hundred volunteers. During the year the Society has continued to invest in the Showground infrastructure to ensure all infrastructure is maintained to the highest level. PLANS FOR FUTURE PERIODS The County Show and English Winter Fair are now c105e to the maximum livestock levels that the livestock buildings can accommodate. However, the Society will continue to educate the public as to the diversity of the different breeds of livestock represented at the Shows through a range of educational material at both events. The Society and its Districts will undertake a full programme of agricultural competitions includin8 six ploughing matches. The Society will, in addition to sponsoring members of the Staffordshire Young Farmers to attend the Oxford Farming Conference, offer a range of scholarships as well as grants to assist farming student5 with the cost of textbooks and short vocational training course fees. The Society has also introduce competitions aimed at young people under thirty six years of age to encourage and reward success in a farming enterprise or farm diversification business with a prize fund of £5,000. The Society will offer support for farm visits by farming groups and schools and will also continue to afford financial support to the RABI and other agricultural charities. The Society will also forge closer links and make facilities available to the Royal Agricultural Society of England's project Innovation for Agriculture. Finally, the Society will continue to invest in the Showground to renew and where po55ible enhance the facilities. The Trustees are committed to develop the Society's competitions to further promote good environmental practices and animal welfare.
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31ST JULY 2024 FINANCIAL REVIEW During the year the Society made a deficit of £26,74712023 surplus £115,406) from general operations including income of £32,006 from The Stafford Showground Limited. Reserves After allowing for capital reserves the Society maintains a reserve in the region of £640,000 {2023 £1,092,000), the decrease has resulted from the acquisition of assets during the year. The level of reserves is considered adequate to meet the Societvs general operational requirements for a minimum period of twelve months. The Tru5tee5 have set this level of reserves as they are mindful of the impact that events such as the Pandemic had on the Society when trading effectively ceased for a period of eighteen months. They are equally mindful of the impact that notifiable livestock diseases such as Foot & Mouth and Blue Tongue can have on the Society Any surplus to this requirement is applied towards long term maintenance and capital investment in the facilities at the showground. Investment Powers The Memorandum and Articles of Association allows for the investment of monies which are not immediately required for the furtherance of its objects in or upon such investments. securities or property as the charity feel fit, subject to conditions imposed or required by law. Investment The Societ¢s principal investment 15 in its major asset - the County Showground which is leased on an annual licence fee of £80,000 to it5 Subsidiary company, Stafford 5howground Limited. The main fund-raising activity of the group is through the hire of the site and facilities by the subsidiary to a large number of external organisations including religious organisations and other charities at a substantially reduced fee. The site is hired almost exclusively for recreational activitie5 for the benefit of the wider community. Repairs and renewals on the Showground are delegated to the subsidiary company Stafford Showground Limited and surplus funds are transferred to the Charity by gift aid. In the year 2023124 £32,00612022123 £112,170) was paid by gift aid by the subsidiary. All capital expenditure is referred to the Societvs Council for authorisation. Rlsk Policy The major risks to which the charity is exposed, as identified by the directors, have been reviewed and systems have been established to mitigate those risk5. 1 n particular the Society has regard to health and safety i55ue5. In consequence health and safety 15 regularly di5CUSsed at board meetings, consultants are employed to identify and mitigate risks and Staff and volunteers are given appropriate training.
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT {CONTINUED) ST FOR THE YEAR ENDED 31 JULY 2024 Trustees, responsibilitles statement The trustees (who are also directors of Stafford & Birmingham Agricultural Society for the purposes of company lawl are responsible for preparing the Tru5tees' Annual Report and the financial statement5 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 year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP (effective l January 20191; make judgement5 and estimates that are reasonable and prudent,. State whether applicable UK Accounting Standards have been followed, Subject to any material departures disc105ed and explained in the financial statements,. prepare the financial statements on the going concern basi5 unle55 it is inappropriate to presume that the charitable company will continue in operation. The trustee5 are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company'5 website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (CONTINUED) ST FOR THE YEAR ENDED 31 JULY 2024 Statement as to Disclosure of Information to Auditors In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditor is unaware; and the trustees 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. This report ha5 been prepared in accordance with the special provisions of part 15 of the Companies Att 2006 relating to small companies. st Approved by the Board of Directors on 21 November 2024 and signed on its behalf: Richard Williams- Secretary
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF STAFFORD & BIRMINGHAM AGRICULTURAL SOCIETY LIMITED (Company Registration Number 036827481 Opinion We have audited the financial statements of Staffordshire & Birmingham Agricultural Society (the 'parent company'l and its subsidiaries (the 'group'l for the year ended 31 July 2024 which comprise Consolidated and Parent Company Statements of Financial Activities, Con501idated and Parent Company Balance Sheets and Consolidated and Parent Company Cash Flow Statements 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 Practicel. In our opinion the financial statements- give a true and fair view of the state of the group's and of the parent company's affairs a5 at 31 July 2024 and of the group's profit 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. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UKII 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 company 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 statement5, 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 collettively, may cast Significant doubt on the group's and parent com pany'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 directors with respect to going concern are described in the relevant sections of this report.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF STAFFORD & BIRMINGHAM AGRICULTURAL SOCIETY LIMITED {Company Registration Number 036827481 Other information The directors are responsible for the other information. The other information compri5e5 the information included in the annual report, other than the financial statements and our auditor'5 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 statement5 or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companles Act 2qJ06 In our opinion, based on the work undertaken in the course of our audit- the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financi31 statements; and the Trustees, Report has been prepared in accordance with applicable legal requirements. 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 the knowledge and understanding of the group and the parent 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 where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or the parent company financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, 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 Trustees, Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report. io
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF STAFFORD & BIRMINGHAM AGRICULTURAL SOCIETY LIMITED (Company Registration Number 3682748} Responsibilities of directors As explained more fully in the Trustees, Responsibilities Statement set out on pages 6, 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 nece55ary to enable the preparation of financial statements that are free from material mi5Statement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 5tatement5 Our objectives are to obta in reasonable a55urance 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 IUKI will always detect material misstatement when it exists. Mi55tatements 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 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 mi55tatement5 in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud, We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud 15 higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and Accounting & Reporting by Charities SORP: FRS102. Our tests included agreeing the financial statement disclosure5 to underlying supporting documentation and enquiries with management. a review of minutes of Council and Board meetings held during and after the year under audit. Health and Safety is another key area of compliance for the Society due to it holding public events. To ensure it meet5 nece55ary standard5 It has a contract with NFU Risk Management Services who carry out a site visit and prepare an action plan for the Society to implement.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF 5TAFFORD & BIRMINGHAM AGRICULTURAL SOCIETY LIMITED (Company Registration Number 3682748) Prior to the County Show a visit was made by the Stafford Borough Council Events Safety Advisory Group who recommended the appointment of a professional Safety Advisor for the show which was implemented. The Society carries out risk assessments for key areas to identify and take steps to mitigate those risks, It also ensures that all statutory inspections of mechanised equipment in use on the site are carried out as required. We have inspected the action plan, risk assessments. inspection reports and relevant certifications as mentioned. In addition we have confirmed that a DEFRA animal gathering licence is held by the Society which 15 a requirement where certain classes of livestock are brought onto the premises for show5 or exhibitions. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the le55 likely we would become aware of it. We did not identify any key audit matters relating to irregularitie5, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material mi55tatement due to fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. http:l/www.frc.org.uk/auditorsresponsibilities. This description form5 part of our auditor's report. Use of our report Thi5 report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the companfs members those matters we are required to state to them in an auditor's report and for no other purpose. To the fLJlle5t extent permitted by law, we do not accept or a55ume 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. Stacey Lea FCA (Senior Statutory Auditor) For and on behalf of Dyke Yax5ey Limited Statutory Auditor l Brassey Road Old Potts Way Shrewsbury Shropshire SY3 7FA fryLfvL4 Date: 12
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIEri CONSOLIDATED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Ilncludlng Income and Expendlture Account) FOR THE YEAR ENDED 31 JULY 2024 Unrestrlcted Restrlcled Fund5 Funds Total 2024 Total 2023 Note Income from: Donation5 and voluntary income Charitable activities Other trading artivities for generating funds Investments Other Profit on disposal of tangible fixed assets 48,206 SOl,229 1,566,304 10,079 5,010 48,206 501,229 1,566,304 10,079 5,010 37,430 478,804 1,392,510 8,739 9.915 Total income 2,130,828 2,130,828 1.927,398 Expenditure on: Raising funds Charitable activities Other 1,573,311 506,008 69,193 1,573,311 506,008 69,193 1,390,205 443,971 57,981 Total expenditure 2,148,512 2,148,512 1,892,157 Net Income / {expenditurel {17,6841 117,6841 35,241 Transfers between funds Other recogni5ed gains/(losses1 Depreciation on revaluation of fixed assets 1464,7341 1464.7341 1464,7341 Net movement in funds 1482,418) 1482.4181 1429,4931 Reconcillatlon of fund5: Total funds brought forward 20,562.570 20,562,570 20,992,063 Total funds caryied forward li 20,080,152 20,080,152 20,562,570 All income and expenditure derive from continuing activities. The statement of financial activities includes all gain5 and losses recognised during the year The notes on pages 19 to 32 form part of these accounts 13
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY CONSOLIDATED COMPANY STATEMENT OF FINANCIAL AcfiviTIES Ilncluding Income and Expenditure Account) FOR THE YEAR ENDED 31 JULY 2024 Unrestricted Restrlcted Funds Funds Total 2024 Total 2023 Note Income from: Donations and voluntary income Charitable activities Other trading activities for generating funds Investments Other Profit on disposal of tangible fixed asset5 80,212 501,229 95,916 90,079 5,010 80,212 501,229 95.916 90.079 5.010 149,600 478.804 114,789 88,739 9.915 Total Income 772,446 772,446 841,847 Expenditure on: Raising funds Charitable activities Other 243,212 486,789 69,192 243,212 486,789 69,192 216,486 451,974 57,981 Total expenditure 799,193 799,193 726,441 Net incorne / (expenditure) 126.7471 126,747) 115.406 Transfers between funds Other recognised galn5111055e51 Depreciation on revaluation of fixed assets {464,7351 1464,7351 1464.7341 Net movement In funds 1491,4821 1491,4821 1349.3281 Reconciliatlon of funds: Total funds brought forward 20,530,563 20,530,563 20,879,891 Total tunds carried forward li 20,039,081 20,039,081 20,530,563 All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year The notes on page5 19 to 32 form part of these accounts 14
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY CONSOLIDATED (Company Re8lStratlon Number 0368Z7481 CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2024 Notes Unrestricted Funds Restrltted Funds Total 2024 Total 2023 Fixed a55et5 Tangible assets 7b 19,399,594 19,399,594 19,441,754 Current assets Debtors Cash at bank 145,582 674,742 820,324 145,582 674,742 820,324 101,320 1,172,877 1,274,197 Creditors: amounts falling due within one year io 1139,7661 1139,7661 1153,3811 Net current assels 680,558 680,558 1,120,816 Total a$5ets le55 current liabilities 20.080,152 20,080,152 20,562,570 Net assets 20,080,152 20,080,152 20,562,570 Represented by: Unrestricted funds li 4,602,016 4,602,016 4,619,700 Revaluation reserve li 15,478,136 15,478,136 15,942,870 20,080,152 20,080,152 20,562,570 The consolidated financial statement5 were approved and authorised for issue by the Board on 21 November 2024 and signed on behalf of the Board of Trustees C Meynell - Director The note5 on page5 19 to 32 form part of these accounts 15
STAFFORD5HIRE & BIRMINGHAM AGRICULTURAL SOCIETY CONSOLIDATED (Company Reglstratlon Number 03682748) COMPANY BAiANCE SHEEr AS AT 31JULY 2024 Notes Unrestricted Funds Restrlrted Funds Total 20Z4 Total Z023 Fixed assets Tangible assets Investments 7a 19,399,594 19,399.594 19,441,754 19,399,596 19,399,596 19,441,756 Current assets Debtors Cash at bank 29,632 655,119 684,751 29,632 655,119 684,751 14,136 1,127.002 1,141.138 Creditors: amounts falling due within one year io 145,266} {45,2661 152,3311 Net current assets 639,485 639,485 1,088,807 Total assets less current IlabilTties 20,039,081 20,039.081 20,530,563 Net assets 20,039,081 20,039,081 20,530,563 Represented by.. Unrestricted funds Revaluation reserve li li 4,560,946 15,478,135 20,039,081 4,560,946 15,478,135 20,039,081 4.587.693 15,942,870 20,530,563 The consolidated financial statements were approved and authorised for issue by the Board on 21 November 2024 and signed on behalf of the Board of Trustees C Meynell - Directo The notes on pages 19 to 32 form part ofthe5e accounts 16
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIE CONSOLIDATED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 Year ended 31 July 2024 Year ended 31 July 2023 Note Net cash flows from operating actlvltles 46.541 146,587 Cash flow from Investlng activitles Payments to acquire tangible assets Interest received Net cash flows from Investlng activltles 1554,2551 9,579 154,1251 8,239 1544,6761 145,8861 Cash flow from Ilnandni artlvlties New Loans in the year Repayment of long term loan Interest paid Repayment of hire purchase liabilities Net cash flows from flnan¢ln8 artlvlties Net (docrease)lincrease In ¢ash and cash equlvalents 1498,1351 100,701 Cash and cash equlvalents at the start of the year 1,172,877 1,072,176 Cash and fash equNalents at the end of the year 674.742 1.172.877 Year ended 31 July 2024 Year ended 31 July 2023 I Cash nerated from o Net movement in funds Building Society Interest received Depreciation charge of tangible assets Ilncreasel / decrease debtor5 Increase I Idecreasel in creditors eration5 1482,4181 19,5791 596,415 144,2621 113,6151 46,541 1429,4931 18,2391 576,155 146,8621 55,026 146,587 At l August 2021 Cash Flow5 Other non sh change5 At 31 Julv 2023 2 Anal sis of Chan es in net debt Cash and cash Equivalents Cash 1,172,877 1498,1351 674.742 Total 1,172,877 1498,1351 674,742 17
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY CONSOUDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 Year ended 31 July 20Z4 Yearended 31 July 2023 Note Net cash flows from operating activitles 72,793 209,688 Cash Ilow from Investing activities Payments to acquire tangible assets Interest received Net cash flows from investing activities 1554,2551 9.579 154,1251 8,239 1544,6761 145,886 Cash flow from financing activitSes Other support costs Repayment of lon8 term loan Interest paid Net cash flov from flnancing actlvities Net {decreaselllncrease in cash and cash equivalents 1471,883} 163,802 Cash and cash equlvalents at the start of the year 1.127,002 963,200 Cash and cash equlvalents at the end of the year 655,119 1.127.002 Year ended Yearended 31 July 2024 31 July 2023 I Cash enerated from o Net movement in funds Building society interest received Depreciation charge of tangible assets Ilncreasel / decrease in debtors Increase I Idecreasel in creditors erations 1491.4821 19,5791 596,415 115,4961 17,0651 72,793 1349,3281 18.2391 576,155 18,2121 16881 209,688 At l August 2023 Cash Flow5 Other non At 31 July cash changes 2024 2 Anal sis of Chan e5 in net debt Cash and cash Equivalent5 Cash 1,127,002 1471,8831 655.119 Total 1.127,002 1471,8831 655,119 18
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY CONSOLIDATED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY 2024 l Accountlng pollcles General Inlormatlon and ba515 01 aratlon Staffordshire and Birmingham Agricultural 50¢iety is a charitable organisation in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page l of these financial statements. re The nature of the charity's operation5 and principal activities are stated in the Trustee5 Report. The charity Constitutes a public benefit entity as defined by FRS 102. 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 Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191 , the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companies Act 2006 and UK Generallv Accepted Accounting Practice. The financial Statements are Prepared on a going concern basis under the historical cost convention. modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been con51stently applied to all years presented unless otherwise Stated. b Basls of consolldatlon These financial statements consolidate the results of the charitable company and Its wholly-owned subsidiary, Stafford Showground Limited. The results of the subsidiary are con501idated on a line by line basi5. Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objertives of the charity and which have not been designated for other purposes. Designated fund5 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. d Income reco nition All incoming resources are included in the Statement of Financial Activities {SoFAI when the charity is legally entitled to the income after any performance conditions have been rnet, the arnount can be measured reliably and it is probable that the income will be received. 19
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY CONSOLIDATED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 l Accounting poll¢les (contlnued) d Income reco nltlon continued For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this require5 a level of performance before entitlement can be obtained then income 15 deferred until those conditions are fully met or the fulfilment of those conditions 15 Wlthin the control of the charity and it is probable that they will be fulfilled. Income from trading activities includes income earned from trading activities (including the hiring out of the Showgroundl to raise funds for the charity. Income is received in exchange for seNices in order to raise funds and is recognised when entitlement has occurred. Investment income 15 earned through holdlng a5set5 for investment purposes such as property. It include5 interest and rent. Interest income 15 recogni5ed using the effective interest method and rent income is recognised as the charity's right to receive payment is established. The company receives government grants in respect of the Job Retention Scheme. These grants are recognised at the fair value of the asset received or re¢eivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance/accrual model. nditure reco nition All expenditure is accounted for on an accruals basis and has been cla55ified vnder headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categori5ed under the following headings: Costs of raising funds includes expenses from the trading subsidiary Expenditure on charitable actVItieS includes the costs of the shows Other expenditure represents those items not falling into the categories above. Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Branch transactlons In accordance with the SORP Accounting & Reporting by Charities, branch transactions have been accounted for gros5 in the charity'5 own accounts and all assets and liabilities of the branches have been incorporated onto the balance sheet of the charity. 20
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY CONSOLIDATED NOTES TO THE CONSOLIDATED FINANCIAI STATEMENT5 FOR THE YÉAR ENDED 31 JULY 2024 l Accounting policies (continued) Sble fixed assets Tangible fixed assets are stated at cost lor deemed costl or valuation le55 accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the a55et capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows.. Fixtures, fittings and equipment Plant and equipment Between IO% and 33% straight line basis 15% straight line basis h Pro The property held by the charity has mixed use and as the fair value of the investment property component cannot be measured reliably without undue cost or effort, the entire property has been accounted for a5 property within tangible fixed asset5. On adoption of the SORP 2015 FRS102 the charity has elected to measure propeity at its fair value as deemed cost. The cost of building5 is being depreciated over a period of 10 - 50 years. the estimated useful Ilfe of the individual building. Depreciation is not provided on freehold land. Investments Investments in subsidiaries are measured at Cost les5 impairment. Debtors and creditors receivable able within one Debtors and creditor5 With no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. ear k Loans and borrowin Loans and borrowings are initially recogni5ed at the transaction price including transaction costs. Subsequently. they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. airment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment10ss is recogni5ed in profit or1055 unless the asset is carried at a revalued amount where the impairment Ioss is a revaluation decrease. 21
5TAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIErY CONSOLIDATED NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 l Accountlng pollcles (continued) m Leases and hlre urcha5e contrart5 A55et5 obtained under hire purchase contracts or finance leases are capitali5ed in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over the shorter of the lease term and the expected useful life of the a55et. Minimurn lease payments are apportioned between the finance charge and the reduction of the outstanding lease/contract liability using the effective interest method. The related obligation5, net of future finance charge5. are included in creditors. Rentals payable and receivable under operating leases are charged to the SOFA on a straight line basis over the period of the lease. n Em lo ee benefits When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are reco8nised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable, o Tax The ¢harity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph i Schedule 6 Finance Art 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue a5 a going concern. q Critical Accountin Estimates and Jud ements In the application of the group's accounting policie5, the trustees are required to make judgements, estimates and a55umption about the tarrying amount of as5et5 and liabilitie5 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 e5timate5. The estimates and underlyin8 assumption5 are reviewed on an ongoing basis. The estimates and assumption5 which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined as follow5-. Depreciation of Tangible Assets Depreciation policies have been Set according to managements experience of the useful live5 of the assets in each category and is reviewed annually. 22
STAFFOROSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY CONSOLIDATED NOTES TO THE CONSOLIDATED FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 2 Net Income from trading activities of subsidlaries The charity ha5 a wholly owned subsidiary undertaking which 15 incorporated in the UK. Stafford Showground Limited's principal activity is that of the letting of the Stafford County Showground. A summary of Stafford Show8round Limited's results forthe year ended 31 July 2024 is shown below. Audited account5 have been approved by the directors and will be filed with the Registrar of Companies. Profit and Loss account - Stafford Showground Limited (Registered no.. 03078132} 2024 2023 Turnover Cost of sales Gross Profit Administration Operating Profit Interest payable Profit before taxation 1,456,869 214.035 1,242,834 1,201,763 41.071 1,285,721 210,578 1.075,143 1,040,265 34,878 41,071 34,878 Profit after taxation Less rent paid to SBAS 41,071 34,878 41,071 34,878 12,8721 32.006 1112,1701 180.1641 Corporation tax 41,071 132,0061 9,065 Amount gift aided to SBAS 23
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 JULY 2024 3 Analysis of Activitles 2024 Income Diret Costs Support costs Total costs Surplus/ deficit Grants and donations 12,334 26,465 26,465 {14,1311 Showground Activities 1,470,388 1,323,071 138,709 1,461,780 8,608 Investments 9.579 9,579 Agricultural shows 469,142 479,543 479,543 (10,4011 Membership 163,87S 111,531 111,531 52,344 Other 5,510 69,193 69,193 (63,6831 2,130,828 1,940.610 207,902 2,148.512 {17,6841 Analysis of A¢tivitie$ 2023 Income Diret Costs Support costs Total costs Surplusl defitit Grants and donations 5,492 10,609 10,609 (5.1171 Showground Activities 1,277,721 1,157,239 127,900 1,285,139 17,418} Investments 8,239 8,239 Agricultural shows 442,325 433,362 433,362 8,963 Membership 183,206 105,066 105,066 78,140 other 10.415 57.981 57,981 {47,5661 1,927,398 1,706,276 185,881 1,892,157 35,241 24
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY CONSOLIDATED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY 2024 4 Net Income l (expendlturo) for tho year I period 2024 2023 Depreciation of tangible fixed assets 596,415 576,155 Operating lease rentals 14.000 7,161 Fees payable to the charity's auditor for the audit of the charity's annual accounts 8,250 6,000 Fees payable to the charity'5 auditor for the audit of the charity's subsidiaries 4.475 4,250 5 The trustees neither received nor waived any remuneration during the year12023- £Nill and the trustees did not have any expense5 reimbursed during the year12023.. £Nill. 6 Staff Costs and employee benefrts The avera8e monthly number of persons, including executive directors, employed by the 8roup and the company during the yearwas: 2024 Group 2023 Group 2024 Company 2023 Company Governance Administration Maintenance Cleaners li io The total staff costs and employee benefits was as follows.. 2024 Group 2023 Group 2024 2023 Company Companv Wages and salaries Social security Other pension c05t5 381,834 35,644 13,391 430,869 336,922 32,448 11,956 381,325 The total amount of employee benefits lincluding employer pension and national insurance contributions) received by key management personnel for their services to the charity was £116,95112023.. £110,961). 25
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY CONSOLIDATED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 6 Staff costs and employee benefits {contlnuedl The number of employees who receSved total employee benefits lexcludin8 employer pension costs) of more than £60,000 is as follows: 2024 2023 2024 2023 £90,001- £100,000 Group Group Company Company 26
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY CONSOLIDATED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 7a Tangible fixed assets- Company FiJrture$, Ilttings and equlpment Properties Total Cost oi valuatton At l August 2023 Additions Dlsposals 23,449.965 475,310 1,184,540 78,945 1149,8021 24,634,505 554,255 1149,8021 At 31 July 2024 23,925,275 1,113,683 25,038,958 Depreciatian At l August 2023 Charge for the year Eliminated on disposal 4,202,232 539,525 990,519 56,890 1149.802) 5,192,751 596,415 1149,8021 At 31 July 2024 4,741,757 897,607 5,639,364 Net book value At31July 2024 19,183.518 216,076 19,399,594 At31July 2023 19,247.733 194,021 19,441,754 Freehold land with a deemed cost of £3.696.94612023 £3,468,375) has not been depreciated. The property is held for charitable activities and in order to fund malntenance and improvement the charlty rent5 the property to the trading subsidiary. Due to the mixed use of the property it has been valued at a deemed cost of £22,685,57612023 £22.685,S761 based on valuation5 by the director5 Wlth regard to a valuation carried out on 24 October 2016 by Cunningham Lindsey, Solent House, 1460 Solent 8u5ine55 Park, Whiteley, Fareham, P015 7AF. Tangible fixed a55ets with a net book value of £19,183,518 have been pledged as seturity for liabilitie5 of the chèrity. 27
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIErY CONSOLIDATED NOTES TO THE CONSOLIOATED FINANCIAL STATEMÉNTS FOR THE YEAR ENOED 31 JULY 2024 7b Takniible fixed assets- Group Fixtures, fittings and equlpment Propertlès Totsl Cost or v•luatlon At l August 2023 Additions Di5posa15 At 31 july 2024 23,449,965 475,310 1,184,540 78,945 1149.8021 1,113,683 24,634,505 554,255 1149,8021 25,038,958 23,925,275 Depreclatlon At l August 2023 Charge for the yèar Eliminatèd on disposal At 31 July 2024 4.202,232 539,525 990,519 56,890 1149,8021 897,607 5,192,751 596,415 1149,8021 5,639,364 4.741,757 Net book value At 31 july 2024 19.183.518 216,076 19,399,594 At l August 2023 19,247,733 194,021 19,441,754 Freehold land with a deemed cost of £3,696,94612023 £3,468,375) has not been depreciated. The property is held for charitable activities and in order to fund maintenance and improvement the charity rents the property to the trading subsidiary. Due to the mixed use of the property it has been valued at a deerned c05t of £22.685,57612023 £22.685,5761 based on valuations by the directors with regard tts a valuation carried out on 24 October 2016 by Cunningham Llndsey, Solent House, 1460 Solent Businèss Park, Whiteley, Fareham, P015 7AF. If revalued assets wèrè statÈd on an historical cost basis rather than a fair value b3SlS, the total amounts included would have been a5 follows.. Group Company 2024 2023 2024 Z023 Cost Accumulated depreciation 4,526.109 820.733 4,050,800 745,941 4,526,109 820,733 4,050,800 745,941 Carrying value 3,705,376 3,304,859 3,705.376 3,304,859 Tangible fixed assets Wlth a net book value of £19,183,518 have been pledged as security for liabilities 28
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIEr CONSOLIDATED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 8 Fixed asset investments - Company 2024 2023 Unlisted investments - cost Thi5 repre5entS the investment in Stafford Showground Limited with the registered office address of County Showground, Weston Road, Stafford, ST18 OBD, is a wholly owned company incorporated in England & Wale5. The subsidiary is involved in the provision of catering and entertainment facilities. At the year end, the aggregate capital and reserves of the company amounted to £41,073 and profit for the year is shown in note 2. The investment is held in the unrestricted fund. 9 Debtors 2024 Group 2023 Group 2024 Companv 2023 Company Trade debtors Prepayments and accrued income 81,950 63,632 60,618 40,702 24,380 3,698 1,554 29,632 2.851 11,285 VAT 145,582 101,320 14.136 Included in trade debtors at the balance sheet date was a balance of £24,000 {2023 - nill due from Staffofd Showground Limited. 10 Creditors: amounts falling due withln one year 2024 Group 2023 Group 2024 Company 2023 Companv Trade creditors Other taxation and social security Accruals Amounts from group undertaking5 VAT Other creditor5 47,452 10,739 63,135 58,859 9,853 43,078 1,504 303 2,042 303 23,038 20.421 24,581 19,428 5,977 17,348 1,092 139,766 41.591 153,381 45,266 52,331 Included in amounts owed from group undertakings is an inter company account of £20,42112023 - £19,428} with Stafford Showground Limited. 29
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIErY CONSOLIDATED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 11 Funds- Company Revaluation Restrirted funds Unrestrlcted Unrestflrted funds fund5 reseNe General fund Prlze fund Total Balance at l August 2022 16,407.604 4,472,187 loo 20,879,891 Net movement in funds 115,406 115,406 Depreciation on revaluation 1464,7341 1464.7341 Closin8 value of funds 15,942,870 4,587,593 loo 20,530,563 Revaluatlon Restrirted funds Unrestrirted Unrestricted fvnds funds reserye General fvnd Prlie fund Total Balance at l August 2023 15,942,870 4,587,593 loo 20,530,563 Net movement in funds 126,7471 126,7471 Depreciation on revaluation 1464,7351 1464.7351 Closing value of funds 15,478,135 4,560,846 loo 20,039,081 30
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIErY CONSOLIDATED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 11 Fund5- Group Revaluation Restrlcted funds Unrestricied Unrestrirted fund5 funds reser¥e General fund Prlze fund Total Balance at l August 2022 16,407,604 4,584,359 loo 20,992,063 Net movement in funds 35,241 35,241 Depreciation on revaluation {464,7341 1464,7341 Closing value of funds 15,942,870 4,619,600 loo 20,562,570 Revaluatlon reserve Re5trlrted funds Unrestrlcted Unrestricted funds funds General fund Prlze fund Total Balance at l August 2023 15,942,870 4.619,600 loo 20,562,570 Net movement in funds 117,6841 117.6841 Depreciation on revaluation 1464,7341 1464,7341 C105in8 value of fund5 15,478,136 4,601,916 loo 20,080,152 31
STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY CONSOLIDATED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 12 Commltment5 Leases primarily relate to office equipment and motor vehicles. The commitments at the year end are as follows.. 2024 2023 Due within l year Due between 2 and 5 years 6,222 8,814 15,036 5,823 5,823 13 Related party transactions Staffordshire and Birmingham Agricultural Society is the 100% shareholder in Stafford Show8round Limited and had the following transactions with the subsidiary: 2024 2023 Amounts received from Stafford Showground Limited.. Licence fee 80.000 80.000 Amounts paid to Stafford Showground Lirnited.. Management charges 8,lJOO Amounts due to the Stafford Showground Limited: 20,421 19.428 Amount5 included in trade debtors 24.000 Staffordshire and Birmingham Agricultural Society was formed following the mer8er of Stafford Agricultural Society and Birmingham Agricultural and Exhibition Society Limited. All assets and liabilities of the two societie5 were transferred on l January 1999 to Staffordshire and Birmingham Agricultural Society at their book values. All such values were on a historical cost basis wlth the exception of the freehold land and buildings which were revalued as at 31 December 1998 using a current open market value basis as an operating entity having regard to trading potential by Chesterton Property Consultants (qualified chartered surveyors) on 13 May 1999. The total transferred in the year ending 31 July 1999 was £1,749,765. Mr C Meynell is a trustee of the charity and a consultant partner with Fisher German, Chartered surveyors. During the year Staffordshire and Birmingham Agricultural Society paid professional fees of £15,46012023-£6,9141 to Fisher German. 32