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2020-12-31-accounts

THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE)

FOR THE YEAR ENDED 31 DECEMBER 2020

REPORT OF THE TRUSTEES

AND

FINANCIAL STATEMENTS

COMPANY NUMBER: 04941444 CHARITY NUMBER: 1101337

THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE)

PAGE

FOR THE YEAR ENDED 31 DECEMBER 2020

INDEX
Legal and Administrative Details 1
Report of the Trustees 2 – 8
Report of the Independent Examiner 9
Statement of Financial Activities for the Year 10
Balance Sheet 11
Notes to the Financial Statements 12 – 16

LEGAL AND ADMINISTRATIVE DETAILS

Company registration number 04941444
Charity registration number 1101337
Registered office Norfolk Showground
Dereham Road
Norwich
NR5 0TT
Patron His Royal Highness The Duke of Edinburgh KG KT (deceased 9thApril
2021)
President Her Royal Highness The Princess Royal KG KT
Deputy President Sir Nicholas Bacon Bt. OBE DL
Honorary Officers, ex officio The Right Honourable Lord Vestey KCVO DL, (Chairman, deceased
4thFebruary 2021)
Michael Lambert LVO, Honorary Secretary
AAllan J Murray, Honorary Treasurer
Simon Orpwood, Honorary Press Secretary
Aled Jones, Next Generation Facilitator
Will Hyde, Next Generation Facilitator
Directors and Trustees Alan Crowe, Royal Ulster Agricultural Society
Christopher P Riddle, Royal Cornwall Agricultural Association
Christine Knipe, Westmorland Agricultural Society
William Arnott, Royal Highland and Agricultural Society of Scotland
Will Prichard (Co-opted)
Geoffrey W Burgess, Royal Smithfield Club
Robert N F Drewett, Royal Bath and West of England Society
Rebecca J Dawes, Next Generation Facilitator
Overseas Trustees John Bennett, ASA and RAS New South Wales
David Thomas, ASA and RNAIA, Australia
Johan Ehlers, Agri-Expo South Africa
Breyton D Milford, NG and Agri-Expo South Africa
Bankers Royal Bank of Scotland
30 Old Liston Road
Newbridge
Edinburgh
EH28 8SS
Independent Examiner Price Bailey
Anglia House, 6 Central Avenue
St Andrews Business Park
Norwich, NR7 0HR

Page 1

THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) COMPANY NUMBER: 04941444 CHARITY NUMBER:

1101337

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their annual report and financial statements of the charitable company for the year ended 31 December 2020. The financial statements have been prepared in accordance with accounting policies set out in note 1 to the financial statements and comply with the charity’s trust deed and the Charities Act 2011.

1 Reference and Administrative Information

The Royal Agricultural Society of the Commonwealth (“the Society”) is a registered charity and a company limited by guarantee governed by the Memorandum and Articles of Association.

The charitable company was incorporated on 23 October 2003 and commenced activities on 1 January 2004. The assets of the charity were transferred into the company limited by guarantee on 1 January 2004 from the unincorporated society. The Directors and Trustees are listed on Page 1.

2 Objectives

The Royal Agricultural Society of the Commonwealth (“RASC”) encourages member Societies to exchange information which will be of benefit to the rural economy of Commonwealth countries.

The principal objective is to plan and hold a biennial Commonwealth Conference to give RASC members, and other interested organisations allied to farming, the opportunity to network and explore their interests and mutual problems in agriculture.

A second major objective is to encourage high standards within Agricultural Shows and to strengthen and improve relationships between the Member Show Societies within the Commonwealth. The biennial Chief Executives’ Seminar provides the perfect platform for this.

The young people of today are the leaders of tomorrow and the Next Generation Forum held immediately prior to the biennial Conference is designed to enable them to play their part in the development of the RASC and their own Societies.

As a means of exploring agriculture and agricultural techniques, the RASC, in addition to its biennial Conference, aims to facilitate short tours, seminars and discussion groups both within and outside the Commonwealth where these are of benefit to the Society’s members.

Third World poverty brought about by food shortage is a matter of concern to everyone and the RASC aims to encourage Member Societies in developed countries to raise their sights beyond their local environment towards those countries where agricultural education and expertise is urgently needed to enable food production to be increased.

Being the only Commonwealth agricultural Non Governmental Organisation (NGO), the RASC seeks to work more closely with the Commonwealth Secretariat and to participate in setting the agenda for agriculture in the Commonwealth.

The RASC will consider licensing its name and reputation where others wish to produce publications for the transfer of technical knowledge of benefit to its members and their activities.

Communication with Member Societies, Commonwealth organisations and other interested parties is paramount. In addition to personal and professional contacts by Honorary Officers and Trustees, this is achieved through its website and by the production and circulation of a quarterly RASC Newsletter. These two media sources provide not only news about Member Societies but also information on agricultural research, education and the work of other Commonwealth organisations.

Page 2

THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) COMPANY NUMBER: 04941444 CHARITY NUMBER:

1101337

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

3. Strategy adopted by the Trustees to implement the objectives

During 2020 the Trustees supported the Honorary Officers in their work in:

Public benefit

The trustees have had due regard to the Charity Commission’s guidance to public benefit. The main activities undertaken to further the charity’s purposes for the public benefit are, through the biennial Commonwealth Agriculture Conference and other short tours and seminars, to support Agricultural Shows and the next generation of leaders in the Agricultural sector around the Commonwealth in exploring and sharing new agricultural techniques.

4. Risk Management

The Trustees have the overall responsibility for ensuring that the charitable company has an appropriate system of controls, financial and otherwise. The systems of financial control are designed to provide assurance against material misstatement or loss. They include:

The Trustees have reviewed major risks and established systems together with appropriate monitoring procedures to mitigate them. The key risk controls used include:

Page 3

THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) COMPANY NUMBER: 04941444 CHARITY NUMBER: 1101337

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

5. General Reserves Policy

The general unrestricted fund is held to support administration and overhead costs. The intention is that this should be grown and maintained in surplus. Such unrestricted income is expendable at the discretion of the Trustees in the furtherance of the objectives of the charitable company and may be held to finance both working capital and capital investment. As at the 31 December 2020 the level of unrestricted reserves held was £172,197 (2019: £211,286), which is considered sufficient to support the operations of the charitable company for at least twelve months from the date of the balance sheet. Other funds of £3,597 (2019: £3,597) are specifically restricted to identifiable projects.

6 Activities

6.1 Biennial Conference

The Society’s principal activity was to organise the biennial Commonwealth Agricultural Conference due to have been held in July 2020. RASC officers have been working closely with the officers of the host society Royal Norfolk Agricultural Association in this preparatory work. However, due to the Covid-19 pandemic the Conference was cancelled.

6.2 Membership

There are a total of 52 Member Societies (2019: 54), 20 Full Member Societies (2019: 22) and 32 Associate Member Societies (2019: 29). Some 25 individuals known as “Friends of the RASC” paid an annual subscription of £25. They have no voting rights.

Senior Officers of the RASC and Trustees have visited in recent years a number of Agricultural Shows and Member Organisations throughout the Commonwealth to promote the Society’s objectives and to thank sponsors and friends for their support.

6.3 Promotion

Digital & Social media engagement

The website has been updated throughout the year. The “Join Us” is still working well and outlines the benefits of joining RASC. We have several testimonials from members on the website reinforcing the value of becoming a member of RASC.

The website continues to have around 4,000 (2019: 6,000) visitors during the year.

Social Media

The focus continues to grow with over 1,500 (2019: 1,000) “likes” on Facebook and many more on Twitter due to the Next Generation promoting these communications.

Newsletter

These are distributed to Member Societies, Commonwealth organisations and individuals. Member Societies are encouraged to duplicate and extend the circulation of the Newsletter. The Newsletter provides news about Member Societies, individuals and the work of other Commonwealth organisations and it includes a section specifically for the “Next Generation”.

Page 4

THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) COMPANY NUMBER: 04941444 CHARITY NUMBER: 1101337

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

6 Activities (Continued)

6.4 Next Generation

The Next Generation (NG) continues to grow from strength to strength.

6.5 Fundraising

The Royal Agricultural Society of the Commonwealth understands its duty to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches and undue pressure to donate, but does not currently fundraise from the public or use any internal fundraisers or external fundraising agencies for either telephone or face-to-face campaigns and received no fundraising complaints during the year.

7. Review of Finances

7.1 Membership Subscriptions

Membership subscriptions are calculated using a system that takes into account fairness, the ability to pay and the relative purchasing power of local currency. In setting the base subscription rates for Members, recognition was taken of: a) UK and non-UK origin, b) developed and developing countries, and c) large and small Societies. This led to six basic rates and in addition two rates were set for Associate Members – developed and developing countries.

It was agreed that future annual subscriptions should rise broadly in line with UK inflation but this decision is taken annually by the Trustees.

7.2 Report of the Treasurer

The financial statements for 2019 were submitted to the Board of Trustees at its virtual meeting on 11[th] June 2020. After consideration, the results were approved for submission to the subsequent virtual Annual General Meeting held on 12[th] October 2020.

Although the conference was cancelled the financial statements does include some income as well as expenditure incurred from the Conference planning.

The deficit on operating activities for the year, before accounting for Conference transactions was £10,755 (2019: £2,469), a not unsurprising figure compared to budget, given the difficulties arising from the pandemic.

The investment portfolio continued to perform well despite the Stock Markets having a turbulent year. At the year end the value of investments was £172,048 (2019: £246,736) despite withdrawing £70,000 funds from the portfolio. The Trustees continue to pay close attention to investment policy.

As noted on the Balance Sheet on page 11, the charitable Company is exempt from a formal annual financial audit. Instead an Independent Examiner is appointed with their responsibilities being as set out in the report on page 9. The Trustees recommend that Price Bailey LLP be reappointed for a further twelve months as the Independent Examiner to the Company.

Page 5

THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) COMPANY NUMBER: 04941444 CHARITY NUMBER: 1101337

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

7. Review of Finances (Continued)

7.3 Going Concern

The Covid-19 virus has had a major impact on the Society’s activities and there will be a reduced level of income for the foreseeable future. The virus meant Trustees meetings were held on video conferencing platforms. The huge disappointment was the cancellation of the biennial conference, which was to be held in Norfolk, UK. However, the Society has sufficient reserves to meet its liabilities as they fall due for at least two years after approving these financial statements.

The global pandemic has impacted severely on all the activities and objectives of the Charity but the Trustees are focussed on introducing a new structure of operations, supporting and adding value with better communications including digital platforms for better engagement with our members.

8 Organisation and Management

8.1 The Board of Trustees

The charitable Company is managed by the Board of Trustees who are responsible for the general management and control of the affairs and assets of the Company. The Trustees who shall number not less than nine and not more than seventeen are both charity trustees for the purposes of the Charities Act 2011 and directors of the charitable Company for the purposes of the Companies Act 2006.

At 31 December 2020 there were eleven elected Trustees (four of whom were resident overseas and five in the UK) and one co-opted Trustee, together with eight Honorary Officers (The President, Chairman, Deputy President, Honorary Treasurer, Honorary Secretary, Honorary Press Secretary and two Honorary NG Facilitators).

Trustees are elected by the Full Members of the Society following nomination by them or by recommendation by the Board of Directors. Trustees serve a term of three years. They may stand for re-election. Normally, one overseas and two UK Trustees retire in rotation each year.

Page 6

THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) COMPANY NUMBER: 04941444 CHARITY NUMBER: 1101337

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

8 Organisation and Management (Continued)

8.2 Honorary Officers

Patron: During the year this was HRH The Duke of Edinburgh KG KT.

President: The president is HRH The Princess Royal KG KT.

Deputy President: Appointed by the Trustees, from a nomination of the Conference Host Society to deputise for the President or Vice President when necessary.

Honorary Chairman: Elected at the Annual General Meeting for a term of not more than four years but such term may be extended for a further term of not more than four years.

Honorary Secretary: Elected at the Annual General Meeting on an annual basis, reporting to the Trustees and, in liaison with the Honorary Treasurer and Honorary Press Secretary, responsible for the day to day management and administration of the Society.

Honorary Treasurer: Elected at the Annual General Meeting on an annual basis. Reporting to the Trustees, the Treasurer works in close liaison with the Honorary Secretary and is responsible for the finances of the Society.

Honorary Press Secretary: Elected at the Annual General Meeting on an annual basis and reporting to the Trustees. Working in close liaison with the Honorary Secretary and responsible for the publication of the RASC News and all media matters.

Honorary Next Generation Facilitators Elected at the Annual General Meeting on an annual basis, reporting through the Honorary Secretary to the Trustees, to facilitate the activities of the Next Generation Forum at the Conference.

8.3 Paid Employees

There have been no paid employees since relocation of the Secretariat to member societies. Secretariat services during the year were provided by the Royal Norfolk Agricultural Association (RNAA) and RepresentComms.

9 Honorary Fellows

Elected by the Trustees and restricted to members of or those who administer Member Societies or the RASC and who have made an outstanding contribution to the RASC. Honorary Fellows, while enjoying the right to attend and to speak at any general meeting, may not vote.

There are currently 12 Honorary Fellows. In 2020 no Fellowships were awarded.

Page 7

THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) COMPANY NUMBER: 04941444 CHARITY NUMBER:

1101337

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

10 Small Company Exemptions

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board of Trustees

Michael U Lambert

Michael Lambert Michael Lambert (Jun 24, 2021, 10:30am) Honorary Secretary

Date: 24 Jun 2021

Page 8

Independent Examiner's Report to the Trustees of The Royal Agricultural Society of the Commonwealth

I report to the charity trustees on my examination of the accounts of The Royal Agricultural Society of the Commonwealth for the year ended 31 December 2020 which are set out on pages 10 to 16.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)..

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Aaron Widdows ACA FCCA

On behalf of Price Bailey LLP Chartered Accountants

Anglia House 6 Central Avenue St Andrews Business Park Thorpe St Andrew Norwich Norfolk NR7 0HR

Date: ……………………

Page 9

The Royal Agricultural Society of the Commonwealth (a company limited by guarantee)

Statement of Financial Activities (incorporating an Income and Expenditure Account)

For the year ended 31 December 2020

Note
INCOME
Income from
Donations and Legacies
2
Income from Charitable Activities
Biennial Conference (Norfolk 2020)
3
Subscriptions
4
Other income
Investment Income
5
Total Income
EXPENDITURE
Expenditure on Charitable Activities
Biennial Conference (Norfolk 2020)
6
Other Charitable Expenditure
7
Cost of Raising Funds
Investment Management Costs
8
Total Expenditure
Net deficit on operating activities
Gains/(Losses) on Investments
Unrealised gains on investments
12
Realised gains/(losses) on investments
Net movement in funds
Reconciliation of funds
Funds brought forward
17
Total funds carried forward
17		 Restricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,597
3,597		 Unrestricted
£
-
6,245
23,980
150
5,852
36,227
31,734
39,036
1,701
72,471
(36,244)
3,205
(6,050)
(39,089)
211,286
172,197		 2020
Year
Total
£
-
6,245
23,980
150
5,852
36,227
31,734
39,036
1,701
72,471
(36,244)
3,205
(6,050)
(39,089)
214,883
175,794		 2019
Year
Total
£
16,196
-
31,605
625
7,063
55,489
42,433
55,875
2,083
100,391
(44,902)
29,411
557
(14,934)
229,817
214,883

Page 10

The Royal Agricultural Society of the Commonwealth (a company limited by guarantee)

Company Number: 04941444 Charity Number: 1101337

Balance Sheet at 31 December 2020

Note
Fixed assets
Investments
12
Total current assets
Cash at Bank and in hand
Debtors and prepayments
Current assets
Stock
14
13
Creditors: amounts falling due within one year
15
Net Assets
Net assets less current liabilities
Represented by the funds of the charity:
Restricted funds
17
General reserves
Unrestricted Funds:
Unrestricted designated funds
17
17		 £
20,697
13,170
3,828
3,699
16,951		 £
2020
172,048
175,794
3,746
3,597
175,794
162,197
10,000		 2019
£
246,736
3,699
14,425
25,763
43,887
75,740
(31,853)
214,883
3,597
10,000
201,286
214,883

For the year ending 31 December 2020, the company was entitled to exemption from audit under section 477 (2) of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

24 Jun 2021 The financial statements were approved by the board of trustees on

Allan Murray (Jun 24, 2021, 3:49pm) Signed on behalf of the board of trustees Allan Murray Honorary Treasurer

The notes on pages 12 to 16 form part of these financial statements

Page 11

The Royal Agricultural Society of the Commonwealth (a company limited by guarantee)

Notes to the Financial Statements

For the year ended 31 December 2020

Basis of Accounting and assessment of going concern

The Royal Agricultural Society of the Commonwealth is a private company limited by guarantee, incorporated in the UK. The registered address is Norfolk Showground, Dereham Road, Norwich NR5 0TT.

The Financial Statements have been prepared under the historical cost convention with exception of the investments which are included at fair value, their market value.The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS102) (effective 1 January 2019), applicable accounting standards and the Companies Act 2006 and comply with the SORP's provisions currently in effect.

The financial statements are presented in sterling and rounded to the nearest pound.

The Royal Agricultural Society of the Commonwealth meets the definition of a public benefit entity under FRS 102.

During the year, the global pandemic Covid-19 resulted in a national lockdown in the UK and as a result the cancellation of the 2020 conference. This has resulted in a significant reduction of income in 2020, and also the associated conference cancellation costs. However the trustees believe that RASC has sufficient reserves in the investment portfolio valued at note 12 to continue in operation for at least 12 months from the date of approval of these financial statements.

Investments

Individual investments are stated at market value at the balance sheet date. Any surplus or deficit arising is included in the Statement of Financial Activities (SOFA).

Stock

Stock is included at the lower of cost and net realisable value and includes ties for promotional purposes.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.

Cash Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their fair value as at the balance sheet date. All financial instruments of the charity ar measured at cost with the exception of investments in the charity’s portfolio, which are measured at fair value as at the balance sheet date using the closing market value. The value of investments as well as their original cost is stated in note 12.

Financial assets include investments in the portfolio, the bank balances, trade debtors, accrued income and other debtors but exclude prepayments and taxation.

Financial liabilities include trade creditors, other creditors, accruals and deferred income but exclude social security and other taxes due.

Income

All income is included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Legacies

Receipt of a legacy is only considered probable when the amount can be measured reliably.

Conferences

Income received in respect of future conferences is carried forward as current liabilities in the balance sheet and are accounted for in the Statement of Financial Activities in the year in which the conference takes place. Conference income reflects all monies received relating to conferences which occurred in the period to the balance sheet date.

Conference expenditure includes both direct costs and other overhead expenditure and is recognised in the Statement of Financial Activities in the year in which it is occurred.

Judgements and key sources of estimation uncertainties

There are no estimates of a material amount applied in the preparation of these statements.

Disclosure

Page 12

The Royal Agricultural Society of the Commonwealth (a company limited by guarantee)

Notes to the Financial Statements

For the year ended 31 December 2020

2 Donations and Legacies

2 Donations and Legacies
2020 2019
Total Total
£ £
Bequest - 11,477
Donations - 4,719
- 16,196
All income in 2019 was unrestricted.
The Society is most grateful to its Honorary Officers who devote many hours to Society activities. Their time cannot be
quantified in financial terms.
3 Biennial Conference Income 2020 2019
£ £
Conference Income 6,245 -
6,245 -
All conference income is unrestricted.
4 Subscriptions
Subscriptions are agreed on an individual basis, as approved by the Board of Trustees
5 Investment Income 2020 2019
£ £
Investment income arises from the following sources:
Dividends received 5,852 7,063
5,852 7,063
All investment income is unrestricted.
6 Biennial Conference Expenditure
2020 2019
£ £
Conference Facilities & Accommodation Costs 2,543 -
Conference Management 28,853 27,472
PR Fees, Design & Marketing 329 12,520
Transport Costs 9 341
Professional Fees - 2,100
31,734 42,433
All expenditure is unrestricted.
7 Other Charitable Expenditure
2020 2019
£ £
Management Fee 25,960 27,200
Awards - 10,533
Insurance 930 1,204
Meeting Costs - 312
Legal & Independent Examination Fees 10,953 4,170
Printing and stationery - 174
Honorary Officers travelling expenses - 5,706
Bank Charges 358 512
Exchange Rate Difference 156 170
Sundry expenses 13 388
Promotional expenditure 666 5,505
39,036 55,875

All expenditure is unrestricted.

Page 13

The Royal Agricultural Society of the Commonwealth (a company limited by guarantee)

Notes to the Financial Statements

For the year ended 31 December 2020

8
Investment Management Costs
Stockbroker Charges
9
Governance Costs
Management Fee (20%)
Meeting Costs
Independent Examination Fee		 2020
£
1,701
1,701
2020
£
5,192
-
10,953
16,145		 2019
£
2,083
2,083
2019
£
5,440
312
4,170
9,922

10 Staff Costs

The average employee head count was Nil (2019: Nil)

There were no employees receiving total employee benefits of more than £60,000 (2019: Nil)

11 Officers Expenses Reimbursed

No remuneration was paid during the period to the Society's Honorary Officers or Trustees.

Travelling and other expenses reimbursed to or paid in respect of the Society's Honorary Officers

General travelling and expenses
Number of trustees reimbursed		 2020
£
-
-		 2019
£
5,706
4

12 Investments

Investments are included at fair value, their market value, and are held primarily to provide an investment return for the Trust.

Holdings in common investment funds, unit trusts, open-ended investment companies and investments with collective investments in transferable securities schemes were valued by the Trust's investment manager as detailed below. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). Gains or losses on sale of investments are accounted for in the Statement of Financial Activities.

Investments
Market value at 1 January
Additions at cost
Disposals at current value
Unrealised (losses)/gains on investments
Market value at 31 December excluding portfolio cash
Portfolio cash held pending reinvestment
Market value at 31 December including portfolio cash
Market Value at 31 December
Equities
Securities
Market value at 31 December excluding portfolio cash
Portfolio cash held pending reinvestment
Market value at 31 December including portfolio cash		 2020
£
244,981
14,557
(95,278)
3,205
167,465
4,583
172,048
2020
£
141,646
25,819
167,465
4,583
172,048		 2019
£
204,552
30,654
(19,636)
29,411
244,981
1,755
246,736
2019
£
203,403
41,578
244,981
1,755
246,736

Page 14

The Royal Agricultural Society of the Commonwealth (a company limited by guarantee)

Notes to the Financial Statements

For the year ended 31 December 2020

13
Stock
Stock of Ties held
14
Debtors and Prepayments
Trade debtors
Other debtors
Prepayments and accrued income
15
Creditors: Amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income (see note 16)
16
Deferred Income
Balance at 1 January 2020
Conference income
Balance at 31 December 2020
17
Funds
Balance at 1 January 2020
Income
Expenditure
Revaluation of investments
Balance at 31 December 2020
Balance at 1 January 2019
Income
Expenditure
Revaluation of investments
Balance at 31 December 2019		 Unrestricted
Restricted
Designated
£
£
3,597
10,000
-
-
-
-
-
-		 2020
£
3,699
2020
£
375
288
3,165
3,828
2020
£
12,191
-
4,760
16,951
2020
£
32,629
(32,629)
-
General
Reserve
£
201,286
36,227
(78,521)
3,205
162,197
General
Reserve
£
216,220
55,489
(99,834)
29,411
201,286		 2019
£
3,699
2019
£
2,340
301
11,784
14,425
2019
£
10,260
17,617
47,863
75,740
2019
£
-
32,629
32,629
Total
2020
£
214,883
36,227
(78,521)
3,205
3,597
10,000		 175,794
Unrestricted
Restricted
Designated
£
£
3,597
10,000
-
-
-
-
-
-		 Total
2019
£
229,817
55,489
(99,834)
29,411
3,597
10,000		 214,883

The restricted funds are held in order to fund the attendance of a young farmer at a future conference or reception. The unrestricted designated fund is held as a reserve for unexpected expenditure in respect of future conferences.

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The Royal Agricultural Society of the Commonwealth (a company limited by guarantee)

Notes to the Financial Statements

For the year ended 31 December 2020

18 Analysis of Net Assets between funds

Fund balances at 31 December 2020 are represented by:

Fund balances at 31 December 2020 are represented by:
Investments
Current assets
Current liabilities
Balance at 31 December 2020
Fund balances at 31 December 2019 are represented by:
Investments
Current assets
Current liabilities
Balance at 31 December 2019		 Restricted
Designated
General
£
£
£
-
-
172,048
3,597
10,000
7,100
-
-
(16,951)
3,597
10,000
162,197
Restricted
Designated
General
£
£
£
-
-
246,736
3,597
10,000
30,290
-
-
(75,740)
3,597
10,000
201,286		 Total
2020
£
172,048
20,697
(16,951)
175,794
Total
2019
£
246,736
43,887
(75,740)
214,883

19 Related Parties

There were no related party transactions during the year (2019:£Nil) and no amounts owing to or owed by related parties at 31 December 2020 (2019: £Nil)

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