Charity registration number 1101337 (England and Wales Company registration number 04941444 THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) LEGALAND ADMINISTRATIVE INFORMATION Presldent Her Royal Highness The Princess Royal KG KT Deputy President Jim Wamock, Royal Highland Agricultural Society of Scotland (Retired June 2024) Chris Fourie, Cape of Good Hope Society, South Africa (Appointed June 2024) Chalmian Sir Nitholas Bacon Bt KCVO OBE DL Charity number 1101337 Company number 04941444 Registered office Norfolk Showground Dereham Road Norwich England NR5 OTT Independent exarniner Roseanne Bennett Bsc {Hons) FCA 17 Walkergate Berwick-upon-Tweed Northumberland TD15 1DJ Bankers Royal Bank of Scotland 30 Liston Road Newbridge Edinburgh EH28 8SS Office Holders Michael U Lambert LVO, Honorary Secrelary Allan J Murray, Honorary Treasurer Simon Orpwood, Honorary Liaison Offir Will Streatfeild, Next Generation Facilitator (Appointed June 2024) Tobie Payne. Next Generation Facilitator (Appointed June 2024) Directors and Trustee5 Billy Martin, Royal UlsterAgricultural Society (Retired June 2024) Theresa Morrissey. Royal Ulster Agnj[lUral Society (Appointed June 2024) Christopher P Riddle. Royal Cornwall Agricutlural Association Christine A Knipe. Royal Agricultural Society of England Iliam F Arnott. Royal Highland and Agricultural Society of Scotland Rebecca Dawes, Royal Highland and Agricultural Society of Scotland Aled R Jones, Next Generation Facilitator (Retired June 2024) Will Hyde, Next Generation Facilitator (Retired April 2024) Janelle Anderson (Co-opted) Royal Northem Agricultural Society (Appointed June 2024) Will Prichard (Co-opted) Robert N F Drewett, Royal Bath and West of England Society Julian Taylor, Royal Norfolk Agri¢ultural Society Overseas Trustees John Bennett. ASA and RAS NSW, Australia (Retired June 2024) Timothy Capp, Ag Shows NSW, Australia Breyton Milford. Agri-Expo, Soulh Africa Oaniel O'connor, Royal National Agr & Ind Association of Queen51and. Australia (Appointed June 2024)
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Trustees report Independent examiner's report Statement of financial activities 9-10 Balance sheet 11 Notes to the financial statements 12-22
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial statements for the year ended 31 December 2024, which for the purposes of this report and financial statement, include the Office Holders, Directors and Trustees and Overseas Trustees (and referenS to the Trustees will be construed accordingly). The financial statements have been prepared in aOrdanCe with the accounting policies set out in note 1 to the financial statements and comply with the Society's governing documenl. the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to tharities preparing their accounls in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effeotive 1 January 2019). Objectives and activities The Royal Agricultural Society of the Commonweallh rthe Society.) encourages member Societies to exchange infomiation which will be of benefit to the rural economy of Commonwealth countries. The principal objective is to plan and hold a biennial Commonweallh Conference to give RASC members, and other interested organisalions allied lo farming, the opportunity to neOrk 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 beiween the Member Show Societies within the Commonweallh. The biennial Chief Executives, Seminar provides the perfect platfomi for this. The young people of today are the leaders of tomorrow and the Next Generation Forum held immedialely prior to the biennial conferen is designed to enable them to play their part in the development of the RASC and their own Souelies. As a means of exploring agriculture and agricultural techniques, the RASC. in addition to its biennial Conference, aims to facililate short tours, seminars and discussion groups bolh wilhin and outside the Commonwealth where these are of benefil lo the Society's members. Third Wortd poverty brought about by food shortage is a matter of concern to everyone and the RASC aims to encourage Member Societies in developed counlries lo raise Iheif sights beyond their local environment towards those countries where agricultural education and expertise is urgently needed to enable food production lo be increased. Being the only Commonweallh agricultural Non Govemmental Organisation (NGO), the RASC seeks to work more losely with the Commonwealth Secretariat and to participate in setting the agenda for agriculture in Ihe 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 wtth Member Societies, Commonwealth organisations and other interested parties is paramount. In addition to personal and professional contacts by Honorary Officers and Trustees, Ihis is achieved through its website and by the production and circulation of a quarterly RASC Newsletter. These media sour$ provide not only news about Member Societies but also information on agricultural researth, education and the work of other Commonwealth organisations.
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Strategy adopted by the Trustees to implement the objectives Honorary Officeholders supported by Trustees. worked on the implementation of the Recommendations of The Strategic Sub Group. These induded.. Setting up 4 Sub Groups in 2021 to help wilh the implementation of the work of RASC. These were Finance. Membership and Communicalions, conferen and Next Generation. Each of these sub groups consisted of a Chairman and 3 or4 otherTrustees', Seeking to work more closely with the Commonwealth Secretariat: EnuragIng Trustees to continue Iheir regular contact with Member Societies; Publishing monthly electronic editions of the RASC Newsletter.. and The ongoing implemenlation of the strategy review. Public benefit The Trustees have had due regard to the Charity Commission's guidance lo public benefit. The main activities undertaken to further the Society'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 nexl generation of leaders in the Agricultural sector around the Commonwealth in exploring and shafing new agricultural techniques. Achievements and performance Biennial conference The Society's principal activity is to organise a biennial Commonweatth Agricultural Conference. these being cancelled in 2020 and 2022 due to Ihe Global Pandemic. The conferen returned in 2024. with Ihe event being held in Edinburgh Scotland in June. to coincide with the Royal Highland Show. The conferen was a great success and together with a pre-cOnferen Tour, generated a good surplus for the Society. Some 141 delegates attended Ihe main Conference, with a good attendance for the CEO and Next Generation meetings. A sucsSful pre-conference Tour was organised in Central Scotland, showcasing the best in Scottish Agriculture and its associated industries. The Society is most grateful fr)r the generous sponsorship received from the National Westminster Bank Group. Work has now started on the 2026 Commonwealth Agricultural Confereno, to be held in Cape Town South AfriGa in November 2026. Membershlp There are a total of 51 Member Societies {2023'. 52), 17 Full Member Societies (2023= 17) and 34 Associale Member Societies (2023= 35). Some 14 (2023.. 11) individuals known as "Fiiends 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 ofAgricultural Shows and Member Organisations throughout the Commonwealth to promote the Society's objectives and to thank sponsors and friends for their support. Promotion Website The RASC website underwent a complete revamp in line with last years Conference, significantly enhancing the organisation's professional image and online presence. The site continues to be managed by Rebecca Maitland in collaboration with Roslin Design. Social media We've seen consistent monthly growth in reach, followers and engagement. across all our social media platforms - including- FaboOk, Twitter, Linkedln and Instagram. These channels remain active and vibrant through the regular sharing of stories, news and updates from across the Commonwealth.
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Newsletter A newsletter is issued each month via Mailchimp, now reaching over 300 subscribers. The open rate remains steady at an encouraging 55 /4. Each edition offers a broad range of news, updates and insights from across the RASC nehvork. including contributions from Member Societies and Commonwealth organisalions. The newsletter continues to serve as a valuable resour for members, keeping them informed and connected. Member Societies are encouraged to share and circulate it further within their own networks. We also warmly welcome the submission of news, stories and articles to be featured in future issues. A brand new, dedicated newsletter for the "Next Generation. has been announced for 2025 and will be shared soon. Next generation The Next Generation (NG) conlinues to grow from slfength lo strength, and in July 2025 after a break because of the COVID Pandemic an Understanding and Assistance Mission will take place in Botswana. a country with no RASC Membership at present. Fundraising The Society understands ils duty to protect the public, induding vulnerable people, from unreasonably intrusive or persistent fundraising approaches and undue pressure to donate. It does not currently fvndraise from the public or use any internal fundraisers or external fundraising agencies for either telephone or faCe-tface campaigns and received no fundraising complaints during the year. Financial review Membership subscriptions Membership subscriptions are calculated using a syslem that takes into account faimess, the ability to pay and the relative power of the 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 or small Societies. This led to six basic rates and in addition rates were set for Associate Members - developed and developing countries. Report of the treasurer The draft finanaal statements for 2023 were submitted to the Board of Trustees at their board meeting in London on 27 February 2024. After consideration, the financial result5 were approved for submission to the Annual General Meeting held al the Conference in Edinburgh on 27 June 2024. The surplus on operating activities for this year, 2024 was £50,828 (2023.. Surplus of £11,692). SubscAiption levels were maintained throughout the society membership and l am pleased to say we had a very good response from Societies (49) plus two new members. We also appreciate and thank individuals who support us through Friends of RASC. The biennial Conference has a big effect. with societies paying their subscription to benefit any of their members who wish to attend the Conference and the numbers of delegates reflected this. With a good surplus for 2024, RASC are in a good financial way. Communications are very much part of the remit of RASC and monthly newsletters keep everyone updated on many events I show throughout the Commonwealth. Rebecca Maiuand does a fantastic job with the Communications and new podcasts are now beginning to involve more people presenting on many issue. The 2025 Mission of Understanding is all organised, with nine Next Generation delegates going to Botswana in July. RASC thanks a very generous donor for funds to assist the delegates on this tour. Our thanks to Michael Lambert for helping to organise this great trip for the NG'S. Organisation has started with Breyton Milford in the Cape of Good Hope for the 2026 Conferenr*, with Julian Taylor co-ordinating il all for the Trustees.
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The inveslment portfolio has perfomied well throughout 2024 with the stock market performing well in the 8,400 levels. At the end of 2024 the value of investments stood at £214,665 (2023: £201.573). The Trustees continue to pay close attention to the investmenl policy. As noted on the Balance Sheet on page 11, the Society is exempt from a formal annual financial audit. Instead an Independent Examiner is appointed with their responsibilities being as set out in their report detailed on page 8. The Trustees recommend that Roseanne Bennett of Greaves. West & Ayre be re-appointed for a further twelve months as the Independent Examiner to the Society. General reserves pollcy The general unrestricted fvnd is held to support administration and overhead cosls. The intention is Ihat 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 Society and may be held to finance bolh working capital and capital investment. As at the 31 December 2024 the level of unrestricted reseeS held was £255,268 (2023= £2t)4,440), which is considered sufficient to support the operalions of the Society for al least twelve months from the date of the balan sheet. Other furFds of £43.597 (2023.. £43,597) are specifically restricted to identifiable projects. Investment poli¢y The Trustees primary objectives when investing are to invest the assets in such a way as to maximise capital value through a combination of capital growth and income generation, subject to an acceplable level of risk in order to provide a sustainable flow of funds when required to support the Society's charitable activities. Risk management The Trustees have the overall responsibility for ensuring that the Society has an appropriate system of controls. financial and olherwise. The systems of financial control are designed to provide assurance against material misstatement or loss. They include= Regular meetings of the Trustees, at which the financial health of the Society is reported and discussed- Written policy as to the management of Ihe Society's fijnds by third parties., and Financial prOdureS lo ensure the proper disbursemenl of monies owing by the Society. The Trustees have reviewed major risks and eslablished systems together with appropriate monitoring procedures to mitigate them. The key risk controls used indude.. Formal agendas and minutes for all Commlttees and Board activity.. Comprehensive strategic planning, budgeting and management accounting-, Established organisational structure and lines of reporting,. and Clear authorisation and approval levels.
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management The Society is a registered charity and a company limited by guarantee and is govemed by its Memorandum and Articles of Association. The Society wa5 incorporated on 23 October 2003 and commenced activities on 1 January 2004. The assets of the Society were transferred into the company limitèd by guarantee on 1 January 2004 from the unincorporated Society. The Directors and Trustees are listed on below. The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. Chairman Sir Nicholas Bacon Bl KCVO OBE DL Office Holders Michael Lambert LVO. Honorary Secrelary Allan J MUay, Honorary Treasurer Simon Orpwood. Honorary Liaison Officer fill Slreaffeild. Nexl Generation Facililator (Appointed June 2024) Tobie Payne, Next Generation Facilitator (Appointed June 2024) Directors and Trustees Billy Martin. Royal UlslerAgricultural Society {Retired June 2024) Theresa Morrissey. Royal Ulster Agricutlural Society (Appointed June 2024) Christopher P Riddle, Royal Cornwall Agricultural Association Christine Knipe, Royal Agricultural Society of England William Amott, Royal Highland and Agricultural Society of Scotland Rebecca Dawes. Royal Highland and Agricultural Society of Scotland Aled Jones, Nexi Generation Facilitator (Retired June 2024) Will Hyde. Next Generation Facilitator (Retired April 2024) Janelle Anderson (Co-opted) Royal Northem Agricultural Society (Appointed June 2024) Will Prichard {Co-OPted) Robert N F Drewell. Royal Bath and West of England Society Julian Taylor. Royal Norfolk Agricultural Society Overseas Trustees John Bennett, ASA and RAS NSW, Australia (Retired June 2024) Timothy Capp, Ag Shows NSW. Australia Breyton Milford, Agri-Expo, South Africa Daniel O'connor. Royal National Agr & Ind Association of Queensland. Auslralia (Appointed June 2024) The Board of Trustees The Society is managed by the Board of Trustees who are responsible for the general management and control of the affairs and assels of the Society. The Trustees who shall number not less than nine and not more than seventeen are both tharity Trustees for the purpose of the Charities Act 2011 and directors of the charitable company for the purpose of the Companies Act 2006. At 31 December 2024, there were ten elected Trustees (three of whom were resident overseas and seven in the UK) and two co-opted Trustees, together with seven Honorary Officers (Deputy President, Chairman. Honorary Treasurer, Honorary Secretary, Honorary Liaison officer (Press Secretary) and Iwo Honorary Next Generation Facilitators). Trustees are ele¢ted by the Full Members of the Society following nomination by them or by recommendation by the Board of Directors. Trustees seNe a term of three years. They may stand for re-election. Nomially, one overseas and two UK Trustees retire in rotation each year.
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 President.. The presidenl is HRH The Princess Royal KG KT. Honorary Officers Deputy President= Appointed by the Trustees, frorn a nomination of the conferen Host Society to deputise for the President or Wi 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 al the Annual General Meeting on an annual basis, reporting io the Trustees and , in liaison wilh the Honorary Treasurer and Honorary Press Secretary, responsible for the day lo day management and administration of the Society. Honorary Treasurer= Eleded 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 finan$ of Ihe Society. Honorary Liaison OffIr (Press Secretary).. Elected at the Annual General Meeting on an annual basis and reporting to the Trustees. Working in dose 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 Ihe Trustees, to facilitate the activities of the Next Generation Forum at the Conference. Honorary Fellows Elected by the Trustees and restricted lo members of or those who administer Member Societies or Ihe RASC and who have made an outstanding contribution to the RASC. Honorary Fellows, while enjoying the right lo attend and to speak at any general meeting. may not vote. Statement of trustees responsibilities The Trustees, who are also the directors of The Royal Agricultural Society of the Commonwealth for the purpose of company law, are responsible for preparing the Trustees Report and the accounts in accordance wrih applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice). Company Law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Society and of Ihe incoming resources and application of reSoUrs, including the income and expenditure, of the charilable company for that year. In pparIng these accounts. the Trustees 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.. slate whether applicable UK Accounting Standards have been followed, subject to any material departures disdosed and explained in the accounts., and prepare the accounts on the going concern basis unless it is inappropriate to presume that Ihe Society will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any tirne the financial position of the Society and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities.
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees report was approved by the Board of Trustees. Mr Michael Lambert LVO Trustse Date..
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH I report to the Trustees on my examination of the financial statements of The Royal Agricultural Society of the Commonwealth (the Society) for the year ended 31 December 2024. Responsibilities and basls of report As the Trustees of the Society (and also ils directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the Society are not required to be audrted under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Society's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5)(b) of the Charities Act2011. Independent examinerfs statement Since the Society's gross income exceeded £250.000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. 1 confirm that l am qualified to undertake Ihe examination because I am a member of the Institute of Chartered Accountants in England and Wales. which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection wtth the examination giving me cause to believe that in any material spect= accounting records were not kept in respect of the Society as required by section 386 of the Companies Act 2006. the financial statements do not accord with those records., or the financial slatements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.. or the financial statements have not been prepared in accordan with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordan with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102). I have no concems 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. Roseanne Bennett Bsc IHons) FCA 17 Walkergate Berwick-upon-Tweed Northumberland TD15 1DJ Date: .
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Current financial year Unrestricted Unrestricted funds funds general deslgnated 2024 2024 Restrfcted funds Total Total 2024 2024 2023 Notss Income from: Donations and legacies Charitable activities Other trading aclivities Investments 5,000 15,153 80 6,019 5,000 248,557 80 6,019 233.404 12,499 5,514 Total income 26,252 233,404 259.656 18,013 Expenditure on: Raising funds Charitable activÈties 1,677 16.658 1,677 221.835 1,598 14.377 205,177 Total expenditure 18,335 205.177 223.512 15.975 Net gainsl{losses) on investments 10 14,684 14.684 9,654 Net income 22.601 28,227, 50,828 11,692 Transfers beeen funds 28,227 (28.227) Net movement In funds 50.828 50,828 11,692 Recon¢iltation of funds: Fund balances at 1 January 2024 194,440 10,000 43.597 248,037 236,345 Fund balances at 31 December 2024 245.268 10,000 43,597 298.865 248.037 The statement of financial activities includes all gains and losses recognised in the year. All incorne and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Prior flnancial year Unrestricted Unrestrlcted funds funds general designated 2023 2023 Restricted funds Total 2023 2023 Notes Income from: Charitable activities Investments 12.499 5.514 12.499 5,514 Total income 18.013 18,013 Expenditure on: Raising funds Charitable activities 1,598 14.377 1,598 14,377 Total expenditure 15,975 15,975 Net gainsl(losses) on investments 10 9,654 9,654 Net income and movement in funds 11,692 11,692 Re¢on¢iliation of funds: Fund balan$ al 1 January 2023 182.748 10,000 43,597 236.345 Fund balances at 31 December 2023 194.440 10,000 43,597 248,037 10-
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Investments 14 214,665 201,573 Current assets Stocks Debtors Cash at bank and in hand 15 16 500 2,404 94,196 3.699 13.281 46.773 97,100 63.753 Creditors: amounts falling due wlthin one year 17 (12.900) {17,289) Net current assets 84,200 46.464 Total assets less current liabilities 298.865 248,037 The funds of the Society Restricted income funds Unrestricted funds- general Unrestricted funds- designated 19 21 20 43.597 245.268 10,000 43,597 194,440 10.000 298,865 248,037 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006. for the year ended 31 December 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company lo obtain an audit of its financial statements for the year in question in accordan with section 476. These financial statements have been prepared in accordance w¢lh the provisions applicAble to companies subject to the small companies regime. The financial stslements were approved by the Trustees on ......................... MrAllan Murra Trustee Company registration number 04941444 (England and Wales) 11
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles Charity infonnation The Royal Agricultural Society of the Commonwealth is a private company limited by guarantee incorporated in England and Wales. The registered office is Norfolk Showground. Dereham Road. Norwich, England. NR5 OTT. As at 31 Dember 2024 there were 51 (2023". 52) member societies. each of whom has agreed to contribute £1 in the event of the Society winding up. 1.1 Accountlng convention The financial statements have been prepared in accordance with the Society's governing document, the Companies Act 2006. FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of Ireland- {'FRS 102°) and the Charities SORP 'Accounting and Reporting by Charities.. Statement of Recommended PractiTr applicable to charrties preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Society is a Public Benefit Entity as defined by FRS 102. The Society has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in steding. which is the functional currency of the Soctely. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention wtlh the exception of the investments which are included at fair value, their market value. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that Ihe Society has adequale resources to continue in operational existence for Ihe foreseeable future. Thus the Trustee5 continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the Truslees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income Is recognised when the Society is legally entitled to it after any perf0mlan conditions have been met. the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Society has been notified of the donation, unless performance conditions require deferral of the amount. Legacies are recognised on receipt or otheNise if the Society has been notified of an impending distribution. the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent assel. Membership subscriptions are recognised in the year in which they are received. 12-
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles (Continued) Investment income comprises dividends receivable during the year on listed investments held within the investment portfolio. Income received in respect of future Conferences is carfied forward as current liabilities on the balance sheet and are accounted for in the Statement of Financial Activities in the year in which the Conferen takes place. Conference income reflects all monies reiVed relating to cOnferenS which occurred in the year to the balance sheet date. 1.5 Expenditure All expendilure is accounted for on an accruals basis. Costs are allocated to appropriate headings, based on the activities to which they are attributable. Management and administration costs are those incurred in connection with the administration of Ihe Society and compliance with constitutional and statutory requirements. conferen expendilure indudes both direct costs and other overhead expenditure and is recognised in the Slatemenl of Financial Activities in the year in which il is occurred. 1.6 Fixed asset investments Fixed asset inveslmenls are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.7 Stocks Stock is included at the lower of cost and net realisable value and indudes lies for prom()tional purposes. 1.8 Cash and cash equivalents Cash and cash equivalents indude cash in hand. deposits held al call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in Current liabilities. 1.9 Financial instruments The Society has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 lo all of its financial instruments. Financial inslrumenls are recognised in the Society's balan sheet when the Society becomes party to the conlfactual provisions of the instrumenl. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right lo set off the recognised amounts and there is an intention to sellle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtor5 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 13-
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies {Continued) Basic financlal liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rate of interesl. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate melhod. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition oi financial liabilities Financial liabilities are derecognised when the sOety's contractual obligalions expire or are discharged or cancelled. Critical accounting estimates and judgements In the application of the Society's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities thal are not readily apparent from other sources. The eslimates and associated assumptions are based on historical experien and other factors that are considered to be relevant. Actual results may drffer from these estimates. The eslimates and underlying assumpiions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which Ihe estimate is revised where the revision affects only Ihat period. or in the period of the revision and fijture periods where the revision affects both currerrt and future periods. Income from donations and legacies Unrestricted funds 2024 Unrestricted funds 2023 Donations and gifts 5.000 The Society is most grateful to its Honorary Officers and Trustees who devote many hours lo Society activities. Their time cannot be quantified in financial terms. 14-
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charitable actlvities Unrestricted Restrtcted funds funds general Edinburgh onference Total Unrestrictsd funds genernl 2024 2024 2024 2023 Subscriptions and delegate conference income conferen sponsorship Conference other income 15,153 188,928 42.378 2,098 204,081 42.378 2.098 12,499 15.153 233,404 248.557 12,499 Analysis by fund Unrestricted funds - general Restricted fvnds 15,153 15,153 233.404 12.499 233,404 15,153 233,404 248.557 12,499 Income from other trading activities Unrestricted Unrestricted funds funds 2024 2023 Sale of Society lies 80 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Income from listed inveslmenls Interest receivable 5,984 35 5,471 43 6,019 5,514 15-
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on raising funds Unrestrictsd Unrestrlcted funds funds 2024 2023 Investment management fees 1,677 1,598 Expenditure on charitable activities Unrestricted Restricted funds funds general Edinburgh conference 2024 Total Unrestricted funds general 2024 2024 2023 Direct costs Insuran Website costs Honorary Officers travelling expenses Bank charges Postage. printing and stslionery Conference administration and publicity expenses Conference visils and transportation expenses Conference accommodation expenses Conference catering and entertainment expenses 640 7,182 4,932 331 609 48,180 15,870 107.807 33,320 640 4.378 6,534 276 106 7.182 4.932 331 609 48,180 15,870 107,807 33,320 13,694 205.177 218.871 11,934 Share of support and govemance costs (see note 91 Govemance 2.964 2,964 2.443 16,658 205,177 221,835 14,377 Analysis by fund Unrestricted funds - general Restricted funds 16,658 16,658 205,177 14,377 205,177 16.658 205,177 221,835 14.377 16-
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs Governancè costs 2024 Governance costs 2023 AcGountan¢y and independent éxamination fees 2,964 2,964 2,443 2,443 2,964 2,443 2,443 Analysed between Charitable activities 2,964 2,964 2,443 2,443 Governance costs includes payments to the Independent Examiner of £1.000 (2023.. £950) for independent examination fees. 10 Gatns and losses on investrnents Unrestricted Unrestricted funds funds 2024 2023 Gainsl(losses) arising on.. Revaluation of inveslments Sale of investments 13,547 1,137 (5,131) 14.785 14,684 9,654 11 Trustees None of the Trustees (or any persons connected with them) reiVed any remuneration or benefits from the Society during the year (2023: None) Travelling and other expenses totalling £4,932 (2023-. £4,884) were reimbursed to or paid in respect of 3 {2023= 6) of the Society's Honorary Officers and Society Officials attending meetings and COnferenS during the year. 12 Employees There were no employees during the year (2023= None} 13 Taxation The Society is exempt from taxation on ils activities because all its income is applied for charÈtable purposes. 17-
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Fixed asset Investments Listed investments Cash in portfolio Total Cost or valuation Al 1 January 2024 Additions Valuation changes Disposals 199,699 36,989 14.684 (43.858) 1.874 49,878 201,573 86.867 14,684 (88,459) (44,601) At 31 December 2024 207.514 7,151 214.665 Carrying amount At 31 December 2024 207.514 7,151 214,665 At 31 Dember 2023 199,699 1.874 201.573 15 Stocks 2024 2023 Stock of Society ties 500 3,699 16 Debtors 2024 2023 Amounts falling due within one year: Prepayments and accnjed income 2,404 13,281 17 Creditors: amounts falling due within one yèar 2024 2023 Notes Deferred income Payments received on account Trade creditors Accruals 18 1,200 11.546 2,323 2,220 12,900 12,900 17.289 18-
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Deferred income 2024 2023 Arising from Deferred 2024 Member Subscription Income 1,200 2024 2023 Deferred income is included within.. Current liabilities 1,200 Movements in the year- Deferred income at 1 January 2024 Resources deferred in the year 1,200 (1 ,200) 1,200 Deferred income at 31 December 2024 1.200 19-
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Restricted funds The restricted funds of the Society comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 January 2024 Incoming resources Resources expended Transfers At31 December 2024 Next Generation Young Farmer Fund 2024 conferen Fund 13,597 30,000 13.597 30.000 233.404 (205.177) {28.227) 43.597 233,404 (205.177) {28,227) 43,597 Previous year: At 1 January 2023 Incoming resources Resources expended Transfers At31 December 2023 Next Generation Young Farmer Fund 2024 conferen Fund 13,597 30.000 13,597 30,000 43,597 43,597 The restricted funds are used by the Trustees to correctly dassify and record Ihose funds subject to specific restricted conditions imposed by the donors. The Next Generation Young Famier Funds are held in Ofder to fund the attendance of a young farmer at a future conference or reception. The 2024 conferen Funds were held in order to stage the 2024 conference which was successfully held in EdinbLtrgh earlier this year. Trustees are now considering proposals foi the next biennial Commonwealth Agricullural Conference. due to be slaged in Cape Town. South Africa in 2026. In order to record the surplus made from the 2024 Edinburgh Conference as Unrestricted General Funds, Ihe Trustees discussed and approved a transfer of £28,227 from the Restricted 2024 Conference Fund. -20-
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Unrestricted funds - deslgnated These are unrestricted funds of the Society whith have been designaled by the trustees frjr specific purposes. At 1 January 2024 At31 December 2024 Designated Funds 10.000 10,000 Previous year: At 1 January 2023 At31 December 2023 Designated Funds 10,000 10,000 The unrestricted designated fund is held as a reserve for unexpected expenditure in respect of future Conferences. 21 Unrestricted funds The unreslricled funds of the Society is held as a reserve for future Conferen$ andlor NG Missions of Understanding. At 1 January 2024 Incoming resources Resources expended Transfers Gains and losses At31 December 2024 General funds 194,440 26,252 (18.335) 28,227 14.684 245,268 Prevlous year: At 1 January 2023 Incoming Resources resources expended Transfers Gains and losses At31 December 2023 General funds 182.748 18.013 (15,975) 9,654 194,440 21
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Analysis of net assets between funds Unrestricted Unrestricted funds funds general deslgnated 2024 2024 Restricted funds Total 2024 2024 At 31 December 2024: Investments Current assetsl{liabilities) 184.665 60,603 30.000 13,597 214,665 84,200 10.000 245.268 10.000 43.597 298.865 Unrestricted Unrestricted funds funds general designated 2023 2023 Restricted funds Total 2023 2023 At 31 December 2023: Investments Current asselsl(liabilities) 171,573 22.867 30.000 13.597 201.573 46.464 10.000 194,440 10.000 43,597 248,037 23 Related paty transactions There were no disclosable related party transactions during the year (2023.. None). -22-