Company registration number 04941444 (England and Wal•sl Charfty r•gistration number 1101337 {England and Wale51 THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION President Her Royal Highness Tho Prtn¢ess Royal KG KT Deputy Pre5id¢nt Chris Fourie, Gape of Good Hop8 Souoty, South Africa Ch•imian Sir Nichdas Bacon Bt KCVO OBE DL Chartty numb•r 1101337 Company number 04941444 Regi5t•red office Norfolk Showground Dereham Road Norw England NR50 Indep¢ndont examlner Roseanne Bennett BS¢ (Hons) FCA 17 Walkergate Berwrk-upon-Tweed Northumberknd TD15 1DJ Bankor8 Royal Bank of Scotland 30 Liston Road NewbrKlge Edinburgh EH28 8SS Office Hold•rs Mithael U Lambert LVO, Honorary Seuetary (Retired Jvly 20251 Christophe¥ P Riddle, Honorary Secretary (Appointed July 20251 Allan J Murray. HoTrary Treasurer Simon Orpwood, Honorary Liaison offir 11 Strealfeild, Next Generation Facilitator Tobie Payne, Next Generation F8cililalor Dirèetors and Trustegs Christine A Knipe, Royal Agricultural Swety of England James Godlrey. Royal Jersey Agri¢ultszral & Horticultural Souety (Appointed July 20251 JanelleAnder50n {Co-opledl Royal Northern Agricullural Society Julian Taylor. Royal NorfolkAgricultural Society Rebecca Dawes, Royal Highland and Agricultural S¢¢iely of Scotland (Retid July 2025) Robert N F Drewett DL, Royal Bath and West of England Soaely Theresa Morrissey, Royal UlsterAgricultural Society Wfill Prichard (Co-opted) Iliam F Amott, Royal Highland and Agriojltural Society of Scotland Ov&rs•as Trustees Breyion Milford, Agri-Expo, Souih Africa Daniel O'connor. Royal NalK)nal Agr & Ind Association of Queensland, Australia Timothy Capp, Ag Shows NSW, Australia
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) CONTENTS Pagtr TrLtstees report Indapéndenl e¥amine¢s report Stslement of financial actsvities 10-11 Balance SIet 12 Notes to the finaftryal statements 13-22
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees present thesr annual report and ffinanaal stslements for the year ended 31 December 2025. which for the purposes of this report and fjnancial statement, include th8 Offi¢¢ Hold&rs, Diredors and Trustees and Overseas Tru51ees (and references lo the Trustees will be construed ac¢ordinglyl. The finawal slalements have been prepared in accordance with the accounting polic$ set out in note 1 lo the financial slalements and comply with the So(iety's goveming document, the Cornpanies Act 2006, FRS 102 'The Financial Reporting Stsndard applicable in the UK and RepLtblic of Ireland" and the Charitie5 SORP 'A¢¢ounting and Reporting by Charities.. Stalernenl of Remmmended Practice applicable lo charities preparing their accounts in accordan wrth ihe Financial Reporting Standard appIabl0 in the UK and Republic of Ireland IFRS 1021" ObjeGtiVg5 and actlvltles The Royal Agricultural Soaety of the Commonwealth 1.the Souety'l ènctsurages member SocAeties to exchange information which will be of benefit lo the rural economy ol Commonwearth countries. The principal objective is lo 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 agri¢ulturè. A second major objective is to èncourage high standards within Agricultural Shows and lo slrengthtrn and improve relationships bÉen the Member Show Societies within the Commonwealth. The biennial Chief Executives, Seminar provides the perfect plaffom 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 lo enable them lo play their part in the development of the RASC and their own Societiès. A5 a me8fts of exploring agriculture and agricultural technique8, the RASC. in 4ddltion lo its biennial Conference, aims to tacili18te short tours, seminars and discussion groups both within and outside the Commonwealth where these are of btrn¢fit to the Soc¢etls members. Third Wodd poverty brought 8bout by food shortage is a mattel of concem to everyone 8nd the RASC aims lo encourage Membei So¢ielies in developed Countries to raise their sights beyond their local environment towaid$ thos6 countries where agricultural education and expertrse is urgenity needed lo enable food production to be increased. Being the only Commonwealth agricultur81 Non Govemmental Organlsation INGOI. the RASC seeks to work more dosely with the Comrnonweallh Secretariat and to participaltr in setting the agenda for agriculture in the C(bmmonwealth. The RASC w£ll nSler Itcensing its name and rep¢Jtation where other5 wish to produ¢0 publications for Ihe transfer ol technical knowledge of benefit to its members and their activities. Communication with Membef Societiès, Commonwealth organisalions and other interested partSe8 is paramount. lft addit to personal and professional Contacts by Honorary Officers and Trustees, Ihis is athieved through ils website and by the production and circulation of a qLtarterly RASC Newsletter. These media sources provide not only news about Member Societies bul also infomiation on 8grthttural researdi, educats'on and the work of other Commonwealth organisation6.
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 strategy adopted by the Trustees to Impl•m•nt thg objectives Honorary Officeholders s¢Jpported by Trustees, worked on Ihe Thnplementation of the Recommendat)n5 of The Strategic Sub Group. These induded.. Setting up 4 Sub Groups in 2021 to help with the implemenlalion of the work ol RASC. These were Finance, Memb6iship 8nd Communications. Conference and Next Generation. Each of these sub groups consisted ol a Ch8imi8n and 3 or 4 other Trustees,. Seeking to work more closely with the Commonwtsalth Secretarial., Encouraging Trustees lo continue their r¢gLtlar contsd with Member Societies- Publishing monthly electronic editions of the RASC Newsletter. and The ongoing implementation ol the slr8tegy review. Public benefit The Trustees have had du¢ ieg8rd lo the Chaiity Commission's guidance lo public benefit. The main activities vndertaken to lurther thè Society's purposes for the public benefit are, through the biennial Commonwealth Agricutture conferen and other short tours and seminars. to support Agricultural Shows and the next generation of leaders in the AgrUl¢ural sector around the Commonweahh tn exploring and sharing agricultural techniques. Achlevoments and performance 8iennial ¢onference The Society's prinapal activity is to organis& a biennial Commonwealth Agrkuttural Conference and, following these being cancelled in 2020 and 2022 due to the Global Pandemic. the Conlerence made a successful retum in 2024. when the event was held in Edinburgh. Sctstland in JLsne. Planning is now well UndeaY for the 2026 Commonwealth Agricultural ConfeTencÈ, to be held in Cape Town, South Africa in November 2026. With an èxcEllent pre-touf programme organlsed and top qualty Specialist sessions for both CEO and Next Generation delegates. 85 well as a fasc+nating and COTefully (xafted programme for the Main Conference ilseif, it promises lo a memorable and very worthwhile event. Membershlp There are a total of 48 Membar Styièties {2024'. 51). 17 Full Member So¢ieli¢s 12024- 171 and 29 Associate Member Societies 12024.. 34). Scsme 13 12024.. 14) individuals known as 'Friends of the RASC" paid an annual subscr*plion of £25. They havtr no voting rlghls. Senior Officers of the RASC and Trustees continue to visit a number of Agricultural Shows and meMr Organisalions throughout thè Comrnonweallh lo promote the Societys oblectéve5 and to thank sponsors and friends for their support. Promotion Website The RASC website. having undergone a complete revamp in line with the 2024 Conference, sign¢ficantly enhances the organisallon's professional image and online presènce. The sile contsnues lo be managed by Reber£a Maitl8nd in collaboration with Roslin Design. Soclal media Significant growth in Teach, amongst followers and in engagement, c¢)nlinues to be seen across all our social mèdia platforms - including.. Facebook, X, Linkedln and In5tagram. These channels remain a¢XJve and vibrant tt)mugh the regular sharing of storie$, news and updates from across thè Commonwealth.
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Newslettgr A newsletter is issued each month via Mailchimp. now reaching over 300 subsuibers. Thg open rate remains steady al an 8n(y)uraging 35%. Each edition offers a broad range of new5, updates and insights from across the RASC ettrk. indudlng contribLrtions from Member Societies and Commrweallh organisalions. The newsletter continues lo sÈrve es a valuable resource for members, keeping them informed and connected. Member Societies are encovraged lo share and ci¢culate it fvrther wtthin their own nerks. We also warmly wdcome the submission of news, stories and arti¢le$ to b8 f&alured in future issues. A brand new, dedicated newsletter for the "Next Generation" has been anntsun¢gd in racent months and is Proving popular. Next generation The Next Generation INGI aspects of the RASC continues to grow from strength to strength. and in Juty 2025, after a break because of ltr Global Pandemic, a very successful Understanding and As515tance Mission took place lo Botswana, a country wrfh no RASC Mèmbership at the time. It is hoped, during 2027. that a similar fflis5ion to India may be possible. Fundralslng The Society understands its duty to protect the public. indudsng vulnerablè p60ple, from unreasonably intrusive or pefsislent lundraising approaches and undue pressure to donate. It does not currently lundraise from the public or use any internal fundraisers or external fundraising agencAe5 for either telephone or face-Io-fa¢e campaigns aTrJ received no fundraising complaints during the year. Membership ¥ub$erlptlons Membership subs¢ptlons are calculated ustng a system that takes into account faimess. the ability to pay and the relative power of the local CyrnCy. In setting the base subscription rates for Members. recognition was taken of.. al UK and noTrUK origin,. bl Developed and developin9 v)unl¢S.. and c) Large or small Societies. This led lo six ba%c rates and in addition hyo rates were set for As8o¢Èale Members - dsvek)ped and developing counlries.
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 Finan¢ial review Report ofthe treasurer The draft financial statements for 2024 werè submittetj to the Board of Trustees at their board meeling in London on 25 February 2025. With two amendments which were made, the financial results were approved foi submission lo the Annual General Meeting held at the Roy81 Vvelsh Show on 21 July 2025. The surplus on operating 8dNilies for this year, 2025 was £9,06812024.' Surplus of £50.8281. We firmly believè that subscription levels are of good value for the many So¢iely Members we have. which is 46. We appCiate and thank individuals who support the work of the Society through being Friends of RASC. RASC continu& lo be In a good finanrAal way wilh a firm control ovef all the co$1 structures in place. Communication continues to be a major strength within the organi$8tion with monthly newsletters sent out with excellent articles keeping everyone informed of events and show news throughoul the Commonweatth. l thank Rebe¢¢a Maitland lor the wot1( she does cajolin9 many Societies for news but also helping to produce Ihe podcasts whiGh are r¥>w involviThJ many more people presenting on some interesting topics. The 2025 Mission of Understanding was a gieal success in Bolswana. led by Will Streaffeild with eight NGS {6 from the UK and 2 from Australia) on the trip learning how farming and agriculture works in the country but also attending their Naiional Show. Organisation for the 2026 RASC Conference being held in Cape of Good Hope moved up a gear led by Conferène4 Chairman Julian Taylor with BYtOn Milford and Chris Fourie driving the wolk in South Africa. The investment portfolio has performed wèll throughout 2025 with the stocJ( market rising 21.5QA in 2025. At the end of 2025 the value of investments stood at £268,60212024.' £214.665). The Trustees continue lo pay close attention to the investment poli¢y. As noted on the Balance Sheet on page 12, the Society IB exempt from a fomal annual finantyal audil. Instead an Independent Examiner is appointed with their responsibilities being as set oui in their report detailed on page 9. The Trustees recommend that Roseanne Bennett of Greaves, West & Ayre be re-appointed for a further tWee months as the Independent Examinerto the Soaety. G•n•ral r•s8rves policy The general unTeslricted fund is held to support administration and overhead costs. The intention is Ihal this should be grown and maintained in srPlUS. Such unrestricted income is expendablé al the discretion of the Trustees in the furtherance of thè objectives of the SoCty and may be hetd to ffinance both working copilal and capital investment. As al the 31 December 2025 the level of unrestricted reserves held was £272,104 (2024.. £255,268), which is consldered sufficient to support the operations of the Soaety for at least *ve months from the dale ol the balance sheet. Olhef fund$ of £35.82912024". £43.5971 are specifically reslrfcted lo Identrfiabk projects. Investment policy The Trustees primary objectives when investing are to invest the 88sels in such a way as to maximise capital value Ihrou9h a combination of capital growth and Incorne generation. subject to an ac£eptable level of risk In o¥dèr lo provide a sustainable flow of funrts when required lo support the SocAetys charitable activities.
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 RiBk manaym•nt The Trustees have the overall SponsIblE1ty for ensuring that the Soaety has an appropriate system of controls, finanual and Oth&ise. The syslems of financial control are designed to provide assurance against material misstatement or loss. Thoy include.. Regular meetings ofthe Tluslees, al which the finanual hèalth ofthè Society is reported and discussed.. Wriiten policy as lo ihe management ofthe Soc4elYs ftjnds by third p8rties,' and Finat)oal prdureS to ensure the proper disbursement of monies owing by the Soc4ety. The Trustees have reviewed major risks and established systems together with appropriate monitoring procedures to mitigate them. Thè key risk controls used include.. Fomial agendas and mine$ lor 811 Committees and Board activty,. Comprehensive strategic planning, budgets'ng and managernenl accounting., Established organisational slrL¢Cture and line5 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 2025 Strueture. governance and manag¥ment The Society is a registered charity and a company limited by guarantee and is govemed by its Memorandurn and Articks of Association. The Soaety was incorporated on 23 October 2003 and commèn¢ed activities on 1 January 2004. The 8s$els ol the Soaety were transferted into Ihe company limited by guarantee on l January 2CIM from the unineorporaled Society. The Diiect<)ts and Trustees are listed on below. The TTUStees, who are also the directors for the purpose of company18w, arKI who served during the year and up to the date of signature of the financial statements weie.. Chalrman Sir Nicho18s Ba) Bt KCVO OBE DL Office Holders Michael Lambèrt LVO, Honorary Secretary IRelirgd July 2025) Chrislopher P Riddle, Honorary Secretary (Appointed Juty 20251 Allan J Murray, Honorary Treasurer Simon Orpwood, Honorary Liaison Officer 11 Streatfeild. Next Generation FacAlitator Tot¥e Payne. Next Generation Facilitator Directors and Trustees Christine A Knipe, Royal Agiicultrjral Society of England James Godfrey. Royal JerseyAgricullural & Horti(JJltural Soc4oty (Appointed July 2025) JanelleAnderson (Co-opted) Royal N¢>rthem Agricultural Society Julian Taylor, Roy81 Norfolk Agricxtltural Society Rebecca Dawes. Royal Highland 8nd Agricultural SocAety of Scolland IRetir¢d July 20251 Robert N F Drewett DL, Royal Bath and West of England Society Theresa Morrissey. Rtyal UlslerAgricultural Soaety Will Prichard (cOPted) William F Amott. Royal Highland and Agricultural Socièty of S¢olland Ov•rseas Tru$tees Breyton Milford. Agrl-Expo, South Africa Daniel O'connor, Royal National Agr & IndA$sou81ion of Queensland. Australia Timothy Capp, Ag Shows NSVV, Australia Th• Board of Trustees The Society is managed by the Board of Tw8lees who are responsible for the general management and ¢ontrol ol the affairs and assets of the Society. The Trustees who shall number not less than nine and not more than sevente$n are both charity Trustees for Ihe purpose of the Charities Act 2011 and Director8 of the charitable company for the purpose ofthe Companies Act 20C6. Al 31 December 2025, there were nlne elected Trustees (three of whom were resident overseas and six in the UK) and c¢>opled Trustees. together with six Honorary Officers Ichairnian. Honorary Treasurer, Honorary Secretary, Honorary Liaison officer {Pre$$ Secretsryi and Honorary Next Generation Faulrtatorsl. Trustees are elecied by the Full Members ol the Society following nomination by them OT by recommendation by the Board of Directors. Trustees $etve a term of three years. They may stand lor re-ele¢tr'on. Norrnally, one overseas and fv40 UK Trustees retire rn rotation each year.
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 Prèsident.. The President is HRH The Princess Royal KG KT. Deputy President.. Apposnled by the Truste¢s, from a nomination of the Conference Ho3t Soryety to deputise for the President or Vice President when necess8ry. Honorary Officèrs Honorary Chairman.. Elected at the Annual General Meeting for a tem of not more than four years suth teTm may be extended for a further term of not more than four year5. Honorary Secretary.. Elected al the Annual General Meeting on an annual basis, reporting to the Trustees and. in liaison th the Honorary Tr8asurer and Honorary Press Secretary, responsible for the day to day management and administration of the Society. Honorary Trèasurer.. Elected al the Annual Gener81 Meeting on an annual basis. Reporting lo the Trustees. the Treasurer w<>rks in close liaison with the Honorary Secretary and is responsible for the finances of the Society. Honoiary Liaison Officer (Press Secretary).. Eleded 81 the Annu81 General Meeting on an annual basis and reporting lo the Trustees. Working in dose liaison with the Honoiary Sg¢Yetary and responsible for the publication of the RASC News and all media matters. Honorary Next Generation Fa¢ilitators= Elected at the Annual General Meeting on an annual basis, reporting through the Hono¥ary Secretary lo the Trustees, to faulitate the activities of the Next Generation Fonjm at the Conference. Honorary Fellows Eleded by the Trustees and restriGled lo members of or those who adminisler Member socieb.es or tho RASC arvj who have made an outstanding contribution lo the RASC. Honorary Fellows. while enjoying the right lo attènd and to Speak * any general meeting, may not vote.
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Statement of trustees responsibilltles The TTUStees, who ale a150 the directors of The Royal Agricultural Society of the Cornmonwealth for the purpose of company law, are responsible for preparing the Trustees Report and the accounts in accordance with applicable law and Untied Ktn9dorn Accounting Standards (Llnited Kingdom Generally Accepted AcLounting prad1). Company Law qUIreS the Twstees lo propare accounts for each financlal year which glve 8 true and 18lr view of Ihe state of affairs of the Society and of the in¢oming resources and application of resources. in¢luding the i0me and expenditure. ol the charitable company for that year. In PTeparing these accounts, the Trustees are required to= - select suitable accountiThJ policies and then apply them conssstently,. - observe the methods 8nd prin¢ples in the Charities SORP.. make judgfrm&nt$ and estimates that are reasonable anyj prudent., state whether applicable UK Accosjnting Standards have been followed, subjeca to any material dePartUS disclosad and explained in the accounts., and pl8pa the accounts on the going conc¢rn basts unless it is inappropriate to presume Ihat the Society 11 conttnue in operation. The Trustees are responsible for keèp5ng adaqu8le 8ccounling records that disclose wlth reasonable a¢cur8¢y al any time the financial position of the Stioety and enable them lo ensure that the accounts comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the Soaety and h¢n¢¢ for tsking reasonable slep5 for the prevention and detection of fraud and other irregularities. The tsustees report was approved by the Board of Tnjstees. Mr Christopher Riddle Trustee Date..
THE ROYAL AGRICULTURAL 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 fin8n¢ial statements ol The Royal Agricultural Soriety of Ih? Commonwealth Ilhe Sorietyl for the year ended 31 December 2025. Respon$ibiliti¥s and basls of report As the Tnjstees ol the Souety land also ts dif&*ors for the purposes of company lawl. you are responsible for I preparation of the finanual statements in accordance with the requirements ol the Companies Ad 20C6. Having satisfied myself that the financial statements of the SocAety are not requi to b¢ auditèd undèr Part 18 of the Companie5 Act 2006 and are eligible for independent examination. I ieport in respe¢i of my examination of the Socrety's ffinancial 8taternents (xrried out under section 145 of the Charities Act 2011. In ¢arrying out my examination I have frillowed thè Diraetions given by the Charity Commission urkder section 14515}Ibl of the Charities Act2011. IndepdènI èxamlnerfs statement I have completed my examination. I confirm that nts matters have come to my altention in conneth'on wth the amination giving me cause lo believe that in 8ny material respect., accounting records were not kept in r¢spect of the Society as required by section 386 of Ihtr Companiès Act the financial $tatemenls do not accord with ihose records,. or the finanaal statements do not comply with the accounting requiiemènts of section 398 of the Companies Act 2006 other than any requirement that the financ4al stslemenls give a trLt¢ and fair wew. which is not a matter conside as part of an independent examination., or the financial statements have not been prepared in accordan with the melhods and prinryples of the Statement of Reo)mmended Practi% for accounting and rèporting by charities applicable to charities preparing their accounts in ardance with the Finan¢ial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS 102). I have no concerns and have come across no other matters in connection with the ex8rnin8lion to which attention should be drawn in thi5 reKX)rt in order lo enable a proper understanding of the accounts to be feathed. Roseanne Bennett Bse {Hon51 FCA 17 Walkergate BeICk-up0n-Tweed Northumberland T015 1DJ Date..
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDrruRE ACCOUNn FOR THE YEAR ENDED 31 DECEMBER 2025 Current financlal year Unrestrlet•d Unrestrictsd funds funds general deslgnatèd 2025 2025 Restrfctèd funds Total Total 2025 2025 2024 Incomè frorn". Donations and legaryes Ch8ritable actNities Other trading activities Investments s.000 248,557 14,132 11.440 25,572 6,732 6,732 6.019 Total Ine¢)m¥ 20,864 11.440 32,304 259,656 Expendlture on: Raising fijnds Charitable act*vitie 1.955 17.534 1,955 36,742 1,677 221,8 19.208 Total eXnditle 19,489 19,208 38,697 223,512 Net galn$ on Snvestmenls 12 15,461 15.461 14,684 Net incomellexpenditurel and movement in funds 16.838 17,7681 9.068 50.828 ReconcIliaOn of funds: Fund balances at 1 January 2025 245.268 iO.LK)O 43.597 298.865 248,037 Fund balances at 31 December 2025 262.104 10.IJOO 35.829 307,933 298,865 The statement of finanaal activilie$ includes all gains and lossés recognis•l in the year. All income and expenditure derive from conlinuln9 a¢bvf(ies. The statement of finanual 8divities also complies with the requirements for an income and expenditure aCcut under the Companies Ad 2006. 10-
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIALACTIVITIES (CONTINUED) (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2025 Prior financlal year Unr•strfeted Unrestricted funds fvnds general designat•d 2024 2024 Re$tri¢ted funds Total 2024 2024 Notès Income from: Donations #nd legaaes charitate aCtivitS Other trading 3ctivi118S Investments 15.153 80 6,019 233,404 248,557 80 6,019 Total Income 26,252 233,404 259,656 Expenditure on: Raising fvnds CharFtsble activtss 1.677 16,658 1,677 221,835 205,177 Total oxpendlture 18.335 205,177 223,512 Nel gains on investments 12 14,684 14.684 Net in¢om• 22,601 28,227 50.828 Transfer5 betsveen funds 28,227 128,2271 Net movement funds 50,828 50.828 ReconcÈliatlon of funds- Fund balances at 1 January 2024 194,440 10,(XJO 43,597 248,037 Fund balances at 31 December 2024 245,268 10,000 43,597 298,865
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Notes Ftxed assets Invèstments 14 268.602 214,665 Current assets Slo¢k$ Debtors Cash at bank and in hand 15 16 1,275 40,756 2.404 94.196 42,331 97.100 Credltors: amounts fa115ng due wlthln one year 17 13,CKJOI I12.9) Nèt current assets 39,331 84,200 Total assets less curr•nt Ilabllittes 307,933 298,865 Thtr funds of the Soclety Restricted income funds Unreslrided funds- general UnrestriGled funds- designated 18 20 19 35,829 282,104 10.000 43.597 245,268 10,Otx) 307.933 298.865 The ctsmpany is entItd to the exemption frorn the audtt fequwement Contained in section 477 of the Cornpanies Aci 2006. tor the year end 31 December 2025. The dire¢Xors acknowledge their responsibilrtie5 for complying with the requirements of the Companies Act 20L with sPeCt lo accounling records and Ihe preparalion of finanaal statements. The rnembers have not requlred the company to obtain an audit of ts financHI ststements for the year In question in accordance with sedion 476. These finanual statemènts have been Pfepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by thè Tru$lees on ......................... Mr AIL9n Murray Tnjstee 12
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting polieles Charfty Information The Royal Agricultural Society of the Commonwealth 15 a privalg company limited by gLtarantee incorporated in England and Wales. The registered office is Norfolk Showground, Doreham Road, Norwich, England, NR5 OTh. As at 31 December 2025 there were 46 {2024.' 511 member soaeties. ea¢h of whom has agreed to contribute £1 in the event of the So¢ièty winding up. 1.1 Bas1¥ of preparatlon The financAal statemen18 have boen ppared in accordance with the Society's goveming do¢ument. the Companies Act 2C4)6, FRS 102 Financial Reporting Standard applicabb in the UK and Republic of Ireland and the Charities SORP 'A¢counling and Reporting by Charities.. Statement of Rg¢omrnended Practice applicable to charities preparing their accounts In accordan with the Financjal Reporting Standard applirablè in the UK and Republic of Ireland {FRS 1021" The Soaety is a Public Benefit Entity as dofined by FRS 102. The Society has taken advantage ol the provisions in the SORP fr>r d)arities not to prepare a stalemenl of cash flows. The finanaal stalemenl$ ale prepared in sterling, which 15 the fijndional currw)¢y of the Siety. Moneiary amounts in these financial stslemenls are rounded to the neafest £. The financlal statements have been prepared under the histrjrfl cost convention with the exception of th¢ investments which are induded at fair value, their market value. The principal accounting policies adoptèd are set out below. 1.2 Going concern Al the lime of approving the financial stalemenls, the Trustees have a reasonable expectation th81 the Society has adequate resources to contsnue in operational existence for the frjreseeable future. Thus the Tru5tee5 continue adopt the gotng concem basis of ar£ounting in prepaiing tho ffinancial statements. 1.3 Charitsbl• funds Unrestricted funds are available for use at the diKrÈtlon ot the Trustees in furtherancè of thei¢ charitable objectives. Designated funds comprise fvnds whlch have been set aside at the discrtrtion of th8 Trustees for specffic purposes. The purposes and uses of the de$ignal¢d funds arè sel out in the notes to the financial statèmènts. RestrKted funds are subje¢t lo spedfic eonditions by donors or grantors as to how Ihey may bè used. The purposes and uses of the restrided funds aro s¢1 out in the notes to the financial slalemenls. 1.4 Income Income is recognised when the Soaety is legally enlilled lo il after any perfomance conditions have been met. the arnounls Can be measured ieliably, and it is probable that in(Me will be reived. Cash don8bons are recognised on receipt. Other donation$ are recognised once the SocAety ha5 been notified of the donation, unless performance conditions fequire defefral of Ihe amounl. Membership sUbsCriptn$ are recognised in the year in which they are reNed. Invoslment income C4)mprises divsdends receivable during the year on listed inve31ment$ held within the investment porifolio. 13-
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Aecountlng policies (Continued) Incorne received in respect of future Conferences is cafried fomard as Currtrnt liabilities on the balance sheet and are accounted for in the Stslemenl of Financial ActltIeS in the year in whh the conferetKe lakes pla¢e. Conference income refle¢t5 all rnonies received relating lo Conferences which occuffed in the year to the balance sheet dat8. 1.5 Expenditure l expendf(ure is accounted for on an aeffli818 basis. Costs are alIcted to appropFiate headings. based on th8 adivilies to which they are attributable. Management and administration costs 8re those inculled in connethon with the 8dminislration ofthe Society and Complian with constitution81 and statutory Tequiiemenls. Conference expenditure in¢ludes both direct costs and other overhead expenditure and is recognised In the Statement ol Financi81 Activities in the year iti which it IS OCCUTred. 1.6 Fixed asset invesknents Fixed asset inveslments are initially measured 81 Iransartion price exduding transaction st5. and are subsequentty measured at lair value at èach reports'ng dale. Changes in fair valu$ are recognised in net incomellexptrnditure) for the year. Transa¢lK)n ¢osls are expensed as incurred. 1.7 Stocks Stock is included at the lower of ¢051 and net realisable valu& and Indudtrs li¥$ for promotional purposes. 1.8 Cash and ¢ash equlvalents Cash and cash equivalent8 include cash in hand, deposlls held 81 call with banks, othef short-temi liqui¢J investments with original rnaturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financlal Instrumènts The Society has elected to appty the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olhef Financal InstrLtmenls Issues, of FRS 102 to all of rts financAal instruments. Fin8ncial instruments are re¢¢gnised in the Soaely's balance sheet when the Society becxsmes party to the ntradual provisions of the instrurnenl. Financial assets and liabilrtie3 are offset. with the net amLJnts presented in the financial statements, when there is a legally enforcèablè rlght 10 Sel off the recognised amounts and Ihero is an ntention to settle on a net basis or to realise the asset and settle the liability simuttaneously. Basic flnanelal •5sets Basic financial assets. which in¢ltthYe debtors and cash and bank bal8n¢es. are inilially measured at Ir8ns8clion price including transath.on Costs and are svbsequendy carried at amortised cost using the effeciive interest method unless Ihe arrangement conslitules a finanang transaction. wheie the transaclion is measured at the present value tsf the future reTripls discounted at a maiket rate of interest. Financial assets dassified as receivable wllhin one yeai are not amortised.
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 A¢¢ountlng pollcles Icontlnuedl 8851¢ financial Ilabllltl•s Basic financial liabililies. induding creditors and bank b8ns are initially recognised al transaction price unless th8 arrangement constitutes a financing transaclion, where the debt instrument is measured at (he present value of the future payments discounted at a market rate of intere51. Fin8n¢ial liabilittes dassified as payable within one y8ar are not amortised. Debt instruments are SLtbsequenlly carried at amortised CA)sl, using the eff8¢tivo int•r6st rate method. Trade creditors afe obligations lo pay for goods or SeiceS that have been ao4uired in the ordinary course of operations from suppliers. Arnounts payablè arè dassified as current liabilities if payment is duè within one year tsr less. If not. they are presented as nort-¢urrenl liabilities. Trade creditors are recL)gni5ed initially at tTrnsaction prtC8 and subsequently measured at 8mortised cost using the effedive interest method. Dere¢ognition of Ilnanclal Ilabllltles Finanual liabilities are derecY•gnised when the Society'$ ¢onlra¢tual obligations expire or are discharged or cancelled. Critical a¢¢ounllng èsumates and judgements In the application of the Sle$ acctyjnttng policies, the Trustees are required lo m8ko judgements. estimates and assvrnptions about the cArrying amount of assets and liabilities th81 are not roadily apparènt from other sources. The e5tsmales and assoctated assumptitsns are based on historical experience and othèr lactofs that are considered to be relevant. Adu81 results may differ from these estimales. The estimates and underlying aSsuMpn$ are reviewed oft an ongoing basis. Revisions lo accounling &$timates are recognised in the period in which the eslim31e 1$ fevised whefe the revision affecls only that period, or the period of the revision and fvture periods where Ihe revision affects both current and future penod$. Income from donations andlègaclos Unrestricted funds 2025 Unrestricted funds 2024 t)onations and gffts 5,000 The Society 1$ most grateful lo its Honorary Officers and TnJ51ees who devote many hoLtrs to Soaety adiv¢ties. Their lime eènnot be quantified in financial terms. 15-
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Income from eharltable activitles Unrestricted Rèstrieted funds fund$ Next g•n9r•l yneratlon Total Unrestrlctsd Restricted funds funds 9on¢ra5 Edinburgh ¢onference 2024 Total 2025 2025 2025 2024 2024 SubriptIons and delegate conference incow Conference sponsorship Other income 14,132 74,132 15,153 188.928 204,081 42.378 2,098 42.378 2.098 11.440 11.440 14,132 11,440 25,572 15.153 233.404 248,S57 Analysis by fund Unrestriclgd funds- general Restricted funds 14,132 14,132 11,440 15,153 15.153 233.404 11,440 233,404 14.132 11,440 25,572 15.153 233.404 248.557 Incom• from other trading actlvltlès Unrestricted Unrestrlcted fund$ funds 2025 2024 Sale of SorAety lies 80 Income from investments Unrestsicted Unrestrlct8d fvnds funds 2025 2024 Income Irom listed investments Interest receivable 6,636 5.984 35 6,732 8,019 16-
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 Expendlture on rdlslng funds Unrèstricted UnrestrScted funds funds 2025 2024 Investment management 1,955 1.677 Expenditure t)n eharitable activities Unr85trictsd Rèstrleted fund$ fund$ 99neral 2025 Total Unre$tri¢ted Restricted funds funds general 2024 Total 2025 2025 2024 2024 Dirèct costs Insuran Website costs Honorary Officers travelling expenses Bank charges Postage, printing and ststionery AGM expenses Next generaliLJn Botswana trip Administration ¢osl$ Conference administration arKI publicity exp8nsès ConferÈnce visits and Iransportatfjon expenses Conference accommodation expensè5 Conference catering and entertainment expenses 640 700 640 2.239 640 2,239 700 2.823 258 2.823 258 4,932 331 4,932 331 551 874 551 874 19.208 19.208 7,010 7.010 4,943 4,943 48.180 46,180 15,870 15,870 107.807 107.807 33,320 33.320 12.856 19,208 32.064 13,694 205,177 218,871 Share of support and gov¢man¢¢ costs1$9è note 9} Governance 4,678 4.678 17,534 19,208 36,742 16.658 205,177 221,835 Analysis by fund UnT¢$lricted funds- gèneral Restricted funds 17,534 17,534 19.208 16,658 16.658 205,177 19.208 205,177 17,534 19,208 36,742 16,658 205.177 221,835 17
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Support costs Governance costs 2025 Gov•man¢e 2024 Accountancy and independent examinab.on fe9$ 4,678 4,678 4.678 4,678 Analysed between Charitable activities 4.678 4.678 Governance o)sls includes payments lo the Independent Examinw of £1.05012024- £1,¢JOOI for independent examination fees. 10 Ttee$ None of the Trustees (or any persons connected wilh thwnl leIVed any remuneration or benefits from the Society during the year {2024'. None). Travelling and other expenses totalling £2,823 12024.. £4.9321 were reimbursed to or pald in Spect of 4 (2024.. 31 ofthe Society's Honorary Officers attendin9 meetings and COnferere5 during the year. 11 Employees There werè no ernOYees dltring the yeai12024-. None) 12 Gain¥ ond1055es ori Investments unrestricted Unrestricted funds fundg 202S 2024 GaIn{lO58e$) arising on.. Revaluation of investments Sale of invgslments 6.193 9.268 13.547 1,137 15.463 14.e84 13 Taxatlon The Society is exempt from taxation on ils activities because all its income Is applied for charitable purposes. 18.
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 14 Flxed asset investments Listed Investments Cash in portfollo Total Cost or valuation Al 1 January 2025 Additions Valuation (tsn9es Disposals 207,514 100,760 15,461 159.042) 7,151 105,774 214,665 206,534 15,461 1168,058) 1109,016) At 31 December 2025 264,693 268.602 Carrylng amount At 31 December 2025 264,693 268,602 At 31 December 2024 207,514 7.151 214.665 1S Stocks 2025 2024 Stock of Soc¥ety lies soo 16 Debtors 202S 2024 Amounts falllng due within one year. Other deblors Prepayments and accrued income 795 480 2,404 1,275 2,404 17 Creditors- amounts falling du• wlthln one year 2025 2024 A¢¢ru81s and deferred income 12,900 19-
THE ROYALAGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 18 Rèstrl¢tèd fvnds The Testricled funds of thè Swety comprise the unexpended balances ol donations and grants hdd on trv81 subjecl to specific conditioris by donors as to how they may be used. At 1 January 2025 Incomlng resources Resources expended Tr#n$fers At31 December 2025 Next Gener81iors Young Farmer Fund The Confèrèncg Fund 13,597 30,000 11.440 (19,2081 S,829 30.000 43.597 11,440 {19,2081 35.829 Prevlous yèar. Atl January 2024 Incoming resources Resources expendèd Tr4n$fe At31 December 2024 Nexi Generation Young Farmer Fund The Conference Fund 13.597 30,(KIO 13.597 30,000 233.404 (205.17n (28,2271 43.597 233,404 1205.177) 128.2271 43,597 The restricted funds are used by the Trustees to corredly dasstfy and ¢ord those funds subject lo sp6eific restricted conditions imposed by the donors. The Nexl Generation Youn9 Farmer Funds a held in order lo assist and fund the attendan of young tsrmers on Next General trips, luture conferersces or receptlons. The Conference Fund5 were held in order to stage thè 2024 conference which was successfijlty held in Edinburgh earlier this year. Trustees are now considering propos815 for the nexi biennial Commonweallh Agricultural Confergnce, due lo be staged in Cape Town. South Atrica in 2026. order to re¢xJrd the surplus made from the 2024 Edinburgh Conference as Unrestricted General FVrs. the Trustees discussed 8nd approved a transfer of £28,227 al the end of 2024 from the Restricted Conferen Fund. 20-
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 19 Unrestrfcted funds- designated These are unrestricted funds of the Society which have boen designated by the trustee8 for specific purposes. At 1 January 2025 At31 December 202S Dèsignated Funds 10,000 10,1)00 Pr*v5ous year: At 1 J•nuary 2024 At31 December 2024 Designated Funds 10,OCQ 10,000 The unrestricted designated fund 15 held as a rè$aNe for unexpecied expenditure in respect of fuiure Conferences. 20 Unrestricted funds The unrestricted fijftds of the Sodely is held as a reserve for futuro Conferances andlor NG Missions of Undèrstanding. At 1 January 2025 In¢oming resource¥ Rasources ¢xp¢nded Transfers Gain5 and At31 D•cgmber 2025 Gener81 fvnds 245.268 20,864 119,4891 15.461 262.104 Prevlous yèar: At 1 January 2024 Incoming resources Resourcès expended Transfers Gains and losses At31 Decembèr 2024 General funds 194.440 26,252 {18,335) 28,227 14,684 245,268 21
THE ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 21 Analysis of net assets betwo•rt fund¥ Unrestricted Unrestrlcted funds funds general dpsignated 2025 2025 Re$tri¢ted funds Total 2025 2025 At 31 Oec•mb•r 202S= Investrnents Current assetsllliabililiesl 238.602 23.502 30,000 5.829 268,602 39,331 lo.0 262.104 10.IK)O 35,829 307,933 Unr•stri¢tsd Unrestrictsd lunds fund¥ general deslgnated 2024 2024 Restrlcted funds Total 2024 2024 At 31 De¢ember 2024: Investments Current a$setsl{liabilrtiesl 184.66$ 60,603 214,885 84,200 10,000 13,597 245,268 10.000 43,597 298,865 22 Related party tr•n$actions There were no di$¢losable Tetated party transactions during the y•8r12024.. None}. 22-