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. HoT￿rary Treasurer
Simon Orpwood, Honorary Liaison offi￿r
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 (Reti￿d 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 SI￿et
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 appI￿abl0 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 b￿￿Éen 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 ￿nS￿ler 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 Agr￿Ul¢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 Unde￿aY 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 meM￿r
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 ￿ett￿rk. 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 ne￿￿rks. 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 Cyr￿nCy. 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 app￿Ciate 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 B￿YtOn 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 tWe￿e 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 s￿rPlUS. Such unrestricted income is expendablé al the discretion of the Trustees in the
furtherance of thè objectives of the SoC￿ty 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 pr￿dureS 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 min￿e$ 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$els ol the Soaety were transferted into Ihe company limited by guarantee on l January 2CIM from the
unineorporaled Society. The Diiect<)ts and Trustees are listed on below.
The TTUStees, who are also the directors for the purpose of company18w, arKI who served during the year and up to
the date of signature of the financial statements weie..
Chalrman
Sir Nicho18s Ba￿) Bt KCVO OBE DL
Office Holders
Michael Lambèrt LVO, Honorary Secretary IRelirgd July 2025)
Chrislopher P Riddle, Honorary Secretary (Appointed Juty 20251
Allan J Murray, Honorary Treasurer
Simon Orpwood, Honorary Liaison Officer
11 Streatfeild. Next Generation FacAlitator
Tot¥e Payne. Next Generation Facilitator
Directors and Trustees
Christine A Knipe, Royal Agiicultrjral Society of England
James Godfrey. Royal JerseyAgricullural & Horti(JJltural Soc4oty (Appointed July 2025)
JanelleAnderson (Co-opted) Royal N¢>rthem Agricultural Society
Julian Taylor, Roy81 Norfolk Agricxtltural Society
Rebecca Dawes. Royal Highland 8nd Agricultural SocAety of Scolland IRetir¢d July 20251
Robert N F Drewett DL, Royal Bath and West of England Society
Theresa Morrissey. Rtyal UlslerAgricultural Soaety
Will Prichard (c￿OPted)
William F Amott. Royal Highland and Agricultural Socièty of S¢olland
Ov•rseas Tru$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 i0￿me
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 dePartU￿S
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.
Indep￿dènI 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 a￿rdance 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
Be￿ICk-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 eX￿ndit￿le
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
ReconcIlia￿On 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 aCc￿u￿t
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
charitat￿e aCtivit￿S
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 entIt￿d 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 p￿pared 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 S￿iety. Moneiary
amounts in these financial stslemenls are rounded to the neafest £.
The financlal statements have been prepared under the histrjrf￿l 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$ignal¢d funds arè sel out in the notes to the financial statèmènts.
RestrKted funds are subje¢t lo spedfic eonditions by donors or grantors as to how Ihey may bè used. The
purposes and uses of the restrided funds aro s¢1 out in the notes to the financial slalemenls.
1.4 Income
Income is recognised when the Soaety is legally enlilled lo il after any perfomance conditions have been
met. the arnounls Can be measured ieliably, and it is probable that in(￿Me will be re￿ived.
Cash don8bons are recognised on receipt. Other donation$ are recognised once the SocAety ha5 been notified
of the donation, unless performance conditions fequire defefral of Ihe amounl.
Membership sUbsCript￿n$ are recognised in the year in which they are re￿Ned.
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 Act￿ltIeS in the year in wh￿h 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 alIc￿ted 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 Financ*al 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 Se￿iceS 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 S￿le￿$ 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 aSsuMp￿n$ 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
Sub￿riptIons 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 T￿￿tee$
None of the Trustees (or any persons connected wilh thwnl le￿IVed 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 COnferer￿e5 during the year.
11 Employees
There werè no ern￿OYees 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 FVr￿s. 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-