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2020-10-31-accounts

Charity Registration No. 1151672

CHESHIRE AGRICULTURAL SOCIETY CIO ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

CHESHIRE AGRICULTURAL SOCIETY CIO

CONTENTS

Page
Trustees' report 1 - 5
Statement of trustees' responsibilities 6
Independent auditor's report 7 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the accounts 13 - 23
The following pages do not form part of the statutory accounts
Detailed Income and Expenditure Account

CHESHIRE AGRICULTURAL SOCIETY CIO

TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2020

The Council of Members (who are the trustees of the Society for the purpose of Charity Law) has pleasure in presenting their Annual Report and the audited financial statements for the year ended 31 October 2020.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Society's Constitution , the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

Reference and administrative information

Members Of Council

Mrs C Bailey Mrs K L Bailey J Ball Esq J C Bell Esq S Blakeman Esq M T Daley Esq R A Davenport Esq M David Esq OBE (resigned 1 March 2020) T Earl Esq A P Ford Esq Mrs C Ford (resigned 1 March 2020) R Ford Esq R Fryer Esq A Garnett Esq J A Garnett Esq DL ARAgS J Gate Esq A Greenway Esq J Hague Esq R Hague Esq FRICS Mrs M Hall W Horton Esq H Hough Esq Mrs R Hughes R Ikin Esq P Janvier Esq R Johnson Esq A Kay Esq D Kynaston Esq Mrs E M Leake D Leech Esq

W E Massey Esq A Millington Esq Mrs C Newton Mrs C Newton J Norbury Esq Mrs D Nulty Rev J Parry D Parton Esq ARAgS T Rimmer Esq P V Robinson Esq T Stockdale Esq A Sutton Esq P Tanner Esq K Thomas Esq R Thomason Esq J Tickle Esq W R Turner Esq Ms P Wade A Walker Esq A K Wallace Esq M Walton Esq S Walton Esq S Wharfe Esq P Whitlow Esq E Whittaker Esq S Wilkinson Esq D Williams Esq Ms J Wood S Yarwood Esq Miss L Young

Honorary Directors Committee

J Ball Esq (Joint Chairman) A P Ford Esq (Joint Chairman) D Leech Esq (Vice Chairman) R Hague Esq FRICS (Treasurer) S Blakeman Esq R A Davenport Esq

J A Garnett Esq DL ARAgs Mrs C Newton Mrs K L Bailey K Thomas Esq R Thomason Esq J Hague Esq

CHESHIRE AGRICULTURAL SOCIETY CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

Associate Directors

T Stockdale Esq M Walton Esq

Interim Show Director

R A Davenport Esq

Charity number Principal address

1151672

Clay House Farm Flittogate Lane Tabley Knutsford Cheshire WA16 0HJ

Auditors

Lyon Griffiths (Audit and Accounting) Limited 17 Alvaston Business Park Middlewich Road Nantwich Cheshire CW5 6PF

Bankers

NatWest High Street Tarporley Cheshire CW6 0DZ

Objectives and activities

The objects of the Society are:

In furtherance of the objects the Council shall have the power to support local, rural-related charities as appropriate.

CHESHIRE AGRICULTURAL SOCIETY CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2020

The objectives of those activities for the year, and the Society’s achievements against them, are discussed under the heading Achievements and Performance, set out below.

The principal activity of the Society is to hold The Royal Cheshire County Show, which takes place annually in June. The charity meets its objectives (see above) principally through holding the Show, as follows:-

a) General appreciation of agriculture: to put before the general public a view of agriculture and countryside activities in a way that knowledge and appreciation of countryside life can be gained by all who attend.

b) Display of merchandise and machinery: on a commercial basis to attract direct sales, and indirect sales in terms of advertising to the audience present.

c) Display of farm products and animals: on a competitive basis thereby enhancing the value of those entries which secure a Championship or high rating by the judge.

The Show is organised into sections Agri-Business Centre, Catering, Cattle, Cheese & Food, Countryside Experience Area, Dog Show, Education, Health & Safety, Light Horse, Main Ring, Publicity, Poultry, Pigeons, Rabbits and Cavies, Rural Life, Sheep, Goat Rare Breed, Shire Horse, Sponsorship, Trade Stands Traffic & Trophies. Each section is run by an organising committee who each report to the Council of the Society.

Volunteers provide a very considerable contribution to the Society in that the showground labour force over 3 weeks in June each year is provided voluntarily. The extent of voluntary help does have a valuable effect on costs and without such we would not be able to operate as a show and to support charitable causes.

The Cheshire Agricultural Society organises annua l l y The Royal Cheshire County Show as an inclusive event to all. The Show in general offers many informal educational opportunities to the visiting public, ranging from the exhibition of livestock, food production and cookery demonstrations through to conservation of the natural environment and demonstration of rural crafts.

The Agricultural Centre, launched in 2008, not only offers a formal educational experience for the visiting public but in particular, for the many organised school visits that attend the Show.

With regard to ensuring the Show remains inclusive, school groups enjoy a greatly reduced entrance ticket whilst a reduced entrance ticket is offered to senior citizens, students and disabled visitors. In addition, carers of disabled visitors are given free entry.

Furthermore, the Society organises a free return bus service from key locations in Knutsford and Northwich to the showground on both days of the Show.

The Members of Council have paid due regard to guidance issued by the Charity Commission in deciding what activities the Society should undertake.

CHESHIRE AGRICULTURAL SOCIETY CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

Achievements and performance

We started The Cheshire Agricultural Society CIO’s year with the AGM on the 26 th of February held at Tatton Park, Knutsford in the Tenants Hall. We elected our new President and Patroness for 2020 has below.

The 2020 President was Geoff Morris Esq

The 2020 Patroness was Mrs Mary Leake

The Society’s aims and objectives are linked to The Royal Cheshire County Show, which is usually held annually in June.

Unfortunately, due to the COVID 19 pandemic we were forced to cancel the 2020 show. The Chairmen and the Directors for the first time in the history of the Royal Cheshire County Show decided to move the event on-line becoming the Virtual Cheshire Show, though this was run as a non-profit event, with the thought process to support our Agricultural and Rural enterprise’s in what was a difficult year. We had a wide range of events and exhibitions online to keep people entertained, from a full range of livestock classes to agricultural and rural trade stands, the theatre of flowers, main ring events, Agri centre, NFU, WI and many more.

The enthusiasm we received from all our Principal Partners, Sponsors and especially the Members was remarkable and made it feel all worthwhile and help with the hope of inviting everyone back to Tabley, Knutsford to the Cheshire County Show Ground for future Royal Cheshire County Shows for many years to come. We are currently planning to stage the 2021 show in June but this is subject to evolving government guidelines.

All this still helped us to reach some of our aims and objectives, to educate all that is good about Cheshire and its Agricultural and Rural Communities.

Financial review

Details of the results for the year are set out in the annexed Statement of Financial Activities. The directors propose to make no transfer for the year to the Designated Fund, which is allocated for distribution to various rura l bodies to be determined by the members.

The policy of the Society is to retain sufficient resources to cover the annual cost of running the Show and thereby meet any potential liabilities in the event of having to abort the event. Income from the Society’s investments has also made good occasional deficits on the Show in the Balance Sheet.

Investment Policy and Performance

The Directors Committee takes a regular overview of the investments (with the Treasurer’s report) at each meeting. The directors will also take appropriate professional advice on specific matters as and when required.

The established policy for Cheshire Agricultural Society investment assets has been to retain sufficient liquidity in the current and deposit bank accounts to meet the regular running costs. As a consequence of significant falls in interest rates a decision was made previously to take a more active stance on the investments and split the medium to longer term requirements into various managed tranches as follows:-

Each of these discretionary portfolios is managed to a Balanced risk profile (i.e. between Cautious and Growth), within the Managers definitions. These are monitored regularly by the Directors for performance and liquidity.

The capital values of the investments (excluding cash) compared to the previous year end decreased by approximately 2% which given the difficult financial market conditions was considered to be satisfactory in the circumstances. Rathbones remit dividends back to the Society which amounted to £19,277 in the year. Seven Investment Management retain income within the fund for investment and this is reflected in a higher capital value return at around 3% for the year.

CHESHIRE AGRICULTURAL SOCIETY CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

The Members of Council has assessed the major risks to which the Society is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Risk factors

The Society is engaged in a continuous review process of all risks associated with the Society’s activities. The primary risks are recognised as the health and safety of the public, exhibitors, and animals on and off the s howground during the preparation, the event, and the taking down of the Show. The Members consider that the systems they have in place to manage such risks as have already been ascertained appear to be adequate in normal circumstances.

Plans for future periods

The Society has a sound financial base upon which to build for the future. It will endeavour to safeguard and grow the assets as indicated and facilitate the successful development of the County Show.

Structure, governance and management

The Society was founded in 1838 and was registered as a charitable incorporated organisation on 17 April 2013 . The Society is governed by its Constitution.

The overall responsibility of the Society's affairs is vested in a Council of sixty elected members. All final decisions are made by the Members of Council. Members of Council are normally elected to serve for a three year term with one third retiring each year by rotation. Any paid-up member is entitled to be nominated for election to Council provided they have consented to nomination. Retiring Members of Council are eligible by written nomination for re-election. The Members of Council are the trustees of the Society for the purposes of charity law.

The Members of Council (trustees) are familiar with the work of the Society having participated in the Royal Cheshire County Show over a number of years. New Members of Council are familiarised with the work of the Society by the existing and continuing members.

The financial and general business affairs of the Society are vested in an Honorary Directors’ Committee of 12 Council members. All decisions of this committee shall be subject to approval or ratification by the Council of Members.

With the wide ranging interests of the Members of Council, it would be reasonable to expect an interaction with the individuals and organisations they represent. Transactions are carried out at arm's length and note 19 discloses any such transactions.

The trustees' r eport was approved by the Board of Members Of Council.

Mr A P Ford Joint Chairman Dated: 17 February 2021

Mr J Ball

Joint Chairman Dated:17 February 2021

CHESHIRE AGRICULTURAL SOCIETY CIO

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 OCTOBER 2020

The Members of Council are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Members of Council to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Society and of the incoming resources and application of resources of the Society for that year.

In preparing these accounts, the Members of Council are required to:

The Members of Council are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Society and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CHESHIRE AGRICULTURAL SOCIETY CIO

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF COUNCIL OF CHESHIRE AGRICULTURAL SOCIETY CIO

Opinion

We have audited the financial statements of Cheshire Agricultural Society CIO (the ‘Society’) for the year ended 31 October 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Society in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The Members of Council are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

CHESHIRE AGRICULTURAL SOCIETY CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF COUNCIL OF CHESHIRE AGRICULTURAL SOCIETY CIO

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Members of Council

As explained more fully in the Statement of Trustees' Responsibilities, the trustees' are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the Members of Council determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the Members of Council are responsible for assessing the Society’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Members of Council either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

CHESHIRE AGRICULTURAL SOCIETY CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF COUNCIL OF CHESHIRE AGRICULTURAL SOCIETY CIO

Other matter

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Lyon Griffiths (Audit and Accounting) Limited 17 February 2021 Chartered Accountants Statutory Auditor 17 Alvaston Business Park Middlewich Road Nantwich Cheshire CW5 6PF

Lyon Griffiths (Audit and Accounting) Limited is eligible for appointment as auditor of the Society by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.

CHESHIRE AGRICULTURAL SOCIETY CIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2020

Unrestricted Unrestricted
funds funds
2020 2019
Notes £ £
Income from:
Donations and legacies 3 32,684 7,222
Charitable activities 4 24,675 837,311
Other trading activities 5 70,628 86,694
Investments 6 35,492 75,834
Total income 163,479 1,007,061
Expenditure on:
Raising funds 7 13,600 30,843
Charitable activities 8 385,965 1,096,457
Total resources expended 399,565 1,127,300
Net (outgoing)/incoming resources (236,086) (120,239)
Net (losses)/gains on investments 13 (38,490) 85,130
Net movement in funds (274,576) (35,109)
Fund balances at 1 November 2019 2,305,841 2,340,950
Fund balances at 31 October 2020 2,031,265 2,305,841

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

CHESHIRE AGRICULTURAL SOCIETY CIO

BALANCE SHEET

AS AT 31 OCTOBER 2020

Notes
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current (liabilities)/assets
Total assets less current liabilities
Income funds
Designated funds
General unrestricted funds
Unrestricted funds		 2020
£
£
286,115
1,787,355
2,073,470
34,401
22,607
57,008
(99,213)
(42,205)
2,031,265
-
2,031,265
2,031,265
2,031,265		 2019
£
£
287,238
1,990,958
2,278,196
12,912
52,300
65,212
(37,567)
27,645
2,305,841
-
2,305,841
2,305,841
2,305,841

The accounts were approved by the Members Of Council on 17 February 2021

Mr A P Ford Mr J Ball Trustee Trustee

CHESHIRE AGRICULTURAL SOCIETY CIO

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2020

Notes
Cash flows from operating activities
Cash absorbed by operations
20
Investing activities
Purchase of tangible fixed assets
Purchase of investments
Proceeds on disposal of investments
Investment income
Net cash generated from investing
activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2020
£
£
(210,865)
(19,433)
(68,303)
233,416
35,492
181,172
-
(29,693)
52,300
22,607		 2019
£
£
(198,349)
(11,030)
(68,118)
223,419
75,834
220,105
-
21,756
30,544
52,300

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

1 Accounting policies

Charity information

Cheshire Agricultural Society CIO is a charitable incorporated organisation, registered with the Charity Commission in England and Wales. The principal place of business is Clay House Farm, Flittogate Lane, Tabley, Knutsford, Cheshire, WA16 0HJ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Society's Constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with 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 financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the Society. Monetary a mounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include certain fixed assets at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Members of Council have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. Thus the Members of Council 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 Members of Council in furtherance of their charitable objectives.

1.4 Incoming resources

Income is recognised when the Society is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5 Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred.

The costs of charitable activities include direct and support costs attributed to The Royal Cheshire County Show.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Society and include the audit fees and costs linked to the management of the Society.

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Showground Improvements Over the period of the lease Showground Equipment 10% reducing balance Office Equipment 25% straight line Office Improvements Over the period of the lease Trophies Nil

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8 Leases

Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.

1.9 Investments

Investments are included at market value. The market value of listed investments is taken as the stock exchange value at the balance sheet date. Any unrealised gains or losses on investments are taken to the Statement of Financial Activities.

1.10 Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable . A grant received before the recognition criteria are satisfied is recognised as a liability.

2 Critical accounting estimates and judgements

In the application of the Society’s accounting policies, the Members of Council are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

3 Donations and legacies

Donations and gifts
Government grants
Grants receivable for core activities
Coronavirus Small Business Grant
Coronavirus Job Retention Scheme
4
Charitable activities
Sales within charitable activities
5
Other trading activities
Farming and HS2 income
Letting and licensing arrangements
Other trading activities		 UnrestrictedUnrestricted
funds
funds
2020
2019
£
£
1,528
7,222
31,156
-
32,684
7,222
10,000
-
21,156
-
31,156
-
2020
2019
£
£
24,675
837,311
UnrestrictedUnrestricted
funds
funds
2020
2019
£
£
46,831
41,671
23,797
45,023
70,628
86,694

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

6 Investment income

Income from listed investments - Rathbones
Income from listed investments - Other
Profit on sale of shares
Interest receivable
Raising funds
Trading costs :
Costs of hiring the showground and farming expenditure
Investment management fees		 2020
£
19,277
7,868
5,851
2,496
35,492
2020
£
(3,591)
17,191
13,600		 2019
£
25,635
9,027
37,123
4,049
75,834
2019
£
12,990
17,853
30,843

7 Raising funds

Costs of hiring the showground and farming expenditure (above) includes a credit of £7,977 being an amount waived by the landlord relating to showground hire costs included in the previous year.

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

8 Charitable activities

Royal Cheshire County Show
Depreciation and impairment
Rent
Sundry expenses
Computer maintenance
Repairs and renewals
Prizes
Commission on sale of tickets
Promotional material
Advertising
Showground expenditure
Judges and stewards
Postage and telephone
Catering expenses
Travelling expenses
Marquee hire
Donations payable
Stewards supper expenditure
Subscriptions
Affiliation fees
Credit card charges
Bank charges
Share of support costs (see note 10)
Share of governance costs (see note 10)
John Platt Scholarship
Grant funding of activities (see note 9)
Analysis by fund
Unrestricted funds		 Total
2020
£
20,555
42,019
2,781
13,242
1,801
(594)
522
11,027
26,795
47,058
(110)
7,322
-
153
58,559
1,139
3,417
1,205
1,290
1,123
2,853
242,157
112,031
31,777
385,965
-
385,965
385,965		 Total
2019
£
17,121
42,001
1,490
12,196
4,518
69,936
10,760
26,034
53,625
479,091
12,433
12,501
22,966
517
145,999
11,271
10,994
1,179
2,242
5,830
3,871
946,575
122,229
25,653
1,094,457
2,000
1,096,457
1,096,457

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

9 Grants payable

John Platt Scholarship

The Society is a member of the John Platt Scholarship along with Reaseheath College which awards two candidates each year a maximum of £2,000. The scholarship is to enable a young person to travel in order to further advance a career in agriculture. The Society contributes 50% of the scholarships awarded.

This year there were no scholarships awarded (2019 - two scholarships were awarded).

10 Support costs

Support
costs
Governance
costs
£
£
Staff costs
43,715
4,857
Office accommodation
costs
21,336
-
Office secretarial and
administration
46,980
5,220
Audit fees
-
3,100
Accountancy
-
3,000
Legal and professional
-
13,643
Office stationery
-
1,143
Postage and telephone
-
814
112,031
31,777
Analysed between
Charitable activities
112,031
31,777		 2020
£
48,572
21,336
52,200
3,100
3,000
13,643
1,143
814
143,808
143,808		 Support
costs
Governance
costs
£
£
53,953
5,995
21,296
-
46,980
5,220
-
3,100
-
3,965
-
3,980
-
2,004
-
1,389
122,229
25,653
122,229
25,653		 2019
£
59,948
21,296
52,200
3,100
3,965
3,980
2,004
1,389
147,882
147,882

11 Members Of Council

None of the Members of Council (or any persons connected with them) received any remuneration or benefits from the Society during the year for their role as a trustee.

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

12 Employees

Number of employees

The average monthly number of employees during the year was:

2020 2019
Number Number
Office and management 3 3
Employment costs 2020 2019
£ £
Wages and salaries 45,433 55,851
Social security costs 887 1,268
Other pension costs 2,252 2,829
48,572 59,948

There were no employees whose annual remuneration was £60,000 or more.

13 Net gains/(losses) on investments

2020 2019
£ £
Revaluation of investments (38,490) 85,130

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

14 Tangible fixed assets

Showground
Improvements
Showground
Equipment
£
£
Cost
At 1 November 2019
649,793
279,184
Additions
1,600
500
At 31 October 2020
651,393
279,684
Depreciation and
impairment
At 1 November 2019
479,905
188,165
Depreciation charged in
the year
6,859
9,171
At 31 October 2020
486,764
197,336
Carrying amount
At 31 October 2020
164,629
82,348
At 31 October 2019
169,889
91,019		 Office
Equipment
Office
Improvements
£
£
46,615
43,784
17,333
-
63,948
43,784
45,665
43,784
4,525
-
50,190
43,784
13,758
-
950
-		 Trophies
£
25,380
-
25,380
-
-
-
25,380
25,380		 Total
£
1,044,756
19,433
1,064,189
757,519
20,555
778,074
286,115
287,238

15 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 November 2019
1,769,298
Additions
68,303
Valuation changes
(38,490)
Disposals
(72,783)
At 31 October 2020
1,726,328
Carrying amount
At 31 October 2020
1,726,328
At 31 October 2019
1,769,298		 Cash in
portfolio
221,660
122,375
-
(283,008)
61,027
61,027
221,660		 Total
£
1,990,958
190,678
(38,490)
(355,791)
1,787,355
1,787,355
1,990,958

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

15
Fixed asset investments
Investments at fair value comprise:
Directly invested funds portfolio (1)
Open ended investment company (2)
Shares in NWF Group PLC
NFU Mutual UK Growth Investments		 (Continued)
2020
2019
£
£
707,652
739,660
716,359
703,852
71,520
59,719
230,797
266,067
1,726,328
1,769,298

(1) The portfolio of directly invested funds (Rathbones) is an income fund. The income from the portfolio for the year was £19,277 (2019 - £25,635). Management charges of £6,454 (2019 - £6,524) were deducted from the funds held. The portfolio also held an amount in cash of £56,025 (2019 - £57,377) at the year end.

(2) The investment with the open ended investment company (Seven Investment Management) is an accumulation fund for which any income received is automatically reinvested into the fund. The management fees and service charges are applied directly to the fund. The fees included in the accounts of £9,957 (2019 - £10,405) are based on an approximate calculation of the Society's proportion of the total charges applied to the fund. The portfolio also held an amount in cash of £2 (2019 - £2) at the year end.

16
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
17
Creditors: amounts falling due within one year
Deferred income
Trade creditors
Other creditors
Accruals		 2020
£
4,515
29,886
34,401
2020
£
76,744
10,057
107
12,305
99,213		 2019
£
58
12,854
12,912
2019
£
1,787
6,815
1,553
27,412
37,567

Deferred income at 31 October 2020 of £76,744 has arisen due to the cancellation of The Royal Cheshire Show in 2020 where customers were given the option to carry the amount forward to the 2021 show.

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

18 Operating lease commitments

Lessee

A mounts recognised in profit or loss as an expense during the period in respect of operating lease arrangements are as follows:

Minimum lease payments under operating leases 2020
£
48,445
48,445		 2019
£
64,377
64,377

At the reporting end date the Society had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Between two and five years
Leases expiring after more than five years		 2020
£
53,602
1,245,250
1,298,852		 2019
£
13,976
1,296,250
1,310,226

Lessor

At the reporting end date the Society had contracted with tenants for the following minimum lease payments:

2020 2019
£ £
Within one year 3,750 3,750

The Society holds a lease for the premises and showground land. Under the agreement there is an annual fixed rent (subject to rent reviews), and a variable rental element calculated as 20% of the annual income received by the Society from hiring the showground when not in use by the Society.

This variable rent amounted to a credit of £7,977 (2019 - cost of £7,977) and is included in the minimum lease payments during the year. The cost in the previous year of £7,977 has been waived by the landlord in the current year and is included as a credit in 2020.

The variable rent is not included in the outstanding commitments for future minimum lease payments.

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020

19 Related party transactions

Transactions with related parties

During the year the Society has not operated with an executive director. An amount of £52,200 (2019 - £52,200) w as paid to Mr R A Davenport (Interim Show Director) for carrying out certain related duties.

During the year the following trustees carried out work leading up to the Royal Cheshire County Show with regard to the set up of the event:

RJ & J Moore (S Blakeman Esq) - £nil (2019 - £8,428) J Gate Esq - £nil (2019 - £ 1,715) A Kay Esq - £nil (2019 - £ 919) R Ford Esq - £nil (2019 - £ 1,309) R.T. Contracting Services (R Thomason Esq) - £210 (2019 - £ 550) A P Ford & Partners (A P Ford Esq) - £210 (2019 - £ 17,050) A Sproston Esq - £nil (2019 - £201) Mrs C Newton - £nil (2019 - £ 1,543) Mr S Wharfe £nil (2019 - £110)

Amounts were paid to trustees for showground maintenance relating to other events which were recharged to the event holders. The amount comprised : A P Ford & Partners (A P Ford Esq) - £790 (2019 - £778)

Amounts were paid to trustees for providing legal and professional fees to the Society. The amount comprised:

KMT Farming & Consultancy (K Thomas) - £8,887 (2019 - £2,960)

There were no outstanding balances with related parties at 31 October 20 20 (2019 - £nil).

20 Cash generated from operations 2020 2019
£ £
Deficit for the year (274,576) (35,109)
Adjustments for:
Investment income recognised in profit or loss (35,492) (75,834)
Fair value gains and losses on investments 38,490 (85,130)
Depreciation and impairment of tangible fixed assets 20,556 17,121
Movements in working capital:
(Increase)/decrease in debtors (21,489) 9,796
(Decrease) in creditors (13,311) (30,758)
Increase in deferred income 74,957 1,565
Cash absorbed by operations (210,865) (198,349)
21 Analysis of changes in net funds

The Society had no debt during the year.