**Charity Registration No. 1151672** # **CHESHIRE AGRICULTURAL SOCIETY CIO ANNUAL REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 OCTOBER 2021** ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 6| |Statement of trustees' responsibilities|7| |Independent auditor's report|8 - 11| |Statement of financial activities|12| |Balance sheet|13| |Statement of cash flows|14| |Notes to the financial statements|15 - 25| |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 2021**_ 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 2021. 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 T Earl Esq A P Ford Esq 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 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 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 A Sutton Esq Mrs J Wood Mrs C Newton Mrs K L Bailey K Thomas Esq R Thomason Esq J Hague Esq - 1 - ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ ## **Associate Directors** T Stockdale Esq M Walton Esq ## **Show Director** R A Davenport Esq **Show Office** Mrs G Holden Mrs A Hancock Mrs K Reid **Charity number** 1151672 **Principal address** 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 **Honorary Life Warden** J A Garnett Esq DL FRAgS **Honorary Life Governors** P C Ford Esq, Mrs M C Hollinshead G C Morris Esq, J Hollinshead **Honorary Life Vice Presidents** P Gallimore Esq, T Hassall Esq D Roston Esq, R Cooke Esq V Croxon Esq DL MBA FRAgs, A Morgan Esq **Life Vice Presidents** I Barnes Esq, D J Best Esq K Cramp Esq, N Davies Esq Mrs N Davies, Major W S Dixon TD Mrs L M Ferguson, P Hickson Esq P R Smith Esq, A H Morgan Esq J W Morgan Esq, Mrs A Newton D Parton Esq FRAgS, W N Richardson Esq Revd Phillip J Robinson, Mrs J B Smith D H Woolley Esq, E G Woolley Esq - 2 - ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ ## **Objectives and activities** The objects of the Society are: - the encouragement (by the holding of Shows or otherwise) of agricultural enterprise and the agricultural and allied industries; - the promotion and improvement of the breeding, rearing and health of livestock; - the improvement of agricultural produce; the encouragement of the invention or improvement of agricultural implements; and the promotion of agricultural science and research; - to advance the education of the public in relation to the importance of food production and its relationship to the local farming community and rural economy; and - the advancement, encouragement and safeguarding of the natural environment. In furtherance of the objects the Council shall have the power to support local, rural-related charities as appropriate. 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. - 3 - ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ ## **Achievements and performance** We started The Cheshire Agricultural Society CIO’s year with the AGM on the 24 th of February held by Zoom, for the first time, with new technology which we have all become familiar with, due to the world pandemic COVID 19. We elected our new President and Patroness for 2021 as below: ## The 2021 President was Geoff Morris Esq ## The 2021 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 COVID 19 Pandemic we were forced to plan the 2021 show in a different format, keeping the Equine and Canine section to our usual days in June. I am sure everyone will be aware that restrictions were set to be relaxed in June, but unfortunately were pushed back to July. We were able to hold these under the conditions of competition. The enthusiasm of the competitors to return to the rings was overwhelming and now we understand why we do our best to put this event on every year. The main show moved to a one-day event on a Saturday for the first time, with large entries in the Shire Horses, Sheep and Goat classes, these were so popular that the entry numbers put us in the spotlight, and we became the focus of two episodes of the TV programme The Farmers' Country Showdown. The Celebrity Chefs attended, we had two packed show rings full of entertainment, The Main Ring, and the Countryside Live Arena both with a full day’s programme, with the Main Ring finishing with the usual display of Young Farmers floats and water fight, how good it was to see them back. There were displays from NAFAS, WI, NFU and the RBST with an array of Cattle, Pigs and Poultry. This year the Society held a new event, its inaugural Cheshire Agri Trade Fair, which was a great success for its first year, with over 80 exhibitors and 2000 attendees, this event we hope will go from strength to strength. The enthusiasm we received from all our Principal Partners, Sponsors and especially the Members was remarkable and made it feel all worthwhile. We look forward to welcoming everyone back to Tabley, Knutsford for our normal two days at the Cheshire County Show Ground for future Royal Cheshire County Shows for many years to come. This helped us maintain 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. - 4 - ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ ## **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:- - Directly manage d funds portfolio with Rathbones - Open ended investment portfolio with Seven Investment Management - Discretionary managed fund portfolio with NFU Mutual - Reduced level of cash deposits, sufficient to cover requirements for the short term liquidity. 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 value of the investments (excluding cash) increased compared to the previous year end as the markets began to recover from the volatility of the previous year. Rathbones remit dividends back to the Society which amounted to £19,164 in the year. Seven Investment Management retain income within the fund for investment and this is reflected in a higher capital value for the year. The Members of Council have 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 The Royal Cheshire 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. - 5 - ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ 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 18 discloses any such transactions. The trustees' r eport was approved by the Board of Members Of Council. **Mr A P Ford** Joint Chairman Dated: 3 February 2022 **Mr J Ball** Joint Chairman Dated:3 February 2022 - 6 - ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** ## _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ 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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and - prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 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. - 7 - ## **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 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice) . In our opinion, the financial statements: - give a true and fair view of the state of the charity’s affairs as at 31 October 2021 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **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** In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Society’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Members of Council with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Members of Council are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. - 8 - ## **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: - the information given in the financial statements is inconsistent in any material respect with the trustees' r eport; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. ## **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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below . - 9 - ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF COUNCIL OF CHESHIRE AGRICULTURAL SOCIETY CIO** ## **The extent to which the audit was considered capable of detecting irregularities including fraud** Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the society through discussions with directors and other management, and from our previous knowledge and experience of the client and businesses in similar sectors; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the society's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; - reviewing legal and professional expenses for potential ongoing litigation work; and - reviewing correspondence with HMRC. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the show director and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. - 10 - ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF COUNCIL OF CHESHIRE AGRICULTURAL SOCIETY CIO** ## **Other matter s** 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. ## **Robert Morris (Senior Statutory Auditor)** **for and on behalf of Lyon Griffiths (Audit and Accounting) Limited** 3 February 2022 **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 section 1212 of the Companies Act 2006. - 11 - ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2021**|**2020**| ||**Notes**|**£**|**£**| |**Income from:**|||| |Donations and legacies|**2**|16,201|32,684| |Charitable activities|**4**|354,835|24,675| |Other trading activities|**3**|126,211|70,628| |Investments|**5**|41,160|35,492| |**Total income**||538,407|163,479| |**Expenditure on:**|||| |Raising funds|**6**|19,526|13,600| |Charitable activities|**7**|660,715|385,965| |**Total resources expended**||680,241|399,565| |**Net (outgoing)/incoming resources**||(141,834)|(236,086)| |Net gains/(losses) on investments|**12**|321,773|(38,490)| |**Net movement in funds**||179,939|(274,576)| |Fund balances at 1 November 2020||2,031,265|2,305,841| |**Fund balances at 31 October 2021**||2,211,204|2,031,265| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 12 - ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **BALANCE SHEET** ## _**AS AT 31 OCTOBER 2021**_ |**Notes**
**Fixed assets**
Tangible assets
**13**
Investments
**14**
**Current assets**
Debtors
**15**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**16**
Net current liabilities
**Total assets less current liabilities**
**Income funds**
Designated funds
General unrestricted funds
Unrestricted funds|**2021**
**£**
**£**
271,111
1,990,107
2,261,218
31,424
13,612
45,036
(95,050)
(50,014)
2,211,204
-
2,211,204
2,211,204
2,211,204|**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| |---|---|---| The accounts were approved by the Members Of Council on 3 February 2022 Mr A P Ford Mr J Ball **Trustee Trustee** - 13 - ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ |**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 in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2021**
**£**
**£**
(164,341)
(4,835)
(52,433)
171,454
41,160
155,346
-
(8,995)
22,607
13,612|**2020**
**£**
**£**
(210,865)
(19,433)
(68,303)
233,416
35,492
181,172
-
(29,693)
52,300
22,607| |---|---|---| - 14 - **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ ## **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. - 15 - **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ ## **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 the statement of financial activities . ## **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 Donations and legacies** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2021**|2020| ||**£**|£| |Donations and gifts|2,107|1,528| |Government grants|14,094|31,156| ||16,201|32,684| - 16 - ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ |**2**
**Donations and legacies**
**Grants receivable for core activities**
Coronavirus Small Business Grant
Coronavirus Job Retention Scheme
Government Fibre Broadband Scheme
**3**
**Other trading activities**
Farming and HS2 income
Letting and licensing arrangements
Other trading activities
**4**
**Charitable activities**
Sales within charitable activities
**5**
**Investment income**
Income from listed investments - Rathbones
Income from listed investments - Other
Profit on sale of shares
Interest receivable|**(Continued)**
-
10,000
11,594
21,156
2,500
-
14,094
31,156
**Unrestricted**Unrestricted
**funds**
funds
**2021**
2020
**£**
£
78,408
46,831
47,803
23,797
126,211
70,628
**2021**
2020
**£**
£
354,835
24,675
**2021**
**2020**
**£**
**£**
19,164
19,277
6,604
7,868
15,386
5,851
6
2,496
41,160
35,492|**(Continued)**
-
10,000
11,594
21,156
2,500
-
14,094
31,156
**Unrestricted**Unrestricted
**funds**
funds
**2021**
2020
**£**
£
78,408
46,831
47,803
23,797
126,211
70,628
**2021**
2020
**£**
£
354,835
24,675
**2021**
**2020**
**£**
**£**
19,164
19,277
6,604
7,868
15,386
5,851
6
2,496
41,160
35,492| |---|---|---| |||| |||| - 17 - ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ ## **6 Raising funds** |Trading costs :
Costs of hiring the showground and farming expenditure
Investment management fees|**2021**
**£**
985
18,541
19,526|**2020**
**£**
(3,591)
17,191
13,600| |---|---|---| Included in 2020 costs of hiring the showground and farming expenditure (above) is a credit of £7,977 being an amount waived by the landlord relating the showground hire costs included in the 2019 accounts. - 18 - **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ ## **7 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
Trade Fair expenditure
Share of support costs (see note 9)
Share of governance costs (see note 9)
**John Platt Scholarship**
Grant funding of activities (see note 8)
**Analysis by fund**
Unrestricted funds|**Total**
**2021**
**£**
19,839
41,972
1,823
16,812
2,577
34,238
8,992
9,797
32,095
225,468
4,637
8,388
8,563
429
61,716
7,936
-
816
615
5,508
2,714
19,105
514,040
120,448
24,227
658,715
2,000
660,715
660,715|**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| |---|---|---| - 19 - **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ ## **8 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 two scholarships awarded (2020 - no scholarships were awarded). ## **9 Support costs** |**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Staff costs
52,439
5,827
Office accommodation
costs
21,209
-
Office secretarial and
administration
46,800
5,200
Audit fees
-
3,100
Accountancy
-
2,620
Legal and professional
-
4,952
Office stationery
-
1,596
Postage and telephone
-
932
120,448
24,227
Analysed between
Charitable activities
120,448
24,227|**2021**
**£**
58,266
21,209
52,000
3,100
2,620
4,952
1,596
932
144,675
144,675|Support
costs
Governance
costs
£
£
43,715
4,857
21,336
-
46,980
5,220
-
3,100
-
3,000
-
13,643
-
1,143
-
814
112,031
31,777
112,031
31,777|2020
£
48,572
21,336
52,200
3,100
3,000
13,643
1,143
814
143,808
143,808| |---|---|---|---| ## **10 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. - 20 - ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ ## **11 Employees** ## **Number of employees** The average monthly number of employees during the year was: |Office and management
**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2021**
**Number**
3
**2021**
**£**
55,447
-
2,819
58,266|**2020**
**Number**
3
**2020**
**£**
45,433
887
2,252
48,572| |---|---|---| There were no employees whose annual remuneration was £60,000 or more. ## **12 Net gains/(losses) on investments** ||**2021**|**2020**| |---|---|---| ||**£**|**£**| |Revaluation of investments|321,773|(38,490)| - 21 - ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ ## **13 Tangible fixed assets** |**Showground**
**Improvements**
**Showground**
**Equipment**
**£**
**£**
**Cost**
At 1 November 2020
651,393
279,684
Additions
4,621
-
At 31 October 2021
656,014
279,684
**Depreciation and**
**impairment**
At 1 November 2020
486,764
197,336
Depreciation charged in
the year
7,060
8,254
At 31 October 2021
493,824
205,590
**Carrying amount**
At 31 October 2021
162,190
74,094
At 31 October 2020
164,629
82,348|**Office**
**Equipment**
**Office**
**Improvements**
**£**
**£**
63,947
43,784
-
-
63,947
43,784
50,189
43,784
4,525
-
54,714
43,784
9,233
-
13,758
-|**Trophies**
**£**
25,380
214
25,594
-
-
-
25,594
25,380|**Total**
**£**
1,064,188
4,835
1,069,023
778,073
19,839
797,912
271,111
286,115| |---|---|---|---| ## **14 Fixed asset investments** |**Listed**
**investments**
**£**
**Cost or valuation**
At 1 November 2020
1,726,328
Additions
52,433
Valuation changes
321,773
Disposals
(126,628)
At 31 October 2021
1,973,906
**Carrying amount**
At 31 October 2021
1,973,906
At 31 October 2020
1,726,328|**Cash in**
**portfolio**
61,027
130,641
-
(175,467)
16,201
16,201
61,027|**Total**
**£**
1,787,355
183,074
321,773
(302,095)
1,990,107
1,990,107
1,787,355| |---|---|---| - 22 - ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ |**14**
**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)**
**2021**
**2020**
**£**
**£**
836,779
707,652
746,928
716,359
77,600
71,520
312,599
230,797
1,973,906
1,726,328| |---|---| (1) The portfolio of directly invested funds (Rathbones) is an income fund. The income from the portfolio for the year was £19,164 (2020 - £19,277). Management charges of 7,168 (2020 - £6,454) were deducted from the funds held. The portfolio also held an amount in cash of £11,199 (2020 - £56,025) 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 £10,365 (2020 - £9,957) 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 (2020 - £2) at the year end. ## **15 Debtors** |**15**|**Debtors**||| |---|---|---|---| |||**2021**|**2020**| ||**Amounts falling due within one year:**|**£**|**£**| ||Other debtors|21,983|4,515| ||Prepayments and accrued income|9,441|29,886| |||31,424|34,401| |**16**|**Creditors: amounts falling due within one year**||| |**Creditors: amounts falling due within one year**||| |---|---|---| ||**2021**|**2020**| ||**£**|**£**| |Deferred income|33,309|76,744| |Trade creditors|20,519|10,057| |Other creditors|1,696|107| |Accruals|39,526|12,305| ||95,050|99,213| Deferred income has arisen due to the cancellation of The Royal Cheshire Show in 2020 where customers were given the option to carry the amount forward either to the 2021 or 2022 show. - 23 - ## **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ ## **17 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|**2021**
**£**
56,371
56,371|**2020**
**£**
48,445
48,445| |---|---|---| 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: |Within one year
Between two and five years
Leases expiring after more than five years|**2021**
**£**
494
45,383
1,194,250
1,240,127|**2020**
**£**
-
53,602
1,245,250
1,298,852| |---|---|---| ## **Lessor** At the reporting end date the Society had contracted with tenants for the following minimum lease payments: ||**2021**|**2020**| |---|---|---| ||**£**|**£**| |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. The variable rent amounted to £0 (2020 - credit of £7,977) as the landlord had waived any amounts due in 2021. The credit in the previous year of £7,977 was a result of the cost of £7,977 included in the 2019 accounts being waived. The variable rent is not included in the outstanding commitments for future minimum lease payments. - 24 - **CHESHIRE AGRICULTURAL SOCIETY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ ## **18 Related party transactions** ## **Transactions with related parties** During the year the Society has not operated with an executive director. An amount of £52,000 (2020 - £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) - £3,872 (2020 - £nil) J Gate Esq - £200 (2020 - £nil) A Kay Esq - £183 (2020 - £nil) R.T. Contracting Services (R Thomason Esq) - £539 (2020 - £210) A P Ford & Partners (A P Ford Esq) - £7,994 (2020 - £ 210) Mrs C Newton - £400 (2020 - £nil) D Leech - £624 (2020 - £nil) 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) - £805 (2020 - £790) Amounts were paid to trustees for providing legal and professional fees to the Society. The amount comprised: KMT Farming & Consultancy (K Thomas) - £2,407 (2020 - £8,887) The outstanding balances with related parties were as follows: R A Davenport - £nil (2020 - £2,000) KMT Farming & Consultancy (K Thomas) - £1,116 (2020 - £nil) A P Ford & Partners (A P Ford Esq) - £798 (2020 - £nil) ## **19 Analysis of changes in net funds** The Society had no debt during the year. |**20**|**Cash generated from operations**|**2021**|**2020**| |---|---|---|---| |||**£**|**£**| ||Surplus/(deficit) for the year|179,939|(274,576)| ||Adjustments for:||| ||Investment income recognised in profit or loss|(41,160)|(35,492)| ||Fair value gains and losses on investments|(321,773)|38,490| ||Depreciation and impairment of tangible fixed assets|19,839|20,556| ||Movements in working capital:||| ||Decrease/(increase) in debtors|2,977|(21,489)| ||Increase/(decrease) in creditors|39,272|(13,311)| ||(Decrease)/increase in deferred income|(43,435)|74,957| ||**Cash absorbed by operations**|(164,341)|(210,865)| - 25 -