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2022-10-31-accounts

Charity registration number 1151672

CHESHIRE AGRICULTURAL SOCIETY CIO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

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 - 24
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 2022

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 2022.

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 (resigned 16 February 2022) Miss C Bailey (appointed 16 February 2022) J Ball Esq Miss S Ball (appointed 16 February 2022) J C Bell Esq S Blakeman Esq R Brown Esq (appointed 16 February 2022) J Clarke Esq (appointed 16 February 2022) M T Daley Esq (resigned 16 February 2022) 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 (resigned 16 February 2022) Mrs J Harding (appointed 16 February 2022) W Horton Esq H Hough Esq Mrs R Hughes (resigned 16 February 2022) 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 J Norbury Esq Mrs D Nulty Rev J Parry D Parton Esq ARAgS (resigned 16 February 2022) Mrs S Prescott (appointed 16 February 2022) T Rimmer Esq P V Robinson Esq (resigned 16 February 2022) 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 C Webb Esq (appointed 16 February 2022) S Wharfe Esq P Whitlow Esq E Whittaker Esq S Wilkinson Esq D Williams Esq Ms J Wood S Yarwood Esq (resigned 16 February 2022) Miss L Young

Honorary Directors Committee

J Ball Esq (Joint Chairman) A P Ford Esq (Joint Chairman) D Leech Esq (Vice Chairman) K Thomas Esq (Treasurer) S Blakeman Esq A Sutton Esq

Mrs J Wood Mrs C Newton Mrs K L Bailey R Thomason Esq J Hague Esq M Walton Esq

CHESHIRE AGRICULTURAL SOCIETY CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

Associate Directors T Stockdale Esq M Walton Esq Show Director R A Davenport Esq Show Office Mrs G Holden Mrs A Hancock Ms A Yeoman 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 36 High Street Nantwich CW5 5GA 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 MBE 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

CHESHIRE AGRICULTURAL SOCIETY CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

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.

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 annually 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 2022

Achievements and performance

We started The Cheshire Agricultural Society CIO’s year with the AGM on the 16th of February held at Lower Withington Village Hall post a visit to Bidlea Dairy, Twemlow, by kind permission of the Brown family. The AGM was back face to face, after our AGM been held over Zoom in 2021 due to the world pandemic COVID 19. The country was just coming out of a second lock down and there was still a large amount of uncertainty with what the year ahead would hold.

We elected our new President and Patroness for 2022 as below.

The 2022 President was Fiona Bruce MP

The 2022 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.

The Greatest Show organised by the best Volunteers.

Fantastic to be back, to the two days in third week of June, (Tuesday and Wednesday) back where we belong. We started the year with uncertainty because we were exiting another national lockdown, did this stop us no!! The enthusiasm of the competitors to return to the rings was overwhelming and this only cements our drive to why we do our best to put this event on every year. The weather was exceptional, if I was to be critical, maybe a little too hot. We returned large entries in the Shire Horses, Sheep and Goat classes excelled to numbers never seen before. Cattle exhibitors put on an excellent display of quality cattle, in what is becoming more difficult each year with restrictions put on the movements due to ongoing issues that are out of their control. The pigs yet again a firm favourite with the attending public, once the pigs are out on display the ring sides are packed with spectators. The Celebrity Chefs attended, this year we had two, one on each day. Local chef Simon Rimmer and then our great friend and supporter Jean Christophe Novelli. There was no faulting the enthusiasm of the public as 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, educating the public on the traditional breeds and why we should support them to help them survive. The poultry team put on an excellent display of eggs on the Tuesday and were there on hand to explain to the public about the poultry and why they had unfortunately not been able to exhibit due to the ongoing avian flu. This was followed on the second day with a great display of Pigeons, Rabbits, and Cavies.

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 in 2023 to the Cheshire County Show Ground to the Royal Cheshire County Show.

This helped us maintain in some part to reach 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 rural 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.

CHESHIRE AGRICULTURAL SOCIETY CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

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 value of the investments (excluding cash) decreased compared to the previous year end due to the movement of the financial markets during 2022. Rathbones remit dividends back to the Society which amounted to £19,399 in the year. Seven Investment Management retain income for investment within the fund.

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 showground 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 reelection. 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 17 discloses any such transactions.

CHESHIRE AGRICULTURAL SOCIETY CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

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

Mr A P Ford

Joint Chairman Dated: 23 February 2023

Mr J Ball Joint Chairman Dated:23 February 2023

CHESHIRE AGRICULTURAL SOCIETY CIO

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 OCTOBER 2022

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 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and 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 Financial Reporting Standard 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:

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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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:

We assessed the susceptibility of the society's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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.

CHESHIRE AGRICULTURAL SOCIETY CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF COUNCIL OF CHESHIRE AGRICULTURAL SOCIETY CIO

Other matters

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 auditor's 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 24 February 2023 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.

CHESHIRE AGRICULTURAL SOCIETY CIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 OCTOBER 2022

Unrestricted Unrestricted
funds funds
2022 2021
Notes £ £
Income from:
Donations and legacies 2 4,505 16,201
Charitable activities 4 856,794 354,835
Other trading activities 3 143,667 126,211
Investments 5 69,422 41,160
Total income 1,074,388 538,407
Expenditure on:
Raising funds 6 29,378 19,526
Charitable activities 7 1,157,953 660,715
Total resources expended 1,187,331 680,241
Net (outgoing)/incoming resources (112,943) (141,834)
Net (losses)/gains on investments 11 (195,942) 321,773
Net movement in funds (308,885) 179,939
Fund balances at 1 November 2021 2,211,204 2,031,265
Fund balances at 31 October 2022 1,902,319 2,211,204

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 2022

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current liabilities
Total assets less current liabilities
Income funds
Designated funds
General unrestricted funds
Unrestricted funds		 2022
£
£
255,616
1,699,581
1,955,197
12,804
27,015
39,819
(92,697)
(52,878)
1,902,319
-
1,902,319
1,902,319
1,902,319		 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

The accounts were approved by the Members Of Council on 23 February 2023

Mr A P Ford Trustee

Mr J Ball Trustee

CHESHIRE AGRICULTURAL SOCIETY CIO

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2022

Notes
Cash flows from operating activities
Cash absorbed by operations
19
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 increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
£
(142,068)
(8,535)
(40,418)
135,002
69,422
155,471
-
13,403
13,612
27,015		 2021
£
£
(164,341)
(4,835)
(52,433)
171,454
41,160
155,346
-
(8,995)
22,607
13,612

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

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 amounts 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 2022

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 received 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
2022 2021
£ £
Donations and gifts 4,505 2,107
Government grants - 14,094
4,505 16,201

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2022

2
Donations and legacies
Grants receivable for core activities
Coronavirus Job Retention Scheme
Government Fibre Broadband Scheme		 (Continued)
-
11,594
-
2,500
-
14,094		 (Continued)
-
11,594
-
2,500
-
14,094
14,094

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		 Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
68,901
78,408
74,766
47,803
143,667
126,211
2022
2021
£
£
856,794
354,835
2022
2021
£
£
19,399
19,164
8,170
6,604
41,732
15,386
121
6
69,422
41,160		 Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
68,901
78,408
74,766
47,803
143,667
126,211
2022
2021
£
£
856,794
354,835
2022
2021
£
£
19,399
19,164
8,170
6,604
41,732
15,386
121
6
69,422
41,160		 Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
68,901
78,408
74,766
47,803
143,667
126,211
2022
2021
£
£
856,794
354,835
2022
2021
£
£
19,399
19,164
8,170
6,604
41,732
15,386
121
6
69,422
41,160
126,211
2021
£
354,835
2021
£
19,164
6,604
15,386
6
41,160

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2022

6 Raising funds

Trading costs:
Costs of hiring the showground and farming expenditure
Investment management fees		 2022
£
12,438
16,940
29,378		 2021
£
985
18,541
19,526

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

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
Marketing and design
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 8)
Share of governance costs (see note 8)
John Platt Scholarship
Grant funding of activities
Analysis by fund
Unrestricted funds		 Total
2022
£
19,696
42,357
8,662
14,923
3,091
52,596
17,076
16,018
37,932
20,400
465,676
8,934
12,406
24,179
307
187,930
7,900
3,830
1,072
1,453
11,019
3,339
42,561
1,003,357
130,390
26,206
1,159,953
(2,000)
1,157,953
1,157,953		 Total
2021
£
19,839
41,972
1,823
16,812
2,577
34,238
8,992
9,797
21,895
10,200
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

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

8 Support costs

Staff costs
Office accommodation
costs
Office secretarial and
administration
Audit fees
Accountancy
Legal and professional
Office stationery
Postage and telephone
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
106,624
11,847
23,766
-
-
-
-
3,150
-
3,720
-
3,658
-
2,453
-
1,378
130,390
26,206
130,390
26,206		 2022
£
118,471
23,766
-
3,150
3,720
3,658
2,453
1,378
156,596
156,596		 Support
costs
Governance
costs
£
£
52,439
5,827
21,209
-
46,800
5,200
-
3,100
-
2,620
-
4,952
-
1,596
-
932
120,448
24,227
120,448
24,227		 2021
£
58,266
21,209
52,000
3,100
2,620
4,952
1,596
932
144,675
144,675

9 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.

10 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		 2022
Number
4
2022
£
109,728
4,023
4,720
118,471		 2021
Number
3
2021
£
55,447
-
2,819
58,266

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

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

11 Net gains/(losses) on investments

Revaluation of investments
12
Tangible fixed assets
Showground
Improvements
Showground
Equipment
£
£
Cost
At 1 November 2021
656,014
279,684
Additions
3,130
5,405
Disposals
-
-
At 31 October 2022
659,144
285,089
Depreciation and
impairment
At 1 November 2021
493,824
205,589
Depreciation charged in
the year
7,203
7,969
At 31 October 2022
501,027
213,558
Carrying amount
At 31 October 2022
158,117
71,531
At 31 October 2021
162,190
74,094		 Office
Equipment
Office
Improvements
£
£
63,947
43,784
-
-
(4,333)
-
59,614
43,784
54,714
43,784
4,525
-
59,239
43,784
375
-
9,233
-		 2022
£
(195,942)
Trophies
£
25,593
-
-
25,593
-
-
-
25,593
25,594		 2021
£
321,773
Total
£
1,069,022
8,535
(4,333)
1,073,224
797,911
19,697
817,608
255,616
271,111

13 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 November 2021
1,973,906
Additions
40,418
Valuation changes
(195,942)
Disposals
(136,244)
At 31 October 2022
1,682,138
Carrying amount
At 31 October 2022
1,682,138
At 31 October 2021
1,973,906		 Cash in
portfolio
16,201
167,595
-
(166,354)
17,442
17,442
16,201		 Total
£
1,990,107
208,013
(195,942)
(302,598)
1,699,580
1,699,580
1,990,107

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2022

13 Fixed asset investments

(Continued)

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		 2022
£
682,479
636,038
98,700
264,920
1,682,137		 2021
£
836,779
746,928
77,600
312,599
1,973,906

(1) The portfolio of directly invested funds (Rathbones) is an income fund. The income from the portfolio for the year was £19,399 (2021 - £19,164). Management charges of £6,528 (2021 - £7,168) were deducted from the funds held. The portfolio also held an amount in cash of £12,410 (2021 - £11,199) 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 £9,404 (2021 - £10,365) 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 £33 (2021 - £2) at the year end.

14
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 2022
£
-
12,804
12,804		 2021
£
21,983
9,441
31,424

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Taxation and social security
Deferred income
Trade creditors
Other creditors
Accruals		 2022
£
2,965
4,785
27,832
1,443
55,672
92,697		 2021
£
-
33,309
20,519
1,696
39,526
95,050

CHESHIRE AGRICULTURAL SOCIETY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

16 Operating lease commitments

Lessee

Amounts 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 2022
£
67,921
67,921		 2021
£
56,371
56,371

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		 2022
£
190
33,453
1,143,250
1,176,893		 2021
£
494
45,383
1,194,250
1,240,127

Lessor

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

2022 2021
£ £
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 £11,048 (2021 - £nil) and is included in the minimum lease payments during the period.

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 2022

17 Related party transactions

Transactions with related parties

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) - £7,642 (2021 - £3,872) J Gate Esq - £850 (2021 - £200)

A Kay Esq - £498 (2021 - £183)

R.T. Contracting Services (R Thomason Esq) - £893 (2021 - £539) A P Ford & Partners (A P Ford Esq) - £13,250 (2021 - £7,994) Mrs C Newton - £nil (2021 - £400) D Leech - £nil (2021 - £624) T Earl - £504 (2021 - £nil) R Ford - £1,236 (2021 - £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) - £1,320 (2021 - £805)

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

KMT Farming & Consultancy (K Thomas) - £1,262 (2021 - £2,407) Rostons Limited (T Rimmer) - £1,287 (2021 - £nil)

The outstanding balances with related parties were as follows: KMT Farming & Consultancy (K Thomas) - £nil (2021 - £1,116) A P Ford & Partners (A P Ford Esq) - £nil (2021 - £798)

18 Analysis of changes in net funds

The Society had no debt during the year.

19 Cash generated from operations
Cash generated from operations 2022 2021
£ £
(Deficit)/surplus for the year (308,885) 179,939
Adjustments for:
Investment income recognised in profit or loss (69,422) (41,160)
Loss on disposal of tangible fixed assets 4,333 -
Fair value gains and losses on investments 195,942 (321,773)
Depreciation and impairment of tangible fixed assets 19,697 19,839
Movements in working capital:
Decrease in debtors 18,620 2,977
Increase in creditors 26,171 39,272
Decrease in deferred income (28,524) (43,435)
Cash absorbed by operations (142,068) (164,341)