Charity registration number 1151672 Cheshire Agricultural Society CIO Annual Report and Financial Statements For the year ended 31 October 2024
CHESHIRE AGRICULTURAL SOCIETY CIO Contents Page Trustees, report statement of trustees, responsibilities Independent auditor's report 8- 11 Statement of financial activities 12 Balance sheet 13 statement of cash flows 14 Notes to the financial statements 15-27 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 2024 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 2024. The accounts have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the Society's ConstitLJtion, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective from l January 2019) Reference and administratlve information Members Of Councll Mrs C Bailey (resigned 22 February 2024) J Ball Esq Mlss S Ball S Bate Esq (appointed 22 February 2024) S Blakeman Esq Miss C Bradbury (appointed 22 February 2024) R 8rown Esq J Clarke Esq T Earl Esq A P Ford Esq R Ford Esq R Fryer Esq (resigned 22 February 2024) A Garnett Esq l Garnett Esq (appointed 22 February 2024) J A Garnett Esq DL ARAgS R Gate Esq (appointed 22 February 2024) A Greenway Esq J Hague Esq R Hague Esq FRICS Mrs C Hale Mrs J Harding Miss S Heath {appointed 22 February 2024) W Horton Esq (resigned 22 February 2024) H Hough Esq R Ikin 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 Mrs S Prescott T Rimmer Esq T Stockdale Esq A Sutton Esq P Taylor Esq {appolnted 22 February 2024) P Tanner Esq K Thomas Esq R Thomason Esq J Tickle Esq W R Turner Esq Mrs P Wade A K Wallace Esq M Walton Esq S Walton Esq (resigned 22 February 2024) C Webb Esq S Wharfe Esq P Whitlow Esq E Whittaker Esq S Wilkinson Esq D Williams Esq Ms I Wood Mi55 L Young (resigned 22 February 2024) Honorary Directors Committee A P Ford Esq (Chairman) D Leech Esq (Vice Chairman) J Ball Esq (Vice Chairman) K Thomas Esq (TreaSUr) S Blakeman Esq A Sutton Esq W Whittaker Esq Mrs P Wade T Rimmer Esq R Thomason Esq l Hague Esq M Walton Esq
CHESHIRE AGRICULTURAL SOCIETY CIO Trustees. report (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 Associate Directors R Ford Esq Show Director R A Davenport Esq Business Development Manager C Thyer Esq Show Offlce Mrs G Holden (retired 31 October 2024) Mrs A Hancock Miss K Holt Charlty number 1151672 Audltors DJH Audit Limited st Georges House 56 Peter Street Manchester M3 2NQ Bankers Natwest 36 High Street Nantwich CW5 5GA Honorary Llfe Warden J A Garnett Esq DL FRAgS Honorary Llfe Governors R Hague Esqi J Hollinshead Esq G C Morris Esq Honorary Life Vice Presldents Mrs K Balleyi R Cooke Esq G Cornes Esq, V Croxson Esq DL MBA FRAgS M T Daley Esq, A Morgan Esq O Roston Esq Life Vlce Presidents I Barnes Esq, D J Best Esq K Cramp Eso, N Davies Esq Mrs N Davies, Mrs L M Ferguson P Hick50n Esq MBE, Mr & Mrs D J Hughes J W Morgan Esq, Mrs A Newton Revd Phillip J Robinson, Mrs J B Smith P R Smith Esq, D H Woolley Esq
CHESHIRE AGRICULTURAL SOCIETY CIO Trustees, report (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 Objectlves 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 Ilvestock; the improvement of agricultural produce; the encouragement of the invention or improvement of agricu Itural 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 nalural envlronment. In furtherance of the objects the Council shall have the power to SUPPOrt local, rural-related charlties as appropriate, The objectlves of those actlvltSes 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 annua15y in June. The charity meels 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 agrlculture and countryside activities in a way that knowledge and appreclation of countryside Ilfe 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, Publicityi Poultryi 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 2024 Achievements and performance We started The Cheshire Agricultural Society CIO'S year with the AGM on the 22nd February held at Byley Village Hall, this was held in the evening and followed by a buffet and social. We elected our new President and Patroness for 2024 as below. The 2024 President was J A Garnett DL FRAgS The 2024 Patroness was Mrs Christine Newton The Society's aims and objectives are linked to The Royal Cheshire County Show, which is held annually in June. The largest two-day Show facilitated by over 500 dedicated volunteers. Cheshlre Agricultural Society planned for the 2024 Show in June, whilst having a busy showground calendar of events throughout the year. The enthusiasm of the competitors on the two show days was exceptional with good numbers of entries in many sections, thus providing you with the confidence is still there that there is a desire for exhibitors to still show or compete with their livestock The wealher was little cool on the Tuesday morning but remained dryi this was followed by sunny warm weather on the Wednesday. We have increasing entries in the Light Horses, Sheep and Goat classes all expanding to the point they are out growing their areas. Cattle exhibitors put on an excellent displayi which has become customary, we had Kelvin Fletcher showing his cattle at the show for the first time which gave the cattle section great exposure on TV and social media. We held the national Oairy Shorthorn Show; the cattle section is becoming more difficult each year with restrictions put on the movements due to ongoing issues of TB that are out of their control. The pigs had the luxury of the use of the new building again in 2024 and as ever they did not disappoint proving to be a firm favourite with the attending PLsblic, with the ring sldes packed with spectators. The Alpacas were at the show for the second year, with the opportunity for public to walk with, these are proving to be a popu5ar attraction. The Bidlea Agri Centre this year had a Robotic Milking Machine on display again which proves extremely popular as does the sheep shearing always pulling large crowds. The Roberts Bakery Food Theatre Live and Food Village hosting Celebrity Chefs proved popular again, our great friend and supporter Jean Christophe Novelli appeared on the Tuesday with his celebrity master chef partner Samia Longchambon on stage. There was also the TV 2012 master chef champion Shelina Permaloo on stage on the Wednesday supported by successful chefs from local popular hotels and restaurants, Brian Mellor with Adie Munt from the Monastery in Manchester, Sean Noonan from Mitton Hall, Tom Ince from the Refuge in Manchester, Jake Boyce Groobarbs Field Kitchen, Woody Barlow provided Chefs from his renowned Cheshire Restaurants The Swan at Tarporley and The Lion at Malpas, The Food Theatre Live and the newly designed food village in its second outing seemed to be a firm favourite with the attending public. We must Lhank the enthusiasm of the public to attend the show, their support is what will help us succeed and help tell others what an enjoyable day of enterLainment we PLSt on offer. There were 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. There were displays from NAFAS, WI, NFU and the BBRT with an array of Caltle, Pigs and Poultry, educating the public on the traditional breeds and why we should support them to help them survive. The poultry team where back as strong as ever with one of the largest live poultry exhibits in the Country, these were exhibited alongside what was become renowned Country wide as the largest competition of eggs on the Country. This was followed on the second day with a great display of Pigeons, Rabbits, and Cavies. This year for the second time we ran an event on the Tuesday evening, live at the show with a headline act BoyzLife and supported by local acts The young farniers held there ever popuSar tug-of-war competition in the evening with a great turnout once again. The enthusiasm we received from all our committed Principal Partners, Sponsors and Members was remarkable and made it feel all worthwhile. We look forward to welcoming everyone back to Tablevt Knutsford in 2025 to the cheshi County Show Ground to the Royal Cheshire County Show. This helped us maintain our aims and objectives, Lo educate all that is good about Cheshire and its Agricultural and Rural Communities.
CHESHIRE AGRICULTURAL SOCIETY CIO Trustees, report (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 Financial review Whilst the show was an undoubted success, the year was financlally challenging as the Society battled wlth rising costs, inflation and the demands of delivery a high quality show. The results for the year set out in the annexed Statement of Financial Activities show that despite a 5.50/0 increase in income, there were net outgoing resources of £352,112 (2023: £303,653), The soclety's deficit was partially offset by investment galns of £122,084 on the sale of long term listed inve5lments whlch were reallsed to meet liablllties. Since the year end the society's management have taken decisive action to mltigate future deficits, without laking away from the show s offering or increaslng the cost for the paylng public, This action Includes the tlghtening of financial monitoringi a full cost audit to Identify signlflcant savlngs and Inltiatives to develop new revenue streams. The reserves pollcy of the Soclety is to retain sufficlent resources to cover the annual cost of runnlng the Show and thereby meet ony potential liabilltles. The Council of Members consider the current free reserve level, whlch is in excess of £900,000 at the balance sheet date to be appropriate. Investment Policy and Performance The Directors Committee take5 a regular overvlew of the Investments (with the Treasurer's report) at each meetlng. The directors will a150 take appropriate professional advice on specific matters as and when requlred. The establlshed policy for Cheshire Agricultural Soclety investment assets has been to retain 5ufflclent liquldity in the current and deposit bank accounts to meet the regular runnlng costs. As a consequence of 5i9nlflcant falls In Interest rates a decislon was made previously to take a more active stance on the investments and split the medlum to longer term requirements into varlous managed tranches as follows:. Directly managed funds portfolio with Rathbones Open ended Investment portfolio with Seven Investment Management Dlscretionary managed fund portfolio with NFU Mutual Reduced level of cash deposits, sufficient to cover reQu1MentS for the Short term liquidity. Each of these discretionary portfolios Is managed to a Balanced risk profile (i.e, between Cautlous and Growth), wlthin the Managers definitions. These are monitored regularly by the Directors for performance and liquidlty, The value of the Investments (excluding cash) increased compared to the previous year end due to the movement of the financial markets during 2024. Rathbones remit dividends back to the Soclety which amounted to £19,040 in the year whereas Seven Investment Management retain income for investment withln the fund. During the year £200,000 was withdrawn from the Rathbones investment and £150,000 from Seven Investment Management to fLFnd cashflow and capital expenditure, The Members of Council have assessed the major risks to which the Society Is exposed, and a satisfied that systems are in place to mltlgate exposure to the major risks. Risk factors The Society is engaged in a continuous review process of all risks associated with the Society s activitles. 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 con51der that the systems they have in place to manage such risks as have already been ascertained appear to be adequate in normal cirCumstans.
CHESHIRE AGRICULTURAL SOCIETY CIO Trustees, report (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 Plans for future periods The Society has a sound financial base upon which to build for the future. It will endeavour to safeguard nd grow the assets as indicated and facilitate the successful development of the The Royal Cheshire County Show. structurei governance and management The Society was founded in 1838 and was reglstered as a charitable incorporated organisation on 17 April 2013. The Society Is governed by its Constitutlon. The overall responsibility of the Society's affairs is vested in a Council of sixty elected members, All final decisions are made by the Member5 of Council. Members of Council are normally elected to serve for a Ihree 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 Councll 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 famlliarised 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 Councll of Members. With the wlde ranging interests of the Members of Council, it would be reasonable to expect an interactlon with the individuals and organisations they represent. Transactions are carried out at arm's length and note 21 discloses any such transactions. The tr st s, report Wa5 approved by the 8¢)ard of Members Of Council. MrAPFord Trustee
Cheshire Agricultural Society CIO statement of trustees, responsibilities For the year ended 31 October 2024 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 disc105ed and explained In the accounts; and prepare the accounts on the golng concern basis unless it is inappropriate to pSume that the charity will continue in operation. The Member5 of Council are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the flnancial 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 detertion 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 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting pollcies. The flnancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, inc5uding Financial Reporting Standard 102 The Flnancial Reporting standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice), In our opinion, the flnancial statements: give a true and fair view of the state of the charity's affairs as at 31 October 2024 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 ppared in accordance with the requirements of the Charities Act 2011. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilitie5 under those standards are further described in the Audltor's responslbilities for the audit of the financlal 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 obtalned is sufficient and appropriate to provide a basis for our opinion. Concluslons 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 materlal uncertainties relatlng to events or conditions that, individually or collectivelyi 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 fSnanclal 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 Thc 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 responslble for the other information contained within the annual report. Our opinion on the financial statement5 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 misslated. If we identify such material inconslstencies 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 a 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 Charitles (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconslstent in any material respect with the trustees. report; 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 requlre for our audit. Responslbllities of Members of Council A5 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 detem)ine 15 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, disclosingi as applicable, matters relaled to going concern and uslng 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 responslblllties for the audit of the flnanclal statements We have been appointed as auditor under section 144 of the Charities Art 2011 and report in accordance wlth 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 auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an udit 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 Includlng fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-cofflpliance 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 reg ulations. we identified the laws and regulations applicable to the society through discussions with directors and other managemenl, and from our previous knowledge and experience of the client and businesses In similar sectors; we assessed the extent of compllance with the laws and regulations identlfied 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, includlng obtaining an understanding of how fraud might occur, by". makin9 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 wlth laws and reg ulations. To address the risk of fraud through management bias and overrlde of controls, we: performed analytical procedures to identify any unusual or unexpected relatlonshlps. tested Journal entries to identify unusual transactions. assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investlgated the rationale behind significant or unusual transactions. In response to the rlsk of irregularlties and non-compliance wlth 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, Auditlng 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 al: https://www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. io-
Cheshire Agricultural Society CIO Independent auditor's report (continued) To the Members of Council of Cheshire Agricultural Society CIO other matters Your attention 15 drawn to the fact that the charity has prepared financial statement5 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 appllcable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charlties: Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regLslatlons but has now been withdrawn. This has been done In order for the financial statements to provide a true and fair view in accordance wlth 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. DJH Audlt Llmlted ..l..A. . J.. lts!C Accountants statutory Audltor st Georges House 56 Peter Street Manchester M3 2NQ DJH Audit Limited 15 eligible for appointment as auditor of the Society by virtue of its eligibllity for appointment as auditor of a company under section 1212 of the Companies Act 2006. li
CHESHIRE AGRICULTURAL SOCIETY CIO statement of financial activities including income and expenditure account FOR THE YEAR ENDED 31 OCTOBER 2024 Unrestrlcted funds 2024 Unrestricted funds 2023 Notes In me from. Donations and legacies Charitable activities other trading activities Investments 14,975 877,494 155,707 30,320 8,158 800,429 160,253 53,059 Total Income 1,078,496 1,021,899 endl Raising funds Charitable activities 23,455 1,407,153 26,569 1,298,983 Total resources expended 1,430,608 1,325,552 Net (outgoing)/incomlng resources (352, L 121 1303,653) Net gains/(losses) on investments 13 122,084 {30,6141 Net movement in funds (230,028) 1334,267) Fund balances at l November 2023 1,568,052 1,902,3L9 Fund balances at 31 October 2024 1,338,024 1,568,052 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 2024 2024 2023 Notes Fixed assets Tangible assets Investments 14 15 436,933 954.305 426,558 1,184,697 1,391,238 1,611,255 Current assets Debtors Cash at bank and in hand 16 33,107 139,327 31,512 20,403 172,434 51,915 Creditors: amounts falling due withln one year 17 (225,648) (95,118) Net current liabilities 153,2141 (43,203) Total assets less current liabllltles 1,338,024 1,568,052 Income funds Designated funds General unrestricted funds 19 1,338,024 1,568,052 Unrestricted funds 1,338,024 1,568,052 1.338,024 1,568,052 The acc MrAPFord Trustee 13
CHESHIRE AGRICULTURAL SOCIETY CIO Statement of cash flows FOR THE YEAR ENDED 31 OCTOBER 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 23 (227,474) {348,799) Investing activities Purchase of tangible fixed assets Purchase of Investments Proceeds on disposal of investments Investment income (36.3981 (95,283) 447,759 30,320 (195. 142) {117,129) 601,399 53,059 Net cash generated from investing activities 346.398 342,187 Net cash used In financlng actlvltles Net Increase/(decrease) in cash and cash equivalents 118,924 (6,612) Cash and cash equlvalents at beginning of year 20.403 27,015 Cash and cash equivalents at end of year 139,327 20,403 14-
CHESHIRE AGRICULTURAL SOCIETY CIO Notes to the financial statements FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies Charity informatlon Cheshire Agricultural Society CIO is a charitable incorporated organisation, registered with the Charity Commission in England and Wales. The principal pla of business is Clay House Farm, Flittogate Lane, Tabley, Knutsford, Cheshire, WA16 OHJ. 1.1 Accounting conventlon The financial statements have been prepared in accordance with the Society's Constitution, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FFiS 102.) and the Charlties SORP "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 I 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 p pared in sterlingi 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 Details of plans to curb deficits made can be seen in the trustees annual report. 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 Charltable funds Unrestricted funds are available for use at the discretion of the Members of Councll in furtherance of their charitable objectives. 1.4 Incomlng resources Income 15 recognised when the Society 15 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 recelved. 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 statulory 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 2024 Accounting pollcies (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 Showground Equipment Office Equipment Office Improvements Trophies Over the period of the lease IOWO reducing balance 250/D Strai9ht line Over the period of the lease The gain or loss arlsing 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 contrlbullon 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 Invcstments 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 recognlsed 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 wlll be recelved. A grant that specifies performantt 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 procceds are received or re1Vable. A grant received before the recognition criterla are satisfied is recognised a5 a liability. Donations and legacles Unrestrlcted Unrestricted funds funds 2024 2023 Donations and gifts 14,975 8.158 16-
CHESHIRE AGRICULTURAL SOCIETY CIO Notes to the financial statements (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 Income from other trading activities Unrestricted Unrestrlcted funds funds 2024 2023 Farming and HS2 income Letting and licensing arrangements 69,968 85,739 81,076 79,177 Other trading activities 155,707 160,253 Income from charltable actlvlties Total 2024 Tot41 2023 Sales withln charitable activities 877,494 800,429 Analysls by fund Unrestricted funds 877,494 800,429 Investment income 2024 2023 Income from listed investments - Rathbones Income from Si5ted investments - Other Profit on sale of shares Interest receivable 19,040 9,679 18.810 8.777 22,676 2,796 1.60L 30,320 53,059 17-
CHESHIRE AGRICULTURAL SOCIETY CIO Notes to the financial statements (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 Ralslng funds 2024 2023 Trading costs: Costs of hiring the showground and farming expenditure 14,089 13,548 Investment management fees 9.366 13,021 23,455 26,569 18-
CHESHIRE AGRICULTURAL SOCIETY CIO Notes to the financial statements (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 Charltable activities Total 2024 Total 2023 Royal Cheshire County Show Depreciation and impairmont Rent Sundry expenses Computer maintenance Repairs and renewals Prizes Cornmission on sale of tickets Promotional material Advertising Marketing and design Cost of new website 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 26,023 58,L82 5,7B2 21,362 6,258 57,859 20,516 11,539 48,472 31,320 12,500 585,469 11,370 11,625 32,935 2,983 225,783 9,L19 3,770 4,956 1,965 6,902 7,407 24,200 42,068 7,722 13,101 20,043 61,611 16,695 13,688 43,843 23,545 576,533 LO,841 ii,ioi 27,386 1,587 218,466 5,700 2,098 1,795 1,569 8,487 6,184 95L 1,204,097 1,139,214 Share of support costs (see note 9) Share of governance costs (see note 9) 171,338 31,718 130,705 27,064 1.407,153 1,296,983 John Platt Scholarship Grant funding of activitles 2,000 1,407,153 L,298,983 Analysis by fund Unrestricted funds 1,407,153 1,298,983 19
CHESHIRE AGRICULTURAL SOCIETY CIO Notes to the financial statements (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 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 500/0 of the scholarships awarded. This year there were no scholarships awarded (2023 - 1 scholar5hlp awarded). Support costs allocated to activities Total 2024 Total 2023 staff costs Office accommodation costs Governance 147,508 23,830 3L,718 108,926 21,779 27,064 203,056 157,769 2024 2023 Governance costs comprise: staff costs Audit fees Accountancy Legal and professional Office stationery Postage and telephone 16,390 6,075 3,800 2,751 1,411 L,291 12,103 3,200 2,878 4,449 3,200 1,234 31,718 27,064 10 Net movement in funds 2024 2023 The net movement in funds is stated after charging/(crediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 6,075 26,023 3,200 24,200 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. 20-
CHESHIRE AGRICULTURAL SOCIETY CIO Notes to the financial statements (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 12 Employees Number of employees The average monthly number of employees during the year was: 2024 Number 2023 Number Office and management Employment costs 2024 2023 Wages and salaries Social security costs other pension costs 150,328 8,663 4,907 111,333 5,327 4,369 163,898 121,029 There were no employees whose annual remuneration was £60,000 or more. 13 Galns and losses on Investments Unrestrlcted Unrestrlcted fund5 funds 2024 2023 Gains/(losses) arising on: Revaluatlon of investments Sale of investments 71,613 50,471 (30,614) 122,084 (30,614) 21
CHESHIRE AGRICULTURAL SOCIETY CIO Notes to the financial statements (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 14 Tanglble flxed assets Show9round Showground Improvement Equlpment Offl¢e Offl¢¢ Equlprnent Improvement Trophles Total Cost At l November 2023 Additions 847,103 26,268 29L,124 8,200 60,700 1,930 43,784 25.655 1,268,366 36,398 At 31 October 2024 873,371 299,324 62.630 43,784 25,6S5 1,304,764 Depreciation and Impalrment At l November 2023 Depreciation charged in the year 517.180 221,333 59,511 43,784 841,808 17,467 7,802 754 26,023 At 31 October 2024 534,647 229,135 60,265 43,784 867,83L Carrying amount At 31 October 2024 338,724 70,189 2,365 25,655 436,933 At 31 October 2023 329,923 69,791 I,L89 25,655 426,558 22-
CHESHIRE AGRICULTURAL SOCIETY CIO Notes to the financial statements (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 15 Fixed asset investments Listed Investments Cash in portfollo Total Cost or valuatlon At l November 2023 Additions Valuation changes Disp05als 1.168,89 L 95.283 71,613 (391.270) 15,806 438,749 1,184,697 534,032 71,613 (836,037) (444.767) At 31 October 2024 944,517 9,788 954,305 Carrylng amount At 31 October 2024 944,517 9,788 954,305 At 31 Ortober 2023 I, I68,891 15,806 1,184,697 2024 2023 Investments at fair value comprise: Directly invested funds portfolio (l) Open ended investment company (2) Shares in NWF Group PLC NFU Mutual UK Growth Investments 580,104 10,173 52,388 301,852 690,172 141,266 7L,520 265,933 944,517 1,168,891 (l) The portfolio of directly invested funds (Rathbones) is an income fund, The income from the portfolio for the year was £19,040 (2023 £18,810). Management charges of £6,374 (2023 £6,055} were deducted from the funds held. The portfollo also held an amount in cash of £4,755 (2023 - £10,774) at the year end. (2) The investment with the open ended investment company {Seven Investment Management) is an accuMulatOn fund for which any income received is automatically reinvested into the fund. The tnanagement fees and service charges are applied directly to the fund. The fees included in the accounts of £1,984 (2023 £5,958) 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 (2023 - É33) at the year end. 23
CHESHIRE AGRICULTURAL SOCIETY CIO Notes to the financial statements (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 16 Debtors 2024 2023 Amounts falllng due within one year: Trade debtor5 Other debtors Prepayments and accrued income 2,160 350 13,527 17,635 30,947 33,107 31,512 17 Creditors= amounts falling due within one year 2024 2023 Taxation and sodal security Deferred Income Trade creditors Other creditors Accruals 12,630 18,200 170,740 2,324 21,754 9,719 53,639 2,366 29,394 225,648 95,118 18 Retirement benefit schemes 2024 2023 Deflned contributlon schemes Char9e to profit or loss in respect of defined contribution schemes 4,907 4,369 The Society operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Society in an independently administered fund. 19 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donor5 and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. Ati November 2023 Incomlng resources Resources expended Gains and At 31 October losses 2024 General funds 1.568,052 1,078,496 (1,430,608) 122,084 1,338,024 24-
CHESHIRE AGRICULTURAL SOCIETY CIO Notes to the financial statements (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 19 Unrestricted funds (Contlnued) Prevlous year: Atl November 2022 Incoming resources Resources expended Gains and At 31 October 1055es 2023 General funds 1,902.319 1,02 1,899 (1,325,552) 130,6141 1,568,052 20 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: 2024 2023 Minimum lease payment5 under operating leases 84,052 67,266 84,052 67,266 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: 2024 2023 Within one year Between two and five years Leases expiring after more than five years 18,9L7 1,200 1,041,250 22,663 1,092,250 I,061,367 1,114,913 Lessor At the reporting end date the Society had contracted with tenants for the following minimum lease payments: 2024 2023 Within one year 4,500 4,500 25-
CHESHIRE AGRICULTURAL SOCIETY CIO Notes to the financial statements (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 20 Operating lease commitments (Continued) 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 20010 of the annual income received by the Society from hiring the showground when not in use by the Society. The variable rent amounted to £11,474 (2023 - £10,794) 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. 21 Related party transactlons Transactions wlth related parties During the year the following trustees carried out work on the showground relating to the Royal Cheshire County Show and other maintenance: RJ & J Moore (S Blakeman Esq) - £7,188 (2023 - £7,549) J Gate Esq - £nil12023 - £420) A Kay Esq - £832 (2023 - £866) R.T. Contracting Services {R Thomason Esq) - £513 (2023 - £528) A P Ford & Partners (A P Ford Esq) - £18,299 (2023 - £14,705) R Ford Esq - £1,325 {2023 - £1,182) O Leech Esq- £414 <2023- £nil) C Webb Esq - £1,053 (2023 - £246) E Whittaker Esq £1,709 (2023 £1,419) Amounts were paid to trustees for providing legal and professional fees to the Society. The amount comprised., KMT Farming & Consultancy (K Thomas Esq) - El,778 (2023 - £1,499) Rostons Limited {T Rimmer Esq) - £913 (2023 - £nil) The outstanding balances with related parties were as follows: A P Ford & Partners (A P Ford Esq) £3,174 {2023 - £585) KMT Farming & Consultancy (K Thomas Esq) - £1,500 (2023 - £nil) 22 Analysis of changes In net funds The Society had no material debt during the year, 26-
CHESHIRE AGRICULTURAL SOCIETY CIO Notes to the financial statements (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 23 Cash generated from operatlons 2024 2023 Deficit for the year (230,0281 (334,267) Adjustments for: Investment income recognised in profit or loss Gain on disposal of investments Fair value gain5 and losses on investments Depreciation and impairment of tan9ible fixed assets (30,320) 150,4711 (71,6 13) 26,023 (53,059) 30,614 24,200 Movements in working capital: (Increase) in debtors Increase/(decrease) in creditors Increase in deferred income (1,5951 122,049 8,481 {k8,7081 (2,5131 4.934 Cash absorbed by operations (227,474) {348,799) 27-