RILGISTERED COMPANY NUMBER: 09124313 (England W¥41es) REGISTERJ£D CHARITY NUMBFR: 1160533 Report of the Trustees and Comsolid8ted Flnan¢i#l Statements for the Year buded 31 October 2023 lor P¢DJbrok¢shire Agritultural Society Ltd Ashmolc and Co. Chartered Ccrtified Accountsqnts a1 Ststutory Auditors William51on Hou5¢ 7 Cjoai Strce( HaverfoTdw¢st Pembroke%hire 8A61 IPX Ashmole & Co
Pembrokeshitt Agrleuhllr41 Soeiety Contents of the FiJLanclal Slitem¢nts for th¢ Yeir Ended 31 October 2023 Pge Report of the Trustees I to 7 Report of the Independent Auditors St8tcmeDt of Flnancil Aetlvities 10 Balante Sheet CAsh Flvw StAtemcnt Notes to the Cash Trlow St#temeAt 15 Notes to ihe FiDanelal Stste]Dents 16 25 Detailed St4tement of FinaDciAI A¢tlvilles 26 to 27
Pembrokeshlre Aylcultural Sotiety Ltd Report of th¢ Trusttts (Including group Director5 report} for ¢h¢ Y¢•r Ended 3A Ociobtr 2023 The trust¢e5 who are also dir¢ctors of the ¢haTity the purpob¢S of ihe Companies Act 2006. preKnt their rery)rt with the financial stsLcmcnts of the charily for the year ended 31 October 2023. The trustee5 have adopted the provisions or A¢¢ounting and Reporting by chariti.. Statement of Re¢ommended Pra¢tice applicable to charitie5 preparing their a¢counts in &cL'urdance with thc Financial Repon& Stsndard applicable in the UK and Republic of Ireland Il-.R5 1021 (effec(tve l January 20191. srRATEGIC REPORT OblettiVC5 activities The Pembn)k¢shire Agriculiuraj &)ciety was forned in 1784. In 1985 it became a registered chariry for the "Improvement and Encouragem¢nt of Agriculture, particularly in the County of Pembroke5hire". On conversion lo a l.imiie4J Cornpany in 2015 the Socicty oncc again sought and gained rcgistrdtion a5 a charity. OveT the years the Society has thrived in various forms and various locations in Pembrokeshire. unul 1959 when it fr?Ut)d its ideal site at the County Showground where il remains day. Our Vlslort ts for: A county communiry rhai fvlly uMder&ionds. vulues and oppre¢ial¥s a SU51oimible ugrKulthrul Indlry and af an organisalion be nalionaltyrecogniigdosproRressi. Ij1¢il0l0dhg1Yr¢sarded The Society's objIlVeS arr Set its 8overnin8 document. There are objectives. The firsL is to promo¢e, advance and irnPTOV¢ for the benefjt of the publie, a8ricultur4 horticulLure and rutal crafts and skills in all their lyanches by the improvemeni ofi1v¢sck and the ¢krnonstration and Showing of Iivcstock. machinery. crafts. products, methods and processes connected wilh agriculture and 2gricllltural educati()n in particlllar by the holding of an annual show. The second is to pwvid¢ or a55isI in ihe provision of facilitics in ihe interests ofsociaj welfare for reLf¥dtion or oihcr leisure time occupation of individuals who have need of such facilities by reason of their youth. age infirniily or disability. finaneial hardship or social ¢ircuTnstan¢es with the object of irnprovin8 thciT condition5 Of lifc. The SoLiely brings a showcase of agricultural activiiies io the general publi¢. Ihus giving th¢ opportunity for ihcm tts sec dnimals, crafts, skills & produce at close quart¢rs whilst 81k1r¢ssing th¢ need to edte the public r¢garding o¥rirultural producc, proSS&S and provenance of food. The a8riculiural events also pruvide a showcase lo producers wishing 10 promotc thcir products. Great importhn¢e is placed on providing the public with a well-rounded, cducational w>rtrayal of agriculture and the a550ciated industries. The S1¢ seeks t() improv¢ and dcvclop this fun¥tion each yLar, bringing new elements. to li ¢0 ¢oniinue educating th¢ publi¢ in new a8ri¢ulwr devglopm¢nls. By doing (his, it beli¢ves ihai il is providing the public witll a plaiforni whiLh will improve knowledge ol. the agriculturdl industsy whilst endbling a8rieultural based businesses with thc opportunity to display their woducL% & serviccs. Tht work of Thc Society is eovered under three primary hreas.. I'hc So¢iety Key Siraiegic Alms To raise our profile as a charity fwused on fo(yJ, farming and the countyside in Pembrokeshire and to provide facilitics supFvrting a diverse range of people in Pembrokeshire with th¢ 8im of improving the ronditiuns of their life. To build a dynamic and vibrant rnemb¢rship as¢latIon wilh r¢levan¢e ro all faHn¢rs and those engaged in Pembrokeshirc's (LnOty. To hamess the commitment and thUSiaSM of our member5 and volunteers to disseminatr knowled8c and education 2b)ut food and faming. Tbt Show Key SiraiegicAim To continue to F¢ a 'Champion' County Show which is relevanl and 4)pealin8 to a modern and inerea5in8ly urban based consumer/visitor. To also b¢ 8 tural pDini lor the'P¢mbrokeshire Brand, and PruNlion of ¢he culiural offer. The Food Story Key SirL71egic At To provide facilitylfa¢ilitation for learning aFMTrut food. farniing, thc countrysidc and wider VIronmental i*$ue5 enabling informed connection b¢twe¢n totnotrow'5 Lonsu[nS and the producer& and lo contribute to the growth of the Tvral economy through inspiring particularly younger p)Ple io expl¢ lh¢ wid¢ ratL8¢ of et[S the sertOT offers. Page I
Pembroke5hire AgrxculturAI Sotlety Ltd Report of the Trnst¢¢s (In¢ludittg group Dire£tfrrs report) for the Year EDded 31 Octob¢r 2023 Our VAlue$ gre to: Work openly with all our slakeholders Uphold the hi8hest standards whi15t remembering our uadiiions Take pridc in our estate and keep il in the best possibl¢ Condition G)nduct our bu5ines$ with iniegrity and in a spirit of kN)SiliViiy and re5peet .Supporting Pcmhrokeshire producers >Jnd businesses The Society pft)vides facilitics to cvents and organisalions which seek to assi511¢ss obl¢ members of the public w enjoy experienc¥s that they may not bc able to benefit from othcrwi.%e. l.'x2rnple5 of such aclivitles the provision or showground lacilities to the lo¢al YFC movemen( and the provision of facilities to local organis&iion% ivho work with disabled stakcholders in¢luding Pen]broke5hire College. The Society klieves it has excellent facilitics for Such events and wishe5 to continue io expand upon the existing use of the IdLiliti¢s. It will coniinu¢ w WOTk with existing users and will seek to build relationships with potcnti&l rt¢w users of the facilities. The other activiiies undertaken by the Society. to suptnrt the thve charitable obje¢tives, are the mana8Ctnrnt of the pTrrtfolio of propertics il holtLs on its estaie which includes th¢ r¢%¢ipl vf income from rental properties. hosting of vario% other evcnts on the showground such a Christmas Fayre, W¢ddiTh& Fayre4 Poulty Shows. (h¢ unnual YFC Rally and numerous othL7 events in our venues. VDlunte¢rs are vf utmost importance to the charity. All trustees, committee m¢rnbers and show stewards are entirely voluntary and withtsut their valuable wntributian the Society, and in particlllar the Pembrokc5hire County Show, could not operate as li does. It is estimaied that the to(al volunteer number5 arc approximately 200 individuals, and they are provided admini.8trative support by Staff. Th¢ Trustees have rt8ard t(> the Charity Commissions 8uidan¢¢ on public benefii and this rernaiTLS a primary focus wh¢0 reviewing the aims and objcctives for futur¢ activiiies ot'thc So¢iW. Res¢rve5 Polity The Board aims to see the Socieiy's free re$crves at a level that ensur¢s thc future viability ofihe Show and the Society. Thi5 15 in order lo ensure tha4 should the Society be unable to hold a show in any given year in thc futUT4 thLYe are sufficient fund$ available to n]n the So¢itlv. STRIJCTIIRL GOVERNANCE AND MANAGEMENT Pembrokeshire A8ri¢ultural Society is 8 Lirnited Company, it is also a registered charity. Th¢ Board of Directors of P¢mbrokeshire Agricultural.Sntiery Limite41 are alg) it% Charity-l rustees enabling tht Society to be eompliani with both company and charitable law. As a COMpY limited by guaranttt. the bocicty's govcrnin8 documenis are its Memorandum and Arti¢les of Association. The Board ofDirectors are re5pon5ible and a¢couttthbl¢ lor the affairs and finances of th¢ Limited Comparhy that is ihe Swi¢ty. The Board has approved the appointment of contra¢ivd 5¢rvice5 for the provisions ofHR and HealLh & SAfay advice, to include ongoing development & monitoring ofhea]th and 5afcty procc55es appwpriale to the effe£tive managthienÉ of T15ks during the anuaJ show 'lkn¢ Sho. Council acts in an advisory and consultative capa¢ity, in all matters relating to the organi.tIon of the Society's f]agship evcnt- the P¢mbrokcshire County Show, and any sub-shows such as the Spring Equine Shows. The Show Council is wmprised of the mcmbcrs fmrn ihe show ¢omTllittCC5:_ 4uinc, show jutnpin81 catile, sheep, pigs. goats, w>uliry Lraft & horticulture, dogs and vintage and others elected. The 8how Council ¢omprise5 of up to 50 elcctcd members, Dircctors of PAS I.td, the President and the President Elecl. One third vf elecled members sh&ll rctirc fr()tn vjfice each year, bui are cligible for re-¢le£tion. Show Council mernber5 are drawn Irom the catchtnent arvd of the SoLiety an<1 generally repr¢senl a wide cross section of the community and have particular skills that they can bring lo the Show Council. Lach new collnLiI metnber is pr¢sent¢l with an induction pack ¢onraining information aboui the Society, its constitution and objectives. The Society has a wholly owned subsidiary, P.A.S. Prornotions Limited which operat&5 events ai the Showground. Page 2
Pembrokeshir¢ Agricultural Sotlety Ltd Report ofthe Trustees {IncludiDg group Dlrtttors r¢port) ror th¢ Ye4r Ended 31 O¢¢ob¢r 2023 A¢hievemcnts & Performance The Society 2023 h&$ seen'l'he Society operdte very much a5 pre covid bui the Roard have continued to take on thc rcspon5ibilities of running the so¢iety on a voluntary basis with th¢ support of adminisirdtive staff at thc office and a full time grounds man and temkK>rary sraff in the lead up to the County Show. Followin8 a rcvicw of Charity Gov¢man¢e key arcas were identified that thc Board havc been prioritised during 2023. All polici&4 required of a registrred charity have been cmted and thc Board are now adopling the wliLies #nd ¢reat¢d a plan for ongoing review. We have made great progress in Charity Governancv and our manb¢ts ¥an be ¢onfid¢rtL thai Ive are doing things in accordance with the requirements of the Charity Comrni55itsn and all tnJsLces workin8 to the Charity Govemanee Code. As part of the wid¢r a¢¢ivity of th¢ so¢i¢ty, initiatives have continued which demonstrate th¢ wider will ¢() ¢otnply with the Social and corporate responsibilities whieh the ]3oard and wider rncmbcrship rewgnisL'. H¢alih and W¢ll-beift8 being two strong strands of society engagement. 28 plots of prirne fertile soil continue to be managed by the members of the Grwp Helyg CIO and il is rewarding to see thc growcrs mceting their airn of "we want to grow fid, As a 50¢icty w¢ hav¢ at our cor4 the stewardship of wil. the basic rcquircmcnt for all food production in thc world. To be able to assist this hug¢ly diverse 8roup of residentslfamilie5 to become involved in this activity with u5 ha5 becn a very fuifllling proje¢t. With a vicw to working iowards thc rcduction ol our e4rbon cmissions. we have continued with ow trce planting initiativc. Many trccs have Eecn planicd including lar8C Standard native specie& building on the suc¢essflll roll out of phase one, which has beL'n extremely well reLYived by 51te ViSiiUT5 public in geneTal. These Irets not only enhance the acsihelic app&vanct of the Show8round a150 play a ¢rucial role in shapin8 its future sustainability and run¢tionality. Our partner5htp with Pembrokeshire College c4)nlhnue5 Wlth the College hiring one of our buildings for their own cduc4lional purpise5 during the year and their presence continue5 Wjth thcir life skills learning unit and their small animal care unit. We have hosted many ¢vents at the Show Ground during the year endin8 31 October 2D23 including the tnulti-agency Crucial Crcw event. the West Walcs Truck Show and the Illuminated TraclOT run which saw ov¢r 190 tractor.% brin8 Chri%kn&5 Chccr tt> thc communitics in thc hcart af Pernbrokeshirc. Thc Society are also delighted h05t many of the aL'tivili¢b fo[ th¢ P¢tnbrok¥bhirt F¢d¥rdtiun of Yvung Famiers Clubs. W¢ a150 held our own Sprin£ Equin¢ Show one again in 2023, and this eveni is now lirnily a ItUre in the We51 Wales equine calendar. The County Show Pavilion. operdied by the wholly owned subsidiary PAS Promotions LiTtJi¢¢d, has s¢en iwkirtg increase during 2023 #nd we hope to make further improvements to the building lo make this one ol Ihe Counly's emier small events venue. We have ¢(Trniinued ¢0 focus on managing our ¢styt¢ ¢lTi¢i¢ntly, our primary objective 15 to ensure thai 811 Trxjildings are being utilised to their fullest potential. Et'feeiive estate ulilisation nol only optimises tsur rtsources but also altgn% with our ovcrarchin8 8oal of maximisin8 cffieicncy and sustainability. Th¢ Chrisunas Fayre was on¢¢ again h¢ld in December and proved to be a tretnendous success with 60 1(ycal produeers present selling their locally produced item5. Supporting the otheT local shows in Pembrokeshir¢ ¢on¢inu¢s to be a major focu5 with S IvLal shows benefilling from the fre¢ loan gfequipm¢ni to enable them to their own local shows and rnak¢ Savings on hiTt Losts. We have also loaned equipment free of charge to the RWAS. The Society's Ladies in A8ri¢ultllr¢ Group is now very well established with a metnbership of 120 Pembrok¢shtre Ladles that are like minded and have an interest or a link with Agriculture. They mect the firsl Thursday ofevery month with an exciting ¢#lendar of evet)L8 rnngirtg from talks, farm vi%it8, produce eveniTh85 and much more. With our SUp)rt they have been able to set llp thi.$ group to give Ladies in Agriculturc a voice, a chance io tnee(, g)cialis¢ and gAin valuable knowledge and sUPlX)rt to ladies of all agc5 relating tu agriculiuTe. Page 3
Pembrokeshlre Agricyltyral Society Ltd Report of tlke Trnst¢tt (Including gro#p Dlr•tt•rs report) for the Year Ended 31 Oetober 2023 We continue operaiin8 under styi¢i financial mana8emcnL and ore now in & much stronger position to be abl¢ ¢0 delivcr our charitable obje¢live5 as highli8hted in the Financial Review The Sknow In 2023. much of the pre-covid iTrfMstrucwr¢ was reintr(xJuced. Thi5 had a huge effect Our Costs which increAsed substantially. but it resulted irt an irnprovemenl io the Show ¢xp¢rience for all. Weather leadins up to slK>w caused sorne difficulties with wet ground whi¢h mainly cau5cd i.e5 With parking areas, howEv¢r we were very fortunate with the wealher on th¢ a¢tual day5 Qr the Show and WETe delighted with the crowd thai ¢ame to the show ground to enjoy OUT Shop window for a8ri¢ulturaJ, rural and urkn wea Wales busine5se5. We had an Improvemt in trade stand numbeTS and tnany rcportin8 exe¢ll¢nt trade during the two day5. The County Market and PaddoLk w&% yet again an amazing suLrt5s, as wa5 the Countrystde Arena which focuscd on convcrsation. the environment, rural crafts and putsuits. "rhe Food Hall was re.introduc for 2023 and thi5. a5 expted, proved lo be hugely ]x)pular. Our sponsors were, once again, incredibly supp)rtive of th¢ ¢v¢nl and the Society as a whol¢. EnLri¢s for (he vaTiOUS Secttons w¢re on par wilh prc COVID shows wilh sorne sections exceding previous nube[S with. as always, ¢xLYptiunally high standords. Due tu Avian Influcnza re4trictions the usual Poulty show had to be ncelled buL thal did tt Stop the Poul Commit*¢ having a presence at the show. Ihey held a hugely successful Pigeon show OVLY the twc> days. We were deltghied io welcome Lesley Griffiihs MS, Minister for Rural Affair8, to the show and we also Welcom the l.'irst Minisltr, Mark Dr4keford MS, lo th¢ 2023 ¢v¢nt. Many of the visits wer¢ agriculture in naiurl, with discussions with the Nl.-U, FUW and CLA and also charities such as thc DPJ Foundation. 'l-ir Dewi and Pembrokeshir¢ YFC> plu other organisations such PbrOkeShIr¢ Coasi National Park, con%ervation organi4tions and various wcst Walts ba5¢d busin¢5ses. This opportunity to conn¢¢t with suth diverse gTOUPS at one tim4 in one place, yielded useful dialogue for all conccm¢d. Th¢ Baron de Rutten Award, which re¢ognises those under the age of 45 who fami in P¢mbrokeshire who ca dcJnon5trate their farm's usr of ihe latest technolo8i¢al methods io promote progressive, sustrinable 8griculture was aW2rd¢d io Mark and Carolin¢ Davias. dairy farniers from Purt¢he5¢orL. The long service award was wescnicd to two farm workers, and the Student Bursary award of £IIK>O was preselld (o Loltie Wilson. Watcr refill w>ints for the publi¢ were installed again with a ]rrtewed focus on waste mana¥ement. Educdting the publi¢ 15 imrortant to the Society and the Fo(xl Story ar¢& of the ¥how was a hu8c draw for families attending the Show where they were able to follow the various journtys showing them where their food Comes from wilh emphasis on local pr(>duce. l-he Food Story Trollowing on from ihe success of the 'Food Siory. event in Octs)ber 2022 we held the Food Story I Siori Bwy(f BBQ event ill Junt 2023. Ovcr I,O(Xl School children from acwss Pcmbrokc5hire. agcd from three to 16, attended the event ai the County Show¥round wh¢r¢ there was fami Mh)nery and livc animals for ihe local school ¢hildTen to scc fjrst-hand what 15 Used to prodte their food. During th¢ event almost 40 arable, dairy> becf, pi8 and sheep famiers, from all ovcr thc county, Voluntee their time lo talk lo the children and demotjstrdte local f(Kbd produdion. They explained to the groups thc joumey (Trf th¢ different crop& wc8Ctablo4, milk. eggs and meat produced in Penibroke5hire. One of th¢ principal objectives of P¢mbrtsktshire A8riculbJTal &)ciety's work is educaiionat and spreading thc word around thc county obout how local fo(xl is PToducoJ by farniers. It was heartwaTming tu 5¢¢ so many young minds a¢tively partjcipating and engaging in Ihe aciivitiE5. The w)Sltive feedback and ¢n¢rgy radialing from th¢ attendees ttvly the event a re8ounding success. Page 4
P¢mbrok¢shir¢ Agricllltural Society Ltd R¢port of the Trn5tees (Ineludlng gro Dir¢etors report) for the Year Ended 31 Oetober 2023 As well as f(K>d production the event w&$ an opwrtunity kn teAch the childreE) knut the seasonality of what w¢ produce locally and how the weather atld climate affects the work famiets do and how the ¢TOPS gjvw. To conclude. 2023 an incredibly busy and suecessful year for Pcmbrokc8hire Agriculturc So¢ie(y and plans are progressing for the 2024 County Show and Food Story events which will build on the subcesses of 2023. We r¢m8in very proud of. and thankful for. the relationships we have developed with all our stskeholders and we look forward ¢ontinuing those telalionships. The continued supwrt of the dedicated t¢am of volunteers who work within the Suciely Tnusi onc¢ again recolsed and aCknowlged - through their support of each event or project the Society has bEen &ucccssful in developing and implementing projects. as well a$ ctsn¢inuing run existiog op¢raiion5. Thcir dedication 15 invaluable. tNANCIAL REVIEW The financial resulLq for the Society once again 8ix>w a surplus albcit it a reduced one compared w the most r¢¢¢ni two years. Th¢ surplus for the ycaT is £32,138 Compared to a surplus of £215.096 the previous year. Last year was excq)iiorta] duc to a numbcr of factors, and this ycar wc arc scein8 rtsults which tnore'nortnal" du¢ to th¢ reinstatement ofthe level of infrastructure at the show ihai Visir$ eTt ac¢usiom¢d to prior to the COVID pandemic. The charitable activities, which in csscnc¢ arc the Show ani4 the Food Story Evthts. had a total income of £383,752 during th¢ year ending 3 1 O¢tob¢r 2023 Wmpad to an income of £342.84]. Income from the Sa at the show w6s slighily down due to it being the only two conseculive dry day5 that ive had for severa] weck5 which rn&qnt that our farming SUPFrf)rtcrs had commitments that they nccdcd to attend to ai hom& Other rev¢nue stream8 %uch tradc siand8, membcrship and sponstsrship all ithLYSe though and this mor¢ than ¢x>mpensated for the de¢rease in gate income. Expenditure for charitsble activilies was £363,695 compared to £217,124 the previous year, and much of this incre&%e in cos18 wcrc direct Costs for thc Show as highlighted atx)ve. Thc5c increased subthntially this }'ear due to regulatory obligations: thc rcturn of much of thc usual infrastructure and othri Lvsts such as ihe wurity requirements of sgIng an evenl which was closer io ihe scale of ev¢n¢s pre COVJD. For the 2022 event we had reduced cost5 substanljally bccausc wc did not ktM)w how tnany attendees we would have. Having ¢stabli8h¢d thc Icvel of likely WlSjtor5 for thc 2023 event wc wcrc obli8td to incrcasc provision for first aid cover, S¢¢UTlty. fencing and other costs line with the nurnbeT vf petspl¢ ¢xpeLd thrL)ugh ihe gale, and unforLunately these costs are not inexpen5iv¢. We a]so inerea8ed cosls lor marqutt hire, tnainly due tv the Food Hall and Lraft Marquees, and a150 Staff c0515 IlltTtsStd as wc employed more staff in the office, our pernisnent groundsmhn and me temrKJrary Staff to supp)rt thc sct up of the Show. The end result is that the Show had a surplus of £20,057 compared 10 £125,717 th¢ pr¢vious year before Support & Govcrnanct CosLs. The Food Story income arld cxpcndiiur¢, and funds carried forw8rd for use in fvture years in rclaiion to this projwt, aTe shown in th¢ rcstricted fijnds and all othcr iteEns are in the unrestyi¢ted fund5. The Estate, which is shown as Other Trading ActLVlties on ihe Statement of Group Financial Activities. had a t(>tal income of £235,703 ¢ompareil t() £279,972. Th¢ deuease in income is mainly due tr) the end of the shon-iemi r¢n¢al a8r¢¢menl with P¢mbrok¢shtT¢ Colleg¢ for the Camrose and Brithdir Buildtngs during th¢ year. Expenditure on Ihe EslaLe was £206,173 cOMpad to £171.669 and ihe increA5e in ¢oqts is mainly duc to co%ts of pcrmancnt and icmwrary Staff who undcrtook thc task of ¢&tching up with maintenance M'ork which had bccn defcrred over ihc previous threc years. The result for the Eslate is a surplus of £28,900 compared to a surplus of £108,303. During the year we had capitaj expenditure lotaling £25,379 which included thrcc pay booths, IT &]uipmeni 4nd a strimm¢r. I'he nalance Sheet shows an increase in our Cash in I land and at Bank nf £80,971. Thc Society's total reserves weTe £4.149m compared to £4.117m the prcvious ycar. Pa8e 5
Pembrnktthirc AgrIcultrA1 Society Ltd Report of the Trnstets {IDcludlng group Dlre¢tor$ report) for the Year Ended JI October 2023 REFERENCE AND ADMINISTRA TIVE DETAtLS Reglstered Ctsmpany number 091243 13 (England and Wa]es) Registercd Charity nuMr 1160533 Registered offi¢e The Show Office Couniy Si¥)wgJK>und Withybush HAvERF0RDIEs'r P¢mbTuk¢thirc SA62 4BW Trustees Mr Roger Mathias Mr Michael Davies Chairman Mrs Nicol& Owen Vice ChaiTtnan Mr John Lcwis Mr Nlansel John Raymond MT Adam Thorne Mr Richard Campbcll Col¢ Mr Delme Harries - Ap)Inted 2r Nov¢mbcr 2022 Auditors A5hmole and Co. Chartered C¢nified Accountants and Statutory Audiwr5 Williamston House 7 Goal Street I laverfordwe l>embrokeshiTe SA61 IPX Hankers Barclays Bank 9-10 Gutldhall Squar¢ Carniarth SA31 IPW STATEMENT OF TRUSTEES, REspof4siBILITIES 'I'he trusle&s {who are also the direLtors of Pembrok¢shir¢ A¥ricultural Society Ltd fur thc pury)Dse5 of eompany law) are reswnsiblc for preparing thc Report of the'l rustees and the tinathcial statements in a¢wrdanLe with applicable law and UniL¢d Kir2¥dom Accoun1ing Standards (Uni¢¢d Kingdom Generally Actepted Accountin8 Prdclice). PaÉe 6
P¢mbTokeshÉre A%ricultural Soeldy Ltd Report of the TrM$tce5 (Includlng group Dir¢¢tor5 report) for the Y¢ar Ended JI October 2023 STA TEMEN'f OF TRUSTEb.S' RESPONSIBILJTIES- continued Company law requires the tSt¢t$ to prepare financial stalements for each financial year which ve a true and fair view of the state ol. dffaiTS of th¢ Lharitable tompany and of the incomin8 rtsi)urce5 and applicaiion of resoui¢es, including the income and expenditur¥, of the charitable company for that pcriod. In preparing th05¢ financial siaiement5. the tru5tces ar¢ requsred to selwt suitsble accouoiing p)lici¢s and then apply them consistently. obscrve the methods and principles in the Charity SORP,. make jud8em¢nts and cstimtrs that are r¢a$onable and prud¢nl' 5ts1e 'hether appli¢able accounting 5tandar(t% have been followed. subject to any matla1 departures di5LIosed and explainc£l in thc financi215thtements,' prepare the financial st4Cnts on rhe 8OLng concern b8515 unless it is Inappropriale io presume that the charitable company will conilnue in blneSS. Th¥ trumees aTe reSpOn.thI¢ for kccpin8 proper aceounting records which disL'lose with renable accuracy ai any tirnc the finaneial wsilion of the charitablc company and to cnable th¢m to cnsure that the ftnan¢ia] stht¢ments comply with the C.ompanits Act 2006. They dre 150 resp)nsible for safeguarding thc assets of ihe eharitablc c4)tnpany and hen¢¢ f4)r taking re4sonablc steps forthe prcvcntion and del¢¢tion of fraud and oihvr irregulariLI¢S. In so far Is the tru5tecs are aware.. there is no relevant audit information of which ihe charitable company's audilS are unaware,. and the ¢rusl¢es have iaken all steps that they ought to have (aken to make themselves aware of any relevanL audit information and to estsblish that the auditors are aware of that inromiation. AUDITORS Thc auditors, Ashmole and Co., will be pn)wsed for rc.aprK)intment at the forth¢omin8 Annual General Meetin8. Chair of the Board of Managemcnt on........... .. and signed on its behalf by.. Mr Mi¢hael Davies- Trustec Pa8¢ 7
Report of the Independent Awdilor5 to the Trnste¢s of Pembrok¢%hire Agrieultur41 Svciety Ltd Opinion We have audit¢d the fjnancial .8tat¢ments of P¥mbrokc8hire Agricultural Society Ltd {the'charitable ¢ompany'} for th¢ year ended 31 Otber 2023 which ¢omprisc thc Statement of Financial Activities. the J3alance She¢l, the Cash Flow Statemcnt and notes to th¢ financial statement& including a summary of significant accounting policies. The financial r¢wrting framewark that has bc¢n applied in their preparation is applicable law and Unit¢d Ktngdom Accounting Standards (Unifrd Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststement8: give a true and fair view of ¢hc 5tatc of the charitable company's affair5 a5 at 3L Oclober 2023 and of its incoming resDLifr¢5 and application of resources, including its in¢ome and cxpenditure, for the y¢8J then ended; have been propcrly prepared in ac£ordan¢e with Unit¢d Kingdorn Generally Accepted Acci)unting Pra¢tice; and have ien prcpared in a¢cordance with the r¢9uirements of th¢ Companies A¢t 2006. II•si5 for oplAlon We conducted our audit in acLordan¢e with Intemaiional Standards on AudiLing (UK) (JSAS {UK}) and applicablc law. Our resnSibIlItI08 under th05C %tandard8 are further desLribed in the Auditors, r¢sptsnsibililies for the audit of thc rinancial siatements section of our rcport. We are independent ()f the charitsble company in accordance w'ith th¢ ethital requirements that are relevant to our audit of the financial statements in the UK, includin8 the rRc's Ethical .Standard, and we have fulfilled our other ethical res[nSibilitIeS in accordance with thesc rcquiremenis. We bclicve that the audii evidencc we have obtained is %llffi¢ient and appropTiale to provide a basis for ovr vpillion. CoDclush)n$ reltin% to going eoneern Ill audttin8 ihe financial %latements. we have concluded that the tyysie¢s' usc of the goin8 ¢oncern basi5 of acLx>unting in the preparation orth¢ [anCIal $tementS j5 appropriate. BasLxI on the work we havtt perforrned, we have not identified any tnateriai unccrtainties relating to cvcnt5 or conditions thaL individually or collcctively. may c&815ignificant doubt on the ¢haritable compaoy's abilily lo continu¢ a going cotjcern for a wiod ofat least twelve months from when the financial statsrnents are authorised for issue. Our r&8ponsibilities and th¢ re5p¥Trnsibiliti¢5 of the trnst¢¢s with re¥pect to goin8 ¢oncern are dCribed in the relevant sections of this rqjort. Other TnformtiDn The irustees ar¢ rcsponsible for the other infomiation. The other inlorniation comprise$ the information included in the Annuaj Repor4 Other than the fin8n¢ial statements 2nd our Report of the IndendenL Audilors thereon. Our opinion on the financial staiemtn15 di)es not cover th¢ other infomiltion and, ¢x¢cpt to the extent otherwi expli¢iily stated in our rerx)rt, w'e do not ¢xpres5 any form of assurdnce conclusion thereon. In connection with our audit of the financi statemtnts, our resFonsibility 15 to rcad the other intormalion and. in doing so, consider whether the other infomation is malcrially inconsisienl with th¢ fjnanttal thtements or our knowlcd8e obtained in the audit or othe1wi appcars to be rnaterially misstated. If we identify such mdierial in¢on5islencies or apparent rnatcrial misstatements, we are required to deiermine whether this gives Fise lo a material misstat¢menl in the fJnan¢ial stalcmcnts themselves. If, based on the work we have performed. we wn¢ludc that there is a malcrial mi&8thtement of this othcr Tnfomiation, we are required to POrt ihai fact. We have nothing to r¢w)n in this regaTd. Matters on which we are required t(b Teport by exceptlo Wc have nothin8 to rery>rt in respecl of the fcillowing matters where the Charities {Ae¢oun(s and Rcportsl Regulations 2008 requires us to rcwrt to ynu if, in our opinion.. ihe infomiation given in the Report of thc TruBtea$ 1$ in¢onsi5tcnt in any material respecl wtLh the financial sutem¢nts' or the chariiable company ha8 rtot kepl adequate a¢¢ounting records. or the finan¢ial sthtLments are not in a8rccmcnt with the accounting rccor(ts and rebJrns' or we have not r¢¢eived all the infomi81ion and explanations we require for our audit. Pag¢ 8
R¢port of the Indtp¢ttdtnt Audltors to tht TrSteeS of Pembroke5hire Agri¢ultur%l Society Ltd R¢sponslbilitles of tsustees Ax explained more fully in the Ststcment of Trustees, Responsibilities, the tN5tees (who are also lh¢ directors of the charitsble company for the purposes of crf)mpany lawl are rLspon5iblc for the prepaTation of ihe financial statemen15 and for being satisficd that they give a Irue and fair view, and for such inl¢rnal control as (he irust¢C5 dctcmine is ne¢essary to enable the preparation of financial 5talements tho¢ are frtt from material misstatemeni, wheiheT due to fraud or error. In prepHrin8 the fJnan¢lal 5tatemeni& the tru5te¢s are responsiblc for sessIng the charitablc company's abili(y to continue as a going concem, disclosing, as applicable. maws related to going conc¢rn and using thc 80in8 CA)nGem sis vf accounting llnlc55 thc trusiees ¢ithcr intend tr> liquidate the chariiable company or b) ceas¢ opeTalions. or have no realisti¢ alternaliv¢ bu¢ do 50. Our responsibilltie$ for the audit of the finaDtA#l st&tèmeots We have been appointed as auditors undeT Section 144 of the Charitie5 Aci 2011 ijnd report in aceordan¢¢ wilh the Act and relevant regulations ma£1¢ or having eff¢Lt thercunder. Our objectives are to obtain r¢&nable a55ur8ne¢ abouL whether the finan¢ial staicments a5 a whol¢ are free from malerial misst&¢emenL wheth¢r duc to fraud or crror, and to Ive a ReFOrt ot. Lhc Indep¢nd¢nt Auditors th&1 include5 our opinion. Reasonable assurance is a hi¥h level of &%surance, but is not a guarantee that an audit C4)nduct¢d in accordance with ISAS IUKI will alway5 dei¢¥t a fftal¢rial missiat¢mertt when li cxists. Mi8taiemerits can ari8c ftrim fraud or error and are considered material if, individudlly or in the a8gr¢gaie, they could reasonably be expectcd to influen¢r the economi¢ de¢ision5 of users taken on thc basis of th&se fjnancial statcments. The extcnt to which our protedur¢s are capable ofdd¢cting iTf¢8ularilies, ClUdIng fraud i% detailed low.- ltt identifying and assessing risks of matuial mi$51Atement in respect ofirr¢gularities, iThcludit)& fraud an(1 nonompliance with law5 and regulations, wc considcrcd the followin8'. Nalure of the ¢harily and the %¢¢tor in which it opcraies The legal an4 gUlator) framework in which thc chariiy operates and in particular those laws and regulJtion5 that directly affect the financial stsments tsr have a fitndameni&l effect on operations ¢.g. Charitie5 A¢L 2011, hcalth and safety regulation. RcsulL8 of enquiries ot'managcment and thob¢ charged with 8ov¢rnan¢e. Any rnatte identified relaiing to the charity's poliri¢s and procedures for identifyings evaluating and cornplying with laws and re8ulalions, and ivhe(her they any known instan¥es ofnon cornpliance. De¢iing and resJx)nding to the risks of fraud and whethcr there 15 any knowledge of actual, suspected or alleged fraud A further d¢s¢ription of our responsibilities for the audit of the financial Statements is lo¢aith on the Finan¢ial Reporiinbj Council's M'ebsiie at ww.fr¢.or8.uklauditt)rsreswt)sibiltties. This d&scription fonns part ofour Report of the Ind¢widcnt Auditors. Use of uur r¢port Thi5 report is made Solely to the charitable company's trnstee4 as a ix)dytr in accordance with Part 4 of the Charities IA¢¢ounL% and Reporib) Regulations 2008. Our audit work has been undertaken.8() that we might slate io thc charitable company's trustees those maticrs wc are required ¢0 slate io them in an auditors, report and for no other purwsc. To the fullcst extent permiued by law, we do not accepi or Assume rc5tM)nsibility to anyone other than the charitsble cumpany ond thc charitable Cornpany's tnjslS as a body. for our audit work. for this report, or forthe opinions we have fomied. A5hmole and Co. Chdrtered Certified Accountants and Stsiutory AudirS Bligiblc to act as an auditor in terms of Section 1212 of the Companies A¢l 2006 Williamstun Hou5¢ 7 tioal Stre¢1 Haverfordwc5t Pembroktshirc SA61 IPX Date.. 30. 07.1+ P88¢ 9
Pembroke$hire AgriculturaI Society Ltd Consolhdated Statement of Flnanelal Aetivitie5 for the Y¢ar Ended 31 October 2023 31.10.23 Tothl runds 31.10.22 l-otal funds Unrestri¢ted fund Restricted fund Notes INCOME AND ENDOWMENTS FROM CILarltable activities Annual Agricultural Show ESLi¢es ALLYTrunts 382.752 1,000 382.752 1,000 319,749 23,092 Other trading activitse5 Inve5tmcnt income 136.752 3,826 140,578 95.125 195,715 84257 Total 615 629 619 455 622 813 F,XPEf4DITIIRfr. ON Raising fun45 206,173 206,173 171.669 Charitable activitie5 Annual Agri¢ulturaI Show E5tat&% Accounib 366,076 1,826 369,902 231,458 Total 583 491 587317 407717 NET INCOME 32,138 32,138 215,096 RECONCILIATION OF FUNDS Total funds broughi lanrd 4.117,450 4,117,450 3,W2,354 TOTAL FUNDS CARRIED FORWARD 4 149.58¥ 4.149 588 4.117450 'I'he notes lorm part of thcse financial statern¢nts Page 10
Pcmbrnke5hlre Agrl¢ul¢ural Society Ltd Con$olld4ted Balanee Shett 31 October 2023 31.10.23 Total funds 31.10.22 'I'otal funds unrestried fund Re8tricted fund Note5 FIXED ASSETS Tangihle assets Investment propeny 12 13 2,833,717 1.022,650 2.833.717 1,022 650 2.833.314 1022 650 3.856,367 3.856,367 3,855,964 CURRENT ASSE'rs S¢ks Debtor Cash at bank and in hand 14 15 8.992 107.529 355 332 8,992 107,529 377 568 9,544 204.1>94 296 597 471.853 22236 494,089 510,235 CREDITORS Amounts falling due within one yeaT 16 1134,2881 {22.236) 1156524) (196,746) NET CURRENT ASSETS 337 337 565 313489 TOTAL ASSETS LESS CURREf4T LIABILITIES 4,193,932 4.193,932 4,169,453 CREDITORS Amounts falling due after more than onc year 17 144,3441 {44,344) (52.003) NET ASSETS 4 149.588 4 149.588 4117450 FUNDS Linrestricteil funds 20 4.149588 4 117.450 TO'I"AL FUNDS 4 149 588 4 117450 The notes forni part ¢)f ise financial statements Page 11
PernbrDk¢$hire Agricultural Society Ltd Chgrlty Balance Sheet 31 Oetober 2023 31.10.23 Totsl funds 31.10.22 Total fund5 Unrestricted fund Resiricted fund FIXED ASSETS I'atjgiblc assets Investment property 2,829.512 2.829,512 1022 650 2,%28,368 1.022.650 3,852,162 3.852,162 3,851.018 CURRENT ASSETS Stocks D¢btors Cash at bank and in hand 8,185 8,185 116,537 l 16,537 22 348 326 122 36 58 8237 215,067 273221 450,844 22,236 473,080 496,525 CREDITORS Amounts falling due withtn one year 1118,323) {22.236) 1140.559) (185,233) NET CURRENT A$S:Ts 332 521 332 521 311 292 TOTAL ASSETS LESS CURRENT LIABII,ITIES 4,184.683 4,184,683 4,162,310 CREDITORS Amounts fallin8 due after more than one year 131.9451 (31945} (37.501) NET ASSETS 4 152 738 4 152738 4 124809 FUNDS Unresiricted funds 4 152.738 4 124.809 TOTAL FUNDS 4 152 738 4 124 809 The notc5 fomi part of thc5e financial statements Page 12
Pethbrok¢5hlre Agricultur81 Sotiety Ltd Balante Sheet continued 31 Oetober 2023 The Charitablt Company is et]litled to exemption from audit under Se£tion 477 of the Companies Act 2006 for the year ended 3 1 OLtober 2023. The members have ntsi deFosid noti¢¢ pursuant to Scction 476 of the Companies Act 2006 requiring an audi¢ of these finanLial statements. The trustees acknowled8e their responsibilities for (a) ensuring that ihc charttsble c(>mpany keeps a¢counting reeord8 that comply with S¢¢tions 386 and 387 of tht Compani¢5 Act 2006 and preparitjg financial statements which 8ivc a t¢ End fair vi¢w of the stale of affairs of the dwitable tt)mydny as at the cnd of each financial year and of its sulUS or defjcit for e4¢h fillanci21 year in attordance with th¢ requirements of Sections 394 and 395 and which otherwisc comply with the requireTnents of (he Compani¢3 Act 2006 relatiri8 10 financial staiements. so far as applicable to the charitablc c(Trmpany. (b) These finattci8] statem¢nts have tten audited und¢r the quirementS of Section 145 of the Chariti&% Act 2011. The financtal statert]ent5 were approved by thc Board of Trustee5 and authorised for issue on ..IL!.1. 0.7..1. 21>2 ¥..... and were signed on its. Fhalf by.. Mr Michael Davies- Trvstee MTS Ni¢ola Ow¢n - Trustee The notes form part of these fJnan¢ial 51atcments Page 13
Pembroke5hlr¢ Ayiculturnl Society Ltrt Consolidsted Cash Flow Statement ror the Year Ended 31 October 2023 31.10.2J 31.10.22 Cash tlow$ from operating activltios Cash 8enera*d from opeTati(Trns 114009 276353 Net cash provid¢d by ope¥aiin8 a¢iivities 276.353 Cash flows from Investing actlvtties Pur¢hase of tangible fjxed asxis Nel cash used in inv¢stin8 acttvities 25 379) 25 754) Cash flows from finattelffjg Ietivrtles Loan repayment8 in year Nel used in financing acttvities ChaDg¢ in tash and ta5h equivalents SD the reporting p¢rlod Cash and cash equivalettts at the beginning of the reporting p¢rlod 80,971 242,907 296 597 Cash ta$b equiv&lents at the end of the reporting period 377 568 296 597 The notes lorm part ofthese financial ststements Pag¢ 14
Pembroktshire Agrlculturxl Society Ltd ot¢5 to the c.ash Flow Stst¢JNent for th¢ Year Ended 31 Oetober 2023 RECONCILIATION OF NET IN(:OME TO NET CASH FLOW FROM OPb RATING ACTIVITIES 31.10.23 31.10.22 Net income Tor the rnportlne period {as p¢r the Statement of Flngnelol Aetivities) Adju5tm¢nts for: DepT¢ciation ¢har8¢S Dc¢rease in 51ocks Dccrease in dcbtors IDeLrtrdseyinerease itj crcditors 32,138 215,096 24,976 552 96,565 402221 30.554 2.164 11,877 caskn provided by operntions 114009 276353 ANALYSIS OF CHANCES IN NET FUNDS At 1.11.22 Cash tlow At31.1023 Net ea5h C&sh at bank and in hand 377 568 296.597 377 568 Deb¢ Dcbts falling due within l y¢ar Debts falling due after l year (7,718) 52.(h)3 (7.7181 Total 236 876 325 506 The notes form part of these financial SLqtements Page IS
Pernbroke5hire Agrieultur41 Society Ltd Notes to the FinAn¢iaJ Stxtements ror the Y¢•r Ended 31 Oetober 1023 ACCOUNTING POLICIES BA$1$ ofprep4ring tbe fTnanrilll statements The findncial 5ts1ements of thc charitable company. which is a public benefil entity under FRS 102. have been prepared accord¢¢ with ihe Charities SORP IfRS 1021 'Accounling and Rwrting by Charities.. Statement of Recommended Pratlice appliLable 10 charities preparing their atci)unts in accordance wilh th¢ Financtal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) l¢ffcctive l January 20191,, Financial Rep()rting S¢¥llJdard 102 'The l.'inan¢ial Reporting Standard appli¢able in Ihe IJK and Rcpublic or Ireland, and the Companies Aci 2006. The fjnancial slatcmcnts hav¢ been prepared undeT the hi8torical cost conv¢ntion. Company Status The So¢icty 15 a coffjpany limited by guarantee. Basis for vAIuotion ofGlfts Kind ind Donated S¢nTlces The socieiy values gifts in kind and doTr8ted SCTvices ai on Lstimated market value. The value of which is included in the in¢ome from show actlvities amount5 to £81NI. Group Financial St4t¢rNents The%e Financial S¢atements consolidate th¢ results of the Charity and its wholly owied subsidiary - PAS Pwmotions limited. A 5cpaTale stsJt¢ment of financial activities and income and expenditure a¢ctsunt are not prented ti)r the Charity itself following exemptions afforded by paro. 397 of the SORP. Ineome All income is rcc(>gnised in the Statement of Financial Athivitics on¢e thc charity has entitlement lo rhe fund5, It 15 probable thai the income will be reeeived and the atnount can Measur rcliably. Exp¢nditur¢ Liabilities are recognised as cxpenditUTe as soon there is a legal nr constructive obligatiun commilting the charily to that ¢xpenditure, it i% pff)babl¢ ihat a transfer of economic b¢nefit5 will be required in settlement and the amount of tht ubligation b¢ measured reliably. F.xpenditure 15 accoutjted for on an accruals basis and has been classified undcr headings thal aggregat¢ all cost rela*d to the category. Where ¢OSls cannot be directly attribLtted to particular hding5 thcy have been allocat8 io acttvities on a basis consistent with the se or resource5. AlloeAtAon aDd apportionrnent ofrosts M05t costs are dire¢tly attributable to the runnitjg eosts of the annual show or the Tn¥magcm¢Dt of the Estate and are allocated accordingly. The cost of the company's staty 15 divided beiween the Show activity and the management of the F.st&e vn the bASib of time dtvotcd Tgngible fixed assets Depreciation i.s provided at the following annual rate5 in order to write off ¢a¢h asset over its estimated useful Plant and machinery Tractors olor v¢hi¢les 200h on redu¢ing balance and IOYO oll reducin8 balance IO% on reducing balance 15¥0 on rcduting baldn¢e The Frechold Property is included in the fiTwJcial s1atlThts at its revalued amount based upon open market values. As valuations are ¢arried out every J years a separate impairment revicw is not ron5idtred nec¢ssary. The ljoard of Manag¢ment is of the view that its policy on maini¢nance ensures that the valuc of tts land and building5 is unlikely lo fall below the valuc currendy shown in the aecounts. Inve5tm¢Tht property Investment properly is Shown ai most recent valuatitin. AJJY aggre8al¢ surplus or defjeit arising from ¢hanges in fair value is rccognised in the staen[ ofFinancial A¢tiviti¢s. Pa8e 16 continued...
Pembrokeshire AgrleMltur#l Soei¢ty Ltd Notos to the Finncial Statement$- continued ror the Year EDdgJ 31 October 2023 ACCOUNTifG POLICIES - tontinuert Stocks Stt)¢k$ ar¢ value41 at ihe lower of c05t and net r¢alisable value, after makins due allowance for obsolet¢ And slow moving ilems. Taxgtlon The charity i¥ exempt from ¢orF%)ration tax on its ¢haTitabl¢ activities. Fujtd getounting UnrebtTiCtd funds ¢an bc used in aceordancc with the charithblc obje£tives at ih¢ dis¢retion of ihe trustee5. Restricted funds can only be used for particular restricted pUTSeS within thc obje¢ts of the Charity. Restyi¢iions arisc when sLified by the donor or when funds are raised for partiLular r¢strictcd purpo%cs. Further ¥xplanation ofthe natuff and pUoSe of each fjjnd is included in the noles to the financial slalernents. OTHER TRADING AcfivITIES 31.10.23 31.10.22 Rental Income & 8ervi¢e Charge Other Activities Substdiary Trading Activity g2,584 17.329 151,185 195 715 INVESTMENT INCO.YE 31.10.23 31.10.22 Rents rcccived 84.257 INCOME FROM CHARITABLE AcfJviTIES 31.10.23 31.10.22 Annual Agricultural Show FAtatcs A¢counts Total aciivitits 'I'tst activities Show In¢otne Govemm¢ni Covid GraTht$ 382,752 382,752 336,281 382 7S2 383 752 34 Grants rcceivel ineluded in the are as follows.. 31.10.23 31.10.22 P4e 17 continued...
Ptmbroke5hire Agricultural Soelety Ltd N•te5 to the FinAncial St&¢ement$- eontinued for the Year Ended 31 O¢lober 2023 IL4ISING Fuf4DS Other tradlDg 8Ctivities 31.10.23 31.10.22 Staff costs Bank Charscs Premises Expenses AdininisLrative exp¢nses Maitltenance Costs Other Direct C.05ts Subsidiary Trading Expen5C Actthuntattcy feey B£td Debt D¢preciation 41.630 2,068 52,244 8,794 36,019 1,786 18.956 2,140 30,419 5,467 1.391 65 J91 7.587 31,544 539 13.924 2.Q911 28,896 171669 CHARrrABLE AcfiviTIES COSTS Support costs (sec note 71 Direct Costs Totals Annual Agriculturaj Show E5t2tes Account5 361,106 796 369,902 11.242 363 695 381 144 SUPPORT COSTS Govemancc eos1S Managemeni Totals Annual Agriculturdl Show Estates Accounts 4,634 4.162 8,796 NET INCOME/(EXPENDITURE) Net in¢ome/lexpendij 15 Stated afteT chaJBingl{¢r¢ditin81'. 31.10.23 31.10.22 Auditors. remunrration Other non-audil services Depr¢Liation - owjed ass¢ts 2,500 2,140 24.976 2,400 2,090 Page 18 continued...
Pembroke5hire Agrirultllrlll SDciety Ltd Notes to tht FlnADe191 Statements- contlnued for the Year Ended 31 October 2023 TRU5TEES' REMUNERATION AND BENEFITS There were no tntst¢es' remuneratiotk or other benefits for the year end¢d 31 (ktober 2023 nor for th¢ year endcd 31 October 2022. TTU5tees expenses There werc no 31 oCber 2022. tnjstees, cxpcnses paid for the year ended 31 October 2023 n(r for the year ended io. REMUNERATION RECEIVED BY XEY MANACLMENT PF,Rsor4r4EI. 31.10.23 -31.10.22 Wages and salarics Socia] securily sts. 105.899 39,976 1.739 105,899 41.715 The averng¢ monthly numbcrof employcc5 during the year was as follows.. 31.10.23 31.10.22 No cmploy¢¢s r¢ceiv¢d emoluments in exc¢$5 of £60,(M)O. ii. COMPAIiA'fivEs FOR TFIF. STATEMENT OF FINANCIAL ACTIVITJES Unrcstric¢cd fund INCOME AND ENDOWMFNTS FROM Chgrfitable attlvltles Annual Agriculiural Show Esiate5 Accounts 319,749 23.092 Other trading 4¢rivities Investment income 195,715 84,257 Totsl 622813 EXPENDI'I'URb ON Raising funds 171,669 Charitable activities Antlual Agricultural Show L¥tale5 Accounts 231,458 Tolal 407 717 Page 19 continued...
Pembrokeshlre Agrleultural Society Lld Notes to tILe FlnntiAI Statemtnts- tontinthed for the Year Ended 31 Oetober 2023 COMPARA TIVLS FOR THE STATEMENT OF FINANCIAL ACTIVITIES- oontinued ii, Unrestricted rund NET INCOME 215,096 KECONCILIATION OTr FUNDS Ttstai fllrtd5 brought furward 3 902.J54 I'OTAL b UNDS CARIUED FORWARD 4 117450 12. TANGIBLE FIXED ASSETS Freehold property Plant #nd maehinery Tractors cos'r At l N(pvember 21r22 A(Jditions 2.659J30 312,644 25 5.519 At 31 Ocwber 2023 2.659 358,023 5,519 DEPRECIA1'RON At l Novcmber 2022 Ch¥¢ for year 184,923 22.103 3,002 252 At 31 (ktober 2023 207.D26 3.254 NET BOOK VALUE At 31 Oclober 2023 2,659 2,265 At 31 Octobcr 2U22 2 659,330 147.721 2.517 Tangible fixed 5sets held by the irdding sub8idiary aTe rewrded under PAS Promotii)ns Limited plant. All other tan8ible red assets are beneficially owjed by the parcnt company. PAS Motor vehicles Promotion Plant Totals COST At l November 2022 Additions 38,249 13,476 3,049,218 25.379 Al 31 Octob¢r 2023 3.074 597 DEPRFCIATION Ai l Nove¥nkr 2022 Char8¢ fory¢ar 19.449 8,530 741 215.904 24.976 At 31 0clob 2023 21329 71 240,880 F*ET BOOK VALUE At 31 O¢iober 2023 16920 2.833.717 Ai 31 Oaober 2022 2833J14 Page 20 eontinued...
Pembrokeshlrn Agrl¢ulturAI Soclety Ltd Notes to the Finantial St4tements- eontinued for the Year Ended 31 October 2023 13. INVESTMENT PROPVRTY FAIRVALUE At l November 2022 and 31 Oewbcr 2023 1.022 650 NET BOOK VALUE At 31 October 2()23 1.022 650 At 31 October 2022 1.022 650 Investrnent propety r¢prixents ld and buildin85 held by th¢ charity at which the trus¢ecs consider to be fair value. 14. STOCKS Charity 31.lQ.23 Charlty 31.10.22 Croup 31.10.23 Group 31.10.22 Stock5 15. DEBTORS.. AMOUNTS FALLING DUE WJTHJN ONE YEAR Charity 31.lQ.23 Chgrity 31.10.22 Group 31.10.23 Group 31.10.22 Tradc debtors Other debtors PA5 Promotions Ltd Prepayments 65,169 30.566 16.169 175.79X 6.203 15,458 70.182 32,714 177,502 8,976 116.537 215 067 107,529 204 094 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Cbarlty Charity 31.10.23 31.10.22 Grnup 31.10.23 Croup 31.10.22 Bank loans and overdrafts (sec r)ote 181 Trade creditors Social security and other taxe5 VAT Other creditors Accrued expenses Accnjed Inci)mc 5.556 39,253 1,695 32,528 35.296 21,751 4,480 5,556 44,736 6 J90 64,048 35,421 23.266 7,718 39,253 1.695 35,528 35,296 32.554 7,718 44.743 6,390 65.548 35,421 185 140 559 33 156524 Page21 continued...
Pembrokeshire Agricultural Society Ltd Notes to Ihe Vinancigl Statements- cotjtinued for th¢ Year Ended 31 October 2023 CREDI'foRS: AMouf4TS FALLINC DUE AFTER MORE TIIAN ONE YEAR Chgrity Charity 31.1023 31.10.22 17. Group 31.10.23 Croup 31.10.22 Bat)k loans {see note 18) 18. LOANS An analysis ofthe maiurity of104ns is given below- 31.10.23 31.1022 Amounts fallin8 due wiihin one y¢ar on demand-. Bank loans 7.718 Amounts fallin8 between one and two yEars= Bdnk loans- 1-2 years 7.718 Amounts fallin¥ due between twD and five yvars.. Bank loans- 2-5 years 2.3.152 Amounts fallin8 due in more than fjve years.. Repayabl¢ by instsiments": Flank Iiians rtLor¢ 5 yr by in% SECURED DD BTS 13,474 21.133 19. The following se¢ured debt8 are included within cr¢ditors'. 31.10.23 31.10.22 Bank loan 20. MOVEMENT I, FUNDS Net movement n funds At 1.11.22 At 31.10.23 Unre5tri¢ted Gencraj fund 4.1 L7.450 32,138 4.149.5118 TOTAL FUNDS 4 117450 4.149588 Pagt 22 continucd...
PembrokcshiTe Agritultur91 Society Ltd Notes to the Financlal Statem¢ts- tontlnued for the Ytar Ended 31 Ottober 1023 20. MOVEMENT IN FUNDS- eoDtiDued N¢1 movement in fvnd4 ineluded in the above are as follows.. Incoming rc8our¢es Re50UT¢es expended Movem¢nt in funds Unre5trfet¢d funds General fund 615.629 (583.4911 32.138 Restricted futhd5 Food Story 3,826 (3.826} TOTAL FUNDS 619,455 587.3 171 Comparatives for movernent In funds Net movement in tund5 At At 31.10.22 Unrestricted funds General fund 3,902J54 215,096 4.117.450 TOTAL FUNDS 215096 4 117,450 Comp&rative net movement in fvnds, included in the above are &5 follows= In¢oming resourc Rwurces expended Movement in funds L'nTe5trl¢ted funds General fund 622,813 (407,7171 215.096 TOTAL Tr UNDS 622 813 4077171 215.096 A current year 12 month5 and prior year 12 month5 combined rATrsitton is &$ follows.. Net mtsvement in funds At At 31.10.23 Unr¢$tricted funds Gen¢ral fund 3,902.354 247,234 4,149,588 TOTAL FUNDS 247 234 4 149.588 Pa8¢ 23 ontinucd...
P¢mbroke5hire Agriculra1 Society l.td Notes to tb¢ Finallei41 St2ttment5- eontAoued for the Year End¢d 31 Ottober 2023 MOVEMENT IN FUNDS- toTr¢inued 20. A Current year 12 months 8nd prior year 12 months eombincd net movement in funds, inLlud¢4J in the aEK>ve are &s follows.. Incoming r¢sourees Re50Ltr¢es expcnded Movement it) funds Unrestrieted f4lld5 General fund 1,238,442 (S¥)1.208) 247.234 Restricted funds F(K)d Story 3,826 13,8261 TOTAL FIJNDS 42 247 995 034) a34 21. RELATED PARTY DISCI,OSURES There werc no related party tfdll5a¢tlOll5 for the erhded 31 October 2023. TRUSTEES EXPENSES 22. Thr Tnjstees of Pembrttke5hi A8riLultur81 Society Limited havc in¢urred any exnseS during the period. AUDITORS RENUMERATION Charges inLluded in th&4e accounts in respect of audit rcnumeratiDn amounled to £2,500 (2022- £2.400}, other fecs in respeL* of the preparation of thr group accounts und Consultan amounted 10 £4,180 {2022- £4,180). Goif4G CONCERN POLICY -rh¢ Trusi¢es of Pembmkcshire Agricultu Socieiy Limited have revirwed Ihe FK>St year financial rKrformanGe, expected performance and Ihe Gharity is expeLied to have adequatc resourffs io ¢onlinu¢ in existence for the foreseeable fuiure &8 Such believ¢ it is appr(Ipriate io adopt the going ¢oneem basis or accuunting in prepartng thc financial statements. In making thcir &%sessment the trusk¢s have ¢onsidcTcd a period of at least 12 months fmm th¢ date of the approval of the5c fjnancial documents. GOVERNMENT CRANT POLICY 25. A gr4tht that specifjed perfonnance condition$ is rec08n1d in Incom¢ when thc pertornance conditions are met. Where a grant doe5 not 5p¢cify perfomiance condition5 It is reGognised in inrome whcn the proeeed5 are received or receivable. A grani received before recognition ¢ri(eria are 5atisfitd is rgniSed a5 a liability. 26. FRC ETHICAL STANDARD- PROVISIONS AVAILABLE FOR SMALL Ef4TITIES In common with many oth¢r busin¢ssc5 of our si£e we us¢ our auditor5 to prare and submit r¢wrn5 t(> the tax authorities and assist with the pr¢para(ion of financial ststemcnts. 27. RESTRICTED FUNDS The reslriaed funds to Food Story as d¢iailed in the trus¢ees rLV)fL Page 24
Pembrokeshire Agticultur41 Socitty l.td Notes to the Flnanclgl Ststtments- tonflnM¢d for the Yesr Ended 31 Octobtr 2023 SUBSIDARY UNDERTAKING PAS Promotions Limited PAS Promoiions Lirnited (Registered in England and Wale& no 019413141 ts a wholly owned Subsidiary or Pcmbrokeshire AgriLuliural So¢iety Llmited. The company trad&s from the premises of P¢mbrokeshir¢ Agrl¢Ulwr Society Limited. Protlt Y4nd Lo&5 Ae¢ount Year endèd 31.10.23 Year ended 31.10.22 Thmover Co8t of %alcs GROS.8 PROFIT 30,664 506 30.158 25.833 7,203 18,629 15 2.909 Administrative expenses OPERATING PROFIT / LOSS T&x on ptvfit 1108$ PROFIT I LOSS FOR THE FINANCIAL YLAR 4,208 BAlall£e sheet Year ellded Year ended 31.10.23 31.10.22 Tangible fixed assets Stocks Debtors Cash at bank Credithr8 due wiihin l year Creditors due aftcr l year 4204 807 7.160 29210 (32,0741 (12,4571 4,946 ,3a7 4,486 23.376 126,972) 114.5031 R¢taInL r¢s¢ryc5 13.151.30} 17,3601 Page 25
Pembroke5hire AEricultural Sotiety L¢d D¢¢4iled Statement of Financial Aetivities for the Ytar fr,ndtd 31 Oetob¢r 2023 31.10.23 31.10.22 INCOMb AND ENDOWMENTS Other trading Activities Rental In¢ome & Service Charge Other Activities Subsidiary-l'rading Activity 92,584 17,J29 151,185 18.697 140,578 195,715 Rents re£eive41 95.125 84.257 Charitable actlvltlej 8hnw Income Govemmeni Q)vid Grdnts 382,752 336.281 6,560 383 752 342.841 Total incoming resol1lS 619,455 622,813 EXPENDITURE Other tradlng Aetivltle5 Wage5 Solial sccursty Bank Charges Premi%es Expenses Administrative expenses Maintenance Ci)%ts Other Direct C05t5 Subsidiary TTadiTrg Expenses Accounrancy f¢es Debt PLant and machin Depreciation ufTractOTS Motor vehicles 41,630 5,230 237 1.391 65,391 7,587 31,544 539 2,068 52.244 8,794 36,019 1,786 li 18,956 2,140 30,419 11,051 126 940 13,924 2.090 28,896 13,656 140 206,173 l71.669 ChArltable etivities Wages Social yecurity AttTaclion Prize Money Ros¥ttes Latcring Se¢uTity ond Parking Showground Sit¢ Infra5truclure Emergency servi( & Veterinary Carricd for¥¥ard 64,269 34.746 .502 4,590 18,085 5,440 4.955 12.958 J3.003 7,620 122,899 5,61K> 27,5D7 8,041 13.798 42.527 65.607 15,586 242,935 Thi5 pagc do¢s not form part of the statu¢ory finan¢ial staiements Page 26
Pembroktshire AgritulturAI Society Ltd Detslled Sta¢¢m¢nt ofFln4nelal Aetlvltles for tkn¢ Year End 31 October 2023 31.10.23 31.10.22 Chfiritable 8ctivltl¢$ BTuu¥ht forward Grounds Maintenance anitation and Cleaning Siock %undrLC8 Fuel & Oils Judg¢5 Expenses Equipment Hire Showground repairs Sub show expens¢s Aifillation (ee5 Donations 242,935 4,061 23,692 640 4,36() 3.780 21,420 2,986 4,429 3.667 4,706 122,8S9 1.981 13,168 40 1.204 2,1152 9.307 3,786 1,020 1,503 1,613 I 11 Commission Licences Show Si8ns Goods for re5alc GTounds Rent Computer5 &nd SofiwaTe Advertisin8 DepreCilon Plant Depr¢ciation Tractors Depreciation Mo¢or Post&8e, Staiionery & Printing Bad debL provision ¥,703 602 1,926 219 133 7.(X)7 6,400 11,05L 126 940 9.906 4,587 1,912 3,150 43 133 7.320 4,818 13,656 1,044 6,673 363,695 217.124 Support eosts M#n#gement Sundrie5 Rank Charges Bank Interest paid ,542 4,550 626 79 4,211 752 6,718 5.042 Govtrn#ttte e05ts Auditors, remuneraliun Auditors, remunerJLiun for non audit work IgaI and Professional fees 2,500 2,140 2,400 2,090 Total resources expended 587317 407.717 Net income This page doe$ not form part of th¢ Statsry financial statements Page 27