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 a￿1 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
P*ge
Report of the Trustees
I to 7
Report of the Independent Auditors
St8tcmeDt of Flnanci*l 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 Repo￿n& 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 Ind￿lry and af an
organisalion be nalionaltyrecogniigdosproRressi￿. I￿j1￿¢￿il0l0￿dh￿g￿1Yr¢sarded
The Society's obj￿IlVeS 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¢s￿ck 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 ed￿￿te the public r¢garding o¥rirultural
producc, pro￿SS&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 S￿1¢￿ 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 (L￿nOt￿y.
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 PruN￿lion 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[n￿S 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 COMp￿Y 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 an*uaJ 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 fi￿d,
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 I￿tUre 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 Improvem￿t 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 exp￿ted, 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 nu￿be[S
with. as always, ¢xLYptiunally high standords. Due tu Avian Influcnza re4trictions the usual Poulty show had to be
ncelled buL thal did t￿t 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 ￿ P￿brOkeShIr¢ 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 presell￿d (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 M￿h)nery and livc animals for ihe local school ¢hildTen to scc
fjrst-hand what 15 Used to prod￿te 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 reco￿lsed
and aCknowl￿ged - 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 Visi￿r$ ￿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 Wmpa￿d 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 ithLY￿Se￿ 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
s￿gIng 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¢ ¢xpeL￿d 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 cOMpa￿d 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 AgrIcult￿rA1 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 nuM￿r
1160533
Registered offi¢e
The Show Office
Couniy Si¥)wgJK>und
Withybush
HAvERF0RDI￿Es'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$tce5 (Includlng group Dir¢¢tor5 report)
for the Y¢ar Ended JI October 2023
STA TEMEN'f OF TRUSTEb.S' RESPONSIBILJTIES- continued
Company law requires the t￿St¢t$ 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 mat￿la1 departures di5LIosed and
explainc£l in thc financi215thtements,'
prepare the financial st4￿Cnts on rhe 8OLng concern b8515 unless it is Inappropriale io presume that the charitable
company will conilnue in b￿lneSS.
Th¥ trumees aTe reSpOn.￿thI¢ for kccpin8 proper aceounting records which disL'lose with re￿nable 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 audi￿lS 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 Ot￿ber 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 i￿en 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 res￿nSibIlItI08 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$ rel*tin% 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 $￿tementS j5 appropriate.
BasLxI on the work we havtt perforrned, we have not identified any tnateriai unccrtainties relating to cvcnt5 or conditions
thaL individually or collcctively. may c&815ignificant doubt on the ¢haritable compaoy's abilily lo continu¢ ￿ a going
cotjcern for a wiod ofat least twelve months from when the financial statsrnents are authorised for issue.
Our r&8ponsibilities and th¢ re5p¥Trnsibiliti¢5 of the trnst¢¢s with re¥pect to goin8 ¢oncern are d￿Cribed in the relevant
sections of this rqjort.
Other Tnform*tiDn
The irustees ar¢ rcsponsible for the other infomiation. The other inlorniation comprise$ the information included in the
Annuaj Repor4 Other than the fin8n¢ial statements 2nd our Report of the Inde￿ndenL 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 Tr￿SteeS 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 I￿ve 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. Mi*8taiemerits 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
non*ompliance 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 sts*ments 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 tnjsl￿S as a body. for our audit work. for this report, or forthe opinions we have fomied.
A5hmole and Co.
Chdrtered Certified Accountants and Stsiutory
Audi￿rS
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 lan￿rd
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
unrestri￿ed
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 i￿se 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 deFosi*d 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 su￿lUS 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. F*half 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
pr￿ented 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 h￿ding5 thcy have been allocat￿8 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 s1atlTh￿ts 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 sta￿￿en[ ofFinancial A¢tiviti¢s.
Pa8e 16
continued...

Pembrokeshire AgrleMltur#l Soei¢ty Ltd
Notos to the Fin*ncial Statement$- continued
ror the Year EDdgJ 31 October 2023
ACCOUNTif*G POLICIES - tontinuert
Stocks
Stt)¢k$ 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 pUT￿SeS within thc obje¢ts of the Charity.
Restyi¢iions arisc when s￿Lified by the donor or when funds are raised for partiLular r¢strictcd purpo%cs.
Further ¥xplanation ofthe natuff and pU￿oSe 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/lexpendi￿￿j 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 oC￿ber 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 Fln*ntiAI 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 r￿ed 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 l￿d 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 Agricul￿ra1 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 ex￿nseS 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 rec08n1￿d 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 r￿￿gniSed 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 pr￿are 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 resol1￿lS
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
DepreCi￿lon 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
I￿gaI 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¢ Sta￿tsry financial statements
Page 27