RECISTERED COMPANY NUMBER: U9124313 (England and Wales) RECISTERED CIIARITY NUIMIIER: 1160533 Report of the'frustees and Consolldated Fingnelal Statements for the Year Ended 31 October 2024 for Pen)brokeshire Agricultur21 Society I,td Ashmole and Co. Chartered Certificd Accountants and Statutory Auditor3 Williamston House 7 Goat Street Haverfordwesl Pembrokeshirc SA61 IPX
Pembrokeshire Agricullural Society Ltd Contents of the FlllAneial Statements for the Year Ended 31 October 2024 Page Report of the Trust¢¢s I to 7 Report of the Independent Auditors Statement of Financial Activities io Balance Sheet Cash Flow Statement 14 Noles lo the Cash Flow St2tement 15 IYot¢s to the Financial St*t¢men¢s 16 to 25 Detailed Statement of Financigl Activities 26 to 27
Pembrokeshire Agrieultural Society Ltd Report of the Trnstees (Ineludlng group Directors report) for the Y¢ar Ended 31 Oetober 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006J present their report with the financial stalements of the charity for the y&qr ended 31 Ocknbcr 2024. The trustees have adopled the provisions of Accounting and Rew)rting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordanee with the Financial Rewrting Stand8rd applicable in the UK and Republic of Ireland {I."RS 102) (effective l January 2019). STRA TEGIC REPORT Objectives and activities The Pembrokeshire Agricultural Society WUB formed in 1784. In 1985 it becdmc a regislerLd charity for the "Improvemenl and Encouragement of AgriLulture, particularly in thc County of PLmbrokeshire" On Conversion io a l.imitcd Company in 2015 the SoLiety once again sought and gainLKI rcgistration as a charily. Over the yeiifs the Society has thrivcd in various fornis and variuus localions in Pembrokeshire. until 1959 whcn it fnund its ideal sitc at the County Showground where it remains today. Our Vision is for: county community ikal fvIIy 74nderslL7ndY, values and appreciales a susfainable agricultural induslry and as an organisaiion be Kalionally recognised asprogres&ive, influential andhighly regarded. The Society's objectives are set out in ils governing document. There are Iwo objectives. The first is to promote, advance and improve for the benefit of the public, agricultur< horticulture and rural crafts and skills in all their branches by ihe improvement of livestock and the demonstration and showing of livestock, machinery, crafts. products, method5 and processes connected with agriculture and agricultural education in particular by the holdin8 of an annual show. The second is to provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth. age infirmity or disability, tinancial hardship or social circumstances with the object of improving their conditions of life. The Society brings a showcase of agricultural activities to the general public, thus giving the opportunity for them to see animals, craft5, skills & produce at close quarters whilst addressing the need to educate the public regarding agricultural produce, processes and provenance of food. The agricultural events also provide a showcase to producers wishit)g promote their products. Great importance is placed on providing the public with a well-rounded, educational portrayal ot-agriculiure and the associated industries. The Society seeks lo improve and develop this function each year, bringing new elements to it lo continue educating the public in new agricultural developments. By doing this, it believes that it is providing the public with a plaiforni which will improve knowledge of the agricultural industry whilst enabling agricultural based businesses with the opportunity lo display their products & services. The work of The Society is covered under three primary areas." The Society Key Siralegic Aims To raise our profile as a eharily focused on tood, farming and the countryside in PLmbrokeshire and to provide facilities supporting a diverse range of pwple in Pembrokcshire wilh the aim of improving the conditiuns of their life. 'I'o build a dynamic and vibrant membership assuciation with relevance to all farmers and those engaged in Pembrokeshirc's rural Lionomy. To hdrness ihe commitment and enthusi&sm of our members and vOlUner$ lo disscminale knowledge and education aix)ut food and farming. The Show Key.giraiegic Aim To continue to bc a 'Champion' County Show which is relevant and appealing ts) a modcm and increasingly urban based con5umerlvi51tor. To also be a fo¢al point for the 'P¢mbrokcshire 14rand' and promotion olthe cultural offer. The Food Story Siralegi¢ Aim To provide facility/facilitation for learnin8 aiK)ui food. farming, the countryside and wider environmentsl issues enabling informed connection between tomorrow's consumers and the producers, and lo contribute to the growth of the rural economy through inspiring particularly younger people to explore the wide range of careers Ihe sector offers. Page I
Pembrokeshire Agrieultural Society Ltd Report of the Trustees (Including group Direetors report) for the Year Ended 31 October 2024 Our Values Are to: Work openly with all our stakeholders Uphold the highest standards whilst remembering our traditions Take pride in our estate and kLLP it in the best possible condition ConduLt our business with integrity and in a spirit of positivity and rpect Supporting Pembrokeshire produccr8 and busillL55es The Society pn)vides facilities to events and organisations which scck to 25SlSt less able members of the public lo enjoy experiences that they may not bc able to benefit from otherwise. Examples ol such activities are the provision of showground facilitic5 to the local YFC movcment and the provision of facilities to local orgLtni5ations ivho work with disabled stakeholders including Pcmbrokeshire College. The Sucicty believes il hd5 excellent facilities for such evenls and wishes lo continue to expand utx)n the exisling USL Ot- the facilities. It will conliJ)uc to work with existing users and will seek tu build relalion8hip8 with Wjtential new u5Ct3 of the faciliiiLs. The other tiVItieS undertaken by the Society. to Support the above charitable ohjectives, arc Ihc management of the portfolio of pmperties it holds on it5 estale which includes thc rcccipt nf income from rental PTOPCrtie.4, hosling of various othcr events on the showground such as a Christmas Fayre, Wedding Fayres, Poultry Shows, the annuai Yl,'C Rally and numerous oiher events in our venues. Volunteers are of utmost importsnce to the charity. All trustees, committee members and show steward5 are entirely voluntary and without their valuable contribution the Society, and in particular the Pembrokeshire County Show, ould not operate as it does. Lt is ¢stima(ed that the tots] volunteer numb¢r5 approximately 200 individuals, and they are provided administrative support by staff. The Trustees have regard to the Charity Commissions guidance on public benefit, and this remains a primary focus when reviewing the aims and objectives for future activities of the Society. Reseryes Policy The Board aims to see the Society's free reserves at a level that ensures the future viability of the Show and the Society. This is in order to ensure that, should the Society be unable to hold a show in any given year in the future, there are sufficient funds available lo run the Society. STRUCTURE, GOVER,YAf4CE AND MANAGEMENT Pembrokeshire Agricultural Society is a Limite£l Company, it is also a registered charity. The Board of Directors of Pembrokeshire Agriculturdl Society Limited are also its Charity Trustees enablÉng the Society to be compliant with both company and charitable law. As a company limitrd by guarantee, the Society's governing doLumcnts are its Memorandum and Articles of Assoeiation. Thc Board of Directors are responsible and accountsble for the atTairs and finances of the Limited Company that is the Society. "E'hL Board ha5 approvcd the appointment of contracted 5Lrvices for ihc provi.4ion5 of 14R and Hcdlth & Safely advice, to include thc ongoing developrncnt & moniiuTing of health and safety proce5se5 appropri<ltc to the effective mandgement of risks during the annual show The Show Council acts in an advisory and consultative capacity. in all matters rclating to the organisalion of the Society'5 flagship event- the Pembrokeshirc County Show, any sub-shows such the Spring Lquinc Shows. The Show Council is compriscd of the mumbers from the show committees:_ equinc, show jumping.. cattle, shcep. pigs. goals? poulty, cratt & horticulture. dogs and vintage and others elected. The Show Council compriscs of up to 50 elec*d mcmbers, Directors of PAS Ltd. the President and the President EleLI. One third of elected mcmbers shall retire from otTi¢e each year, but are eligiblc for re-election. Sliow Council membcr5 are drawn from the catchment area of the Society and generally Teprcsent a wide cross section of the community and have particular ski115 that they can brin8 to the Show Council. Each new council member is presented wilh an induction pack containing infomiation about the Socicly. its constitution aJ)d objectives. The Society has a wholly owned subsidiary. P.A.S. Pr(Imotions Limited which operates event5 at the Showground.
P¢mbrokeshire Agricultural Society Ltd Report of the Trnstees (Including group Directors report) for the Year Ended 31 October 2024 Aehi¢vements & Performance The show The County Show was another enjoyable and successful show. The first day of the show witnessed an enormous attendance and everybody Seem to enjoy themselves. The forecast for the second day was mi5eiable 50 this helped augment the first-day atiendance. The livestock that was exhibited was of the highest quality and a delight for people to witness. Sadly, though entries were down and we all understand the menace of TB plays heavily into this situation. This will be a challenge for all societies moving forward. Happily.. sheep and pig entries were up and again displayed to the highest quality. In the horse aren4 the eKcellent entries kept stewards and judges fully 0UpIed over the two days. The Society is also grateful for all the trade stands that exhibit during the show. They also make a huge impression on the visitors to the show with their wann welcome on their stands and the display of their businesses. The craft cents were also very busy and were a massive altraction to all attendees. Special mention must be made of the Food Hall. By showing the very best of the West Wales produce, the marquee has beme a highlight of many coming to the show. Another wonderful area no¢ lo be missed was the very busy Countryside Market with its varied and excellent Products. Many people enjoyed visiting this area. The Countryside Paddock also proved to be enjoyed by the general public. Another busy area of the show ivas our vcry own 'Food Story. marquee which is such an import&nt aspect of the show in reaching out to children to leach them food providence and also involving interested parents and grandparents loo. This year, the vintage display was a great attraction. especially when they took a tour around the ring. The eraft and horticulture hanger was a treat to see. Many entries of Superb craftmanship to witness. Lots of pe4)ple also enjoyed a visit to our feathered friends jll the Brithdir Hall which houses the Poultry exhibitors. The Spring Equine Event The 2024 Pembrokeshire Sprin8 Equine Event proved to be suc¢e55ful once again and with 133 entries the event 18 growing year on year. Competitor.8 came from as far as Cardiff and Aberyslwyth and il i& gaining popularity in the equin¢ wmmunity each year it is run. It is a fantastic small show which we are very proud of. Our aim every yeai. is to try and encourage the grass roots competitors to give it a go and then encourage them lo try the County Show in the summer. Pembrokeshir¢ Agricultural Society Estate The Estate has once again been quite busy during the year ending 31 October 2024 ivith numerous events hcld on site. Whilst some of these Th'ere the Society's own events. we also welcomed the Pembrokeshire Federation of YFC'S, Crucial Crew, The Celtic Trust Show, the West Wales Health Care Awards, Dyfed Poultry Society Poultry Show, Haverfordwesl Town Council, the No Fit State Circus and various other community organisations and private individuals our site. Pembroke5hire College continued to use some of our facilities on a reduced ad hoc basis. mainly for examinations, and we were pleased to build a relationship with the Welsh Blood Service who now use the Pavilion for donation sessions on a regular basis. A programme of works wa5 completed during the yetsr to bring our pemianent toilet blocks back into full use for the County Show atid other events on site. Whilsl these facilities still require some improvement5, there is now additional capacity available on site should the need arise. Much work was undertaken during the year to freshen up ihe appearance of the site mainly in relation to painting work and grounds maintenance. It wa5 also decided to continue with our tree planting scheme, with the trees planted in previous years making a signiticant difference to the landscape of the 51te. These items alongside the routine maintenance tasks were mainly attended to by our Staff and volunteers. with the assistance of external contractors wherc necesSy. It was recognised during the year that work would need to be undertaken to address the issues with some roofs on sile, partly due to the need to improve the energy cfficicncy of the buildings where possible and partly lo address ongoing repair issues. A decision therefore been taken to replace the roof ott one of the smaller buildings with insulated roofing and this is du¢ to be undenaken in Spring 2025. Once this is completcd, further consideration will be given to other buildings on site. Unfortunately during this year we had two rental units that were Un0upied for much of the year. We are seeking new occupants for these buildings. and will continue to do so until they are filled. We will also continue to explore opportunities for other uses for the sile, to rnaximise use of the facilities and space we have on site. Page 3
Pembrokeshire Agricultural Society Ltd Report of the 'frustees (Ineluding group Directors report) for the Year Ended 31 October 2024 Christmas Fair All wcnt very well. this being the first time over 2 days. it was not expected to double the amouni but there was a huge push on social media. stUrdaY went very well we will hold thc Christmas Fair again over two days on 13 and 14, December 2025. There were 61 indoor spaces, PAS had the mulled wine stall, 5 vcndors in thc food court and a fn]it and veg stall. Bellcs Charity had a sland and Sandy Bcar took over Santa's Grotto which was placed outside ivhich worked well. The Rock Choir performed on the Sunday were umaiing dnd all added to the atmosphere, they have been book again for 2025. Food Story Another 5uwessful event was held on the 5, & 6, March 2025 with over one thousand children visiting the showground over the two days from 30 different schoo15 with posilivc feedback from both the children and the teachers. This year the focus was on potatoes, with the polalo story being told, and jacket potatoes being eaten. Bart Rees, Tom Reed and Rob Scale kindly lent their poiato kil for the children to see. Puffin supplied the jacket potatoes at a 50 % reduction on price. Castell Howell cooked the jacket potatoes and told the children about thc food they were eating. New workstations this year included Keep Wales Tidy (food miles), National Parks, Puffin, Dylan Roberts Carningli Dairy with his book, Robleslon Hall sheep and Pembrok&shire College. This amounted to 26 workstations in total. There were &pproximately 70 volunteers, some of whom gave up two day5 Qt their lime, and others who spared a day or two or even a couple ot hours. Each sGhool left with a buckei full Df resources. and a seed potato lo enter one of the competitions. A display of the COTnpclition cntries will be at the Food Story lenl in thc show. Thc buckets were donated by Puffin, and thc rLsoufLCS donated by Wc15h Government and oihcr organisalions. l)urin¥ thL Idst year as well as our presence at ihe Counly Show thc members of the bood Story 'l-eam have alsu visitcd Fenton and Roch Schoo15, and resources havt bccn lent to Caer Elen school. 'I'hey were also at Narberth Food Festival and Camrose Vintagc Working Day. A trailer has been purL'hased and adaptcd to being an educatianal resource for the Food Story at any cvcnL and especially the bmallcr agricultural shows where the continu¢d ¢du¢ation of children and adults on all things agricultural can take place. Next year's main Food Story event will be held on the theme of 'Lels Celebrate.. All agricultural students will and secondary students will be invited to the Thursday morning session for the benefit of children, rather than them being mixed with the primary children on the other three sessions. It is hoped that we will be able to secure lurther funding this year. Page 4
Pembrokeshire Agricultural Society Ltd Report of the Trustees (Ineluding group Directors report) for the Year Ended 31 October 2024 FINANCIAL REVIEW The financial results for the SoLiety show a deficit of £35,164 this year compared to a surplus of £32.138 the previous year. The main reason lor this dcfieit is the dreadful weather on the second day of the 2024 County Shoiv. We dre confident that, had we not bcen unfortunate enough lo have sulTered Ihe wet blustery canditions that we did, we would have returned a surplus once again this year. The charitable activiti&s. which in essence are the Show and the Food Story F.vents, had a total income of £387,210 during the year ending 31 Ocknber 2024 cumparcd to an income of £382.752 the previous year. Thc modest increase in incomL was represented by changes over scvcral lines. Income from conGLSsions and entry fees increased. and this mitigated IhL cffect of a small dcLfLaSC in revenue from sponsorship. Income from admi5SiUJ]S for lh¢ first day of the County Show was excellent. and we had crowds of visitors on site enjoying dl thai ihe Show has to offer. I'his did not howevcr compensate for the low takings on the second day due to the challenging weather. Lxpcnditure for charitable activitie5 wa5 £401.105 compared io £363.695 the previous year, and much of this increase was dircct costs for the Show. As we take further steps to recurn to a County Show which is more akin lo thL cvcnts nf the pre-COVID eTa, Losts are inevitably increasing. During 2024 the main increases in costs were in relalion to attrdc¢ions which incre&sed by 790/0 to £10.046, security and parking which increased by 45% to £61.965 (partly due to increased regulatory requirements) and office infrastructure and supplies costs which n¢reased by 63/ to £14:447. Th¢se increases in costs were expected and planned for. and we were able to make some Small savings in other areas such as equipment hire and p05tage. We continue to work to identify areas where we can make cost savings withou¢ compromising the quality of the County Show so that expenditure can be Io¢u5ed on where it has the most impact for the event, but it is unfortunately inevitable that overall costs will continue to increase each year. The deficit lor the Show before support costs wa5 £13,895 compared to a surplus last year of £19,057. The restricted funds, which relate entirely lo the Food Story projec4 are shown in a separate column and all expenditure under the project was funded by grants and donations for which the Sociely is very grateful. At the end of the f5nancial year there was an amout)t of £16,154 remaining in the Food Story funds for future events, and work will be undertaken to secure additional funds to ensure that these events can continue. The Estate. which is shown &5 Other Trading Activities on the stment of Group Finkmcial Activities, had a total income of £200,056 compared to £235.703. During the year ending 31 October 2023 Pembrokeshire College were occupying some of our buildings for part of the year, but Ihis ceased during that year and so this inci)me stream was not available during the 202312024 financial year. We also had two properties unoccupied for much of the year which resulted in a de¢rease in nomial rental income. Expenditure on the Estate was £1 80,491 compared 10 £206.173, and the end result for the estate was a surplus of £19.565 compared t() a sutplus thc previous year of £29,530. Thc focus for the Estate now is undcrtaking maintenancc work where necessary to ensure the integrity of the buildings is maintained and they are in good ordcr for both society events and tenants, and also ensuring that the buildings and showground are used as much as possible to mdximise revenue from this income source which in Lurn 5UPFK)rts the Society's charitable activities. Included in the Estates Accounts are the figures for the trading subsidiary, PAS Promotions Limited. "fhe results for the subsidiary were similar to last year with a profit of £5,038 for the year (2023 £4,209). The board of dircctors are plea5cd to rerA)rt that this company hab now returned to a positiL)n whcrc it h&8 net assets, and the Balance Sheet for the subsidiary is looking much hLalthier than it has done in the reeenl pasl. The deduction of Support and governancc costs from the nel inLomc for the Show and the Estate brings us io th£ results given in thc first paragraph ol-this report. r)uring the year we had capital expenditurc totalling £16.483 with the main items bcing a new boiler for onL Df thc rental pmperties, additional CCI'V cameras for thc 5lte and the purchase of a trailer to assist with the promotion or Food Story, wilh the latter being funded by grant5 and donations received. The Balance Sheet shows our closing Cash in Hand and at Bank at £338,261. These reserves are essential in ensuring that the Society has ongoing financial security, and the short terni aim should be to build enough reserves to cover Ihe cost of running the County Show for one year. The Society's total reserves, including all assets. at 31 October 2024 were £4.114m cornpd to £4.149m the previous year. Page 5
Pembrokeshire Agricultural Soeitty Ltd Report of the Trustees (Including group Directors report) for the Year Ended 31 Oetober 2024 REFERENCE AIYD ADMINISTRA TIVE DETAILS Registered Company number 09124313 (England and Wales) Registered Charity number 1160533 Registered office The Show Office County Showground Withybush HA VERFORDWEST Pembrokeshire SA62 4BW Trustees Mr Roger Mathias Mr Michael Davies Chairman Mr5 Nicola Owen Vice Chairman Mr John Lewis Mr Mansel John Raymond Mr Adam Thorne Mr Richard Campbell Cole Mr Delme Harries Auditors Ashmole and Co. Chartered Certified Accounlanls and Stalulory Auditors Williamslon House 7 Goal Sircct Haverjordwest Pembrokeshire SA61 IPX STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Pembrokeshire Agricultural Society Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and Ihe financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Page 6
Pen)brokeshirc Agrieultural Society Ltd Rtport of th¢ Trustees for the Year Ended 31 October 2024 STATEMENT OF TRUSTEES, RF.SPONSIBILITIES- continued Company law requires the tNstees to prepare financial statements for each financial year which give a true and fair view of the statr of affairs of the charitable company and ot ihe incoming resources and application of resources, including the ineome and expenditrjre, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them conSisntiy. observe the methods and principles in the Charity SORP. make judgements and estimates that are re&8onable and prudent- state whether applicable accounting siandards have been followed, subject to any material departure5 disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitsble compan). will continue in business. The trus¢ees are responsible for keeping proper accounting records which disrlose with re£tsonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial Statements comply with the Companies Act 2006. They are albo responsible for safeguarding the assets of the charitable company and hence for taking reasonable step5 for the prevention and detection of frdud and other irregularities. In so far as the trustees are aware.. there is no relevant audit infornation of which the charitable company's auditors are unaware,. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditors, Ashmole and Co., will be proposed for re-app)inthient at the forthcoming Annual General Meeting. ..2 6 Z3 and signed on its b¢ha]f by.. Chair of the Board of Management on .. Mr Miehdel Davies- Trustee Page 7
Report of the Independent Auditors to ¢he Trustees of Pernbrokeshire Agricultural Soeiety Ltd Opinion We have audited the flnancial statements of Pembrokeshire Agricultural Society Ltd (the 'charitabl¢ company,) for the year ended 31 October 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting frame'0rk that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statLmcnts: give a truc and fair view uf the state of the charilable company'8 affairs as al 31 October 2024 and of its incoming resources nd application of resources. including its incomL expenditure, for the year then endcd- have been PlOPLrly prepared in ¢Cordance with United Kingdom Gcnerally Accepled Accuunting Practice. and have been prcparcd in accordance with Ihc rcquirements of thc Compani&s Act 20U6. Basis for opinio Wc conducted our audil in accordance iviih International Standards on Auditing (IJK) (ISAS (UK)) and applicable law. Our re5pon5ibilities under those standards are furihcr dcscrihed in the Auditors, responsibilitics for the audit of thc finanLidl statements section of our report. We arc independent of the charitable company in accordancL with the ethical requircments that &re relevant to our audit of thL financial statements in the UK, including the FRC'S Ethical Standard, and we have fuifillcd our other eihiLal responsibilities in accordance with these requirements. We believe Ihat the audit evidence wc have obtained is surricient and appropriale lo pr(Trvide a basis for our opinion. Conelusions relatin% to going concern In auditing the financial st&lements, we have concluded that the trustees, use of the going concern ba515 of accL)unting in the preparation of the financial statements is appropriate. Based on the work we have perfomied: we have not identified any material uncertainties relating to events or c(Trnditions thaL individually or collectively, may casi Significant doubt on the charitable company's ability Lo conlinuc as a going concern for a period of at least twelve month5 from when the financial statements are auihorised for issue. Our responsibilities and the responsibilities of Ihe trustees With respect to going concern are described in Ihe relevant sections of this reporL Other information The Iruslees are responsible for the other inforniation. The other information comprises th¢ infonnation included in the Annual Report, otker than the financial siatements and our Report of the Independent Auditors Ihercon. Our opinion on the financial statements does not cover the other inforn]alion and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infoTm&tion and, in doing so. Consider wheiher the other information is materially inconsistent with the financial statements or our knowledge obtained in the dudit or oiherwisc appears to be materially misstated. 11 we idcnlity such material in¢onsist¢nLiCS or apparenl material misstatements, WL are required to dLtermine whether this givLS rise to a material misstatement in the financial sialtillcnts themselvcs. If, based on the work WL have performcd, we conclude that there IS <1 material misstatement of this other information. wc are requircd lo rcport that fact. We have nuihing lo report in ihib rcgard. Matters on which we are requircd to report by cx¢eption We have nothing to report in respecl of the followittg matters wherL thc Charities (Accounts and Reports) Regul&lions 2008 rcquircs us to rcpDrt to you if, in our opinion= the inforniation given in thc Rcport of the Trustees is inconsistent in any material respcLt with the financial statemenls- or the charit&blc company has not kept adequate accounting recnrds- or the financial s¢alemLnts are nol in agreement with the accounting records and relums. or wc have not receivcd all the informaiion and explanations w¢ rcquire for our audit. Page 8
Report of the Independent Auditors to the Trustees of Pembrokeshire Agricultural Society Ltd Responsibllities of trustees As explained more fully in the Statement of Trustee8' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of Lompany law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparalion of financial statements that arc free from material misstatemen4 whether due to fraud or error. En preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as appliLable, mattcrs related to going conLLrn and using the going concern basis of accounting unless thL trustees either inlLnd liquidate the charitable company or to cease operalions, or havc no realislic alicrThative but to do so. Our responsibilities for the 2udit of the financial 5tatetllents We have been appoinl¥d ds auditars under SLcliun 144 ot-the c.harities Act 2011 aTLd report in accordance with thc Act and relevant rcgulations made or having effect thereundLr. Our objectives are to obtain rea4onable assurance about wheihcr Ihc financial statements as a wholc arc frcc from material misstatement, whether duc lo fraud or error, and iu is5uc a Rcport of the Independent Audilors ihat includes our opinion. Reasonable assurance is a high level of assurance, but 15 tiot a guarantee that an audil Londuclcd in accordance with ISAS (UK) will alivays detect a material misstatcmcnt when it exists. Misstatements can arise from fraud or error and are considered matcrial if. individually or in the aggregate, they could reasonably be expected to influence the ¢conomic decisions of users laken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. In identifying and a55e55ing risks of material misstatement in I'espect of irregularities, including fiaud and non-compliance with laws and regulations, we considered the following: Nature of the charity and the sector in which il operates The legal and regulatory framework in which the charity operates and in particular those laws and regulations that directly affect Ihe financial statements or have a fundamental effect on operations e.g. Charities Act 201 I, health and safety regulation. Rcsults of enquiries of mandgement and those charged with governance. Any matters identified relating to the charity's policies and procedui'es for identifying, evaluating and complying ivith laws and regulalions, and wl)eil)er they were any known instances of non compliance. Detecting and responding to the risks of fraud and whether there is any knO.ICdge of actual. suspected or alleged Iraud A furthcr description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's webslte at www.frc.org.uklauditorsreswnsibilities. This description forms part of our Rewrt of the Independent Auditors. Use of our report This report is made solely lo the eharitsble Lompany's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Keports) Regulations 20U8. Our audil WOTk has been undertaken so that WL might state to the charitable Lompany's trustee5 those rnatlers we are required io sldiu" to them in an auditors, report and tor no oiher purposc. To the fullest ¥xtcnt permitted by law, we do not accept or assume reswnsibility to anyone other than ihL Lhdritdble company kmd the charitable company's trustCC5 as a body, for our audit work. for this report, or for the opinions wc h<iVC forn]ed. Ashmole and Co. Chariered Ccrtified Accountants and Siatulory Auditors Eligible to ac¢ as an auditor in terms of Section 1212 of the Companie5 ALt 2006 Williamston House 7 Guat Street Haverfordwest Pembrokeshire SA61 IPX Date= .Q7.2Gz£ Page 9
PembToke5hire Agriculth]ral Society Ltd Consolidated Statement of Finaneial Activities (Incorporatin¥ ajj Income and Expenditure Account) for the Year Ended 31 Octnher 2024 31.10.24 Total funds 31.10.23 Total funds Unrestrictcd Restricted fund Notes INCOME AND ENDOWMENTS FROM Chllritable aetivit5es Annual Agricultural Show Estates Accounts 380,419 6.791 387,210 382.752 1.000 Other trading activities lttvestment income 110,916 110.916 89.140 140,578 95,125 Total 580,475 587,266 619455 EXPLNDITURE ON R&ising funds 180.491 180.491 206,173 ChAritabl¢ activities Annual Agricultural Show ri4tates Accounts 421,328 13.820 6,791 428,119 13.820 369,902 11,242 Total 615 639 6,791 622 430 587.317 NET INCOMEI(EXPENDITbRE) (35,164) (35,164) 32.138 RECONCILIATIof* OF FUNDS Total funds brou8ht forward 4.149,588 4,149,588 4,117,450 TOTAL FUNDS CARRIED FORWARD 4,114.424 4 114,424 4 149,588 The notes form part ofthcse financial statements Page 10
Pembrokeshire Agricultural Society Ltd Consolidated Balance Sheet 31 October 2024 31.10.24 Total funds 31.10.23 Total funds Unrestricted fund Restricted fund Notes FIXED ASSETS Tangible assets Investment property 12 13 2,821,767 1.022,650 3,800 2,825,567 1,022 650 2,833,717 1,022.650 3,844,417 3,800 3,848.217 3.856,367 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 14 15 7,925 71,247 322 107 7,925 71,247 338.261 8,992 107,529 377.i68 16.154 401,279 16,154 417,433 494,089 CREDITORS Amounts falling due within one year 16 (94.555) (19,954) (114,509) (156,524) NET CURRENT ASSETS 306,724 3.800 302.924 -337.565 TOTAL ASSETS LESS CURRENT LIABILITIES 4.151,141 4,151,141 4.193,932 CREDITORS Amounts falling due after more than one year 17 (36,717) (36,717) 144,344) i¥ET ASSETS 4,114.424 4 114,424 4,149 588 FUNDS Unrestricted funds 20 4,114424 4 149,588 TOTAL FUNDS 4,114.424 4 149 588 Co+vlinued onfollowingpage The notes form part of these financial stalements Pagell continued...
Pembrok¢shire Agricultural Society Limited Charity Balance Sheel 31 October 2024 31.10.24 Total funds 31.10.23 Total funds Unrestricted fund Restricted fund FIXED ASSETS Tangible assets Investment property 2,818,482 1022.650 3,800 2.822.282 1,022,650 2.829,512 1022 650 3,841,132 3.800 3,844,932 3.852.162 CURRkNT ASSTr.TS Stocks Dcbtors Cash al bank and in hand 7,925 83.689 282 387 7,925 83,689 298,541 8.185 116.i37 348.358 374,001 16,154 390,155 473.080 CREDITORS Amounts falling due within one year (76,207) (19,954) (96,161) (140,559) NF.T CURRENT ASSKTS 297 794 293,994 332521 I'OTAL ASSETS LESS CURRENT LIABILII'ITr S 4,138,926 4:13 8,926 4,184.683 CREDITORS Amounts falling due after more than one year {26,390) (26,390) (31,945) NET ASSETS 4 112536 4,112,536 4 152738 FUNDS unreStricd fund5 4,112,5.36 4,152.738 TOTAL FUNDS 4.112,536 4,152,738 Conlinued onfollowingpage The notes form part of these financial statemenls Page 12 con¢inued...
Pembrokeshlre Agricultural Society Limlted BalAnee Sheet 31 October 2024 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for Ihe year ended 31 ocber 2024. The members have not dep05ited notice. pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. The trustees acknowledge their responsibilities for (a) ensuring that the charitable ¢ompany keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of ils surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companie5 Act 2006 relating to fInCIal statements, so far as applicable the chariLgble company. These financial statements have been audited under the requiremenls of Section 145 of the Charities Act 2011. (b) The finqncial statements were approved by the Board of Trustees and authorised for issue on [tl> i.IC. .... and were signed on its behalf by.. Mr Michael Davies - Trustee Mrs Nicola Owen - Trustee The note5 form part of these linancial Statements Page 13
Pembrokesbire Agricultural Society Ltd CAsh Flow Statement for the Year Ended 31 October 2024 31.10.24 31.10.23 Notes Cash flows from operating activities Cash generated frorn operations 17.816) 114.009 Net cash (used inl/provided by operating activities 17.816) 114,009 Cash flows from inve5tiDg activitie5 Purchase of tangible fixed assets Sale of tangible fixed assets Interest received (16.484) 101 (25,379) Net cash used in investing activi¢ies 13 865) 25 379) Cash flows from financing a¢tivitie5 Loan r¢payments in year 7.626) Net cash used in financing activities 7.626) 7.659) Change in cash and casb equivalents in the reporting period Cash and cash equivalent5 at the beginning of tbe reporting period (39,307) 80,971 377,568 296.597 Cash and cash equivalents at the end of the reporting period 338,261 377 568 The notes form part of these financial Statements Page 14
Pembrokeshire Agricultural Society Ltd Notes to the Cash Flow Statement for th¢ Year Ended 31 October 2024 RECONCILIATION OF NET (EXPENDITURE)IINCOME TO NET CASH FLOW FROM OPERATING ACI'IVITIES 31.10.24 31.10.23 Net {expenditure)fincome for the reporting period (as per the Statement of b"inancial Activities) Adjustments for: Depreciation Lharges Loss on disposal of fixed &%sets Interest receivcd r)ecrease in stocks Decrease in debtors Decrease in creditor5 (35,164) 32.138 24,367 165 (2.518> 1,067 36.282 42015) 24.976 552 96.565 40 222) Net cash (u5¢d in)Iprovided by operations 17,816) 14,009 ANALYSIS OF CHANGES IN NET FUNDS At 1.11.23 Cash flow At31.10.24 Net cash Cash al bank and in hand 377 568 39.307) 33¥ 261 377.568 39,307 338,261 Debt Debts falling due within l year Debts falling due after l year (7.7 l8) {7,718) 36717) 52.062 44 435) I'otal 325,506 31,680) 293,826 The notes form part of these financial statements Pag¢ l5
Pembrokeshire Agricultural Society Ltd Notes to the Finaneial Ststements for the Year Ended 31 October 2024 ACCOUNTINC POLICIES Basis of preparing the financial statements Thc findncial statements of thL" charitable company.. whieh is a public benefit entity under FRS 102. have been prepared in accordance with IhL Charities SOIIP (I.'RS 102) 'Accounting and lieporting by Charities= Statement uf Rceommended PracliLe applicable to charities preparing Iheir aLLounts' in accordance with the PinanLidl Reporting Standard applicable in the UK and Republic of Ircland (FRS 102) (effective l January 2019),, Financial RLporting standard 102 'Thc Financial Reporting Standard applicable in ihc UK and Republic of IrLland' Ihe Companie5 Act 2006. Thc financial statements have bLLn prcparcd under the historical cost convention. Company Status The Society 15 a company limited by guarantee. Basis for valuatioo of Gift5 in Kind and Donated Services Thc society vaiues gifts in kind and donated services al an eslimatcd market value. The value of whiGh 15 included in the incomc from show activities amounts to £4.900. The so¢iety benefits from the Services or volunteers which has not becn monetized. Group Financial Statements These Financial Sttiement5 consolidate the r¢5ults of the Charity and its wholly owned subsidiary - PAS Promotions limiled. A separate statement of financial artivities and income and expenditure account are not presented for the Charity itseiffollowing exemplions arrorded by para. 397 of the SORP. Income All income is rewgnised in the Statement of Financial Aclivitie5 once the charity has entitlement lo the funds: il is probable ihat the income will be received and the amount Lan bc measured reliably. Expenditure Liabilities are recognised as expenditure &8 soon as there is a legal or conslrnctive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount ot the obligation can be me&sured reliably. Expenditure is accounted lor on an accruals basis and has been classified under headings th&t aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Allocation 2nd apportionment of eosts Most costs are directly allribu(ablc to the running costs of the annual show or the management of the Estate and are allocatcd accordingly. Thc cost of the company's stsrr is dividcd between the Show aclivity and the managcment of the Estate on the basis of time devoted Tangible fixed a55ets Depreciation 15 provided at the following annual rates in order to wiile ofl cach asset (Iver its eslimatLd uscful life. Plant and machinery 200/0 on rcducing balance and IOO/o on rcducing balance Tractor5 Motor vehicles I 00/0 on reducing balanc 150/0 on reducing balance Th¢ Freehold Property is included in the financial staternent5 al ils revalued amount based upon open market values. As valuations are carried out every 5 years a separa* impairnient review is not considered necessary. The Board of Management is of the vicw that its policy on rnaintenance ensures that the value of ils land and building5 is ut)likely lo fall below the value currently shown in the accounts. Investment property Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is reeognised in the Statement of Financial Activities. Pa8e 16 continued...
Pembroke5hire Agrieultur21 Society Ltd Notes to the FinancSal StatemeRt5 - continued for the Year Ended 31 October 2024 ACCOUNTING POLICIES- continued Stocks Stocks ar¢ valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. RestriLtions arise when specified by the donor or when funds are raised for particular restricted pury)oseb. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. OTHER TRADING ACTIVITIES 31.10.24 31.10.23 Rental Income & Service Charge Othcr Activities Subsidiary Trading Activity 69,781 13,208 92,584 17,329 30,665 110916 140.578 INVESTMENT INCOME 31.10.24 31.10.23 Rents received Dcposit account interest 86,622 2,518 95.125 89,140 95,125 INCOME FROM CHARI'fABLE ACTIVITIES 31.10.24 Annual Agricultural Show 31.10.23 Totsl activities Show Income Government Grants 387.210 382,752 1.000 387 383,752 Grants received, included in the above, are as follows- 31.10.24 JI.10.23 Page 17 ontinued...
Pembrokeshir¢ Agricultural SocSety Ltd Notes to the Tr inancial Statements eontinued for the Y¢ar Ended 31 Oetober 2024 RAISING FUNDS Other trading activities 31.10.24 31.10.23 Staff costs Bank Charges Premises Expenqes Administralivt expenses Maintenance Costs Other Direci Cost5 Subsidiary Trading Expenses Accountancy fees Bad Debt Depreciation 38,683 1,373 54,491 11.720 41.870 3,325 10,188 2,238 5.001 41,630 2,068 52,244 8,794 36,019 1,786 18,956 2,140 30,419 180.491 206 173 CHARITABLE ACTIVI'I'IF.S cos'rs Support costs (see note 7) Direct Costs Totals Annual Agricultural Show Estates Accounts 400,981 124 27.138 428.119 401.105 40.834 441,939 SUPPORT COSTS Governanc¢ costs Manag¢menl Totals Annual Agricultura] Show EsiatQs Accounts 22,244 245 4,894 13,451 27,138 18,345 40.834 NET JNCOMEI(F.XPENDI'I'URE) Net incomd(cxpenditure) is stated after tihargingl(erediling)'. 31.10.24 31.10.23 Auditors, remuneration Other non-audit service5 Depreciation - owned assets 2,238 2,414 2,140 2,500 24.976 Page 18 continued...
Pembrokeshire Agricultural Sotiety Ltd Notes to the Fingncial Statements - eontinued for the Year Ended 31 October 2024 TRUSTEES, REMUNEIUTION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 October 2024 nor for the year ended 31 October 2023. I'rust¢¢s' expenses There were no trustees, expenses paid for the year ended 31 October 2024 nor for the year ended 31 October 2023. REMUNERATION RECEIVED BY KEY MANAGEMEIYT PERSONNEL 31.10.24 31.10.23 Wages and salaries Social security costs 122.706 105,899 125,773 105 899 The average monthly number of employees during the year was as follows.. 31.10.24 31.10.23 No employees received emoluments in excess of £60.000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted rund Total futids INCOME AIYD ENDOWMENTS Tr"ROM Charit#ble activities Annual A8ri¢ultural Show Estates Accounts 382,752 1,000 382,752 1,000 Other trading activities LnvL5¢ment income l36,752 95.125 3.826 140,578 Total 615 629 3.826 619,455 EXPENDITURE ON Raising funds 206,173 206,173 Charitable aetivities Annual Agricultural Show Estates ALLuunts 366,076 11242 3,826 369,902 11.242 Total 583 491 3.826 587,317 Page 19 continued...
Pembrokeshire Agricultural Society Ltd Notes to the Fillancial Statements - Cotttinued for the Year EDd¢d 31 October 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES_ continued Unrestric*d Rcstricted fund fund Total funds NET INCOME 32.138 32,138 RECONCILIATION OF FUNDS Total funds brought forward 4,117,450 4,117,450 TOTAL FUNDS CARRIED FORWARD 4 149 588 4,149 588 12. TANGIBLE FIXLD ASSETS Freehold property Plant and machinery Tractors COST At l November 2023 Addition5 Disposals 2.659,330 358,023 16,484 5,519 At 31 October 2024 2.659 330 374 178 5.519 DEPRICIATION At l November 2023 Charge for year Eliminated on disposal 207,026 21,529 62) 3,254 226 At 31 October 2024 228,493 3,480 NET BOOK VALUE Al 31 October 2024 2 659,330 145.685 2,039 At 31 October 2023 2 659.330 150,997 2.265 Page 20 continued...
Pembrokeshire A%ricultural Society Ltd Notes to the Finxneial Statements - eontRnued for the Year Ended 31 October 2024 12. 'rANGIBLE FIXED ASSETS- continued PAS Motor vehicles Promotions Plant Totals COST Ac l November 2023 Additions Diswsals 38.249 13,476 3,074,597 16,484 1329) At 31 Octobor 2024 38.249 13,476 3,090,752 DEPRECIATION At l November 2023 Charge for )'ear Eliminated on disposa] 21,329 1,692 9,271 920 240,880 24.3()7 At 31 October 2024 10.191 265.185 NET BOOK VAI.U At 31 October 2024 15,228 3.285 2 825.567 At 31 October 2023 2 833.717 13. INVESTMENT PROPERTY FAIR VALUE AI l NovLmb¢r 2023 and 31 October 2024 1,022 650 NET BOOK VALUE At 31 October 2024 1,022.650 At 31 October 2023 1,022.650 14. STOCKS Cb#rAty 31.10.24 Charity 31.10.23 Group 31.10.24 Group 31.10.23 Stocks 7.925 8,185 7.925 15. DFB'foRS: AMOUNTS FALLING DUE wi'fHIf4 ONE YEAR Charity Charity 31.10.24 31.10.23 Group 31.10.24 Group 31.10.23 TradL dcbtors Other debiors PAS PromoLion5 Ltd Int¢r co alc Prepayments 44.940 19,817 14,290 4.642 65,169 30,566 16.169 44.790 21,815 70,182 32,714 116,537 71.247 107 529 Page 21 continued...
Pembrokeshire Agricultural Socicty Ltd Notes to the FinAncial Statements - continued for the Year Ended 31 October 2024 16. CREDITORS: A.ThqOUNTS FALLING DUE WITHIN ONE YbAR Charity Charity 31.10.24 31.10.23 Group 31.10.24 Group 31.10.23 Bank loans and overdrafts (see note 18) Trade creditors Social security and other taxes VAT Other creditors Accrued expenses ArUed Income 5.556 14,410 1,895 16,045 32.498 25.757 5,556 39.253 1,695 32,528 35.296 21,751 4,480 7.718 14,410 1,895 21,379 32,498 36,609 7,718 39,253 1.695 35.528 35,296 32,554 4,480 96.161 140,559 114.509 156,524 17. CREDITORS: AMOUNI'S Al,LING DUE AFTER MOR Tr; TIIAN ONE YEAR Charity Charity Group 31.10.24 31.10.23 31.10.24 Group 31.10.23 Bank loans (see note 18) 36,717 18. LOANS An analysi5 of the maturity of loans is given below: 31.10.24 31.10.23 Amounts falling due within one year on demand.. Bank loans 7.718 AtTLounts falling between onc and ttvo years= Bdnk Ic)ans - 1-2 years 7.718 7.718 Amounts falling due between two and five years: Bank loans - 2-5 years 23,152 23.152 Amounts falling due in more than five years.. Repayable by instalments: Bank loans more 5 yr by instal 5,847 13,474 19. SECURED DEBTS The following secured debts are included within creditors: 31.10.24 31.10.23 The charities bank has a charge over a parcel of land of 21 acre5 as security on the charilies overdraft facility. Page 22 continued...
Pembroke5hire Agricultural Society Ltd Notes to the FinanciAI Statements - cotInUed for the Year FJnded 31 Oetober 2024 20. MOVkMENT IN FUINDS Net movement in funds At 1.11.23 At 31.10.24 Unrestrieted funds General fund 4,149,588 {35,164) 4,114,424 TOTAL FUNDS 4 149 588 3).164) 4,114,424 Net movement in funds. included in the above are as follows.. Incoming resources Resources expended Movement in fund5 Unrestricted funds General fund 580,475 1615,639) (35,164) Re5trieted funds Food Story 6,791 (6.791) TOTAL FUNDS 587,266 622.430) Comparalives for movemtnt in funds Net movement in funds At l.Ll.22 At 31.10.23 Unrestricted funds General fund 4,117,450 32,138 4,149,588 TOTAL FUNDS 4.117450 32,138 4.149 588 Comparative net movement in funds, included in Ihe above are as Follows.. Incoming resources Resourc¢s expLndcd Movement in funds Unrestriet¢d funds General fund 615,629 {583,491) 32,138 Restricted funds Food Story 3,826 (3,826) TOTAL FUNDS 619,455 5x7.317) Page 23 continued...
Pembrokeshire Agricvltural Society Ltd Note5 to the Financial Statements - continued for the Year Ended 31 Oetober 2024 20. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At -11.22 At 31.10.24 Unrestricted funds General fund 4.117,450 (3.026) 4,114,424 TOTAL FUNDS 4,117,450 13.026) 4l14424 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Inwming resources Resources expended Movement in funds Unrestricted funds General fund I,E96,104 (1,199,130) (3.026) Restricted funds Food Story 10,617 {10,617} TOTAL FUNDS 1206 721 (1209,747) 3.026} 21. CAPITAL COMMII"MLN'I"S 31.10.24 31.10.23 Contracted but not providcd for in the financial Swements 22,119 22. RELATF.D PARTY DISCLOSURES There were no related party transactions for the year ended 31 October 2024. 23. TRUSTEES EXPENSES The Trustees of Pembrokeshire Agriculiural Society Limited have not incutTed any expenses during the period. 24. GOING CONCERN POLICY The Trustees of Pembrokeshire Agricultural Society Limited have rcviewed the post year end financial performance, expected perforniance and the charity is expected to hai'¢ adequate resources to continue in existence for the foreseeable future as such believe it is appropriate to adopt the going concern basis of a¢¢ounting in preparing the financial statetnents. In making their assessment the Iruslees have considered a period of at least 12 months trom the date of the approval of these financial documents. Page 24
Pembrokeshire Agriculturxl Society Ltd Notes to the Finantial 8ta¢emellts - continued ror the Year bjnded 31 Oetober 2024 25. GOVERNMENT GRANT POLICY A grant that specified perfoTmance condition5 is recognised in income when the performance condilioiis are met. Where a grant does not specify perfomiancc conditions it is re¢ognised in income when the proceeds are received or receivable. A grant received before recognition criteria are satisfied is recognised as a liability. 26. FRC E'I'IIICAL STANDARD- PROVISIONS AVAILABLE FOR SMALL ENTITIES In common with many other businesses of our size we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of financial Statements. 27. RE8TRICTkD FUNDS The reslricled tunds to Food Story as detailed in the trustees report. 28. AUDITORS RENUMERATION Charges included in these accounts in respect of audit renumeration amounted to £2,238 (2023 £2,500), other lees in respect of the preparation of the group accounts and consultancy amounted io £4.652 (2023 £4,1240). 28. SUBSIDARY UNDERTAKING PAS Promotions lJimited PAS Promolion5 Limited {Rcgistered in England and Wales. no 01941314) 18 a wholly owned subsidiary of Pembrukcshire Agricultural Society Limiled. Thc company trades trom thc premises of PLmbrokeshire Agricultural Society Limited. Profit and L4)5s Account Year ended 31.10.24 Year ended 31.10.23 Turnover Cost of Sales GROSS PROFIT Administrative expenses OPERATING PROFIT / LOSS Tax on profit I loss PROFITI LOSS foR THE FINANCIAL YEAR 27,927 807 27.120 22,081 5,039 30,664 506 30,158 4,208 Balance sheet Year ended 31.10.24 Year ended 31.10.23 Tangible fixed assets Stocks Debtor5 Cash at bank Creditors due within l year Creditors due after L year 3,284 4,204 807 7,161 29,210 (32,134) (12,399) 14.225 39,720 (45,014) (10,328) Retained reserves 1.887 (3,151) Page 25
Pembrokeshire Agriellltural Society Ltd Group Detailed Statement of Finaneial Activities for the Year Ended 31 October 2024 31.10.24 31.10.23 INCOME AND ENDOWMENTS Other trading activities Rental Income & Service Charge Other Activities Subsidiary Trading Activity 69,781 13,208 27.927 92.584 17,329 110,916 140,578 Inve5tmetbt ineome Rents. rcceived Deposit acLount inter&st 86,622 95,125 89,140 95,125 Charitable activities .8how Income Government Grants 387,210 382,752 387,210 383,752 'rotal incoming resouree5 587,266 619,455 EXPENDITURE Other trading activitles Wage5 Social security Bank Charge8 Premises Expenses Adminibtrative expenses Maintenancc Costs Other Direct Costs Subsidiary Ti<iding Expenses AccountanLy fccs Bad Debt Dcpreciation of Plant & Machinery Depreciation of Traulors Dcprcciation of Motor 37,661 1,022 1,373 54,491 1,720 41,870 3,325 10.188 2,238 5.001 10.643 41,630 2,068 52,244 8,794 36,019 1,786 18,956 2,140 30,419 11,051 126 940 846 180.491 206,173 Charitable activitie5 Wages Social security Attractions Prize Money Rosettes Catering Carried foNard 76,050 2,045 10,046 26.487 10,275 14,356 139,259 64.269 5,600 27.507 8,041 13,798 119,215 This page does not form parl of the Statutory financial 51atemcnts Page 26
Pembrokeshire AgriculturAI Society Ltd Croup Detailed St2tem¢nt of Financial Aetivities for the Year Ended 31 October 2024 31.10.24 31,10.23 Charitable activlties Brought forwdrd Security and Parking Showground Site Infrastructure Emergency service & Veterinary Grounds Maintenance Sanitation and Cleaning Stock sundries Fuel & 0115 Judges Expenses Equipment Hire Showground repairs Sub show expenses Affiliation fees Donations Commission Licences Show Signs Goods for resale Grounds Rent Computers, Software & Phone Advertising Depreciation Plant Depreciation Tractors Depreciation Otor Postsge, Stationery & Printing 139,259 61,965 60,010 14,619 3,970 23,422 755 119.215 42,527 65.607 15,586 4,061 23.692 640 4.366 3,780 19,582 2,986 4,429 3,667 4,706 8,703 602 1,926 219 133 8.845 6.400 11,051 126 940 5,849 16,134 5,84_3 6,556 2,721 6,600 6,759 2.610 168 124 14,447 10,535 10,888 113 846 401,105 363.695 Support C05tS Management Wages Sundries Bank Charges Bank Interest paid 8,995 3,406 9,651 437 1,542 4,550 626 22.489 6,718 Governance costs Auditors, remuneration Auditors, remuneration for non audit work Legal and Professional fees 2.238 2,414 13.693 2,140 2,500 6.091 Total resources expended 622,430 587317 Net (expenditure)/incomc 35 164) This page does not forn) part of the statutory financial sta¢ements Page 27