REGISTERED COMPANY NUMBER.. 119124313 (Tnglxnd and Waks) REGISTERED CHARfTY NUMBER: 1160533 Report of the Tr￿teel and Coniolld8ted Fln•ncl*l Ststement$ lor the Ye*r Ended 31 Od•btr 2025 for Pembrokethire AgrieultsTaJ Soci* Ltd Athrnole and Co. Ch#rtered C¢Ttifi¢d A￿Ountants and Statutory Auditors Williarnston House 7 Goat Street Hav¢rfoTdw¢st P¢mbrok¢shire SA61 IPX P¢Mbrok¢thl￿ A%ricultwr#l Soclety Lld Contents of the Fln•nel*l Ststemeftts for the Year Ended 31 Oetober 2025 Report of tht Trutee I to 9 Report of the IndepeDdent Avdlton 10 to 11 Statement of Fin*w¢lal Athtlel 12 Balance Shett 13 to IS Casb Flow Statem¢ttt 16 Notei to the Cgsh Flow Ststem¢nt 17 Notr¥ tth th¢ Tr1Tran¢1￿ S¢•tements 18 to 29 Detaued Statement tsf F]ttattti￿ Attlvitiei 30 to 31 Ptnthroknhlre AerIc￿l￿ra1 Soetety Ltd R¢pwt of the Thijteei {Including Group Dlrtetor8 report) for tbe Ye8r Ended 31 October 2025 The trustecs who tre al80 directOf5 of the challty for the pury￿SeS of the Companies Act 2006, present tllcir report with the financial Staterncnts of the th￿lty for Ye￿ ended 31 October 2025. The tru5t¢e8 h8v¢ adopted the provisions of Accounting and R¢porting by Charities: Ststement of Recommended Pra¢tice applicable to ¢hariti¢s preparing their Counts in accord￿¢¢ with the Financial Reporting Standard applicable in the UK and Republic of lTeland (FRS 102) (¢ffKtiv¢ l January 2019). STRATEGIC REPORT ObJeetfveB *etlvltles The Pembrokeshire Agricultt￿￿I S￿iety wa5 forned in 1784. In 1985 it bocwne 8 registered charity for th¢'lrnprov¢nxnt and En¢ourngement of Agri¢ulth, parti¢ulorly in the Cowity of Pembrokeshire" On convetsion to a Limi*d Compw)y in 2015 the Society once again wught and gain¢d registration 98 41 ¢haTity. Over the yeaT5 the S￿Iety has thrived in various forn]s and varK)us locations i¢1 Pembrokeshire, ￿111 1959 WIM it found Its ideal site at the County ShOWgr(R￿d where it rcmains today. Our VtsIoTJ ts for: county community thai fylfy undenlandf. valuu and uppreciale5 a 5ruluinuble ogricmlturol iAdwsty and os t7n org0nuotsl￿ b¢nali¢Malty recOgnM¢dosprogr4vi￿. influelllialundhighly regarded. The Society's objectives Are set out in lis governing do¢umenL There aT¢ iwo objectives. The first is to promote, 8dvan¢¢ and irnprov¢ for th¢ b¢n¢fit of the publi¢. agriculture. horticulture and rnral ¢raft$ and ski]l$ in 811 th¢ir Fwches by the improvernent of livestock and the demonstration and Showing of livesto¢K ma¢hinery, crafts. ptoducts, rn¢thod8 and pn)ccsses eonncctrd with a8ricultUTe and a8ricultural education itt parti￿]￿r by the holding of an annual show. The second is to provid¢ or assist in th¢ provision of facilities in the interests of social welfare for Ye¢reation or oth¢r leisur¢ time owupation of individuals who have need of such f&cilitie5 by reason of their youth, Age infirniity or disability. financiol hardship or so¢i81 ¢ir¢umstan￿s with the obie¢t of improving their conditions of life. The s￿lery brillgs a sl)owcase of agrI￿l￿JraI a¢tiviti¢s fo the general public, thus giNinB the OPPOTtwJity for them to see anirna15. crafts. skills & produce at close quarters whilst addressing th¢ need to edu¢at¢ th¢ publi¢ Tegarding a8ricultural produce, procesK5 and provcnance of fijod. The agricultutal events also providc a showcase to prod￿cerS wishing promote iheir pr¢Mlucts. Great importsn¢e is placed on providing the publi¢ with 8 Well-rounde￿ eth¢ati￿al portray￿ of agriculture aTKI the associated industrie& The Society seekg to tmproye and develop thi5 fun¢tion each y¢ar, bringing new elements to it to continue ¢du¢ating the public in new agriculturnl developmeats. By doing this, it b¢ltev¢5 that it is providing the publi¢ with a platfonn whi¢h will improve knowledge of the a￿l¢￿It￿ra1 industy whilst ¢oabling agriculturnl based businesses with the to di¥>lay their pmducts & serviccs. The work of The Socity is ¢ov¢red uThJ¢r threeprimary areas: The So¢iety Key StraleAYcAvNJ To rai8¢ our proftl¢ 88 a ¢haTsty on f¢)od, farming and the country5idc in Pembrokethire and to provide facilities S￿porting a dtv¢r8e r4ng¢ of p¢opl¢ in P¢mbrok¢EhiTe with the aim of in￿rOving thr ¢ondations of their life. To build a dynamic and vibrant membership asS￿l4tion with relevance to all farrncr5 and th08¢ eftgttgrAI i Pcrnbrokcshire's nwal economy. To harnc$s the e¢)mmilm¢nt and ¢nthusi48m of our rn¢mbers and voluntcers to diss•ninate knowledge and education about food and fa￿ing. The Slww Key StraiEgic Airn To continue to be a 'Champion' County Slww whi¢h is r¢l¢vant and appealin8 to a rnodcrn and incrca5inyly utbttt based con5urnerlvÉsitor. To also be a focal point for th¢'Pembrokeshir¢ BTJnd' and pn)motion of the cultural offer. The Food St•ry Key Strate￿C Alm To provide fa¢ilitylfa¢ilitstion for learning about fO￿J. faTrning. the ¢ow]tysid¢ and wider envIr aod eve tasting local produce, the sessions offered a full farnl-to-fork exp¢ri¢nce. The Food Story allows children of all abilities and backgrounds to ¢xp¢ri¢nce hands on experience of a8riculturnl prdctises. Children agrd &12 are wekome to visit over the 2 days. Th¢ building and the activities arc inclusive of all, and rdmps and disabled toilet facilities are available for those that n¢¢d it. The￿ a numb¢r of volunteers and staff that aTe twheFJ, so they can ensure that diffemitiated activities tske place. There also 8everal bilingual vohmteers. so delivery of learning caD suit thc pupils. Over the y¢aTS Milford Haven Conwr¢h¢nsive S¢hool hav¢ visited with th¢ir nurture group. These ar¢ children from vultwable and disadvantaged backgrounds. Every school in Pembrokeshire is invited to the evenL The suceess of the tW04Jay programmc wa5 made possible thanks to the large numb¢r of voluo¢eers who generousty 8avc their tirne to staff the different stations and engage with the children. TheTT enthusiami and commitment created a welcoming and inspiring atrnosphcre throughout the eveJ)i. The Food Story team are delighted to annowice the pw¢has¢ of a new trailer. now fully equitoul #nd 'tcady to 80" for any Soci¢ty members wishing to attend their local shows. ￿n￿nUTh1ty ¢v¢nts. or even Yisit their local 5Ghoo15. The trailer i5 5toGked WTth a wide range of educational resources, including display boards showcasin8 different food sts)rie& a t&bk for grindittg flour. a life-size ¢ow that children can "milk," and fd thrtt-tier stand for displaying vegetable$. It also features 8 pu1141own display of toy faTnl machinery. illustTatin8 how each piece is used throughout the farniing caletmlat. This new mobile resource will make it even cJ3ier to $h8r¢ the story of Pembrokcshire food and farm￿8 with communities ￿sS the county. The Pembrokeshire Agri¢ultural Society extends thw)ks to the many sponsors and companies whose siwort Ind donations rnake this event possible each year. Their contributions. Combin￿ with the dedication of voIuDt¢ers. help ¢JJsure that Food Story continuei to be a stsndout edu¢ational experi¢n¢¢ and resou￿e for local schools. Aw•n During the Show and beyond we ¢nd¢avour to suprMJrt the young people of Pembrokc5hiTC. Our bursary ￿h¢m¢ for students in an agricultural college is always very well sUpp￿tted and such tslent ean eause OUT i￿lses many houT5 of delibcrdtioD befo￿ rhoosing a winner. Such w&8 the standard of applicattts thi$ year that it WOS decided that the bursary would b¢ 8waTded to joint winn¢TS, both of whom received a £l,OTr) bursary towaTds their studies. The £1,000 bwsary is open annually to all qualifyryn8 Students studying agriculture, vctcrinary science, wiculturd engine¢ring. food technology. foresty or other subjects clegrly allied to #gri¢￿￿Ure. PaBe 5 Pembroktthlre A8ri¢ultsral Society Ltd Report Dfthe Trnsteeg Uncludlng Group DlrectDrg report) ft)r the Year Ended 31 O¢tobtr 2025 W¢ also 8WlOrt the 8Jightly older farniers throu8h th¢ Baron de Rut7zn Award. This award is given to fanners wider the age of 45 yeats old who u8¢ technologi¢al m¢thods to promote progressive. sustairtable agricultttre. g Senlee Avmrd Prcsented to those that have worked in excess of 25 y¢ars forth¢ swn¢ employer on farm or agri¢ultUTal relatsd busi7Tress. There were ten rectpients forthe inscribed Awards at the 2025 Show. MeThbenblp Upd*ts We have seen a slight gromth in memb¢rship thtring the year with total number of m¢mb¢rships of 494 rnemberships which equates to 972 tDemb¢rs up 44 from last year. The number paying by direct debit is increasing and we will continue to encourag¢ members to pay by direct debit. Flm*ndAI R¢vl¢w The finances of the Society remaTn stable, thanks to care￿] management from the Board and the support of our sponsors and parthers. With p￿dent financial planning we have invested in the infrastructure of the Showgroundby resurfacing the m¥hinery tratssrand are& Also, to comply with HSE a new materials handler been purchased. Th¢ financial results for the Society show a deficit of £36.777 this year Compared to a deficit of £35.164 the PTevious year on ordTnary activitie$. This defi¢i¢ Tepresents the ¢hallenge$ the Society r￿c$ with incrc&siDg costs. a$ is the case with simi18T or8anisatioTrJs in the s¢¢tor. The charitable activities. which in essence are the Show and tb¢ Food Story Events, had a total ID¢ome of £447.968 during th¢ year ending 31 Octobcr 2025 compaTed to an tncome of £387,210 the prevtous year. The iTJcrea8¢ in i￿ome was acbieved through an in¢re&3¢ of 17V• in trade 8tand income to £ 111.217 which was due to additional stands. a 13•/• increa8¢ in ¢i¢ket sales to £150,307 wbich we believe was mainly due to the weather conditions being much improved Compared to 2024. an increa5c in sponsorship of 310/fy to £81,533 and an increase in revenue from rccharges of ele¢triGity to trade stands of 148Yo which wys partty du¢ tt) enhan¢¢d coverage bcing provided over a larger area of the sitc. We arc happy with progre$s made with itJ¢r¢a5tng the str¢ams of revenue from the Show, aftd continuc to cxploTe opportunities to filrther increase revenue in order to meet increasing costs. wbTlst bein8 mindthl of ensuring that ihe event remains thffordable for all stakcholdcrs. Expenditure ftTrr ¢haritable artivitie5 wa8 £455.032 ¢ompared to £401.105 the previous year. Wages ¢osts were 150h higher at £87,210 and most of the increase in costs w&8 du¢ to u$ taking on a fwthEr part-tirne staff mernber. Wages remain markedly lower than they wer¢ pre COVID. As we introduced additional attractions to the Show the Costs increased by £6205 to £16,251 And there were further increases in costs for secuTity & ￿kIng and show site infraSt￿cture which amounted to £39.553 makin8 the total payable £161,528. As w¢ are effe¢tively & "POP-UP" Sit¢ for much of the showground area w¢ aT¢ T¢liant on tempoTary marquee& fencing, toilEts ctc to provide the basir structtwc of the showgrouThd and whilst we obtain prfftces from our suppliers which comparable with their competitors ut)fortut￿t¢1Y hiring ID all this equipment 15 not inexpensive. A5 we wntinu¢ to move towards a County Show which is ¢los¢r in size to pre COVID times. costi #re inevitably incrca5in8. Wc will continue to work to identify areas where we Can make cost sa￿A¥S without compromisin8 the quality of the County Show so ihat ¢xp¢nditure Can be focused on wherc it has the rnost impact for the event Thc dcfi¢iQ for the Show b¢fore support costs was £7,064 compar¢d to a d¢fi¢i¢18s¢ year of£13,895 The restri¢t¢d funds. which relate entirely to the Food Story project, aTe shown in a $¢parat¢ ¢olumn and all exp¢nditureundertheprojectwasfuttded by grants and donations from s¢v¢ral orgonisations andbusinesses for which the Society 1$ very grateful. Attheend of th¢ flnancial year therewas an amount of £20.199 remaining in the Food Story fimds for fvture events. and work will be undertakeii to Secure ￿ditional fuThds to ensur¢ that these cv¢tJt5 can continue. The Estate, which is showtt ag Other TrBding Activiti¢$ ot) the Ststement of Group Financial Activities. had a total inwm¢ of £216.45] Compared 10 £200.056 thc previous yw. with at) tmprovem¢nt in rentAI income beittg the re￿In for this increase. We hav¢ ¢ontinu¢d to work towards using all available buildings on tbe estate to genwAte additiottal in¢omc for the Society to support tb¢ ¢h8ri¢able activities and 0￿Ing thi8 year have secured two new gizeable te*ants along with somc smaller new a8￿M¢trt5. Page 6 Pembrokublre Agrltull*r#l Sodety Ltd Report •f the TruJt¢e$ (Inellldlttg Gromp Dlrertors r•port) for tbe Year Ended 31 October 2025 ExtEnditure on the Estats was £206,681 comp¥T¢d to £180.491 in 2024 with the rnain increases being du¢ to an In￿a8¢ in w#g¢s which was due to the new part time rnember of staff and an increasc in maintenan¢e ¢osts. During th¢ yeaT several smaller Projects were und¢rtaken to improve the building& Such as replacing all the translucent roof sh¢e¢$ in the Parkhouse Building which had b¢en leaking and affecting eveD¢s. in order to CTiSure that the buildings rem8its in good repair and in a condition where they could be let. The result for the ¢stat¢ was a Surplus of £9.770 con¥ared io a surplu5 of £19.565 the previous year. In the coThing yew, it is anticipated ihat rental inwme should CODtinue to increase slightly. and we also have more events booked in to the diary for the next few months than w¢ bave done Trn rwent years. We are being selective on who w¢ wwk with OD events to cnsure that the valu¢s of the Society are upheld by anyon¢ who uses the site and are pleased to see this area of the charity growing once again. ]ncludcA in the Eslales Accounts are the figur¢$ for the trading subsidiary. PAS Prony)tions Limited which operatcs th¢ ¢v¢nts at th¢ Pavilion together with the Society's other ¢vents other thAn the County Show Food Story such as ihe Christmas Fa￿Tr. e dedu¢tion of support alld governan¢e colt& which w¢r¢ £39,483 itt 2025 ¢ompwed to £40.834 in 2024, briD8S sto the results given in tbefir5tparngraph of thisreport. During the year we had two main items of capitsl expendi￿re in ternis of machinery which were a newmow¢E to rnaintain the grounds and a new JCB Handler. Both itrms were purchased to replace existing machines which had unreliable and costly to repair. The oth¢r significant ¢apitsl expenditure completed in the year was the Tesurfa¢tng of a large part of the showground in th¢ ar¢a wheTe we have machinery traders over the 8bow. This was essential due to the condition of the road surface in th¢ arca whi¢h had be￿rne v¢ry uneven and watcrlosged in adverse weather, and th¢ fe¢dback we btve had as a result of this proj￿ has been extremety positive with reCo￿ltiOn thatthe So¢icty continues to invest to improv¢ the f￿1]ill¢S at the showground. Our ¢losit)g Cash in Hand and at Bank was £110.525 at 31 October 2025 compared to £338.261 the previousyear. with a substantial part of the reduction in eash at bank being du¢ to the ￿SUrfac]ng works r¢f¢renc¢8 to above. The Soeicty's total resetrves. illcluding all assets, at 31 October 2025 w¢r¢ £4.082rn compared to £4.114m the PT¢ViOU& year. We ¢ontinue to look ahead and explore all ¢)ppotthitics tc* impTove ineom¢ And th¢ stsbility of PAS Ltd. Our Estate ¢ontinues to generate a stsble income and thanks 80 to the tenants for the?r loyalty and s￿pOrL f￿r fvthre perlods The trust¢¢s wntinue to look to the future. and are fo¢uss¢d explorirtg all opporhwities to improve the income and stsbility of the S￿iety. A key part of this is ensuring that the assets of the So¢i¢ty ar¢ u8¢d in the most efficient Way P)$51ble to ensure R Stable stream of ineome. To this end 8rant funding Ilas b¢¢n Applid for and awarded to imprtsv¢ th¢ faciliti¢s in the Parkh0￿se Buildin8 which in should also improve rev￿U¢ from ¢v¢nts. The tNslees continv¢ tQ T¢view their planning 8nd aims for th¢ futL]re on a regular basis. As part of thi$ exercise it was agreed to fonn an E8ts¢es & Finance Committee w1￿¢T£mill$ to on the development of the Estate & Finances of the Society for futur¢ g¢n¢ration4 alld thig Committee will become established during the forthcoming financial ye￿. A$ A result of thi$, it is envisaged that the So¢i¢ty will continuc to dcv¢lop plans for it8 future direction and strate8i¢ aim4 whi15t not foTgctting its corc purposes and obj¢¢tives. Page 7 Pembrokejhlre Ayicultur*l Soclety Ltd Report of the Trnsteu (Intlllding Croup Dlrertors report) for tbe Ye*r Ended 31 October 2025 BIFERENCE AND ADMINISIRATIVE DETAILS Reglstered Comp8tty nHThber 09124313 (Ettgland And W81¢s) Regtstered Ch8rlty llumber 1160533 Reglstered offl¢e The Show Offi¢¢ County Showground Withybush HAVERFORDWEST Pembrokcthire SA62 4BW Trnitees Mr Roger Mathi&8 Mr Michael D&vies Chainnan Mrs Ni¢tsla Owen Vice ch4itTAon Mr John Lcwis (resi￿ed I1.12.25) Mr Mansel Johtt Ra￿Ond Mr Adam Thorne Mr Ri¢hoxd Cole Mr De]Tne Harries Bushell (appoint￿ 27.3.251 Audhorl Ashmole and Co. Chartff￿ Certified A¢cowitants and Statutory Auditors Williamston Hou8¢ 7 GO￿ Street Haverfordwest PembTokeshir¢ SA61 IPX STATEME￿ OF TRUSTEES. RESPONSIBILITIES The trustees (who aff also the dircctors of P¢mbrokeshtre Asri¢ulturdl Socicty Ltd for the PUTPD5CS of conwany law) are responsible for preparittg the Report of the Tn￿teeS and the flnancial stat¢met)ts in ac¢ordance with spplicabl¢ law and United Kingdom Accounting Standards Iutiited Kin8dom Generally A¢¢eirted Ac¢ountin8 Pra¢ti¢¢). Pag¢ 8 Peffjbrnke9hlrnA8rkultural So¢lety L Report of the Tru￿¢¢$ ror the Yew Eoded 31 Oct•ber 2025 STATEMENT OF TRUSTEES, RLSPONSIBILnlES- Company law requires th¢ trustecs to prepare financial statements for ea¢h financial ￿. U￿ler that law, the trustees have ele¢ted to prepar¢ the finan¢ial sl*t¢ments in accordan￿ with United Kin8dorn G¢ner811y Accepted A￿O￿ting Pr*tice (United Kingdom Accounting Standards applicabl¢ law). Under ¢ompany law the tnthes must Atyrove the finan¢fftal statements unless they are 5atisfJed that they 8ive a and fair view of the state of affain of the eharitsble company and of the Incoming IC80￿¢¢5 and application of r¢sourc¢& including the intonk and expenditure. of th¢ ¢haritabk COr￿anY for that period In prq>aring thos¢ financiol select suitable aecouniing ￿lIcIeS ahd then apply them consistently,. observe the methods and principles in th¢ Charities SORP.. make jud8emeiits and cstirnat¢s thatare re&son4ble and prndent,. stsie whether applicable accounting 8tsndards have b¢en followed subie¢t to any material departures dIs¢los￿ and explained in the finattcial statements" prrpare the financial statements ots th¢ going concern basis unless it IB inappropriate to preswne that the cjwitable ompany will ￿ntitiue in business. Th¢ trustees are responsiblc for k¢¢ping proper acwmtirtg rc¢ords which disclose wfftth Teasonabk accuracy at any time th¢ financial p)sition of tbe charitable eompatty and to enabl¢ them to eD8ure that the fttJan¢ial statemmts comply with the Colnp￿Ies Art 2006. They are also r¢sw>nsible for sthguardin8 the a$5ets of The ¢h•itable ¢ornpany and hence for taking reasonable steps for th¢prevMtitsD and d￿ectIon of fraud and other inegularities. far as th¢ trustees are awarc.. thwe 15 no rel¢vant audit infomiatron of which the chaFilable company's auditors are untware.. and the trustee8 have tsk¢n all steps that tlt¢y ought to bave tsk¢tt to make themselves awar¢ of any rekvant audit information and to establish that the auditors ore aware of that infOrn￿tion. AUDITORS The AShn￿le a]Ml Co.. will be pro￿d forre*l￿1￿1M¢rtt at the forthcomitig Antwal General Meeting. Chair of the Board of Managemerf on..... .... sigtied its behAlfby.' Mr Michael Davies- Tn Pa8e 9 Report of th¢ Independent Audltors to the Trnst¢es of Pernbrokeshire Agrl¢ultllr*l Sodety Ltd Oplnlts We have audited the finan¢ial statements of P¢mbrokeshire Agricvlt)Jral Society Ltd (the ¢harAtable companrf) for th¢ year ertded 31 O¢tober 2025 which comprise the St&tetncnt of F7nantial Actiiitie5. the Balance Shee¢ the Cash Flow St4tement and ttote8 to the financial statements, iticluding a SUMM￿ of significant accounting policies. The fJrhan¢ial reporting framework ihat ha$ been am>lied in their prcparation ts applicable law 4nd United Kingdom Accownting Standards (United Kingdom G¢n¢rolly Aceepted Accounting Plactice). QUT opitiion the financial statements- give a true and fair view of the statc of the ¢baTitabl¢ ¢ompw'$ affairs as at 31 OctobEr 2025 and of its incoming re50wres and application of resources. including its income and expendilwe. for the ye8xth¢n ended. have been properly prepared in &(ordan¢e with Unit•1 Kingdom G¢t)erally Accepted Aceountillg Pr•di¢¢' 4nd have been prryzred in acconjance with ihe requiremen18 of the Companies Act 2006. B4516 for We Gondu¢t¢d our audit in &c¢ordan¢¢ with Int¢mationo1 Standard$ on Auditing (UK) OSAS (UK)) and RFvlicable law. Our responsibilities under those standards aTe fijrtljtt thscrib¢d in the Auditors, rcspon$ibilitie5 for the audit of th¢ rmancial $tatemertts section of our trporL We are independent of the ¢haritsblc conwy in ¥¢ordance with the ethical requirernents that aTe relevant to our audit of the financial statements in th¢ 17K. including the FRC'S Ethical Standard alld vle have fulfilled our other ethical responsibilities in accordaDC¢ with these requirements. We belicve that the audtt ¢viden¢e we hAv¢ obtsined is suffi¢i¢n¢ and appropriate to provide a blsis for our opinio Co4clu$lonJ relatlng to goln8 tontern In auditing the financial stAtcrnent$, we have ¢on¢lud¢d that th¢ trust¢¢8' we of the goi￿ concem b&sis of a¢wuntin8 in the prq)ardtion of the finw¢ia] statements is appropriate. Baaed on the WO￿ w¢ have pcrfornied we hBve not iderttifi￿ mztertal ￿Certaint[c5 relatins to ev¢nts orconditions thaL individually or ¢olleetively. may cast significattt doubt on the charitsble rompany's ability to continue as a going conc¢rn for a ￿ll0d of at least twdve months from when the financial $tst¢ments are authorised for i&w¢. OUT responsibilities and the responsiTr*]liti￿ of the trust¢¢8 with r• to goin8 cone¢rn are d¢smknJ in th¢ releva 8cctions of this repo Other Informatlon Thc tnJster5 are responsible for the othcr infom*tioL Th¢ other infonnation wmprises the inf0rn￿10n includ¢d in the Annual RepML rrtherthan the financial sta¢em¢tlts and our Rewt of the Endq)endcnt AuditOF5 the￿on. Our opitiion on the finwJ¢ial slatemcnts doc5 Ilot ￿ver the oth¢r inf0m￿tion and. ¢x¢ept to the extrnt oihenvise explicitly statsd in our report, V4¢ do not express #rty forn) of ￿UT￿nce conclusion th¢re(m. In cortneetiott with owaudi¢ of the finat)¢ial statements. our responsjbility is to r¢ad the other Inforn￿ll0n and, in doing 80, Consider whether ihe other inforn)ation is materially inconsistent with the flnancial 8tskments or our knowlcdBe obtained in the audit or othernise appears to be materially rnisstated. If w¢ identify such material inconsistcncies or appaT¢nt material misstatsmcDI4 w¢ are required to deterniin¢ whether this gives rise to a mAtttial migstatement in the financiil statements ih¢mselve$. If. based on the work w¢ havc performed. we con¢lud¢ that there is a material misstat¢ment of this other infoTmation. w¢ ar¢ required to Tqjort that faeL We have nothing to report this ward. Matters on v4hl¢h we are requlred to report by exteptioD We have nothiD8 to report in respect of the following mattvJ Thther¢ the Chariti¢s (Accounts attd Rworts) RegulAti( 2008 requires us to rwrt to you if, in our opiKiotJ: the infornJ&tion given in the Report of th¢ TTr￿ i$ in¢on5i5tfflt 111 any niaterial reyct with the fmaDci*I gtat¢ments'. or the charitable company has not kept adequat¢ acci)IlAtin8 rceonl& Or th¢ fJnan¢iAI 5tatem¢nts 8re not in agreem¢ntwith the accounting rerords and r¢thrn4 or we hav¢ notreeeived all the inforniation and ¢xplanation5 w¢ require for OUT audiL Pwlo Report af tht Independent Auditors to the Trustee5 •f Pembrokuhire Agricultural Sotitty Ltd Rupoll5ibilitie5 of trustees As explained more fvlly in the Stsiement of Tntsl¢¢s' Re$ponsibilitic5, the tNstee$ (who are also the dirCCto￿ of the th8ritAble CO￿panY for the purposes of company law) are reswnsible for the preparation of the financial Sttttemcnts and for bein8 satisfied that they give 8 true and fakr view, and for such internal control as the tru5tee5 deterniine is n¢¢¢ssary to enable the preparation of financial statements that are frc£ from material mi55tatem¢nL wh¢ther due to fraud or error. In preparing the financial statements, the trustees are responsible for ￿se￿Irtg the ch￿Itable eornpany's ability to ntinue ￿ 8 80ing concem, disclosing. &S appli￿ble, matters related to 80in8 eon¢¢m and using the 80in8 concern basis of a¢¢ounting unless the tnJstr¢s either intcnd to liquidate the charitable Company or to ¢e83¢ op¢fdtion%. or have no rtali$ttc ait¢rrLative but to do so. Our re8pon51bllltles for the fiwdlt of tbt finanelal $t#ttmtnts We have been apwinted &$ auditors under Section 144 of the Chorities Act 2011 and reN)rt in ￿ordeN¢t with the Act and r¢l¢vant wulation5 made or havin8 effect therrunder. Our objectives are ty obtain re83onable assurance about whether the finatt¢ial st8terncnts as a whol¢ are free from material missta*menL whether due lo fraud or ewor, and to Issue a Report of the Independ￿1 Auditor5 that includes our opinion. Re&sonable assurance is a high level of ￿u[an£S but is not a guarante¢ that an audit condu¢t¢d in aceordance with ISAS (UK) will alway5 detect a mat¢rial misstaiernent when it exisls. Misstatements ¢an arise from fraud or error and #ft con5iikrFJ mateTi#I if. individually or in Lhe aggregate. Ihey could reasonably b¢ expe¢ted to [nIlu￿ce the economi¢ de¢isrons of users laken on the basis of these fjnaneial statements. The exi¢ni to Mtsich our proc*Jur¢s ore capable of dctccting irre8ulari¢ie& in¢luding frdud is dclailed below.. In identifying and assessing risks of mat¢rial missthtemcnt in respect of irr¢gul4Tiiies. including fraud and )n-c4)mplianee with laws and regulation5, we constdered the fDllowin8'. • Naiure of the charity and the sector in which it operat& . Th¢ legal and regulatory framework in which the charity opcrates 8nd in particular tho% laws and re8ulations th d￿e¢t1Y aff¢ct ih¢ fI￿ancial ststements or have a fundamental effect on operations e.g. Charities Aet 201 I, health ajjd safety re8ulotion. . Ruults of ¢nquiries of management and those Charged with governance. . Any matters identifsed relating to the charity's policies and procedures for identifyittg. evaluating and complyin8 with laws and re8ulations, 8Jd whcther they were 8ny known instsnces of non complianc¢. • Detecting attd r¢sw>ndin8 10 the risk5 of fraud 8nd whether there is any knowled￿ of actual. yJspected or alleged fraud A furthrr de5CTiPtion of our responsibilitie5 for the audit of the financial sratements is located on the Finan¢ial Rew1in8 Coutlcil's website at www.frc.org.uklauditorsr¢sponsibilit1¢5. This description fornis part of our Report of the Independent Auditots. Use of our report This rerK)rt is mad¢ sol¢ly to the charitable company's trustees, 88 a body, in &¢cordance with Part 4 of th¢ Chgritics (Accounts and Reports) Re8ulations 2008. Our audit work has been undertakw) so th81 we might State to the charitabl¢ ¢omp8ny's tru5tee5 those matters we are required to 5tatc to thcm in an avdttOTS' reFOrt and for no other puy]x)se. To the full¢st exieiii perinitted by law. we do not 8CttPt or assume responsibility to anyon¢ other than the charitsble company and th¢ charitable Companys trustee5 as a body, for our audit work, for this reporL or for th¢ opiniotts we have formej. Ashmole otsd Co. Chartered Certified Account¥nts 8nd Statutory Auditor5 Eligible to act a5 an auditor in tcms of Section 1212 of the Companies Act 2006 William8ton House 7 Goal Street HaveTfordwe5t Pembrokeshire SA61 IPX Pagell Pembrokeshire Agrlc•ltur•l Sodety Ltd CoD8olldated St*¢ement of A¢tlvldei lor tbe Ye*r Ended 31 O¢tober 2025 31.10.25 Total fi￿d8 31.10.24 Totsl nds Unrestri¢ted Re5trict¢d fund fund INCOME AND ENDOWMENfs FROM Ch8rltgble *ctlvllle Annual A8riculturdl Show 441.214 6.754 447,968 387210 Oth¢rtrthJitt8 aetiviti¢s Investtnent inwm¢ I31.￿9 131,N)9 110.916 657.665 587 664419 ￿66 XPENDITURE ON Raising funds 204.753 1.928 20&681 180,491 Ch8rl¢ible *etlThryti¢$ Antsll￿ A￿lculttlraI Show Estste5 A￿Ounts 484.630 5.059 950 485.580 8.935 428,119 Totsl 701 196 622 430 Net gain5 OTh investments NET INCOMFJ(EXPEIYDITURE) Other r¢¢4bgnlged VIn￿O￿lSe￿) Gainslllossesl on revaluation of fJx¢d assets 269,(1)6 269.( (35.164) 01 54 01 54 Net movement In funds (32.048) {32.048) (35,164) RECONCILIATION 011 FUNDS Totsl fund$ brought forward 4.114,424 4.114.424 4,149.588 TOTAL FUNDS CARIUED FORWARD 4 082 376 4 114.424 The notes fom part of these financial 6tatem¢nts Page 12 Pembrokeihir¢ AgTlcultsr*l Sotlety Ltd CoDk)Mdated Bajgnee Sheet 31 Odober 2025 31.10.25 Totsl 31.10.24 Totsl fiwd8 UnTestricted R¢stri¢t¢d fi￿d fimd Notes FIXED ASSETS TangI￿Re & 2,850 2.398,871 2.825,567 1022.650 4.032,021 2.850 4.034,871 3,848217 CURRENT ASSETS Stocks DebtOT5 Cash at bonk Jnd in hand 14 15 6.867 123.934 6.867 123.934 7.925 71.247 338261 20.199 243.693 20.199 263,892 417,433 CREDfroRS Amounts fallin¥ duc wrythin on¢ y 16 (119J25) 123.049) (142.574) 1114J09) ET CiJRREIYT ASSETS 850 124 168 ￿18 TOTAL ASSETS LESS CURRENT LIABILITIES 4.156.189 4,156.189 4,151,141 CREDITORS Arnounts fallit)g due after than one year 17 (73,813) (73.813) (36.717) NET ASSETS 4 082 376 4 114.424 FUNDS Unrestricted funds 21 4,082 76 4.114,424 TOTAL FUNDS 4.114.424 Th¢ not¢8 fonn part of th¢$e financial 5tat¢mcnts Page 13 continued... Pembrokukntre Sotiety Ltd Ch*rlty Bil*nee Sbeet 310th)ber 2025 Unrestricted Restricted fimd fimd Totsl Total funds FIXED ASSETS Tangible ￿Sets Inw¢stmeDt propety 2,393,229 2,850 2.396,079 2.822282 .022.650 4,029229 2,850 4,032.079 3.844.932 CURRENT ASSETS 6,867 121.636 6,867 121,636 120 426 7,925 83.689 298J41 Cash at bank aThl in hattd 20.199 228.730 20.19) 248.929 390.155 CRED￿oRs Amounts falling thie within one year (112.703) (23,049) (135,752) (96,161) NET cuRREr￿ ASSETS 116027 113 177 TOTAL ASSETS LESS CURRENT LIABILITIES 4.145,256 4.145256 4.138.926 CREDITORS Amounts falling thie after more than one year (66,057) (66.057) (26.390) NET ASSETS 4 079 199 4 079 199 ￿36 79 19) ￿36 TOTAL VUNDS 4,079.199 4.112.536 The rtot¢s lonn part of these fjnwial 8t*ments Pag¢ 14 continued.. Pembrokeihlr¢ A8rl¢ulturAI So¢l¢ty Lld B&lan¢e Sheet 31 Oe¢ober 2025 The chaTitable cornpatty 1$ ¢n¢itlgJ to exemption from audit under Se¢tion 477 of the Companies Aet 21Y16 for th¢ year cnded 31 O¢tober 2(r25. The memben have th)t deposited ttoticfy pursuant to Section 476 of the Companies Act 2006 re4uiIing all audit of thes¢ rinan¢ial $latern¢nt& The twstecs acknowledg¢ their rc5pon5ibi]itt¢s for (a) ensuTing that the ¢haritable company kreps ￿Counting r¢o)rds that ¢omply with SKtion5 386 387 of the Companies Act 2006 and PT¢wing financial statem¢nts which 8ive a tnie and fair view of the state of affairs of th¢ ¢haritable wmpany as ac ihe end of each fin8ncia] yeat and of its suryllus or defi¢it foi each financial year in ac¢Ord￿Ce with the requirements of Sxtions 394 and 395 and which othenvise comply with the requir¢m¢nts of the Companies AL# 2006 r¢latin8 to financial ststcment& so far as appii¢able to the charitabl¢ ¢ompany. (b) These financi41 #atements have been auditol und¢rthe re4wiremertts of Section 145 ofthc Charities Art 2011. The fi￿￿￿¢1&1 &tthcnts were approved by the Board of TNstre$ and authorised for i58u¢ on ..JIj￿￿.2Q1IQattd w¢r¢ signed ort its bchalf by. Mr Mi¢harl Davies- Try8te¢ Mrs Nicola Ow¢n- Tn￿¢¢ The note& fom) part of these fits•n¢ia151at¢me￿ts Page 15 P¢mbrokesbtre A8ri¢ulturnl SoL4ety Ltd Cash Flow Statemen¢ for ihe Ye*r Ended 31 Ottober 2025 31.1025 31.10.24 Cash from oper•tiTrg activllles Cash generat¢d from operatitstts 81 711) Net rAsh used in operating activities 81.711 C#ih flo￿ from tnveitltt8 Atllvltlei Puwhase of tangible fixed assets Purchase of invesknertt property Sal¢ of tangible fixed ￿Sets Interest rettivcd (194,294) (26,567) 24.092 (16.484} Net cash u8¢d in inv¢5ting a¢tiViti¢8 Cfish flows from financlD% X¢tlvldes [￿an fep&yments in year Capital r¢payment5 In yeor New Hitt Purchase (7,922) (4,544) (7,626) Net cash provid￿ byl(used in) fin￿lA¥ ￿tiVItIeS Change In c•sh ¢qulvalents IM the reporting p¢rlod Cagh c*sh ¢qulv8leTrts #t the IxxinnlnE of the reportlng perfod (227.736) 139.307) 338.261 377 568 C￿h And t￿h equlvaltnts A¢ the end or the rtportlTrg ptriod 110525 338 The notes forni part of these fthanclal $t*¢ments Page 16 Pembrnkeshln Agri¢ultur*l Society Ltd r4otes to the Cash Flow Statement for the Year End¢d 31 October 2023 RECONCILIATION OF NET If4COMEI{EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.10.25 31.1024 Net iD¢otheJ(expeDdltur¢) for the reportlnE perlod (88 p¢r th¢ ststtment of Fin4nrial Actlvlties) Adjustments for: Depreciation charges Gairt ots inve5trnents (Profityloss on disposal of fixed assets Interest reeeived Decre4se stocks On¢rweyde¢rease in debtors Dccrcase in crediioJ3 269,006 (35.164) 27,468 (305,783) 112,625) (2,710) 1,058 (52,687) 24,367 165 (2.518) 1.067 36.282 ¢ash used in operAtknn$ 81711) 17816) ANALYSJS OF CASH AND CASH EQUIVALENTS 31.10.25 31.1024 C45h in hand Noti¢e deposits (le55 ihan 3 months) Ovvdrafts in¢luded in bank loan5 and overdrdfts falling due within one year 159 338,102 133.091 Totat c&sb and ¢ash ¢quival¢nts 110525 338261 ANALYSIS OF CHANGES IN NET FUIYDS At 1.11.24 C&8h flow At31.1025 Net eash Cash at bank &nd itt hand Bank overthaft 338261 (205.170) 133,Wl 338 261 227 736 11052S Debt Finance leases Debls falling due within l year Debts fa112ng due after l ye (55.9561 (204) (55.956) {7,922) (7,718) Totsl 293 826 275 769 The notes forni part of these financia] ststemettis Page 17 Pembrokethlre Agrltultur*l So¢tety Ud Nolts to the FID*ncla] Statements for the Ye4r Euded 31 Ortober 2025 ACCO￿1NG POLICIES B&sls of pr¢p•ring the fiDan£lAI ststementl Thc f￿311¢18] statements of the GILaritable compw. whi¢h is 4 public benefit entity under FRS 102, have been pr¢pared in o¢¢ordance with the Chatitie5 SORP (FRS 102) 'Awut)iing and Repotting by Charitie5'. Statement of Recommended Practic¢ applirable to charitie5 prqTraring th¢ir ¥¢ounts in a¢¢ordan¢e with the FinAllcial Reporting St8ndArd applicable in the UK and Republic of Ireland IFRS 1021 leffe¢tive l January 2019),, Financial Reporting Slandanl 102 The FiTwJ¢ial Reporting Standard appliubl¢ in th¢ UK and Republic of Ireland. and the coMpa￿leS Act 2006. Th¢ finon¢i81 statements h&ve been prep￿ed under the historical cost Ivention, as modifjed by th¢ r¢Yoluation of¢¢rt•in assets. Comp*ny Statss The Socidy is a company limited by guarante¢. Basls Cor VA]￿￿110n Trf GIftB ID ialld *nd Don•¢ed Servlee8 The society valu¢s gifts in kind And dottatsd $¢rvic¢$ * att e$iitb*d m8rk¢t valu¢. The value of which 1$ included in the income from show activities amounted to Nil. Growp Flnanti*l St•tsmettts These Financial Statcments consolidat¢ the results of the Charity and its wholty owned subsidiary - PAS Promotions limited. A 5eparat¢ $t*¢ment of financial a¢tiviti¢$ and income and exEKnditure account ar¢ not PTesenteAI for the tharity itself following exemptions afforded by para. 397 of the SORP. loeome All income is recognised in the Stst¢m¢nt of Finan¢ial Activiti¢$ ox¢e the ¢lthrity has entitlement to the fvnd4 it is pyobable that the incorn¢ wÉll b¢ r¢c¢ived and th¢ amouTrt can be me8guredTeliably. Expendltsre Li￿11]ticS arc recO￿ls¢d as ezpendith as 8oon as there is a lega] or con8tru¢tive obliBation committing the charity to that expendittwe, it is probable that & transf¢r of economic benefits will be r¢quir¢d in sddem¢nt and the amountof th¢ ob12g*ion Con be measured reliably. Expenditure 15 accounted for on an accruals basis and has been classified under headtnBS that aggr¢gatc all r05t related to the category. Wher¢ costs ¢annot be directly ttributcd to parti¢ular h¢adings they Imve be￿ all￿at¢￿ to aetivitics on a basis consistent with th¢ u5¢ of Anoratlon 8nd apportlonment ofeosts Most costs arc diredly attribtstable to thc runnin8 ￿sts of the antwal show or the manwent of the Estate and are allocated accordtngly. The cost of the Compart￿$ stsff is divided bdween the Show activity and the management of the Es¢aie on the basis of time devoted fixed *5$ets Depreciatiot) ts provided wt thr following 8nTLU31 rateB in Ord￿ to write off ea¢b aB3rt over its ¢StinMt￿ usefvl lift or. if held ut)d¢r a fjnance lease. over the It￿ terni. whithever is thc shortu. Plant and m￿h1￿cry 20% ort rcducirtg balancc and l(N on reducing ba]8n¢e Tractors Motor v¢hi¢les I0°h on redu¢ing balanc¢ 15°A on redu¢itt¥ balattee The Freehold Pr(yerty is incI￿jed in the financial statements at its revalued amowit bosed upon opett M￿cl values. As valuations are rarried out every S years a separat¢ impaimThit review is not ¢onsider&l necessary. Thc Board of Manag¢m¢nt is of thc view that its policy on maintenan¢¢ en5ure$ that th¢ valu¢ of ils land and buildings is unlikety to fa]1 belowihe value amtly ahown in the accounts. lthve5tm¢nt property Investsn¢nt property is shown at most recent va]uation. Any agy¢gat¢ surplus or d¢fi¢it arising from changes in fair value t$ ￿O￿tIl5¢d in thc Statement of Financial Actiyitiu. Pag¢ 18 continued... Ptrnbrokeihlr¢ Agrl¢whur8J So¢lety Ltd Notes to the ￿￿#￿¢1￿1 St*tem¢Dts- ¢ontlnued for the Year Ended 31 Oetober 2025 ACCOUNfiNG POLICIES- eotttinw¢d stocks Siocks are val￿ed at the lower of ¢05t and r*t realisable valu¢. aft¢r making thie allowonc* for obsolete and slow moviDg items. Taxstlon The charity is exempt from corporation ￿ on its dwitable activities. Unrestric￿1 fuTwJs ean be in accordan¢¢ with the ¢horit&ble objectives atthe di8cfdion ofthe trllst¢e& Restrirted funds can only be lls¢d for partiGulaT restricted pufj>ose5 Wlthin the obj'ects of th¢ charity. Restricrions aTi5e when Specified by the donor or when fimds are rais•J for particutar restricted purpoK$. Further explanation of th¢ natt￿¢ and purpose o(ea¢h fithd il iNluded in the notrs to th¢ fiDawial statements. Hltt pureha8e and lea¥ing Commitments As*ts obtsined under hir¢ pur¢has¢ contracts or finwwe lease$ are ¢apitsli8e4J in the B8lan¢e Sheet. Those held w)der hire purchase contracts Bre depreciated over their estimat￿ useful lives. Those held under leu¢8 are dq)￿lat¢d over theRr estimatol useful lives or th¢ leas¢ tern). whi¢htYer is shorter. The interest element ofthese obli8atiot)s 1$ charged to the Slatemettt of Fitiart¢ittl Activities over the relevant peri(Kl. The capitsl ¢l¢m¢nt of the payrnents is treated as a liability. OTHER TRADINC ACTivrriES 31.10.25 31.10.24 R¢ntsi In¢om¢ & Seryice ch￿ge Oth¢rA¢tivitie8 Subsidiary TradiDg Activity 97,789 6.136 69.781 13,208 110916 INVEsfMENT INCOME 31.10.25 31.10.24 Rents rtt¢iYed l)eposit a¢count interest 82,132 86.622 84.842 Page 19 Continued.. Pembrnkejhtre A8ricllltur81 Sockty Ltd Notei to the TrNnan¢l*l Statements- eontlDued for the Year Ended 31 O¢tober 2025 INCOME FROM CHARITABLE ACTivrriES 31.10.25 Amiual A￿lCUltural Show 31.10.24 Totsl activities Show Income 442,598 387,210 387 Gr#1￿ received, included in th¢ above, are as follows.. 31.10.25 31.1024 RAISING FUNDS OthEr trAdlDg acdvltleg 31.10.25 31.10.24 Stsff co#s Bank Charges Pr¢mises Expenses Administrativc expenses Maitttenance Costs Other Direct Costs Subsidiary Trading Expenses Hire purchase interest A¢(ountancy fees Bad Debt Profit on disp)s&l of fLxed as sets D¢p￿latIOn 47,352 1.513 60,912 12,372 57.523 4,024 7,395 1,317 2.619 500 (6.313) 38,683 ,373 54.491 11,720 41.870 3,325 10.188 2,238 5,001 180.491 ciiAiirrABLE ACTIVITIES COSIS Swpport ¢osts (5¢¢ note 7) Dire¢t Costs Anttual AgricultUTal Show Estaies Aceounts 454,369 663 31,211 8272 485,580 455 032 Pa¥e 20 Continu￿.. PeThbrokeshire AgFl¢ultural Soc5ety Ltsl Notes to the Fin&n¢laI StsteJn¢nts- eo#tinu¢d for th¢ Year Ended 31 OetLbber 2025 SUPPORT COSTS Gov¢man¢e eosts Management Tots]s Annual AgTicultural Show Estates Accounts 17,274 346 13,937 31.211 NET INCOMFJ(EXPENDITURE) Net incomellexpenditurc) is 51ated after char8in81{crediting): 31.10.25 31.10.24 Auditors. T¢mun¢ro¢ion Other non.audil 5ervice5 Depre¢iation- owned assets Depreciation- ass¢ts on hir¢ purchase contracts 2nd finance lease 1290 5,238 19.019 2,238 4,652 24.367 TRUSTEES, REMUNERATION AND BENEFITS There were no trusteeg rernuneration or other b￿tfIts for the year ended 31 O¢tober 2025 nor for the year ended 31 October 2024. Trustees expeJ15es Ther¢ w¢r¢ no ITU5tees' expense9 paid for the year ended 31 October 2025 nor for the yeor ended 31 October 2024. io. REMUNERATION RECEIVED BY KEY MANACEMENT PERSONNEL 31.10.25 31.10.24 Ws8&s and salari¢s Social security costs 141,988 122,706 145 130 125 773 The average monthly numberof ernployees during the year was as follow3: 31.10.25 31.10.24 h'o employees received emoluments in exeess of £60.000. Page21 ontinueiL.. Pembroke8hlre Agrfcojttyr￿ Society IAd Notes to the Flnanelil Ststements- eontlnlled ror tbe YeAr Ended 31 October 21125 ii. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES T￿al fimdg fund fijnd INCOME AIYD ENDOWMENTS FROM Ch*rJt*ble %ctlYltles Amiual Awicultural Show 380.419 6,791 387210 Other trading activitie8 Invcsknent incomc 110,916 89,140 110,916 TotAI 580 475 587 6791 ￿66 EXPENDITURE ON ising funds 180.491 180.491 Chirltable aetlvlties Annu￿ A8riculttwal Show E$tstes A¢cowits 421,328 6,791 428,119 Tot*1 615 639 622 430 NET INCOMEI(EXPENDITURE) (35.164) (35,164) RECONCILIATION OF FUNDS Tots] funds brouBht forward 4.149,588 4.149.588 TOTAL FUNDS CARREED FORWARD 4114424 4114424 TANGIBLE FIXED ASSETS Freehold property Plant and machinery Tra¢totS COST OR VALUATION At l November 2024 Additiim$ Disp05als Revaluations Rcclassification 2,659,330 81,724 374.178 112,570 13.801) 5.519 (301,054) 81,000 At 31 October 2025 2 159000 DEPRECIATIOLY At l November 2024 Charge for year ElimI￿ated di$p(wl 228.493 26,363 3,480 204 At 31 October 2025 251384 NET BOOK VALUE At 31 O¢tober 2025 2,159.000 231,563 At 31 October 2024 2,659 330 145 685 Page 22 continued.. PembrokeshfTe AyltllltllrAI Sodety Ltd Note$ to the F5nxn¢5al St*ternents- eontlDued for the Year Ended 31 October 2025 12. TANGTBLE FIXED ASSETS- eontityued PAS Promotions Plant Motor Yehicles Totals cosr OR VALUATION At l November 2024 Additions Disposals Revaluati0rt8 Rc¢lassifi¢#tiort 38.249 13.476 3,090,752 194294 (32,551) (301,054) 128,750) At 31 O¢tober 2025 9.4 2.670.441 DEPRECIATION At l November 2024 Charg¢ for y Eliminated on disp)s&l 23.021 409 10.191 493 265,185 27,469 At 31 October 2025 5E18 271 10684 ￿70 NET BOOKVALUE Ai 31 Odober 2025 2,792 1398,871 At 31 October 2024 3285 2 825 567 Cost or valuation at 31 October 2025 is represent￿ by.. Frcchold propety Ptsnt and mochinery Tractors Valu8tion Tn 2025 2,159.(KJl 482.947 5,519 PAS MotOT v¢hi¢les Plant Totals Valuatii)n in 2025 Cost 2.159.000 2 670 441 Pa8e 23 continued... PembMke#hirt AgricuknirAI S•tl¢ty Ltd Notu to tIL¢ Flo￿¢1￿1 S¢•¢ements- eon¢lnued for Ihe Ye*r Ended 31 O¢tober 2025 12. TANGIBLE FIXED ASSETS- ￿Nth1￿cd Fixed &%8ets. in¢lutsJ in the above, whieb are held wid¢rhir¢ pwch&s¢ wntracts are as follow5: Planl and ma¢hincry COST OR VALUATAON Additions DEPRECIATION Charge for year NET BOOK VALUE At 31 O¢tob¢r2025 76.050 At 31 October 2024 ij. INVESTMENT PROPERTY FAIR VALIJE At l Nov¢mber 2024 Addition8 Impairnmts Rxla$sifi¢ation 1,022,650 26.567 305,783 At 31 October 2025 i¥rr BOOK VALUE At 31 October 2025 1.636 000 At 31 Ottob¢r 2024 1022 650 14. STOCKS Charity 31.10.25 Ch8rlty 31.10.24 Group 31.10.25 Group 31.10.24 Strtks 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Charity Ch8rlty 31.10.25 31.10.24 Grnmp 31.10.24 31.10.25 Trad¢ debtors Other debtors PAS Promotions VAT Prepajrynents 42.491 47,924 44.940 19.817 14.290 41791 49922 21,815 22236 22.236 8,985 121636 123 934 71 Page 24 ¢ontinued... Pembroke5hirt Agrie￿I￿ra1 So¢l¢ty Ltd NotLs to th¢ Fin&n¢l81 Statements- contlnued for the Year Ended 31 October 2025 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Chartty Charity 31.10.25 31.10.24 Gro#p 31.10.25 Croup 31.10.24 Bank loans and overdrali8 (see Thote 18) Hir¢ purch&se (see note 19) Trade creditor5 S(rtia] security and olhcr laxe8 VAT Other ¢r¢ditors PAS ProrrLOtion5 A¢¢rued expenses 28,122 10.733 15,393 1,964 5.556 30.488 10,73J 15.593 1,964 7.718 14.410 1,895 16,045 32,498 14,410 1,895 21,379 32.498 37,846 8.644 37,846 135 752 142 574 17. CREDrroRS.. AMOUNTS FALLif4G DUE AFTER MORE THAN ONE YEAR Charity Ch4rity Group 31.10.25 31.10.24 31.1025 Groyp 31.10.24 Bank loans (see note 18) Hire Purcha￿ (see no* 191 20.834 45 26.390 28.5 36.717 26 I& LOAIYS An analysi5 of the maturity of loans is 8iven below= 31.10.25 31.10.24 Amount5 fallitt8 due wtthin ont year on demand.. Bank overdrafts Bank loans 22,566 7.718 Amounts falling between onE and (wo years.. Bank ioan5- 1-2 yeaTS A￿tsUnts falling due b￿ween two and fiveyeaTS: Bank loan5- 2-5 years Amounts falling due in more than five ycars: R¢payabl¢ by instaitnents: Bank loans more 5 yr by insiol 5,847 Page 25 eontinued... PembTokublre Agrl¢ultvral Sodety Ltd Notes to the Flnanel*l Ststrm¢ntF- ¢ontlnued for the Ye•r E#ded 31 October 2•25 19. LEASING AGREEMENTS Minimum lease payments widgr bir¢ pur¢h08¢ fall due as follows: 31.10.25 31.10.24 Nct obli8ations repayable: Within one y¢ar Between one and five years 10,733 SECURED DEBTS Th¢ chwities bank has a char8c over a parc¢l of land of 21 acres as security onthe cbatiti¢$ overdraft facility. . 21. MOVEMENT IN FUNDS N¢t movement in funds At At 31.10.25 UDrestritted funds General 4.114,424 (32,048) 4,082J76 TOTAL FUNDS 4114424 ￿76 Netmovement in fiwds. included in th¢ above or¢ w follows: Incoming R¢sourtt8 Gains and expended losses Movemcnt in funds Unr*itrl¢ted Gener￿ 657,665 {694,442) 4,729 (32,048) Rutrfcted fundj Food Story 6.754 (6,754) TOTAL FiJNDS 701 196) CtsmpArAtlves fTrr mfyvtmen¢ In funds Net movement in fiulds At 31.10.24 1.11.23 Unrestrlcted General fimd 4.149,588 (35.164) 4,114,424 TOTAL FUNDS 4 149588 5.164 4.114 424 Page 26 continued... Ptmbroktshtre Agrieultllral &)tlety Ltd Nfjtei to ¢he FIDAn¢l*l Statwnents- ¢ontlnued for the Year Ended 31 October 211Z5 21. MOVEMENT IN FUIYDS- conthl￿ed Comparative net movement in )gJnd& inchTded in the abov¢ are as follows: Ineomin8 Resowceg Moyemcrtt UTrrutd¢t¢d f•DdB General fuThl 580.475 (615,639) (35.164) R¢strlthd fund8 Food Story 6,791 (6,791) TOTAL FUNDS 587 266 622 430 A cutrent year 12 motjths •Ttd prioryear12 mottlhs conthin¢d position is as follows: N¢t movemen¢ in fimds .1123 31.1025 Unre$trkted fumdg General fund 4,149,588 (67.212) 4,082.376 TOTAL FUNDS 4 149 588 4 082 376 A ¢utT¢nt year 12 months and prior year 12 months COMb￿led t)¢t movement in funds, included in the above are as follows: rncoming R¢sources expended Gains aTtd Ios5CS Movernent in funds UnreStrl￿ed Gerterol fund 1238.140 (1.310.081) 4,729 (67.212) Re8trfeted Food Story 13.545 (13.545) TOTAL FUNDS 1251685 (1323 62 67 12 Page 27 Continu￿.. Pembrnkesbire Agrl¢ultural So¢l¢ty Ltd Notes to the Flttatsclal Stat¢ments- ¢ontlnu¢d for the Year Endcd JJ Oetober 2025 22. CAPITAL COMMITMENTS 31.IU.25 31.10.24 CoDlrdc¢ed but not provided for in the financial statements RELATED PARTY DISCLOSUR£S There were no r¢18t￿ party tranwtions for the year ended 31 Octobet 2025. 24. TRUSTEES LXPENSES The Trustees ofpernbrokeshire A8ricultura] s￿l¢lY Limit￿ have no¢ incurred any expen5e5 during the period. 25. NON DISTRIBUTABLE RESERVES 31.10.25 31.10.24 Distributsble rL8ervcs Revaiualion reserves Total reseryes 4.062,411 4,099,189 15 34 76 4114424 COINC CONCERN POL]CY -The Trustees of Pembrokeshtre Agriculiurdl Swi¢ty Lirnittd have reviewed the post year end fjnanciai fomianc< ¢xpe¢ted perforn)ance and Ihe charily is expeaed to have adequatc re50urce5 to continuc in is¢¢n¢¢ for the foreseeablc fijturc &8 such believe it is appropriate to adopt thc 8oin8 concern basis of 8ccountin8 in p￿p￿ring t￿ financial statements. ln making their &8se5sment the trustees have considcrtd a period of at least 12 mnths fttsTn the dale ofthe approval of these financial do¢uments. 27. FRC ETHICAL SYANDARD- PROVISIOIYS AVAILABLE FOR SMALL Ef4TITIES In eomrnon with many other businesses of our 5iZt we use OUT auditors w pr¢pare and submit r&ums ￿ the ulhoriu¢s ond &sSi$t with the preparation of finaD¢ia] statements. 28. RESTIUCTED FUNDS The re5trictcd funds to F(x)d Stixy as delailcd in the trustees report. 29. AUDITORS RENUMERATION Charges included in these accounts in respect of audit renumeration amountcd to £229012024- £2,238), other fe¢5 in rcspcct of the Prep￿atIon of the 8roup a¢counts artd consultsncy amounted to £5,23812024- £4.6521. 30. REVALUATIOIY OF PROPERTY The invcstment and frtthold property MYS revalued by Mr A Morgan FRICS FAAV of MorBan & Davie5. Poge 28 continued... Pernbrnktshire AEricultur•l Sotl¢ty Ltd Notes to the Flignelgl Stst¢m¢nls- tontlnued for the Yur Ended 31 Ottober 2025 31. SUBSIDARY UNDERTAKING PAS Promt)tlons Llmlt¢d PAS Promotions Limited (Regi5tcred in England and Wal4 tto 01941314) is a wholty owned SUF￿]dIary of Pembrok¢shire Agricultural Society Limited. The company trades from th¢ w¢mis¢8 of Pembrokeshire A￿lcul￿ra] Society Limit¢d. Protit and Loss Account Year ended 31.10.25 Year ended 3J.1024 Turnover C05t of Sales GROSS PROFIT 27.684 27,927 807 27.120 27.684 AdministrAtive expenses Tax on proflt / Ioss 26.394 22.081 Profit (Loss) for financial year B8lance shett Tangiblt fkxed assets DebtOTS Cash at bank Creditors due within l yeAr Crzditors due after l y¢ar Retained r￿er￿£S 2.791 2298 12,665 (6.820) 3,284 14225 39,720 (45,014) 10 28 1,887 3,177 Page 29 continued... Pembrokesktrt A8rleultural Soclety IAd Det8lJed Statsment of Financial Athitles f(tyr the Y￿r Ended 31 October 2025 31.10.25 31.10.24 INCOME AND ENDOWMENrs Other tr8dlng aetlwltlel R￿tal Income & Servi¢e ChwEe Other Activities Subsidiary Trading Activity 97,789 6.136 27,684 69,781 13,208 I31,￿9 110,916 Invegtmettt Income Rents received Deposit a¢count int¢rert 82.132 2.710 86,622 2,518 84,842 89.140 Ch•rftable A￿l￿tieS Show Incom¢ 442J98 387,210 387210 TDt•l In¢omlng r¢JourteJ 664.419 587.266 Other tradlDg a¢dvltl¢ 45,781 1.571 1.513 60,912 12,372 57,523 4.024 7.395 .317 2,619 500 (6,313) 17,161 102 204 37,661 ,022 .373 54,491 11.720 41,870 3,325 10.188 So¢ial security Bank Clwges Premises Expenses Adrninistrative ¢%p¢nse$ Maintsnance Cosls Other Direct Costs Subsid1￿ Trading Expenses Hire pureh4se interest Accountattcy fees Bad Debt Profit on dis￿s91 of fixed as 8ets Depreciaiion of Plant & Machitiery Depreciation of Tractors Depr￿Iation of Nfotor 2238 5,001 10.643 113 206.681 180.491 Ch*ril*bk *etlvltleJ 87210 1,571 16,251 24,428 129,460 76.050 2,045 10.046 26,487 l E4.628 Social security Attraction5 Prix Mortey Carried forward Thi$ pag¢ does not forni part of th¢ statytory flnancial 5tatrmettts Page 30 Pembrokeshire Agritxltural Society Ltd DetAll¢d Stst¢m¢nt of FIna￿¢s$] A¢tlvities roT the Year Ended 31 Ottober 2025 31.10.25 31.10.24 Ch*rltsble sctfvAtI Brought foTward Rosettes Catering Security and PaTkinB Showground Site Infr&thcture Emexgency service & Veterinary Grounds Maintenance Sanitstion and Cleanin8 Stock 5undries Judges Exptnse$ Equipment Hire Showground repairs Sub show ¢xp¢ns¢5 Affjlialion fees Donations Commisgion Show Si￿5 Goods for Grounds Rent Wa*r Compulers, Software & Phon¢ Advertising Depreeiation Pla￿¢ D¢pre¢iation Tra¢￿rS Depreciation Motor Postage. Stationery & Printirt8 Profit on disN)saJ of fixed asset 129.460 12,209 15.935 68,765 92.763 11,782 603 26,582 114,628 10,275 l4,356 61,965 60,010 14,619 3.970 23.422 755 5.849 16.134 5.843 6.556 2,721 6,600 6,759 1610 168 124 3,840 21,756 2,615 6.165 1,141 3250 6,796 7,221 158 3.020 17,011 14,549 9,201 102 204 6,208 14,447 10.535 10,888 113 846 6,912 455.032 401,105 Support eosts MADagement Wages Sundn'es Bank ch￿eS Bank Intercst paid Hir¢ puKha5¢ int¢rt3t 8.997 2.940 5.053 367 263 8,995 3,406 9,651 437 17.620 22,489 Governgnce ¢0sts Auditors, remuneretson Auditors. rernuller&tion for non audit work I*gat and Professional Fees 2,290 2,619 2238 2,414 Tora] resou￿¢5 exp¢nde