REGISTERED COMPANY NUMBER: 116W3 {En8land and Wale51 REGISTERED CHARITY NUMBER: 1186008 REPORT OF THE TRiISTEES ANO FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 FOR RLrrLAND AGRICULTURAi SOCI J W Hlnks LLP Chartered Accountsnts and Statutory Auditor5 19 Hlghfield Road Edgbaston Blrmingham 815 38H
RUTLANO AGRICULTURAL SOCIETY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Report of the frust••s Report of the Indfrpendent Audltors io to 12 ststement of Nnanclal A<d¥hl•s 13 Balance Sheet 14 Cash Flow 5tat•m•nt 15 14ot•5 to the Cash Flow Statem•nt 16 Not•s to the FSnanclol Statements 17 to 32
RLITLAND AGRICULTURAL 50CIErY REPORT OF TMETRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 The tTUStee5, who are a150 the dlrectors of the chartty for the purposes of the Companles Act 2¢XJ6, present their repori with the financial statements of the charSty for the year ended 31 December 2024. The trusteès have adopted the provlsions of Accounting and Reportlng for charle5.. Statement of Recommended praCCe applicablÈ to charities preparlng their accounts In accordance with the Financial Reporttng Standard applicable In the UK and Republic of Ireland IFRS 1021 leffectfve l January 20191. OBJECTIVES AND AcnviTIES Oblectlves and alms The objectives and alms of the Society can be summarised as follows. To promote the wellbeln8 and efficlency of a8rlculture and all profes51on5, trades and crafts connected to aBrlculture. o To arrange demonstratlon5 connected wlth agrlcultural e(lUon.thr0uBh the holdln8 of shows and the glvlng of prizes and grants. Our longer term alms Include supportlng the Communlty of Rutland through educatlon on Issue5 Involvln8 farmln8 and food and helpln8 young people who are enterln8 farmlng as a professlon by facllitadn8 tralnlng ind apprentlceshlp5. 518nFfftant Dctlvltles Sl8nifl¢ant actlvlties expected to be undertaket) by the Soclety durlng the perlod under revlew would normally conslsl of the following. The sethn8 up and managlng of Rutland County Show as one of the maln ways of fulHlllng our alms and oblectlve5. Provldlng a serles of talks and lectures prlmarlly relan6 to agrlcultural best praCe. HO5n8 Other events at the Showground through Rutland ShowBround Llmlted In order to provlde an InMe to hep sustain the So¢lety. Hostfjng mar*y communlty events at the Show8round and in the Pavlllon deliverlng publlc beneflt by suppordn8 the local communlty. Page I
RUTLANO AGRICULTURAL SOCIErY REPORT OF THE TRusfEES FOR ThE YEAR ENDED 31 OECEMBER 2024 OBJECrnIES AND ACTIVITIES Publlc benefit Ensurin our work delivers our Ims We review our aims. objectlves and athvltles each year. Thls revlew looks at what we achieved and the outcomes of our work In the previous 12 months. The vIeW look5 at the success of each key activity and the benefits they have brought to those group5 of people we are Set up to help. The revlew also helps u5 to ensure that our aims, objectives and athvltles remaln focused on our stated purposes. We have referred to the guldance eontalned In the Charlty Commlssion's general Buidance on publi¢ benefit when revlewlng our aims and objectlves and In plannSng our future athVie5. In pafticulaf, the trustee5 conslder how planned athvldes wlll contTlbute to the alms and oblectlves they have set. The focus of our work The focus of the Society's work is as follows. o Showcase best practlce and create educatlonal opportunities. Help youn8 people to learn about farmlng and the outdoor5. o Grow our membership to 8lve a voice to the people invofved In farmlng and food productlon and to help them teach others and learn for themselves. Develop our Breen space5, bulldlngs and Infrastructure at the Rutland Showground. Host and stage events, prlmarlly at the Rutland Show6round, to generate funds for the the Rutland Agrl¢ultural Socletv. Page 2
RUTLAND AGRICULTURAL SOCIErY REPORT OF THE TRUSTE ES FOR THEYEAR ENDED 31 DECEM8ER 2024 ACHIEVEMENT AND PERFORMANCE Charltable acilvSttes How our activiti ellver ubllc fit In 5etbng our objethve5 and planning our actlvities the trustees have 8lven careful consldeTation to the Charity Commission's general guidance on public benefit. includin8 the guldance on public benefit and fee chargin8. Our maln athvSlles and who we try to help are described below. The charity's athvltles focus on our ablllty to a55lst In the promofjon, wellbeing and efflclenty of aBrlculture and all professions, trade5 and crafts connected to agr4culture. The Society's main source of funding would usually be Income from the Annual Show together wlth Income from other events through Rutland Show8rounO Llmlted. The Soclety's maln expendlture costs would usually include the promotion and organisatfon of the Socleiy's Annual Show and the maintenance of the Show8round and premlses. In 2024 the Show moved back to Sunday. We had record attendance lapproxlmately 13,000 people). There were verv 800d Ilvestock entrlès, pathcularly light horses and sheep, but a more Ilmlted entry of cattle. The great Improvement to the Show was that we now have effethve traffic plans and Car parking in place and there were no delays and Congeson for the second year. Whlle Incorne from the Show showed an increase of IO%. costs rose conslderably by £40.850- an increase of 25% We experlenced cost pressure5 on all fionts (although In the 2025 Show we have taken athon to hold costs at the same level as 2024 wlth an Sncreased Income and attendance). Althou8h we enloyed a 8ood year wlth other events thTOU8h Rutland Showground Ltd- most parkncularly dog aglllty events and other dog show5, the move of the Global 81rdfalr elsewhere reduced our Income by £17,248. Ground malntenance costs Increased by £29,415 in the year together wlth cost pressures on all other dlrect cost5. At the year end we changed our mowln8 contractor whlch should show a cost reductlon in 2025 of approx. £20,000. FINANCIAL REVIEW Flnan¢lal posIOn The Statement of Financlal A£VIe$ for theyear ended 31 Oecember 2024 show5 Incomlng resources totalling £417,216 12023- £405.6271 and resources expended totalllng £S21,75912023'. £422,9271- due to the cost pressure5 highllghted above. Before the recognltfon of net galns on Investments for the year ended 31 Oe¢embeT 2024 aMounn8 to £6,87912023: recogniOn of1055es on Investment5 totallin8 £27,120), the Society generated an operatln8 deflclt of £104,54312023: £17,3CQI for the year ended 31 December 2024. It should be noted that resources expended totallin8 £521,759 for the year ended 31 December 2024 includes annual amortisatlon and depreciatron charges totslling £25.65912023.. £23,160). After the recognition of net 8alns on Inve5trnents for the yeèr ended 31 Dernber 2024 totallin8 £6.87912023- net losses on Investments totallin8 £27,120) the Society 8enefated net resources expended after net 8ains/llosse5lon investments arnounting to £97.66412023.' £44,420). As a result, the Soclety's total funds have decreased from £3,100,691 as at 31 December 2023 to £3.003,027 as at 31 December 2024. PaBe 3
RLrrLAND AGRICULTURAL SOCIErY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Princlpal fundlng sour¢es and expendlture The Soclety's main sources of funding consist of Income due from the Society's annual show together with income from other events through Rutland Showground Limited as well as other Investment income due to the Soclety. The SocletV'5 main expenditure costs connUe to include the promotion and organlsation of the Society'5 annual show and other events. All aspect5 of the Soclety's finances are kept under revlew by the trustees and their advlsors. Investment pollci and obl•ctlves The charltv malntalns an Snvestment portFollo, managed by an Independent Investment manager on behalf of the charlty, in order to provlde funds so that the charlty may achleve Its objectrves. The trustee5, in conlunctlon with the charlty's independent Investment manager, have made chan8e5 to the charity's Investment portfollo during the year ended 31 December 2024 as summari5ed in note 16 to the financlal statements. Reserves poIIvi Rutland Agricultural 5ocietV Teco8nlses the Importance of havln8 reserves. These funds are freely avallable to Spend on any of the charlty's purposes and hence exclude any restrlcted funds should there be anv. Rutland Agrlcultural Stsclety fa¢e5 a nurnber of rlsks that may result in the need to Use the charlty's reserve5. Some of the Include the followlng. A reduthon In fundln8 from 5UPPOrters. Unexpected refurblshment costs In relaOn to the charlty's property. External factors impacllng the charity such as wage Increases or Increasln8 udllty bllls. Reserves are represented by the fund balances as dlsclosed in the ¢harlty's balance sheet on page 15 of the flnanclal statements. The charlty's balance Sheèt shows unre5trided reserves (reserves that do not carry out any restrlthons on how they can be used) of £3.003,027 as èt 31 December 202412023.. £3,100,6911. In assessing our level of free reserve5 as at 31 December 2024 we also exclude fixed assets totalllng £2,834,180. 12023.. £2,908,760). Thls leaves free reserves at £168,847 as at 31 December 202412023- £191,931). It Is the trustees vlew that thls amount means that the charity has funds available to run the charity on a day-to-dav basls and keep funds aside In case any of the risks mendoned above materiali5e. The trustees belleve thls level of re5eives provides the charlty with adequate flnancial stability and the means to meet it5 charltable oblertives for the future. The level of reserve5 wlll be reviewed annually to ensure alignment with the rlsk5 the charlty faces. Going con<ern No mBtters have come to the attention of the trustees whlch mlght SU88e5t the Soclety will not be able to maintain its current activIeS for the foreseeable future. They have. therefore, consldered that It Is appropriate for the financial statements to be prepared on the goln8 concern basls. Page 4
RUTLAND AGRICULTURAL SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 DECEMBER 2024 FUTURE PLANS In 2025 we will conllnue our drive to work towards break even for the Society by Increasing our letbngs of the ShowÈround in the summer for malor events through Rutland Showground Limited. We are be.nnIng to establlsh a reputatlon for h05ting even15 and offering excellent fa11es. Succes5 In thi5 area will enable us to bring more focus on our key oblectlves of showca51n8 best prartice In farming and creating educational opportunitie5 such as the following. This year we will be able to offer sponsor5hlp for farmers to paCIpate In a course managed by the Allerton Project on Sustalnable Farmln& p3CUlarlY glven the changes In government poliry. We wlll also be runnlng a serles of talks for members Sn the autumn, agaln on best farmlng prathce but also on con5ervatton projects. o We have also collaborated wlth Root and Branch Out by lethng the small slte wSthln the Rldge and Furrow for them to teach people practical skllls In gardenlng. We are plannlng to retum to a much blggèr Show Iback on a Sunday) this year wlth more attracdons and trade stands and hopefully 8reatly Improved members, facllldes adlacent to the Maln Rlng. For the flrst tlme In many years, In 2023 we In¢ased the membershSp fees to a more reall$¢ level for the Soclety. We had prevlously been 5ubsldlsln8 the cost of membership where the maln purpose of belng a member should be to support the Soclety and enable us to achleve some of the oblethves outllned above. STRUCTURE, GOVERNANCE ANO MANAGEMENT Governln8 document Rutland Agrlcultural So¢lety was formed on or around 1825 and obtained charltable status on 26 March 1965. The charity was an unincorporated charlty Icharlty re8I5tradon number 2410281 governed by Its constItuOn orlglnally adopted on 24 March 1897 and last amended on 8 March 2010. On l January 2020 all of the asset5 and Ilablllttes of the unincorporated charity were transferred to a company Ilmlted by 8uarantee Icompany reglstratlon number 116366031 whlch wa5 incorporated on 23 October 2018 and which achleved charitable status on 28 October 2019 Icharlty registfadon nurnber 11860081. The 5oclety Is establlshed under a Memorandum ol soCIaOn whlch establlshe5 the objects and powers ofthe Soclety and is governed under It5 ACleS of Assoclatlon. In the evenl of the Soclety being wound up member5 are required to contribute an amount not exceedin8 £1. Recrultment and appolntmènt of new trustees At the next Annual General Meettng those trustees who were last appointed or reappolnted as a dlrector three OT more vears previously shall retire from office In attordance with the Memorandum and Articles of Assoclatton and. belng eligible. offer themselves for re-election. Trustees are appolnted for a three year term. They are usually appointed at the Annual General Meettng with any vacancies open to all members. If none are forthcomin8 trustees are co-opted to serve. All trustees 8Sve their tirne voluntarily and receive no benefits from the Soclety. Society are Set out in the notes to the financial statements. Any expen5e5 reclaimed from the Page 5
RUTLAND AGRICULTURAL SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED31 DECEMBER 2024 STRucfuRE. GOVERNANCE ANO MANAGEMENT Or8anisatlonal structure The truste usually meet quarterly and, in addlfjon, there is an Artnual General Meeting. As well as the full trustees, meetin85 during the year there are also several sub-committees (both formal and informall to enable the operatron of the the Society, the main onès being the ¢erS18ht Committee, the Operations Commlttee, the Show Commlttee and Rutland Showground Limited Iformerly known as RAS Enterprises (Rutlandl Limited). These committÈès will generally meet monthly or as requlred. Indlvidual trustees a150 have IndivSdual respons1bi1ies - for instance, R D Wood served a5 Chalrman of the Board of Trustees and M Aitchison Served a5 Chairman of the Oversi8ht Committee durln8 the period under revlew. The current management, led by R D Wood as Chief Executive Officer from July 2021, comprlse5 a srnall team con515tin8 of Sophie Howsam as Show Mana8er wlth Gary Crellin Ivla Nampara Limltedl as Operatlons Manager with responslbillty for the whole of the Soclety's 5how8round slte and wlth partlculor responsibility for hiring out the Soclety'5 showground and pavllSon for events. Inducilon and tr•lnlng of now trurt••s The Soclety has a procedure to follow for the Induthon and tralnln8 of new trustees whlch Include the followlng. The new trustee will meet wlth all exlsfjng trustee5. The new trustee wlll recelve a copy of the Soclety's governln8 document5 and the Society's annuol report and accounts. The new trustee wlll meet with the rnost relevant trustee or trusteès on a one to one basls- for exarnple, 8 new treasurer wlll meet wlth the previous Ireasurer. o The new trustee wlll rneel wlth the SocletV'5 key exe¢udve5. The new trustee will have access to all statutory and contractual documents of the Socletv. The new trustee will also be Introduced to any relevant external contacts. Key mana8ernont remun•ratlon In the trustees, oplnlon the key managernent personnel of the Soclety respon51ble for the directton, control, runnlng and operafjon of the Soclety on a day to day basls conslsts of the Board of Trustees and the Chief Executlve Officer. mana em onnel- ru M05t trustee5 8lve of thelr me freely. Durlng the year ended 31 Oecember 2023 1 trustee 12022: 11 recelved remunerafjon from the Society. Detalls of trustees, expenses and relatèd party transartlon5 are dlsclosed In note 11 to the flnanclal statements. na eme onn The pay of the Society's senlor staff is reviewed annually and normally Increased based upon the poslfjon of the Society's linances and the c0510f livlng in general. Page 6
RWLANO AGRICVLTURAL SOCIErY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE. GOVERNANCE AND MANAGEMENr Risk managemenl The trustees have a duty to Identify and revlew the rlsk5 to whlch the charity is èxposed and to ensure approprlate controls are In place to Provide reasonable assurance against fraud and error. The trustees have examlned the major strategic, businèss and operatr'onal rlsks that the charlly face5 and confirm that systems have been establlshed to enable regular reporting and review so that necessary steps can be taken to lessen these rlsks. REFERENCE ANO ADMINisfRATniE DAlL5 Reglstered Company number 11636603 (England and Wale51 RegISter Charlty number 1186008 R•ilstered offlce The Rutland Showground Show8round Way Barleythorpe Oakham Rutland LE15 7TW Trusiees RDWood M Altchlson S Brook-Shanahan A Grey S Hazard Dr A R Leake R H Mlles - appolnted 23 October 2024 Chlef Executlve Offlcer RDWood Senlor Statutory Audltor Peter Smlth FCA Audltors J W Hlnks LLP Chartered Accountants and Statutory Auditors 19 Hi8hfield Road Edgbaston Blrmingham B15 38H Page 7
RIITLAND AGRICULTURAL SOCIErY REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2014 REFERENCE AND ADMINISTIIATIVE DETAILS 5ollcltors Knight5 plc The Brampton Newca5tle-Under-Lyme Staffordshlre ST5 OQW Bankers HSBC Bank pl¢ Mld Llncolnshlre and the Fens Commercial Centre Unex House Bourges Boulevard PeterborouBh PEI ING Investment manaier Charles Stanley & Co. Llmlted 4th Floor Mercury Place St George Street Lelcester LEI IQG STATEMENT OF TRUSTEES. RESPONSI8ILmES The trustees (who are also the dlrectofs of Rutland Agricultural Soclety forthe purposes of cornpany lawl are responsible for prepaTlng the Report of the Trustees and the flnanclal Statements In accordan¢e with applitablè law and Unlted Kingdom ACCOUnn8 Standards Iunlted Klngdom Generally ACpted AccoUnn& Pracllcel. Company law requlre5 the trustees to prepare flnancSal statements for each flnanclal year whlch 8lve a true and falr vlew of the State of affalrs of the charltable company and of the Incoming resources and applicafjon of resources, Includln8 the income and expenillture, of the charltable company for that perlod. In preparlng those fftnanclal statements, the trustees are required to select sultable accounting policles and then apply thern Conslstently; observe the methods and prlnclples in the Charity SORP,. make judgen)ents and esttmate5 that are reasonable and prudent,. prepare the financial Statements on the Boing concern basis unless It Is Inapproprlate to presume that the charltable company will continue in bu51ness. Thètrustees are responslble for keepin8 proper accounting records which disclose with reasonable accuracy at anyfjme the linancial posltion of the charltable company and to enable them to ensure Ihat the financial statements comply wlth the Companie5 Act 2006. They are also re5ponslble for 5afeguardlng the as5et5 of the charitable ¢ompany and hence for taklng reasonable steps for the prevenOn and detectlon of fraud and other Irregularldes. In 50 far as the trustees are aware.. there is no relevant audit information of which the charitable company s auditors are unaware,. and the trustees have taken all step5 that they ought to have taken to make themselves aware of any relevant audSt Informatlon and to e5tabllsh that the auditor5 are aware of that information. AUDITORS The auditors. J W Hinks LLP, w511 be proposed for re-appointment at the forthcominB Annual General Meeting. Page 8
RUfLMIDAGRICiILTUAAL FOR ThEYElth eNDeD JI DIUMBEII 2(Y4 Th15 r•port has b••n pr•par•d In atwdine* ¥th th• wclal provLskn5 oIPart IS of the Companl•J Art 2006 r•lattr to YNII comp•nlES. Apprry4¢d byorder ofthe bo•rd of trustees I.... rustee
REPORT OF THE INDEPENDENT AUOITORSTO THE MEMBERS OF RUTLAND AGRICULTURAL SOCIEtY Oplnlon We have audited the financial statements of Rutland Agricultural Society Ithe'charitable company'l for the year ended 31 December 2024 which comprise the Statement of Financial Activities, thè Balance Sheet, the Cash Flow Statement and notes to the financial statements, includlng a summary of slgnificant accOunn8 policie5. The financial reporting framework that ha5 beèn applied in their preparation 15 applicable law and Unlted Kingdom Accountin8 Standards (United Kingdom Generally Arcepted Accountin8 Piacticel. In our opinion the financial statements.. givè a true and fair vlew of the state of the charitable company's affalrs as at 31 December 2024 and of its incoming resources and appllcation of resources, in¢ludlng Its income and expenditUTe, for the year then ended,. have been properly prepared In accordance with Llnited KinBdom Generally Accepted Ac¢ounUn8 Prathce- and have been prepared in accordance wlth the Tequlremènts of the Companies Act 2006. Bas55 lor oplnlon We conducted our audlt In accordance wlth Internaonal Standards on Audltin8 IUKI IISAS IUKII and appllcable law. Our respon51billeS under those stsndards are further descrlbed in the Auditors, responsiblllfjes for the audlt of the flnanclal statements sethon of our report. We are Independent of the charitable company In accordance with the ethlcal requirements that are relevant to our audlt of the financial statemen15 In thè UK, Including the FRC'S Ethital Standard, and we have fulfllled our other ethical responsibilities In a¢¢ordance wSth these requSrements. We belleve that the audit evldence we have obtalned Is sufficient and appropriate to provide a basis for our opinlon. Concluslons relatlng to iolnK con¢em In audltlng the financlal statements, we have conclude<l that the trustees, use of the 8oln8 Concern basis of accountin8 In the preparayon ol the flnancial statements is appropriate. Based on the work we have performed, we have not Identlfled any materlal unCertaIneS relafjn8 to events or condIon5 that, Individually or collecdvely. may cast 518nlflcant doubt on the ¢harltable company's ability to conttnue as a goln8 concern for a perlod of at least twelve months from when the flnancbal staternents are authorlsed for Issue. Our responslbllltle5 and the re5ponslbllldes of the trustees wlth respect to 8oln8 concern are descrlbed In the relevant sectlon5 of thls report. Other Inforrnatlon The trustees are responslble for the other Information. The other informadon comprlses the Informa0 included In the Annual Report, other than the hnancial statement5 and our Report of the Independent Audltors thereon. Our oplnion on the flnancial statements doe5 not cover the other Informatlon and, except to the extent otherwise expllcltly stated in our report, we do not expres5 any form of assurance conclu51on thereon. In connectlon with our audit of the flnanclal Statements. our responslblllty Is to read the other informatlon and. In doln8 so, consider whether the other informatlon Is materlally Inconslstent wlth the financial statements or our knowledge obtalned In the audit or otherwise appears to be materially mi55tated. 11 we Identify such materlal Incon51Stencles or apparent material missiatèments. we are required to determine whether this glves rise to a materlal mlsstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there Is a material mi55tatement of this other informatton, we are requlred to report that fact. We have nothln8 to report in this regard. Oplnlons on other matters prescrlbqd by the Companle5 Act 2006 In our opinlon, based on the work undertaken In the course of the audit.. the Informaon given in the Report of the Trustees for the flnanclal year for which the linantial statements are prepared 15 consistent with the h"nancial statements.. and the Report of the Trustees has been prepared in a¢¢ordance with appllcable legal requlrements. Page 10
REPORT OFTHE INDEPENOENT AUDITORS TO THE MEMBERS OF RUTLAND AfjRICULTURAL SOCIETY Matter$ on whlch we are rEquSr•d to report by exceptlon In the light of the knowledge and understandlng of the charitable company and its environment obtalned In the course of the audlt, we have not Sdendfled materlal mi5Statements in the Report of the Trustèes. We have nothing to report in respècl of the following matters where the Companles Act 2006 requires u5 to report to vou If. In our opinion.. adequate accounUng records have not been kept or returns adequate for our audit have not been received from branches not visited by u5.. or the financial statements are not in agreement wlth the accountlng record5 and returns,. or certaln disc105ures of trustees, rèmuneration specified by law are not made- or we have not TeceSved all the information and explanations we require for our audlt,. or the trustees were not entttled to take advantage of the small companies exernpts.on from the requlrement to PTepare Strate8lc Report or in preparlng the Report of the Trustees. Responslbllltle5 of truste•s As explalned more fully In the Statement of Trustees, Responsibllities, the trustees (who are èlso the directors of the choritablÈ company for the purposes of company lawl are responsible for the preparation of the flnanclal statements and for belng satlsfied that they glve a true and falr vlew, and for such Internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from materlal mlsstatement. whether due to fraud or error. In preparing the fi'nanclal statement5, the trusteès are responsible lor assessing the charitable company's abillty to continue as a going concern, disclosin& as appllcable, matters related to golng concern and using the golng concern bas15 of accounttng unless the trustees either Intend io Ilquldate the charltable company or lo cease operatlons, or have no reallsttc alternadve but to do so. Our reJponslbllltl•s for the audSt of the flnan¢lal statements Our objethves are to obtain reasonable assurance about whether the ftnanclal statements as a whole are free from mateTlal mi5Starement. whether due to fraud or error, and to issue a Report of the Independent Audltor5 that It)cludes our oplnlon. Reasonable assurance Is a hlgh level of assurance, but is not a guarantee that an audlt conducted In ac¢ordancewlth ISAS IUKI wlll alway5 dete¢t a materlal misstatement when it exists. Misstatements can arlse from fraud or error and are considered material If, indlvbdually or In the a88regate. they could rèasonably be expected to Snfluence the economic decislons of users taken on the basis of these flnanclal statements. The extent to whlch our procedures are capable of detec16n8 Irregularitses, includSng fraudls detalled below- Enqulrlng wlth mana8ernent and others to gain an understandlng of the organisatlon Itself including operations, linancial reportin8 and known fraud or error. £valuattng and understandln8 the Internal control system. Performlng analytical proodures as expected or unexpected varlances In account balances or classes of tranSaonS appear. Testing documentatlon supportlng account balances or classes of transactions. Conlirmin8 a¢count5 receivable and other accounts wlth a third partv. A further description of our responsibilities forthe audit of the tinancial statements Is located on the Flnancial Reportlng Council's website at www.frc.orB.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 11
REPORT OFTHE INDEPENDENT AUDrroRS TOTHE MEMBERS OF RUTLAND AGRICULTURAL SOCIEtY Use of our report This report Is made solely to the charitable company'5 members. as a body, In accordan wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken so that we might state to the charitable company's members those matters we are required to state to them In an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or a55ume re5ponslbility to anyone other than the charitable company and Ihe charltable cornpany's member5 as a body, for our audlt work, for thls report. or for the opSnlons we have formed. Peter Smlth FCA (Senlor Statutory Auditor) for and on behalf of J W Hlnks LLP Chartered Accountants and Statutory Audltors 19 HIBhlield Road Edgbaston 8lrmlngham BIS 3BH Date.. Page 12
RUTLAND AGRICULTURAL SOCIErY STATEMENT OF FINANCIAL ACtIvlEs IINCORPORATINfj AN INCOME AND EXPENDITURE ACCOUNn FOR THE YEAR ENDED31 DECEMBER 2024 2024 Unrestrlrted lund 2023 Total funds Notes INCOME AND ENLX)WMEIITS FROM Donations and le8ades 125.433 142,681 Charltable actlvltles Annual show 205,352 186,860 Investment Income 86.431 76,086 Total 417,216 405,627 EXPENDITURE ON Ralsln8 funds 8.251 8,396 Charitsble •ctlvltl Charltable a¢tlvlfjes- dlrect Charltable aCtivIe5- SUPPOrt 463,490 50.018 365,742 48,789 Tot•1 521,759 422,927 Net galnslllossesl on Investments 6,879 27,1201 NET INCOMEIIEXPENDITUREI 197,6641 144,4201 RECONCILIATION OF FUNDS Total funds brought forward 3,100,691 3,145,111 TOTAL FUNDS CARRIED FORWARD SJJ03,027 3,100,691 The notes form part of these financial statements Page 13
ftUTiAND AGRICULTUKAL $0am IAEGISTERED NUMBfll: 1163660JI IALANCESHEEr JI DECEMB 2024 1024 Ilestrk¢d fvnd 2023 Tot1 funds Notes FIXED ASSE15 Intan8lble Jssets Tanllble a$5ets Inty5tm•nts 14 15 16 4,741 Iy8.6 9.054 1,515,889 1383 817 734J 2,908.760 Debtors Cash at b•n ar In h•nd 17 u4.ui 117,593 77 143 488 214751 261.081 aiEDIT Amounts filliry due wthln on• y•ar 1442941 148,0611 NEfcuftAtNT ASSErs 112.464 213mO TOTALASSEIS LUS CURAINT LIABILmis 3,121,780 CAEDITOAS Amounts f•lllw due ft•r thaD one y•ir 19 121.0891 NEf ASSEf5 3mJ.t127 3.100.691 FUNDS Unreslrlct¢d funds 21 3.1x13.027 3 100 691 TOTAL FUIIDS 3 100 691 Th•s ftnancl•l st•¢•m•nts h•w beefi yep•red •OrdIn¢+ wlth pro¥lsk>ns •ppllcabl• trj chrttabl• ¢ompanf•s bkrt to the sm•N cornp•nk*s r•ilm•. ttmtnts were approwd by the Board of Trnstees wd authorbsÈd for Issue on w•r• $14ned vn 71 5 behaw bw. Trustee The notes form part of th•s• ftnandal ststsm•nts Page 14
RWLAND AGRICUITURALSOCIETY CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flow5 from operatlng actl¥Ttles Cash genèrated from operations Interest element of hire purchase payments paid 116J,6171 175,9331 13,0941 1,0231 Net cash used In operating activities 166,7111 176,9561 Cash flows from In¥estln8 artlvltles Purchase of Intangible fixed assets Purchase of tangible fixed assets Purchase of fixed asset investments Salè ¢f tangible fixed assets Sale of flxed asset investments Interest recel¥ed Olvldends recelved 16,6671 193,8271 1808.2061 8,082 797.968 2,452 61,368 156,3551 1198.9801 4.001 311,101 1,670 71,619 Net cash provlded byllused Inl Invesn8 actlvltles 133,057 38,8301 C•5h flows from Ilnandni xtlvStles Capltal repayments In year 17,2571 29,816 Net cash (used Inllpfovlded by financing athvltfes 17,2571 29,816 Change In cash and cash •qulval•nts In th• reportlng perlod Cash and cash egul¥al•nts at ihe bwlnnlng of reportlTr8 perlod 140,9111 18S,9701 143,488 229,458 C•sh and ash equl¥al•nts It the end of the reportlng pqrlod 102,577 143.488 The notes form pèrt of these financial statements Page 15
RUTLAND AGRICULTURAL soaETY NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDEO 31 DECEMBER 2024 RECONCILIATION OF NET EXPENDITIJRE TO NEf CASH FLOW FROM OPERATING AcnviTIES 2023 Net expéndltur• for thè report1 perlod {a5 per the Statement of Flnanclal Artlvltlesl Adjustments for,. Depreciation charÉes IGainl/losses on investments Profit on disposal of fixed assets Interest recelved Interest element of hlre purchase and finance lease rental poyments Dlvldends received DecrÈase/llncrea5el in unlnvested cash Increase Sn debtors Decrease Sn credltors 197,6641 144,4201 25.659 16,8791 11,7471 11,670) 23,160 27,120 12,4521 1,023 161,3681 20,313 133.0571 6,2521 171,6191 12.2211 16,5881 13,9811 Net osh us•d In operatlons 163,6171 175,9331 ANALYSIS OF CHANGES IN f4ET FUNDS At 1.1.24 Cash flow At 31.12.24 N•t (ash Cash at bank and in hand 143,488 140,9111 102.577 143,488 140.9111 102,577 Debt Finance leases 129,8161 7.257 122,5591 29,8161 7,257 22,5591 Total 113.672 133,6541 80.018 The notes form part of these financial Statements Page 16
RUTLAND AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED31 DECEMBER 2024 ACCOUNTING POUCIES BAS15 OF PREPARING THE FINANCIAL STATEMENTS General Information Rutland Agrlcultural Society is an incorporated charity reglstered with the Charity Commission in England and Wale5. The address of Rutland A8ricultural Society's iegistered office Is Showground Way, Barleythorpe, Oakham, Rutland. LE15 7TW. A¢countlng conventlon The finan¢lal statements of Rutland A8ri¢ullural Society, whlch is a publlc beneflt enttty under FRS 102, have been prepared In accordance wlth the charleS SORP IFRS 1021 'Ac¢tsunng and Reporknng by charle5.. Statement of Recommended Practlce appllcable to Charle5 prÈparinB their accounts in accordance with the Flnanclal Reporbng Standard applicablè In the Unlteil Klngdom and Republlc of Ireland IFRS 1021 leffective I January 20191" Firban¢lal Reportin8 Standard 102 "The Financlal Reportlng Standard appllcable In the UK and Republlc of Ireland the Companies Act 2006 and the Charltles Act 2011. Thefinanclal Statements have been prepared uslnB the h15torlc cost convention as modified by the revalUaon of Snvestments and are presented In sterling whlch Is the functyonal currency of the charity, rounded to the nearest £1. The 518nlfi¢ant accountlng pollcles applled In the preparatson of these flnancial Statements are set out below. These policie5 have been conslstently applied to all year5 presented unless otherwise presented. PREPAIIATION OF CONSOUDATED FINANCIAL STATEMENTS The flnanclal 5tatemenis contaln Informadon about Rutland A8rlcultur81 Soclety as an Indlvldual company and do not conlaln con5011dated Hnanclal informatton as the parent of a group. The charity is exempt under secon 39912AI of ihe Companie5 Act 2W6 fTOm the requirements to prepare consolldated flnancial statement5. GOING CONCERN The financial statements have been prepared on a 8olng concern basis a5 the trustees belleve that no mateTlal uncertainties exlst. The trustees have consldered the level of fund5 held and the expected level of income and expenditure for 12 months from authori5in8 these flnanclal statements. The expected income and expendlture Is sufficlent wlth the level of reserves for the charlty to continue as a goln6 concern. INCOME All Income Is recognised In the Statement of Flnanclal Actlvldes once the charlty has entitlement to ihe funds. It Is probable that the income will be received and the amount can be measured reliably. For donatlons to be recognlsed the Soclety will have been notr'fied of the amounts and the settlement date In writing. If there are conditions attached to the donadon and thls requlres a level of performance before entltlement can be obtained then income is dèferred untll those conditions are fully. met or the fulfilment of those conditlons Is withln the control of the Society and it is probablè that they will be fulfilled. For le8acie5 to be recognised, entlementI5 ihe earlier of the Soclety being nOfied of an impending distrIbuOn or the legacy beinB received. At this point income Is re¢o8nised. On occasion legacie5 may be notified to the Society. However, It 15 not always possible to measure the amount expected to be distrlbuted. On these occaslons the le8acy Is treated as a contingent a55et and disclosed. Income from trading artiv1eS Includes Income earned from fundraising events and trading activities to ralse fund5 for the Society. Irbcome is received In exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Income received in advance of the activlty bein8 performed Is deferred. Page 17 contlnued...
RUTLAND AGTIICULTURAL SOCIErY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES- conllnued INCOME Incornè from local authorlty grants and grants from other thlrd pareS is recognlsed at fair value when the Society has enUtlement after any performance CondIon5 have been mel, it is probable that the income will be received and the amount can be measured reliably. If entitlement Is not met then these amounts are deferred. Invèstment income Is earned through holdlng assets 5u¢h as tash on dep051t. It includes interest receivable. Interest Income is recognisèd using the effectfve Interest rate method and is Tecognlsed as the Socièty's ri8ht to receive payment Is established. XPENDITURE Liabilitles are recognlsed as expendlture as soon as there Is a legal or construcdve obllBation committin8 the charlty to that expenditure, il Is probable that a transfer of economic beneflts wlll be requSred In settlement and the amount of the obligatlon can be measured reliably. Expendlture Is accounted for on an accruals bas55 and has been classlfied under headings that aggregate all cost related to the category. Where costs cannot be dlrectly attributed to Pafticular headln8S they have been allocated to acVIde9 on a basi5 Conslstent with the use of resovrces. It Is cate8orlsed under the followlt)g headlng5. Expendlture on charltable actlvlfjes. Support Costs are those that asslst wlth the work of the 5oclety but do not dlrectly represent charltable actIvie5 and Include office costs, governance costs and other adMinIstraVe costs. Governance costs represent the Costs incurred In eonnectlon wlth the admln15tratton of the Soclety and compllance wlth constltutional and statutory requlrements. INTANGIBLE FIXED ASSETS Intan8ible fixed assets are stated at cost less accumylated amorfsadon. Amort15atlon Is calculated to write off the cost or valuatlon of fixed assets to thelr esymated resldual value at the followlng rates. Website development 20% on cost per annum TANGIBLE FIXED A55ETS Tangible flxed assets are stated at cost or valuatlon less accumulated depreciatlon. Depreciatlon is calculated to wrlte off the cost or valuatlon of fixed assels to thelr estlmated resldual value at the followlng rates. Freehold land Buildin85 and faclllttes- driveway and car park Buildings and faclllttes- septic tank Buildlngs and faclllttes- other Plant and machinery Computer equiprnent Not dèpreciated 6.67% on cost per annum 5% on reduclng balance per annum 1% on c05t per annum 15% on reducin8 balance per annum 33% on reducing balance per annum The 83ln or Ioss arlsing from the dlsposal of an asset 15 determined as the differen¢e between the sale proceed5 and the carrylng value of the asset and is reco8ni5ed in net incomellexpenditurel for the year. Page 18 continued...
RWLAND AGRICULTURAL soaETY NOTESTO THE FINANCIAI STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES- ¢ontlnued TANGIBLE FIXED ASSErs In prlor year5 thè Society has depreciated buildings and facllltses- other at 2% on cost per annum. For the year ended 31 December 2022 onwards the Society has decided to depreciate bulldlngs and faclllbes- other at 1% on cost per annum after a reassessmenl of the useful economic life of the a55et undertaken during the year ended 31 December 2022. IMPAIRMENT OF FIXED ASSETS At each reporting period end date, the So¢lety revlews the carrylng arnounts of It5 tanglble assets to deterrnlne whether there Is any indlcatson that those assets have suffered an Impalrment1055. If any such IndicaOn exlsts, the recoverable amount of the asset Is estimated In order to determlne the extent of the Impairment Ios5 lif any). Where it is not possible to esumate the recoverable amount of an Indlvldual asset, the Society eSMateS the recoverable amount of the caSh-generang unit to which the asset belong5. Recoverable amount15 the hlghef of falr value less Costs to sell and value in use. In assessing value In use, the estimated future cash flows are discounted to thelr present value uslng a pre-tax dlscount rate that reflects current market assessment5 of the me¥alue of money and the rlsks speclflc to the a55et for whlch theestlmates of future cash flows have not been adjusted. If the recoverable amount of an asset lor Cash-generattng unltl Is estlmated to be less than It5 carrylng amounL the carrylng amount of the asset lor ca5h-6enerang unltl Is reduced to Its recoverable amount. An Impairment loss Is recognlsed Immedlately in surplus or dehcbt. Recogn15ed Impalrment losse5 are reversed If. and only if, the reason5 for the lrnpalrmen( loss have teased to apply. Where an impalrment105s subsequently reverse5, the carryln8 arnount of the asset lor cash-8enerattn8 unit) Is increased to the revised estimate of its recovefable amount, but so that the increased carrying amount doe5 not exceed the carTyln8amount that would have been determlned had no Impalrment loss been recognlsed for the asset lor cash-generadn8 unltl In prlor years. A reversal of an impalrment loss Is recogn15ed immedlatelv In surplu5 or dehclt. TAXATION The charltyls exempt from corporatlon tax on its charltable athvltles. FIXED ASSET INVESTMENTS Investments are reco8nised InIallY at falr value whlch Is normally the transactlon prlce excludlng transaction Costs. Subsequently, they are measured at fair value with chanÉes recognised in "net 8ains/llossesl on Investments" In the Statement of Flnanclal Actlvltie5 if the Investments Jre publlcly traded or thelr fair value can otherwise be measured rellably. DEBTORS Debtor5 are amounts owed to the S0¢Sety. They are rneasured on the basls of Ihelr recoverable amount. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash In hand and deposlts held at call wlth banks. Bank overdrafts are shown wlthin borrowings in current liabilities. CREDITORS Creditors are amounts owed by the Society. They are measured at the amount that the Society expects to pav to settle the debt. Amounts which are owed in more than one year are shown a5 long-term creditors. Page 19 conts'nued...
RWL4ND AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL sfATEMENTS- ConnUed FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNnNG POUCIES- contlnu•d HIRE PURCHASE AND LEASING COMMITMENTS Assets obtained under hire purchase contracts or finance leases are capltallsed In the Balancè Shèet. Those held under hire purchase contracts are depreciated over their eSrnated useful lives. Those held under finance leases are depreciated over thelr estimated useful lives or the lease term, whichever 15 shorter. The interest element of these obllgattons is char8ed to the Statement of Flnancial Activlties over the relevant period. The capital element of the future payments 15 treated as a Ilabllitv. FUND AccouNnNG UnTe5trithed funds can be used In accordance wlth the charltable oblectlves at the disuetlon of the trustees. RestrScted funds can only be used for pardcular restrlcted purp05e5 Wlthin the objects of the charlty. Restrictions arlse when speclfled by ihe donor or when funds are raised for parkncular re5tflcted purposes. Further explanatlon of the nature and purpose of each fund Is Included In the notes to the financlal statements. OPERATING LeASES Rental Income from operatln8 leases is recognSsed on è stralght line basis over the term of ihe relevant lease. Inlllal direct costs Incurred in ne8ottatfn8 and arran8ln8 an operatlng lease are added to the carrylng amount of the leased asset and recognised on 3 5trai8ht Ilne bas15 over the lease term. Renta15 payable under operattng leases, Including any lease Incendves recelved, ère charged to Income on stralght line basls over the term of the relevant lease except where another more systematlc bas15 Is more representattve of the dme pattern In whlch economic beneflts from the lease asset are con5urned. EMPLOYEE BENEFITS When employees have rendered service to the Societvi short-term employee benefits to whlch the employees are entitled are recogn15ed at the undlscounted amount expected to be paid In exchange for that service. Thè cost of any unused hollday entitlement Is recognised In the perlod In whlch the employee's seNices are receSved. Terminatton benellts are reco8ni5e(J Immedlately as an expense when the Soclety Is demonstrably commltted to termlnate the employment of an employee or to provlde termlnadon benefits. PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS The charitable company operates a delined contribuuon pension scheme. Contributlon5 payable to the charltable company's pension scheme are charged to the Statement of Financial Advltie5 in the perlod to which they relate. FINANCIAL INsfRUMENTS Flnancial assets and financial liabiltlles are recognised when the Soclety becomes a party to the contractual provlsSons of the instrument. All tinancial assets and liabllldes are initially measured at transacdon price Ilncludlng transaction Costs). Basic financlal Instruments are Inltlally recognisèd Jt transaction value and subsequently measured Jt thelr settlement valuè with the exception of fixed asset investments a5 detailed wlthin the fixed asset investments accounting policv. Pa8e 20 continued..
RUTLAND AGRICULTURAL SOCIErY NOTES TOTHE FINANCIAL STATEMENTS- ¢ontlnued FOR THE YEAR ENDED 31 DECEMBER 2024 CRITICAL ACCOUNnpiG JUDGEMETrifs AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the applicatlon of the SocietV'5 accountlng pollcles, the trustees are required to make judgements, estimates and assumptions about the carrying amount of asset5 and liabllltles that are not readily apparent from other other sources. The estlmates and undeflylng assumpttons are revlewed on an ongolng basis. Revislons to accountlng estimates are recognlsed in the perlod in which the esUmate Is rev15ed where the revision affects only that perlod or In the period of the revislon and future perlods where the Tevislon affects both curient and future period5. The followlng Is a key Source of esdmatlon uncertalntv. Expenditure allo¢aUons: expendlture Is apporttoned where It relates to more than one cost category. DONAnoNS AND IEGACIES 2024 2023 Donatlons Sub5crlptions MSscellaneous Income 116,417 8.081 93S 134,154 7,584 943 125N33 142,681 INVESTMENT INCOME 2024 2023 Rents received Dlvldend income recelvable Deposlt account Interest 13,142 71.619 1.670 12,266 61.368 2,452 86,431 76,086 Page 21 continued...
RUTLAND AGRICULTURAL SOCI NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 310ECEM8ER 2024 INCOME FROM CHARITABLE AcnvtnES 2024 2023 Aciivlty Annual show Annual show incorne 205.352 186.860 RA151NG FUNDS INVESTMENT MANAGEMENT COSTS 2024 2023 Investment management fees 8.251 8,396 CHARITABLE AcfiviTIES COSTS Dlrert Costs Isee note 81 Support cost$1see note 91 Totals Charltable activities- dlrect Charltable acttvltles- 5UPPOrt 463090 463A90 50,018 50,018 463890 50,018 513,508 OIRECT COSTS OF CHARITA8LE ACTivrriES 2014 2023 Staff costs Annual show expenses Insurance Light and heat Telephone and IT costs Adverttsing and promotlon Postage and stationery Sundrle5 Rates Facilides management Grounds malntenance Equlpment hlre Donation5 Depre¢iatlon Los5 on sale of a5set5 Interest payable and similar charges 51.976 203.259 11,217 15,575 13.325 3.102 1,679 3.231 1.970 40.852 89,649 646 51,321 162,409 8,501 6,779 1,836 1,049 3,278 760 35,886 60,234 735 1,363 23,159 25.660 11.7471 3,094 1,023 463,490 365,742 Page 22 continued...
RUTLAND AGRICULTURAL SOCIETY NOTESTO THE FINANCIAL STATEMEIITS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 SUPPORT COSTS Sundry support costs Governance costs Totals Charltable athvltles- support 44,018 6.000 SOA118 Support costs, Included in the above. are as follows.. SUNDRY SUPPORT COSTS 2024 Charltable 2023 Total acttvldes - 5UPPOrt Bookkeeping and accountancy fees 8ank irbtÈrest and charges Subscriptions Motor and travel expense5 Legal and professlonal fees 23,183 4,038 175 25.033 3,351 1,1 16,6Z2 13,179 44,018 42,789 GOVERNANCE COSTS 2024 Charitable artlvldes - 5UPPOrt 2023 Total advldes Audltors, remunerafjon 6.000 600 io. NET INCOMVIEXPENDITUREI Net Incornellexpendlturel Is stated after charglngllcredltin81'. 2024 2023 Audltors, reMUneraon Depreclatton- owned assets Depreciation- assets on hire purchase contracts and flnance leases Surplus on disposal of flxed assets Website costs am0rhs30n 6.000 16.038 6,(PJO 15.880 3,394 11,7471 4,313 3,886 Page 23 continued...
RUTiAND AGRICULTURAL SOCIETY NOTESTO THE FINANCIAL STATEMENTS- ThtInUed FOR THE YEAR ENDED 31 DECEMBER 2024 ii. TRLISTEES, REMUNERATION AND BENEFITS Durlng the year ended 31 Decernber 2024 1 trustee recelved remuneration from the Soclety totalling £12,TrJO 12023.. £12,OCQI. TRUSTEES. EXPENSES There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. 12. STAFF COSTS ZQZ4 2023 Wages and salaries Othèr penslon costs 51.161 815 50,236 1,085 51,976 51,321 The average monthly number of employees durlng the year was as follows.. 2024 2023 Management and admln15tratlve stafl No employee5 recelved emoluments Sn excess 01 £60,IXM). 13. COMPARATIVES FOR THE STATÉMENT OF FINANCIAL ACTivmES Unrestrlrted fund INCOME AND ENDOWMEIITS FROM Donations and legacles 142,681 Ch•rftable actlvltles Annual show 186,860 Investment income 76,086 Total 405,627 EXPENDITURE OM Raisln8 funds 8,396 Charltable actlvltles Charltable activlties dlrect Charitable activitie5- SUPPOrt 365,742 48,789 Total 422,927 Net gainslllossesl on Investments 127,1201 Page 24 continued...
RUTLAND AGRICULTIIRAL SOCIErY NOTES TO THE FINANCIAL STATEMENTS- cfjntlnued FOR THE YEAR ENDED YI DECEMBER 2024 COMPARATIVES FOR THE STATEMENT OF FIPIANCIAL ACTivmES- ntInUed UnTe5triaed fund NET INCOMVIEXPENOITURE) 144,4201 RECONCILIATION OF FUNDS Total funds brought forward 3,145,111 TOTAL FUND5 CARRIED FORWARD 3,100,691 14. INrANGIBLE FIXED ASSETS Webslte costs COST At I january 2024 and 310ecember 2024 Il940 AMORTISATION At l January 2024 Char8e for year 3,886 4.313 Al 31 December 2024 8,199 NET BOOK VALUE At 31 December 2024 4,741 At 31 December 2023 9,054 Pa8e 25 continued...
RullAND AGRICULTURAL soaErY N(TtESTO THE FINANCIAL STATEMENTS- ntInUed FOR TrIE YEAR ENDED 31 OECEMBER 2024 Is. TANGIBLE FIXED ASSErs Buildings and facllldes Freehold land Plant and machinery Computer equlpment Totals COST At l January 2024 Additions Disposals 706,250 762.770 44,918 120.407 11,137 14,3171 1,596.073 56355 300 At 310ecember 2024 706,250 807,688 127.227 1,648.111 DEPRECIATION At l January 2024 Charge fof year Ellminated on dlsposal 35,280 7.911 40.224 12.720 12,0631 4,680 715 80.184 21,346 12,0631 At 31 December 2024 43,191 50,881 5.395 99A67 NEf BOOK VAWE At 31 Decernber 2024 706,250 764.497 76,346 1.551 1,548.644 At 310e¢ember 2023 706,250 727,490 80,183 1,966 1,515,889 Flxed asset5, Induded In the above, whlch are held under hlre Purchase contracts are as follows: Plant and machinery cosr At l January 2024 and 31 December 2024 38,785 DEPRECIATION At l January 2024 Charge for year 3,394 SJ08 At 310ecember 2024 8.70Z NET BOOK VAIUE At 31 December 2024 30.083 At 31 December 2023 35,391 Plant and machinè - sund Plant and machinery includes equipment used in the 5uciety's annual show such a5 rope, hurdles etc whlch over time has been fully depreclated. However. the equipment 15 still held and used and is valued for Insurance purposes at over £80,000. Page 26 continued...
RUTiAND AGRICULTURAL SOCIErY NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED31 DECEMBER 2024 16. FIXED ASSET INVESTMENTS 2024 2023 Listed Investments Investment In trading 5ubsldlary Cups and trophles 1,276,659 loo 4,036 1,379.681 100 4,036 1.280,795 1,383,817 MOVEMENTS IN FIXED Ass INVESTMENTS- USTED INVESTMENTS Llsted Investments 2024 Total 2024 Total 2023 Market value at l January 2024 Addlttons at cost Sale proceeds on dlsposal Galnlllossl In the year.. realised unreali5ed lJ78.016 198,980 1311,1021 1,378.016 198.980 1311,1021 1,394,898 808,206 1797.9681 16,0081 12.887 16,0081 12,887 4,938 32,0581 Market value at 31 December 2024 1,272,773 1,272,773 1,378,016 Cash on deposll at 310ecember 2024 3,886 1,665 Total market value of investments at 31 December 2024 1,276.659 1,276,659 1,379,681 Hlstorlc cost at 1,331.064 1.331,064 1,495,904 310ecember 2024 ANALYSIS OF INVESTMENTS- LISTED INVESTMENTS 2024 2023 UK quoted equities UK quoted bonds Cash held for relnvestment 950.881 321.892 3.886 1,019,656 358,360 1,665 1,276.659 1,379.681 Page 27 continued..-
RUTLIND AGRICULTURAL SOCIErY NOTESTO THE FINANCIAL STATEMENTS- contlnued FOR ThE YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF INVESTMENTS- INVESTMEf4T IN TRADING SUBSIOIARY The company's Investments at the balance 5hÈet date in the share capttal of group undertakings include the following. Rutland Show8round Umlted (company reglstratlon number 087452041 Reglstered office.. ShowBround Way, Barleythorpe, Oakham, Rutland, LE15 7TW Nature of business: organlser of conferences Class of share.. Ordinarv Holdln8 loo 2024 2023 A8gre8ate Capltal and reserves ProthVI105s1 for the year 11,8071 {2,7081 527 427 ANALYSIS OF INVESTMEKfs- 14EITHER U5TED NOR UNUSTED Inve5tmenf5 Inelther Ilsted nor unllstedl were as lollow5 2024 2023 Cups and trophles 4,036 4,036 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtor5 Amount5 owed by group undertaklngs Other debtors Tax VAT Prepayments and accrued Income 6,557 26,879 4030 4>1 7A39 108,787 431 6,381 77,345 124.181 117,593 Page 28 contlnued...
RUTLAND AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMETr¥tS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 CREDITORS.. AMoui¥fs FAWNG DUE wmiiN ONE YEAR 2024 2023 Hire purchase (see note 201 Trade creditors Soclal security and other taxes Other creditors Accruals and deferred Income 8,942 20,329 616 S5 14,352 8,727 22,159 1,453 123 15.599 44.294 48,061 Deferred income Included within accruals and deferred Sncome fallSng due wlthln one year as at 31 December 2024 Is annual show Income reIVed In advance by the Society totalllng £5,85712023.. £7,942). 19. CREOITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Hlre purchase Isee note 201 13,617 21,089 LEASING AGREEMENTS Minlmum lease payrnents under hlre purchase fall due as follows.. 2024 2023 Net obllgadons repayable.. Wlthin one year Between one and flve years 8,942 13,617 8,727 21,089 22.559 29,816 21. MOVEMENT IN FUNDS Net movement In funds At 31.12.24 At 1.1.24 Unrestrlcted funds General fund 3,100.691 197.6641 3,003.027 TOTAL FUNDS 3.100,691 197,6641 3.003.027 Page 29 continued..
RUTLAND AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENT5- continued FOR THE YEAR ENDÉD 310ECEMBER 2024 21. MOVÉMENTIN FUNDS-COnnU•d Net movement in funds, included In the above are as follow5: Incomlng resouices Resources expended Gains and losses Movement In funds Unrestrkted funds General fund 417,216 {521.7591 6.879 197.6641 TOTAL FUNDS 417,216 521,7591 6A79 97,6641 Comparatlves for movement In funds Net movement In fund5 At 31.12.23 At 1.1.23 Unr•strlcted funds General fund 3,145,111 144,4201 3,100,691 TOTAL FUNDS 3,145,111 44,4201 3,100,691 Comparatlve net movement In funds, Included In the above are as follow5: In¢omlng resources Resource5 expended Galns and losses Movement In funds Unrestrlcted fund5 General fund 405,627 1422,9271 127.1201 144,4201 TOTALFUNDS 405,627 422.9271 27,1201 44,4201 A current year 12 months and prior year 12 months cornblned pos10 Is as follows.. Net rnovement In funds At 31.12.24 At 1.1.23 Unrestrlcted funds Gèneral fvnd 3,145,111 1142,0841 3,IXJ3,027 TOTALFUNDS 3,145,111 1142,0841 3.003,027 Page 30 continued...
RUTLAND AGRICULTURAL SOCIErY NOTES TO THE FINANCIALSTATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 21. MOVEMENT IN FUND5- contlnued A current year 12 rnonths and prlor year 12 months combined net movement In funds, included In the above are as follows-. In¢omlng resour¢es Resources expended Galns and 10sse5 Movement In funds Unre5trlrt*d fvnds General fund 822.843 1944,6861 120,2411 1142,0841 TOTAL FUNDS 822,843 1944,6861 120,2411 1142,0841 Purpose of Unr•strlrtod Funds General fund Thls fund represents the free funds of the Soclety that are not deslgnated for partfcular purpose5. 22. RELATED PARTY DISCLOSURES Frontler ABrlculture Llmlted M Aitchison, a Irustee of Rutland Agrlcultural Soclety, a150 serves as a dlrector of a company called Froner Agriculture Llmited. Durlng the perlod ended 31 Decembèr 2024 Frontler Agrlculture Llmlted sponsored the Soclety's annual show at a cost of £IO.00012023- £10,OCQI. ftutland Show8round Umlted Rutland Agrlcultural So¢letV 15 the parent of a wholly owned subsldbary tradln8 company called Rutland Show8round Llmlted. Oonatfons re Ive from Rutland nd Llmlt Rutland Show8round Llmited is a tradin8 company whlch orBanlses event5 from thè Soclety'5 Show8round. Any profftts made by Rutland Showground Limited are 8ifted lo Autland riCultUr?1 Soclety as a donatlon. Donatlon5 totalllng £116.300 were recelved by Rutland Agrlcultural Soclety from Rutland Show8round Llmlted for the year ended 31 December 2024 12023.. £132,730). Ex har edtoR Sho rou LimSred During the year ended 31 December 2024 expenses totalling £8,354 incurred by Rutland A8rlcultural Soclety on behalf of Rutland Show8round Limited were recharged by Rutland A8iicultuial Society to Rutland Showground Limited12023'. £8,354). Debtors- unts fallin du wl hln one Included withln amounts due withln one year as at 31 December 2024 is £4,03012023.' £26,879) due from Rutland Show8round Llmlted to Rutland Agricultural Soclety. Page 31 continued...
RWtA14D AGRICULTIJRAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 22. RELATED PARTY DISCLOSURES- wntlnued WSng Communlty Centre David Wood, a trustee of Rutland Agricultural Soclety. also Serves 85 the treasurer of Wlng Comrnunity Centre, a charlty reglstered in En8land and Wales. tors- am e within ne Included within amounts due withln one year as at 31 December 2024 Is £7912023-. £791 due from from Wing Community Centre to Rutland Agrlcultural Societv. ZJ. OPERATING LEASE COMMITMENTS LeOr At 31 December 2024 the Soclety had contracted with tenant5 for the followSn8 mlnlmum lease paymeni5. ZOZ4 2023 WSthSn one year Between two and five years In more than flve years 10.000 io,ofrJ 40,000 23,333 13,333 63,333 73,333 Page 32