Registered number- 00527571 Charlty number: 227033 THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY {A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY IA Company Limited by Guarantee) CONTENTS Page Raference and Administrative Dotails of the Soclaty. its Trustoas and Advlsors Chalrman's Statement Trustees. Report Independent Audltors. Report on the Finan¢ial Statements Consolldated Statement of Financlal Activities 4-13 14-17 18-19 Consolidatéd Balance Sheot 20 Society Balance Shggt Consolldatod Statement of Cash Flows 23 Notes to tho Flnancial Statemants 24-40
THE SOUTH OF ENGLAND AGRICULTURAL SOCIE IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE SOCIETY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDEO 31 DECEMBER 2023 Tru$to¢$ Mr C.P.B. Burgoyne, Chairtnan Dr S.L. Greener. Vice Chair (resigned 13 April 20231 Mr T.H. Gribble Mr M.R. Martin, Treasurer Mrs M. Thomas-Atkin Ms J. McElhinney, Vice Chair Mr J.J. Allen Mr A. Smith Mr l.J. Massow Ms J. Bridges (appointed 13 April 20231 Company reglstered number 00527571 Charlty reglstered number 227033 Registered office Selsfield Road Ardingly West Sussex RH17 6TL Company secretary Mr M.R. Martin Independent auditors Knill James LLP Chartered Accountants Slatulory Auditor One Bell Lane Lewes East Sussex BN7 1JU Investment advlser Canaccord 8th Floor 88 Wood Street London EC2V 7QR Page 1
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY IA Company Limlt&d by Guarant¢&l CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 The chairman presents his ststgmenl for the year. 2023 saw the Society Shows continue lo attract thousands of visitors and grow in popularlty and we were lucky enough lo experien mainly good weather. Online lickel sales continue lo be the favourile way to purchase tickets bul there was also a relum ID on the day lickel sales. Our Spring Livel Show continues lo go from strength lo strength in establishing itself as a great family event and a fantastic start lo our Society calendar. Attractions included a lawn mower competition and the American Truck Driving experience. Both were crowd pleasers and my thanks to James Alleri and the Spring Livel Committee for some great content which enlertainod our visitors who came out in good numbers on the Saturday and Sunday despite the wet waalher. The Showground was busy onc& again for the South of England Show in "flaming. June. Highlights were the Cattle Parade, Interhunt Relay, show jumping, the Bold Dog Lings Imolorbike display leaml, the Shetland Pony Grand National and many others. It was great to see so many visitors enloy the displays in the Main Ring whilst silb'ng on the lawn, enjoying the sunshine and vibrant atmosphere. SEVAC provided kjs With a fantastic new Vintage Farm Machinery area, with over 65 vintage Ira¢tors, steam engines and classic cars. For the second year, the AulLJmn Show joined forces with the South of Eng18nd Horse Trials, with a really packed events schedule, and lop class perfomers. Competitors were very corllplimeniary about the venue and the facilities. M8mbers and visitors were able to move freely betw8en the Showground and the Cros8-Country coursg outside. This combined event proved hugely popular with competitors who appCiatd the opportunity to showcase their skills in OUT main arena in front of a very good crowd. Many Ihanks to Corrie In, Gary Lee and Tirll Nolan and the rest of the organising committee who arranged such an interesting and vibrant show. The final show of 2023. was the Winl8r Fair in November which remalns popular with families offering a fesllve feel to our visitors, with Santa, mulled wine, live music and the ever popular giant snow globe. The show brings our Society's season lo a ¢lose for the year and is a perfect way for c*ur members and visitors lo kick off the festive season and shop for gifts. The South of England Event Centre had a good year in 2023 and continues lo maximise the use of th8 Showgroijnd between shows. A number of n8w events has resulted in many re-booking for 2024 and a steady retention of exisling annual events. We saw an increase in bookings from film location companies who used the showground as a base for filming at the nearby Bluebell Railway. There was also an increase in NHS meetings and conf&ren¢e bookings In general including, UK Power NeorkS and the AA Convention. Other were Warner's Group Campetvan Campoul, a Scooter Rally which will be retLJrning in 2025. Sussex Summerfest. Hope Church Camp and our first boxing event which required a variation to our premises licence. Looking ahead we already have a busy diary both for 2024 and 2025. Planning Permission was agreed in early 2023 for the Red Car Park and we are now in discussion with developers. As always, with property transactions, many enquiries including searches, land registry, covenants etc.. must be satisfied to result in an unencurnbarad sa5e. The Showground has undergone much investrnent and activity lo maintain and upgrade the buildings. including roof repairs to the Norfolk Pavilion, Kiddy Capers and the old Showground office. Th& roofs on the Young Farmers and Robins building roofs have been modified lo allow more light. The main office bullding has new doLJble-glazed doors and windows. The new Blue Block toilets are under development, with the foundations laid and the limber slruclure manufactured ready for delivery. The Society's six strong Leadership team who r8port into Michael Martin. Ivan Massow and myself as their line anagers. manage the Society's day lo day operations and Staff. Page 2
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY (A Cornpany Llmlted by Guarantee) CHAIRMAN'S STATEMENT ICONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 We said hello and welcomed Sam Kelly as Events Executive and Tina Williams as our Governance and Admin Manager lo the Society staff team in the first quarter of 2023 and we said a fond farewell to Sarah Ellislon our previous Governance and Admin Manager. Sue Greener stepped down as Joint Vice Chair and Trustee bul conlinu&s lo give her lime and experience lo the shows and judging the sheep classes as well as continuing on committees. Sue has also agreèd lo be our Deputy President in 2024. Carole Hayward stood down as Chair of the Nominations CDmmitlefj in October and I thank her for the time she has pul in over the years although she still rernains a Council Member and she is willing lo offer her advi when we need the benefit of her vast experience as a rglired Deputy Lieutenant. Our 2023 SEAS Prasidenl was Earl De La Warr DL, accompanied al the South of England Show by his wfe Anne, The Countess De La Warr. 11 was great fun lo see him enjoy joining in with the Morris Dancing at the Spring Show. The D8puly Prasidenls, Colin and Jenny Craven ably supported our President by attending all bul one day of all four shows. Their attendance and commitment to their roles was delightful and wg are most grateful and we hope that they loo enjoyed their time in such important positions. Thank you once again lo our Vice Patrons, Colonel Sir Brian Barttelot BT.. OBE, D.L., The Rl HDnorable Slr Nicholas Soames, The Rl Honorable The Viscount De L'isl8 MBE, The Duke of Oevonshire K.C.V.O., C.B.E.. D.L. and additionally, our new Vice Patron, Elizabeth Buchanan, C.V.O, FRAgS who was our 2022 President. We lost some dear friends to the Society this year who worked for us in many ways for many years. Elizabeth Deane, callle exhibitor and sponsor, John Cornwell was a long serving cattle steward and farffler from Barcombe. Barbara Monk was the Ardingly village post mistress and senled on several committees, Birgitt Spratt, one of the equestrian stewards, Neil Theobold, course designer Peggy Siggs. an èx-So¢iety Chairman, Tony Roeslenburg, Event Centre Catering, Libby Buchanan, Sussex Cattle Farmer and Elizabeth Bu¢hanan's mother and Ann Gribble, ex catering Committee. As ahNays, my personal thanks ID all Dur Staff, Stewards, Volunteers and Trustees who work tirelessly behlnd the scenes lo produce quality Shows with content that entices visitors new and old. It is so positive to see ncreased footfall al all the Shows compared to last year. This in turn results in a successful financial year with good feedback from our visitors. Traditionally, various prestigious awards are presented annually, including the Award of Honour, The President's Cup and some additional awards in recognition of service. Congratulations to all of the 2023 award winners. Finally, my thanks also to visitors, sponsors and of course our members that support and attend our Shows which in turn allows us lo fulfil our Charitable Objectives. l am in no doubl that despite continuing rising costs, we will continue lo build on our successes in 2024. Chairm8n Dale.. 7 March 2024 Page 3
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together with the audited finanryal stalernents of the The South of England Agricultural Society for the year 1 January 2023 10 31 December 2023. The Annual Report serves the purposes of both a Trustees, report and a direorS. report under company law. The Trustees confirm that the Annual Report and financial ststernenls of th8 charitable company cornply with the current statutory requirements. the requirements of the charitable company's governing document and the provisions of the Stalernenl of Recornmended Practice ISORPI applicable to charities pparIng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Rapublic of Ireland IFRS1021 leffeclive 1 January 20191- Since the group and the Society qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of rnedium and large companies under the Companies Act 2006 (Strategic Report and Directors. Report) Regulations 2013 has been omitted. Objectlvo$ and activitie$ a. Policies and objgctives Showcase and promote agriculture and rural industries Its the general public,. lo gducale them about the countryside and land-based industries. Bring people and business together through a range of inspiring events promoting farming, food and the countryside. Be recognised as a focal point that delivers or facililales activities lo support agricultural and rural industries. b. Stratoglès for achieving objectives The Society seeks to achiev8 Ils objectives through the following main aclivilies: The annual South of England Show and Autumn Show & Inlemational Horse Trials showcas8 best practice in agriculture, locally produ¢ed food, the countryside and the rLJral economy. The annual fundraising event5 Spring Live! and Winter Fair. which help to fund the main charity. Building a substantial business through the hire of the venue via the South of England Event Centre ISEECI to help fund the main Charity. Developing our edu¢alion and wider outreach programmes, which include the Jim Green Challenge, Annu81 Faming Conference and other events and activities aimed al educating children and adults in tOPiCS Concorning food, farming and the Countryside. Attracting and retaining Membership subscriptions to help underwrite the St$ of fulfilling our charitable obj8clives. Page 4
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 310ECEMBER 2023 Objoctlvès and activltias {contlnuod ¢. Public benefit South ol England Agriculutural SDa8ty ISEASI is a charity that represents food producers. farmers, horti¢ulturalists, equestrians, forèsters and the countryside. The TrLJStees confirm that they have referred lo the Charity Commission's general guidance on public benefit when reviewing SEAS. aims and objectives and in planning future activits'es. The operations of SEAS are in two areas.. Charitable activities and the delivery of public benefit. Commercial a¢livilies lo generate earnings to support our charitable wc>rk. The net income of all commercial activity undertaken by the subsidiaries is gift aided to SEAS. There is an overlap betteen our charitable and commercial activitigs as some events, such as the South of England Show and Autumn Show & Game Fair. incorporatg ¢harilable and corllmercial conlenl that combine lo raise funds for the charity. d. South of England Agricultural Soclgty ISEASI objectives: To promote land-based industries in general and agriculture in particular. To advance education, particularly education in agriculture and allied industries, animal husbandry, horticulture and forestry. Achievomants and parfoman¢• a. Organlslng educatlonal events The two main areas of focus.. Supporting 8clive farmers and rural practitioners- Existing activities include the award of individual training grants and a new activity including represenlalives from the Society allending ploughing matches lo raise awareness of the initiatives undertaken by SEAS. 21 Broader Community education and engagement- Existing a¢tivilies included a review of the Countryside Hub display al the Society Shows via a new subcommittee solely focused on educational content, ensuring the content appeals to all of the age groups from children to adults. A change of location of the Countryside Hub and the addition of sheep shearing demonstrations and Buttercup, the mod81 cow, encouraged more visitors and new ideas to further this are being explored. The Loan a Lamb initiative was increased lo len schools across the Sussex and Surrey area. The delivery of educational Content, awards, competitions, leaming activities and funding continues lo be a fflajor area of activity. In Seplernber 2023, the Trustees undertook a review of the original strategy document lo measure success of those inilialives and also lo identify those activities that require further development and focus lo identify the challengeslopportunilies fa¢ing Ihs agricultural industry and what the Society could do lo help and how the Society could reach faryners and rural practitioners. The Trusleos compiled a list of additional ideas and suggestions and have fomied a new Charitable Objeelives Committee, whose remit will be to explore new areas of opportunity and reach all six of the Counties. The first meeting of this new committee took place in February 2024. SEAS received three applications for larger amounts of funding and one of these has already been awarded. The new Committee will assess these projects making sure they align with the Charitable Objectives and make re¢ommendalions lo Trustees for decision. Page 5
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY {A Company Limlt¢d by Guararbtee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achievaments and porformance Icontlnuedl b. Key events Spring Livel - commences the timetable of annual Society events. with two clays of family attractions and a wide range of interactive displays and activities including lawn mower competition and circus skills workshops. as well as the Alpaca Show org8nised by the Brrtish Alpaca Society Group Show, who hold their Soulhem regional show as part of Spring Livel Thg South of England Show- a successful summer event was held in 2023. Thls year the show continued with ils traditional focus including livestock shows and five rings of equestrian events. Avian flu restrictions meant no poultry bul instead a range of edu¢alional displays in the poultry area. The Grape and Grain area, as well as the new Made in Sussex area, provided producers from the South East with a perfed way lo showcase their skills and products. Autumn Show & Intornatlonal Horse Trials - for the second year running, th8 combined South of England International Horse Trials and the Traditional Autumn Show & Game Fair atlracted both horse and countryside lovers and families alike. Content including Countryside Ring displays, Countryside Hub, Horticulture, Bees and Honey, Young Farmers. Wl and Vintage Vehicles were strongly represented. and the show was enhand by two full days ol equestrian ovents in the tnain ring and cross-counlry area with visitor5 moving between the two areas. The Wlnter Fair . brings the Society shows lo a close in November and offers families seasonal fun in the run up to the festive season, with live music, visits lo Santa's Grotto and mulled wine and many Christmas shopping opportunities. JIM Gra8n Memorial Challenge- 2023 saw another successful day. The Challenge is designed for slud8nls wilh mild or mod&rat¢ learning difficulties atlending land-based wlleges and Further Education cenlres. Students provided evidence of work completed as part of their courses but were also Involved in a competition day of fun and practlcal tasks. Ihe overall wnner for 2023 was Brinsbury College, Wesl Sussex. Loan a Lamb Scheme- SEAS Irialled this scheme in 2021 and in 2023, 8ppli¢ations were received from 22 schools. which sUIted in a waiting list. Ten schools were $818cled and over 4,000 children benefitted from this inilialive and the waiting list continues into 2024. The scheme gives local primary schoDls the opportunity lo care for a ewg and her lambs for five days. Farmers across the region work with us on this project which offers insights into animal husbandry and gives practical exp8rien¢g in the complexity of caring for ewes and their lambs. Page 6
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY (A Company Llmlted by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achlav&m8nt$ and p¢rforman¢e (continued) ¢. Personal development of individual$ In the agricultural industry The 2023 Award of Honour was given ID Andrew Shirvell from Hampshire for his lifetime dedication lo farming organisalions and his local community in Hampshire and for the development of young people in their agricultural careers. Addltlonal awards, The President's Cup and Long Service awards were presented lo a handful of staff and volunteers for their dedication and continued commitment lo the Society over many years. Land4)asad College funding, resulted in a total of £7,180 following four applications made by Brinsbury, Merrist Wood, Plumpton and Berkshire colleges. Agricultural Trainlng Grant, A budget of £27.742 was allocated to 77 applications from 102 receivgd, for peoplg living or working in the South East to undertake land4)ased education or training courses. The grants are for people of any age ID enable Ih&m lo have the skills needed to enhance their careèr in a land-based industry. d. Knowlodge transfer Th& South of England Annual Famiing Conference - organised and hosted by SEAS as a regular opportunity lo attend the showgroLJnd and via online streaming. The lille of this evenl"Can We Really Save The Planet (From a Farming Perspeclivel led by BBC Radio 4's Farrning Today presenter. Chadotte Smith, with Duncan Rawson. a Nuffield Scholar with guest speakers, Sue Pritchard, Chief Ex&¢ulive of the independent charity. the Food, Farming. and Countrysidè Commission IFFCCI, and Phil Jarvis, Chair of Albanwise Farming and Environment. Technlcal Forum - another regular calendar event, SEAS has continued lo offer a series of Technical Forums larg&led at active farmers and growers across the region. The free-tO-att8nd webinars tackled current 155ues under the themes 'Business Resilien 2023"How to Weather the Storni" and What Does Diversity Mean in 2023" Research Funding- grants have beèn made as detailed in c. above. Page 7
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and performan¢0 Icontinuedl e. Support other ¢harftiès and 5e¢tors wlth grants and sponsorship of events and conferen¢•s by giving venue space at preferentlal rates to agri¢ultural charities and farmers SEAS provided discounted rates for venue space and sponsorship of0 cattl8 classes to the value £2(145 in sUPPOrt of the South Easlem Prime Stock winter Fayre. which is held at the Showground each year. Agricultural training events and driving experiences for South East Land Based Training, BFREPA, Agrovisla, Chailey YFC Charity Tractor Run, Fram Farmers Arrive & Drive Tractor Day and CLA benefitted from £895 discounts for venues. Two charities including Pick11 Up Put It Down and Cats Protect League, received £595 of discounts for their events. School Grants - SEAS approved a donation of £1,600 to a West Sussex school for them to create allotments in the school grounds to give pracllcal, physical involvement for their students, with the farm lo fork experience. This also benefited students with special educational needs as gardening therapy intervention. £8,000 was granted lo Countryside learning and £410.64 was donated for books for Warden Park Primary School. Additionally, £7,950 was awarded ID the Country Trust benefitting 312 children a¢ross Hampshire, Kent, Surrey and Sussex. Ploughing Matches- Representatives from SEAS including Trustees. staff and council members attended ploughing matches and volunteered on the pay gate to review how to promote and highlight the ways the Society supportèd individuals who wanted lo progress their career in 8 Land Based industry. A new 'show pack. and stsnd will be created lo laké to future ploughing matches to promote the Society and ils Aims. f. Support other charities and soctors wlth donatlon of goods Computers for Children- Four more computers and printers were donated to Computers for Kids. via our IT supplier, ID enable children to learn rernotely. g. Fundraising To enable SEAS to pursue ils charitsble objects we undertook a number of fundraising actNlties'. Two fund raising 8vents, Spring Live! and the Winter Fair al which funds ar8 raised via admission fees and stall holders sland fees. Profits donated by corporate gift aid from the SEEC which attr8¢ts commercial events to hire our facilities al the showground. Annual Membership subscriptions. Admission fees to the South of England Show and Autumn Show & International Horse Trials. Trade Stand sile fees at the South of England Show and Autumn Show & International Horse Trials. Sponsorship in SLJPPOrt of charitable activities such as livestock, equestrian, agricultural content and hospila5ity. Page 8
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY {A Company Limited by Guarantsel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Flnan¢lal revlew a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that SEAS has adequate resources to continue in operational existenc8 for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial slalements. Further details regarding the adoption of the going conrn basis can be found in the aecounling policies. b. Results The accounts of SEAS which incorporate the results of its wholly owned trading subsidiary are set out in the rinancial statements on pages 18 10 40. Funding of the main Summer and Autumn shows is provided by income from admissions. trade stands, livestock and equestrian, sponsorship, catering cOnssIOnS and metnbership subscriptions. SEAS, trading subsidiary, The South of England Event Centre ISEECI. donates ils profits to SEAS via corporate gift-aid. SEAS, lolal incoming resources for the year amounted to £2.341,978 12022.. £2,286,226) Cost of staging agricultural and related shows, meeting the educational objectives, maintaining the assets, the support. administration and governan¢e of SEAS amounted to £2,204,740 {2022.. £1,955,383} The nel surplus from operations was £137,238 {2022.. £330,843) which including the realised and unrealised profits and losses on investments, gave an overall suplus of £201,19512022.. £233.2091. On the Balance Sheet, and as shown in note 17, of the £2,817.547 12022 £2,626,982) held in unrestricted funds, £1.803,876 12022.. £1,637.7301 is represented by tangible fixed assets. This leaves the Charity with unreslricled reserves of £1,013,671 12022.. £989,252). This levgl of free reserves is considered by the Trustees to be representative of about 8.1 12022 8.51 months running costs of the Society. This amount is abov& the resetves target of £1.1 m being the amount required lo fund the Society should the South of England Show not take place for one year. The investment powers of SEAS Board of Trustees a defined in Article 5.1.15 of the Memorandum and Articles of Association. The investment objective is lo develop expendable tsndowment funds, which hold the reserves of SEAS. This will require a balance between the levels of funds required being in line with SEAS reserve policy and supporting agreed short-lerm cash flow requireThenls. The Trustees have adopted an investment policy al their meeting of 13 April 2017. The policy is compliant with the Charities Articles of Association, the Charity Commission's stslement of recommended practice, and the Trustees Act 2000. The policy seeks lo maximise performance through a diversified asset portfolio and a medium risk strategy. The Board will delogale day-to-day selection and monitoring of investments lo professional advisors. The advisors will invest SEAS funds in a range of investment vehicles. These vehicles will provide exposure lo different markets, which may include equities both UK and overseas, and property. Portfolio performance is monitored quarterfy against recognised benchmark indices. Page 9
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY (A Company Limlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Stru¢turo1 govemance and management . Goyemlng document Thg Company is registered as a charitable company limited by guarantee Icompany number 005275711 and is consliluled under a Trust de8d dated 29 December 1965 and ils goveming documgnt the Memorandum and Articles of Association dated 7 June 2001. SEAS, objectives are to promote land-based industry in general and agriculture in particular, lo advance education and particularly edLJcalion in agricultural and allied indLJslries, in animal hLJsbandry, horticulture an forestry. The principal activities and policies adopted lo aid the objectives are the organisalion of the South of England Show and Autumn Show & Game Fair al the South of England Showground in ATdingly, and the pursuit of the objectives by way of other activities including events that educate. b. Recruitmont and appolntmont of Trustees The Directors of the Company are also Charity Trusl89s for the purposes of charity Law. Under the Company's Articles they are known as members of the Board of Trustees. The Board encompasses a diverse mix of skills and experience to onsure that the interests of the Company, its members and clients are appropriale5y represented. Recruilmenl of Trustees is overseen by a Nominations Committee which makes recommendations lo the Board. Members of the Board of Trustees setve for a period of three years and are eligible for re-election for further three-year terms not exceeding a IDtsI of nine years. Trust00 Induction and tralnlng l Truste8s aro familiar with the work of SEAS. Additionally, Trustees are given induction training., including a full financial briefing and a detailod insight into the business of the Society and provided with a copy of the Memorandum and Arti¢les of Association, the lalesl Annual Report and they are offered the Charity Commission's publication, CC3 'The Essential Trustee.- what you nged to know,. Page 10
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Slructure. governance and managomant {¢ontinued} d. Organisatlon & governance The Board of Trustees which can have up lo 10 members who meet al least six times a year and who have control over the management and operation of SEAS including the manag6menl and administration of SEAS, funds and assets, the maintenance and development of SEAS, land and propety and the angagement of all employees and the regulation of their dkjties, salaries and terrns of servi. SEAS, Board of Trustees has three sub-committees.. Nominations . which meets al least twi a year., Finance and HR - which meets at least four times a year Charity Obj¢ctivos - which meets al least twice a year bl All Tfustees give their time freely and no Trustee remuneration was paid in the year. Detsils of Trustee expenses and r6lated party Iransaclion5 are disclosed in the notes lo the accounts. Truslges ale required to disclose all relevant interests and register them with the Governance & Administration Manager and lo withdraw from decisions where a conflict of interest arises. There is also a Council consisting of up to 48 elected members of SEAS and up lo six non-voting Council Members, who rolire annually, representing organisab'ons involved in the business of SEAS. The Council meets al least four tiTnes a year and acts in an advisory and consultslive capacity, responding lo requests and advice from the Board of Trustees Conrning the direction and strategy ol SEAS and aGling as a sounding board on issues dirèctly affecting the Society. The Council does not have any 8ulhDrily or responsibility for the management and affairs of the South of England AgricLJllural Society. The South of England Agricultural Society has a wholly owned subsidiary, the South of England Event Centre ISEECI which is responsible for gen&rating cornmercial income from the showground and facilities. This company has ils own board of Directors who are responsible for delivering the organisation's strategy. Tho strategy is approved by the Trustees of SEAS on an annual basis. and the rules of govemance of SEEC dictate that at least bmo board Directors are also Trustee5 of the Society. Day lo day responsibility for the management of the Company rests with the SEAS Treasurer and reports lo the Board of Trustees. . Risk management The Trustees have assessed the major risks to which the Company is exposed, in particular those related lo the operations and finances of the Company, and are satisfied that Syslerns and prOreS ara in place to mitigate exposure to the major risks. The Company has a risk assessment Process consistent with good management practice. The main risk of the Society is that one Df the show days has lo be cancelled. however this deosion woultj never be taken lightly and, subject to govemmenlal guidelines, the chance of this occurring is considered lo be low. Corporate risks are detailed in a corporate risk register stating Inhent risk status, the risk, controls in place, likelihood, impact action points lo improve controls, lead risk owner and an assessment of the residual risk given the adequacy of controls in place. The Trustees confirm that they have referred lo the Charity Commission's general guidan on public benefit when reviewing the Society's objectives and activities. Page 11
THE SOUTH OF ENGL4ND AGRICULTURAL SOCIETY IA Company Llmited by Guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Plans for future p&riods South of England Show - SEAS is very proud of its long-eslablished ITaditiL)n81 summer show. It will not only ensure that il continues lo appeal lo visitors of all ages and backgrounds bul that it keeps pace with ¢urrenl trends. Agricultural and land-based industries are evolving rapidly. especially in the South East. Not only does it continue lo be al the mercy of changes in policy, climate change and inlemational legislation, bul as the demography shifts from urban to countryside living. both the stresses and opportunities increase. In order to meet its Charitable Objectives, SEAS will endeavour lo offer not only an outstanding show for visitors, members and traders bul one through which the public can experience the realities of food production, engage with experts on sustsinability, ecology and best practice, while discovering new ways to diversity. The Society has endeavoured to respond positively where feasible lo requests for 5hort-lerm rental of some buildings in the showground to improve income. Venue development - a working group continues lo develop a long-18rm vision for the Showground that will serve the interests and charitable purpose of the South of England Agricultural Society, the commercial interest of its Event Centre and the interests of the local community. Following formal submission of a parcèl of land of approximately 2.3 hectares to the Strategic Housing and Economic Land Availability Assessment ISHELAAI, a Land Promotion agreement has been approved and signed by the Trustees of the South of England Agricultural Society with Charterhouse Strategic Land, who hav& obtained planning permission and ar8 ¢urrenlly, with our sales agent Savills ekIng developors ID purchase the land and develop it. in accordance with that planning permission. Statement of Trustees. responslbilities The Trusle8s Iwho are also the directors of the So¢iaty for the PUTposes of company18wI are responsible for preparing the Trustees, Report and the financial slalements in accordanco with applicable law and United Kingdom Accounting Standards (Untted Kingdom Generally Accepted Accounting Practicel- Company law requires the Trustees to prepare financial statem&nls lor each financial . Under company law, the Trustees must not approve the financial stslements unless they are satisfied that they give a true and faiT VIOW of the slate of affairs of the Group and the Society and of their incoming resources and application of reSoUs, including their income and expenditure, for that period. In preparing these financial slalements, the Trustees are required lo= select suitable accounting policies and then apply them consislenlly., observe the fflelhods and principles of the Charities SORP IFRS 102}'. make judgments and accounting eslimales that are reasonable and prudent.. slate whether applicable UK Accounting Stsndards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial slalements., Prepare the financial 51alemenls on the going concern basis unless it is inappropriate lo presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Society's Iransaclions and disclose with reasonable accuracy al any time the financial position of the Group and the Society and enable them to ensure that the financial statements Comply with the Companies Act 2006. They are also responsible for safeguarding the asset5 of the Group and the Society and hence for taking reasonable steps for the prevention and detection ol fraud and other irregularities. Page 12
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY IA Company Limltod by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Disclosure of infomiat5on to audltors Each of the persons who are Trustees al the lime when this Trustees, Report is approved has confirmed that.. so lar as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Trusteè has taken all the steps that ought lo have been taken as a Trustee in order lo bo aware of any relevant audit information and lo establish that the chafilable group's auditors are aware of that infotmalion. Audltors The auditors, Knill James LLP, have indicated their willingnes5 to continue in office. The designated Trustees will propose a motion reappointing the auditors al a meeting of the Trustees. Approved by order of the members of the board of Trustees on 7 March 2024 and signed on thèir behalf by.. Mr C.P.B. Burg Chair of Truste&s Page 13
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS AND TRUSTEES OF THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY Oplnlon We have audited the financial slalements of The South of England Agricultural Society Ilhe 'parent charitable company'l and ils subsidiaries {Ihè 'group'l lor the year ended 31 December 2023 which ¢omprise the Consolidated Slalement ol Financial Aclivilies, the Consolidated Balance Sheet, the Society Balance Sheet, the Consolid8led Slalemenl of Cash Flows and the related notes, including a summary of significant accounting policies. The finan¢ial reporting framework that has be¢n applied in their preparation is applicable law and United Kingdoffi AOUntIng Standards, including FinanGial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial slalernents.. give a true and fair view of the stale of the Group's and of the parent charitable company's affairs as at 31 December 2023 and of the Group's in¢oming resources and application of resources. including its income and expenditure for the year then ended., have been properly prepared Sn accordance with Unitgd Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance wilh the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibili118s under those standards are further described in the Auditors, responsibilities for the audit of Ihg financial stslemenls section of our report. We are independent of the Group in 8¢¢0rdance with th& ethical requirements that are relevant lo our audit of the financial slalements in the United Kingdom. including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provid8 a basis for our opinion. Concluslons rglatlng to going concem In auditing the finan¢ial statements, we have concluded that the directors, use of the going concern basis of acwunling in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on thè Group's or the parent charitable company's ability lo continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustoes with respect lo going concern are described in the relevant sections of this report. Page 14
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY (A Company Llmited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS AND TRUSTEES OF THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY {CONTINUEDI Other infomiation The other information comprises the information included in the Annual Report other than the financial slalements and our Auditors, Report thereon. The Trustees are responsible for the other information Contained within the Annual Report. Our opinion on the financial slalemenls does not cover the other information and, expt to the extent othenNis8 explicitly slated in our report, we do not express any form of assurance ¢on¢lusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other infortnation is materially inconsistent with th& financial statements or otjr knowledge obtained in the course of the audit, or otherwise appgars to be materially misslaled. If we identify such material inconsistencies or apparent material misslatemènls, we are required to detemiine whether this gives rise lo a material misstaletnent in the financial slalemenls themselvos. If, based on the work we havo performed. we conclude that there is a material misstatement of this other information. we are required lo report that fact. We have nothing lo report in this regard. Matters on which we are required to report by •x¢eptlon We have nothing lo report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 requires us lo report to you if, in our opinion.. the infomialion given in the Trustees, Report is inconsislenl in any material respect wSlh the financial stat6mgnls.' or the paront charitable company has not kept sufficient accounting records,. or the parent charitabl& company financial slalemants are not in agreement with the accountin9 records and relLJrns,' or we have not recelved all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, Responsibililios Stslement, the Trustees (who are also the dire¢lors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparab'on of financial slalemenls that are free from material misslalemenl, whether due to fraud or error. In preparing the financial slalemenls. the Trustees are responsible for assessing the Group's and the parent charitable company's ability lo continue as a going GOnrn, disclosing, as applicable, mallers rèlated to going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the Group or the parent charitable company or to Cease operations. or have no realistic alternative but to do so. Page 15
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY (A Company Llmited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS AND TRUSTEES OF THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY ICONTINUEDI Auditors. responslbilities for th& audlt of the flnancial statements We have been appointed as auditor under section 151 Df the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assuran about whether the financial statements as a whole Bre free from material misslalemenl, whether due lo fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always deloct a material misstatement when il exists. Misstatem8nts can arise from fraud or error and are considered Thalerial if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misstalernenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. obtained an understsnding of the nature of the sector, including the legal and regulatory framework that the charitable company operates in and how the charitabl& Company complies with the legal and regulatory framework., inquired of management, and those charyed with govemance, about theiT own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instanS of fraud,. and discussed matters about non-compliance wf(h laws and regulations and how fraud might occur including assessment of how and where the financial stalemenis may be 5US¢ePtible to fraud. As a resutt of these procedures we consider tho most significant laws and regulations that have 8 direct impact on the financial sialemenls are FRS 102, Charities SORP IFRS 1021, Companies Act 2006, Charities A¢1 2011, the charitsble company's governing document. and Charities (Proleclion and Social Inveslmenll AGI 2016. We performad audit procedures lo dele¢t non-compliances which may have a material impact on the financial statements which included revigwing the financial statemen15, including the Trustees, report, remaining alert lo new or unusual transactions which may not be in accordance with the goveming document. The most significant laws and regulations that have an indirect impact on the financial statements are Health & Safety, Employment law, lax legislation and the UK General Data Protection Regulation (UK GDPRI. We performed audit procedures lo inquire of management and those charged with govemance whether the charitsble company is in compliance with these laws and regulations and inspected Correspondence with regulatory authorities. We identified the risk of management override of controls as the area where the financial statements were most susceptible lo material misstalemenl dug to fraud. Audit procedures performed included, but war8 not limited lo, testing manual journal enlri8s and other adjustments, evaluating the business rationale in relation lo significant, unusual transactions and transactions entered inlo outside the normal course of business and challenging judgments and eslimatgs. A furth8r description of our responsibilities for the audit of the financial slalements is located on the Financial Reporting Council's website at.. www.frc.o .ukJaudilorsres onsibilities. Thi5 des¢riplion forms part of our Auditors, Report. Page 16
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY {A Company Limlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS AND TRUSTEES OF THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY {CONTINUED} Use of our roport This report is made solely lo the charitable companls members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports} Regulations 2008. Our aLJdil work has been undertaken so that we might stsle lo the charitable company's members and ils Iruslees those matters we are required lo stste lo them in an Auditors, Roport and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and ils rnembers, as a body and the charitable company's trustees as a body, for our audit work. for this report, or for the opinions we have formed. Knill James LLP Chartered A¢¢ounlanls Statutory Auditor One Bell Lane Lewes East Sussex BN7 1JU 7 March 2024 Knill James LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 17
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Endowmènt fund$ 2023 Restricted Unrestricted funds fund5 2023 2023 Total funds 2023 Total funds 2022 Noto Income and endowments from: Donations and legacies Charitable activities Other trading activities Investmen15 20,601 1.361,637 926,813 23,736 9.191 20,601 1,361,637 926,813 23,736 9.191 22, 732 1.293, 771 g20,837 13,884 35,002 Other income Total income and endowments 2,341,978 2,341,978 2,286.226 Expendlturo on: Raising funds Charitable activities 132.516 2,072,224 132.516 2,072,224 132,675 1,822, 708 Total expandlture 2,204,740 2,204,740 1,955,383 Net Income before net lo$$&s on investments 137,238 137,238 330.843 Net losses on inveslmerits 1341 (341 (8.179) Net incomo 137,204 137,204 322,664 Nat movement In funds before other re¢ognl$ad gainsllloss•$} 137,204 137,204 322,664 Othor recognis¢d gainslllossesl- Gainslllossesl on revaluation of fixed assets 10,630 53,361 63,991 (89.455) Net movemont In funds 10.630 190,565 201,195 233,209 Page 18
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY {A Company Limitod by Guarantee> CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Endowment funds 2023 Restricted Unrestrlcted funds funds 2023 2023 Totsl funds 2023 Total funds 2022 Note Reconciliation of funds.. Total funds brought forward Nel movement in funds 193,937 88.798 10.630 2.626,982 190,565 2.909.717 201.195 2,676,508 233.209 Total funds Carrled forward 193,937 99.428 2.817,547 3.110.912 2,909, 71 7 The Consolidated Ststement of Financial Adivilies includes all gains and losses recognised in the year. The notes on pages 24 to 40 form part of these financial slalemenls. Page 19
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY {A Company Limited by Guarantee) REGISTERED NUMBER- 00527571 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Nota Fixed as5&ts Tangible assets Investments 12 1,997.813 1,280,742 1,831.667 992,742 13 3,278,555 2.824,409 Currant assets Stocks Debtors Cash at bank and in hand 14 15 2,908 125,093 59,533 2,908 163.846 271,405 187,534 438, 159 Creditors= amounts falling due within one year 16 (355,1771 (352.851) Net ¢urrent Ilabilitie5 1 a$$•ts (167,6431 85,308 Total assets less ¢urrant liabilities 3,110.912 2.909, TIT Total nat a$s&ts 3,110,912 2,909. 717 Charity fund$ Endowment funds Restricted funds Unrestricted ftjnds 17 193,937 99,428 2,817,547 193,937 88, 798 2,626,982 17 17 Total funds 3.110.912 2,909,717 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial ststemenls. The financial stalemgnts have been propared in accordance with the provisions applicable to entsli8s subject lo the small companies regime. The financial statements were approved and authorfsed for issue by the Trusleos on 07 March 2024 and signed on their behaw by: Mr C.P.B. Burgoyne {Chair of Trusleesl Page 20
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY (A Company Llmited by Guarantee) REGISTERED NUMBER.. 00527571 SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Nota Flxed assets Tangible assets Investments 12 1.997.813 1,280.744 7,831.667 992, 744 3.278.557 2,824.411 Current assèts Stocks Debtors 14 15 2,908 87.102 31.052 2,908 159, 150 189,978 Cash al bank and in hand 121,062 352,036 CredilDrs'. amounts falling due within one year 16 (327.3321 (305,355) Net current liabilities l assets 1206,2701 46,681 Total assets1o$s current Ilabllltles 3.072,287 2.871,092 Net assets excluding pension asset 3.072,287 2,871,092 Total net as$¢ts 3.072,287 2,871,092 Charity funds Endowment funds Restricted funds Unreslrlcled funds 17 193,937 99,428 2.778,922 193.937 88, 798 2,588.357 17 17 Total funds 3.072,287 2,8T1,092 The Society's nel movement in funds for the year was f201,195 (2022- £233,211). The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting rocords and preparation of financial slalements. The financial slalemenls have been prepared in accordance with the provisions applicable lo entities subject to the small companies regime. Page21
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY IA CoTnpany Llmiled by Guarantee) REGISTERED NUMBER: 00527571 SOCIETY BALANCE SHEET {CONTINUEDI AS AT 31 DECEMBER 2023 The financial statements were approved and authorised for issue by the Trustees on 07 March 2024 and signed on their behalf by: Mr C.P.B. Burgoyne (Chair of Trusteésl The notes on pages 24 10 40 form part of these financial slalements. Page 22
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY IA Company Limited by Guarantee} CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operating activltles Nel cash used in operating activities 302,367 468,670 Cash flows from investing activities Diwdends, interests and rents from inv&slmenls Proceeds from th8 sale of tsngible fixed assets Purchase of tangible fixed assets Proceeds frorn sale of investments Purchase of inveslm¢nts 23,735 7,007 1320,9341 163,860 1390,9551 13,884 6,205 (161,9T3) 97,111 (358,609) Net cash usod in investing activitiè$ 1517,2871 1403,3821 Cash flows from flnanclng actlvitles Net cash provlded by flnanclng actlvltles Change In cash and cash equivalents In the year Cash and cash equivalents al the bgginning of the year (214,920} 271,405 65.288 206.117 Ca$h and ¢a$h equivalents at the end of tho y8ar 56,485 271,405 The notes on pages 24 to 40 form part of these financial statements Page 23
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY IA Company Limited by Guarante0} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General Informatlon The South of England Agricultural Society is a charllable company limited by guarantee registered in the United Kingdom. The principal address is given in the charity legal and administrative information of the financial statements and the nature of the charity's operations and principal activities are included in the Trustees, report. Accountlng policies 2.1 Basis of preparation of flnan¢lal statements The financial slalements have been prepared in accordance with the Charities SORP IFRS 102} - Accounting and Reporting by Charities.. Stalemenl of Recommended Practice applicable to charitiès preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic Of Ireland IFRS 10218nd the Companies A¢1 2006. The South of England Agri¢ullural Society m88ts the definition of 8 public bgnefil entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stsled in the relevant acwunting policy. The Consolidated Slalement of Financlal Aclivilies ISOFAI and Con501idaled Balance Sh8gt consolidate the financial ststements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. Monetary amounts in these financial statements are stated in pounds sterling and are rounded to the nearest whole £1, except where otherwise indicated. 2.2 Golng concern After making appropriate enquiries, the Iruslees have a reasonable expectation that the Group has adequate resources lo conlinug in operational existence for the fOSeeable future. For this reason they continue lo adopt the going concern basis in preparing the financial slalemenls. 2.3 Income All income is rQgnised oncè the Society has enlitlemenl to the income, il is probable that the in¢ome will be receivod and the amount of income receivable can be measured rgliabty. Income tax recoverable in relation to investment income is recognised al the lime the investment Income is receivable. other income is recognised in the period in which il is receivable and to the exlenl the goods have been provided or on completion of the service. Income from membership SubscrptIOns is nised in full in the year lo which the membership lates. Annu81 subscriptions re¢$ived prior lo the membership years are treated as deferred income until the respective membership year starts. Page 24
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY (A Company Limited by Guarantgel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {continuedl 2.4 Expenditur8 Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation ¢8n be measured reliably. Expenditure is Classified by activity. The costs of each activity are made up of the lolal of direct Costs and shared Costs. including support costs involved in undertaking each aclivily. Dire¢l ¢osts attributable lo a single activity are allocated directly to that aclivily. Shared costs which contribute lo more than one activity and support costs which are not attributsble lo a single activity are apportioned between those activities on a basis consistent with the use of rosources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group lo raise funds for its charitable purposes and includes cos15 of all fundraising activities events and non-charilable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is indusiv8 of irrecoverable VAT. 2.5 Taxatlon The Society is ¢onsid&red lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Society is potentially exempl from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxab'on ol Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively lo charitable purposes. 2.6 Tangible fixed assets and depreciation Tangible fixed assets are initially rewgnised at cost. After rewgnilion, under the cost mcxJ81. tangible fixed assets are measured at cost less accumulalod depreciation and any accumulated impairment losses. All ¢osls incurred to bring a tsngible fixed asset into ks intended working condition should be included in the measurement of cost. The Society has adopted the revaluation model lo revalue cups and trophies whosts fair value can be measured reliably. There is no record of the cost of cups and trophies owned by the Society and they have been included at silver bullion values in prior years. The Trustees have revalued Trophies lo take in to account their historical and heritage valu8. Th8 Trophies are valued for insurance purposes at £295,000. However, due to the unique nature of the pieces, the Trustees have taken a prudent view and have valued the items at £150,000. Al Bach reporting dale the Trustees will assess whether there is any indication of significant impairment. If such indication exists, the Trustees wll adjust the ¢arrying value of the assets. Revaluation gains and losses are recognised in other comprehensive income and ac¢umulaled in equity. Page 25
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY (A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢ntIng policies l¢ontlnuadl 2.6 Tanglble flxed assets and depreclation {¢ontlnuedl Depreciation is charged so as to allo¢ale the cost of tangible fixed assets les5 their residual value over their estimated useful lives. Depreciation is provided on the following bases.. Freehold property Plant and machinery Fixtures and fittings Other fixed assets Over 50 or 20 years 20010 straight line or reducing balance 20010 straight line or reducing balance Not depreciated 2.7 Investments Fixgd asset investments are a fomi of financial irnslrumenl and are initially recognised al their Iransa¢tion cost and subsequently measured al fair value al the Balance Sheet dale, unles5 the value cannot be measured reliably in which case it is measured 81 Cost less irllpairmenl. Investment gains and 105ses, whether r&alis$d or unrealised, arè combined and presented as 'G8insllLossesl on investments, in the Consolidated Statament of Financial Aclivilies. Investments in subsidiaries are valued at cost less provision for impairment. 2.8 Stocks Stocks are valued al the lower of cost and net realisable value after making due allowance for ob501ele and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overhead5. 2.9 Debtors Trade and other debtors are recognised al the settlement amount aft81 any trade discount offered. Pr8payrnents are valued at the amount prgpaid nel of any trade discounts due. 2.10Cash at bank and In hand C8sh al bank and in hand includes cash and short-term highly liquid inv¢stmenls with a short maturity of three rnonths or less from the dale of acquisition or opening of the deposit or similar account. Page 26
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 2.11 Liabilities and provl$lons Liabilities are recognised when there is an obligation al the Balance Sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in selllement, and the amount of the selllemenl can be estimated reliably. Liabilities are recognised at the amount that the Socigly anliclpales it wll pay to settle the debt or the amount it has received as advanced payments for the goods or services it musl provide. Provisions are measured at the best estSmale of the amounts required lo settle the obligation. Where the effect of the time value of money is material. thg provision is based on the present value of those amounts. discounted at the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidaled Slalement of Financial Activities as a finance cost. 2.12 Flnan¢lal Instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments ara initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measurèd at amortised cost using the effective interest method. 2.13 Operatlng leases Rentsls paid under operating leases are charged lo the Consolidated Slatgment of Financial Activities on a straight line basis over the lease term. 2.14 Panslons The Society operates a defined contribution pension scheme and the pension charge represents the arnounts payable by the Society lo the fund in respect of the year. 2.1 S Fund accounting Genoral funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Reslricled funds are funds which are to be used in accordance with spectFic restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of ea¢h restricted fund is sel out in the notes to the finanryal slalernenls. Investment income, gains and losses are allocated to the appropriate fund. Page 27
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations and legacles Unrestricted funds 2023 Total funds 2023 Total funds 2022 Donations 20,601 20,601 22, 732 Total 2022 22.732 22.732 Income from charltable activltlos Unrestricted funds 2023 Total funds 2023 Total funds 2022 Promotion of agriculture and horticulture 1,361,637 1,361.637 1,293,771 Total 2022 f,293, 771 1,293, 771 Income from other tradlng activities Unrèstricted funds 2023 Total funds 2023 Total funds 2022 Membership subscriptions Income from South of England Event Centre 112,115 814,698 112.115 814.698 113.066 807.771 926,813 926.813 920,837 Tot812022 920,837 920,837 Page 28
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment Income Unr•strlcted funds 2023 Total fund5 2023 Total funds 2022 Income from listed investments 23.736 23,736 73,884 Total 2022 73,884 13,884 Inv&stmgnt managernent costs Unrestricted funds 2023 Total funds 2023 Total funds 2022 Investment management fees 5,642 5.642 4,832 Tot812022 4,832 4.832 Analysls of expendlture by activities Actlvities undertaken directly 2023 Support costs 2023 Total funds 2023 Tolsl funds 2022 Promotion of agriculture and hothculture Advancemgnl of education in agriculture and horticulture 845,078 1,172,971 2.018,049 1,805.262 54.175 54,175 17,446 899,253 1,172,971 2.072,224 1,822.708 Total 2022 784,695 1.038,013 1,822,708 Page 29
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Audltors. remuneration 2023 2022 Fees payablg to the Society's auditor for the audit of the Society's annual accounts 14.120 12,960 Fees payable lo the Society's auditor in respect of.. All tsxalion advisory services not included above All non-audit services not included above Ipayrolll 825 625 1,242 1,069 10. Staff ¢o$ts Group 2023 Group 2022 Society 2023 Society 2022 Wages and salaries Social 5e¢urily costs Contribution to defined contribution pension schemes 520,959 47,972 454,834 42.827 520.959 47.972 454,834 42,827 23,351 22. 129 23,351 22,t29 592,282 519, 790 592,282 519,7go The average number of persons employed by the Society during the year was as follows.. Group 2023 No. Group 2022 No. Society 2023 No. Society 2022 No. Office Groundstaff 10 10 15 13 15 13 No employ80 received remuneration amounting lo more than £60,000 in either year. Total remuneration in respect of the key management personnel of the charity is £195,020 12022.. £200,667}. 11. Trusts6s' remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2022- £NIL). During the year ended 31 DeMbr 2023, no Trustee expenses have been incurred (2022- £NILJ. Page 30
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY (A Company Limited by Guarante9} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Tanglble fixed assets Group and Soclety Freehold proporty Plant and Flxtures and machinery rittings Trophies Total Cost or valuatlon Al 1 January 2023 Additions Disposals 3.102,728 375.237 165,985 110,101 1156,4831 1109,433) 565,413 44,849 (61,3691 150.000 4,193,378 320,935 1327,285} At 31 December 2023 3.112.230 375,905 548,893 150,000 4.187.028 Depreciatlon At 1 January 2023 Charge for the year On disposals 1,588,103 267.554 74.311 52.145 1156.4831 1109.433) 506,054 28,333 {61,369} 2.361,711 154,789 1327.2851 Al 31 December 2023 1,505.931 210.266 473,018 2.189,215 Net book value At 31 December 2023 1,606,299 165.639 75,875 150.000 1,997.813 At 31 Dec6mber 2022 9,514.625 707,683 59,359 150.000 f,831.667 The cups and trophies shown above were revalued in June 2012 by R.P. Vernon Ward based on the scrap value of the silver bullion. Subsequent lo this a revaluation was carried out by the Trustees at each year end and deem the value reasonable. Included in land and buildings is freehold land al cost of £75,482 12022.. £75,482) which is not depreciated. All tsngible fixed assets are held for charitable purposes. The Group has adopted a policy of revaluation for tangible fixed assets. Had these assets been measured al historic cost, the carrying values wc>uld have been as follows.. Group 2023 Group 2022 Society 2023 Society 2022 Trophies 55.594 55.594 55,594 55,594 Page 31
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY {A Company Limited by Guarant¢è} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Flxgd asset investmants Listed Inv&$tments Group Cost or valuatlon At 1 January 2023 Additions Disposals Revaluations Cash movements 992,742 479.053 {157.9091 57,554 (90,698} Al 31 December 2023 1,280,742 Nat book value At 31 December 2023 1.280,742 At 31 December 2022 992,742 Investment In Subsidiary Listed Company investm¢nts Total Society Co$t or valuatlon Al 1 January 2023 Additions Disposals Revaluations Cash movements 992.742 479.053 1157,909) 57,554 {90,6981 992.744 479,053 1157,909) 57,554 {90,698} Al 31 December 2023 1.280,742 1.280,744 Net book value At 31 December 2023 1,280,742 1,280,744 At 31 D8cember 2022 992.742 992.744 Page 32
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY (A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Flxed assat investments lcontlnued) Prlnclpal subsldiaries The following was a subsidiary undertaking of the Society: Name Company number Rogistorad office or principal Prlnclpal activity place of business South of England Event Centre 02276339 Limited South of England Agricultural Society, Selsfi&ld Road. Ardingly. RH17 6TL Hire of showground Class of shares Holding Ordinary 100% Thg financial r&suks of the subsidiary for the year were.. Name Income Expendlture ProfitllLos$l for the year Net assets South of England Event Centre Lirnited 814,698 538.774 275,924 38,629 14. Stocks Group 2023 Gn)up 2022 Society 2023 Society 2022 stock 2,908 2,908 2.90B 2,908 Page 33
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY {A Company Limitsd by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Debtors Group 2023 Group 2022 Soclety 2023 Socffely 2022 Duo within one year Trade debtors Amounts owed by group undertakings other debtors Prepayments and accrued income 75.390 78,307 48,412 48,953 34,728 836 74.633 11,121 38,582 10.809 74, 730 1.060 37.630 125,093 163,846 87,102 159, 150 16. Credltors: Amount$ falling due withln one year Group 2023 Group 2022 Society 2023 Society 2022 Bank overdrafts Trade creditors Amounts owed to group undertakings Other taxation and social security Othtrr creditors Accruals and deferred incorne 3,048 155,045 3.048 153,216 19.358 11,662 3,575 136,473 161.656 159. T07 8.624 3.575 184,885 47,642 2.948 140,605 41, 746 2,948 100.954 355,177 352,851 327,332 305,355 Group 2023 Group 2022 Soclety 2023 Society 2022 Deferred income at 1 January 2023 Resources deferred during the year Amounts released from previous periods 130,705 1 $9,322 {130,7051 116,985 130, 705 (116,985) 91.057 110,912 191.0571 73,036 91,057 (73,036) 159,322 130, 705 110.912 91,057 Lloyds Bank plc had fixed and floating charge over all the propety and undertaking of the ¢ompany in respect of amounts due or becoming due in the future. this was salisified in July 2023. Charterhouse Strategic Land Limited has a legal fixed charge by way of first legal mortgage over the mortgaged property in relation lo obligations for payment of sums under a promotion agreement. Page 34
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY {A Cornpany Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement of funds statement of funds - Current year BalanGe at 31 Galnsl Decèmber ILo$sesl 2023 Balan¢e at 1 January 2023 Income Expanditura Unr&$trl¢t&d fvnds General Funds - all funds 2,626.982 2.341.978 12,204,740) 53,327 2.817,547 Endowment funds Endowment Funds - all funds 193.937 193,937 Restricted fund5 The Abergavenny Educational Fund 88.798 10.630 99,428 Totsl of fund$ 2,909.717 2.341,978 12.204,7401 63,957 3,110,912 Page 35
THE SOUTH OF ENGLAND AGRICULTURAL SOCIE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement of funds Icontlnu8dl statement of funds- prior year Balance al 31 December 2022 8alance al l J&nuary 2022 Gainsl {Losses) Incom8 Expendilure Unrestricted fund$ Goneral Fund 2,368,895 2.286,226 (1.955.383) (72, 756) 2,626.982 Endowment fund5 Endowment Fund 193,937 193,937 R•$tricted funds The Abergavenny Educational Fund 113,676 (24,878J 88. 198 Total of funds 2,6T6,508 2,286,226 fl, 955,383) (97,634) 2,909, 717 The Endowment Fund represents the conlribuling assets of the clubs and societies which now comprls& the Society, the original land and buildings of the showground, and 8ny surpluses arising on subsequent disposals or revaluations of such a5sels. Donations received for educab'onal purpose5 are added lo The Abtrrgavenny Educational Fund. Income from the fund investments is used lo assist with sponsoring educational and training projects in accordance with the Society's aims. Page 36
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY (A Company Limited by GuarantO9) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Analysis of net assets b•tween funds Analysls of net assets between fund$ - current year Endowmant Rostricted Unrestricted fund5 funds funds 2023 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 193,937 1,803,876 1,997,813 1,181.314 1,280,742 187,534 187,S34 1355,1771 {355.1771 99,428 Totsl 193,937 99.428 2,817.547 3,110,912 Analysls of net assets betwoen funds - prlor yoar Endowment funds 2022 Reslricl8d Unrestriclad funds funds 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset investments CUent assets 193,937 1,637,730 1.831,667 903,944 992, 142 438, 159 438, 159 {352,B57J (352.851) 88.798 Creditors dug Wlthin one year Total 193.937 88, 798 2,626,982 2,909.717 Page 37
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Reconclllation of net movement In fvnds to net cash flow from operatlng actlvities Group 2023 Group 2022 Nel income for the year las per Statement of Financial Aclivitiesl 137,204 322.664 Adlustments for- Depre¢ialion charges (Gainslllosses on investments Dividends, interests and rents from investments Profit on the sale of fixed assets Decreasellincreasel in debtors (Decreasellincreasg in creditors 1Y.789 125,630 8.179 (13.884) (6,206) (53,254) 85,541 {23.7361 {7,0071 38,757 2,326 Not cash provided by opgrating a¢tlvltl•s 302,367 468,670 20. Analysi5 of cash and cash equivalgnts Group 2023 Group 2022 Cash in hand Overdraft facility repayable on demand 59.533 {3,0481 271.405 Total cash and cash equivalents 56,485 271.405 21. Analysis of changes In net debt At1 January 2023 Cash flows At31 December 2023 Cash at bank and in hand Bank ov6rdfafts repayable on demand 271.405 {211,872) 13.048} 59,533 13,0481 271,405 1214.920) 56,485 Page 38
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY IA Company Limited by Guarantoel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Capital commllmonts Group 2023 Gmup 2022 Society 2023 Strcitrty 2022 Contracted for but not provided in these financial statements Acquisition of tangible fixed assets 287.956 287,956 Page 39
THE SOUTH OF ENGLAND AGRICULTURAL SOCIETY IA Company Llmited by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. Penslon commitments The group operates a defin8d contribution pension scheme. The assets Df the scheme are held separately from those of the group in an independently administered fund. The pension cost charge presents contributions payable by the group to the fund and amounted to £22,90012022= £20,2421. AI the year end, payments of £3,367 were outstanding (2022.. £3,406). 24. Operatlng leasa commitmgnts At 31 December 2023 the Group and the Society had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. Group 2023 Group 2022 Soclety 2023 Society 2022 Not later than 1 ygar Later than 1 year and not later than 5 years 1,482 4.077 1,882 5,559 1,482 4,077 1.882 5,559 5.559 7,441 5,559 7,441 25. R91ated party transaction Durlng the year, management charges of £411,900 12022.. £370,200> were levied by the charitable coThpany ISEASI to the South of England Event Centre Limited ISEECI, its wholly owned subsidiary. Al the yearend SEAS owed SEEC £19.35812022.. SEEC owed SEAS £34,728}. Last year a total of £1,500 was Ltonaled by parties connected with the trustees as sponsorship for one of the shows. Page 40