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 app￿Ciat￿d 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
Ne￿orkS 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 dire￿orS. 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 p￿parIng 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 bett￿een 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 enhan￿d 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 of￿0 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 con￿rn 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 cOn￿ssIOnS 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 Con￿rning 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 prO￿￿￿reS 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 Inhe￿nt 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 reSoU￿s,
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 A￿OUntIng 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,
ex￿pt 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 GOn￿rn, 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 instan￿S 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 fO￿Seeable future. For this reason
they continue lo adopt the going concern basis in preparing the financial slalemenls.
2.3 Income
All income is r￿Qgnised 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 Subscr￿ptIOns 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 De￿Mb￿r 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
CU￿ent 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