Registered number.. 00892851 Rhif Cofrestru'r Cwrnni 00892851 Charity numbèr: 251232 Rhif Cofrestru EIu58n 251232 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED CYMDEITHAS AMAETHYDDOL FRENHINOL CYMRU CYF ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ADRODDIAD BLYNYDDOL A DATGANIADAU ARIANNOL AM Y FLY￿DDyN YN DIWEDDU 31 RHAGFYR 2023 WR Partners Protecling your future. THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantèe) CONTENTS Page ReferÈn¢e and administrative details of the Charity. Its Tru$ttr*$ and advisers Chaimian's statement Truslee$' report Independgnt auditors. report on the flnan¢lal slatemgnts Statement of flnancial activities 7-16 17-20 21 Balance sheet 22-23 Statement of cash flows 24 Notès to the financial statements 25-51 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) REFERENCE AND ADMINISTFIATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Mr John Clive Alexander (resigned 31 December 20231 Mr Thomas Gordon Allison MEng Nsch Iresigned 31 December 20231 Mrs Kathy Atkin-Bowdler Mr Simon Bigley lappoinled 1 January 20241 Mr David Samuel Gwynne Davies FRAgS (resigned 31 December 20231 Mr John Thornas Davies MRAC CDA FRAgS (resigned 31 December 20231 Mr John R Davies FRAgS lappoinled 1 January 20241 Mr Jonathan Davies FRAgS Miss Menna Davies BA CIPR Mr R Rowland G Davies FRAgS Mrs Sarah Mary Nicola Davies BA hons FRAgS Mr William Isaac Cyril Davies BS¢ (Honsl fAIBiol FRAgS (resigned 31 December 20231 Mr Nick Davis lappoinled 14 February 20241 Mr Timothy Roger Dowdeswell BS Hons Mrs Rhian Meredydd Duggan Mr Robert Gwin Edwards Mr David Thomas Cemaes Evans FRAgS RSS I￿Signed 31 December 20231 Mr Peter Bowen Evans BSC CEnv CEng MICE (resigned 31 December 20231 Mr Henry George Felherslonhaugh OBE FFiAgS (resigned 31 December 20231 Mrs Esylll Ellis Griffrf(hs lappoinled 1 January 20241 Mr Richard Stephen Gwilliam FRICS FLAA Ire5igned 31 December 20231 Mr William Hanks Mr Richard Hartshorn Mr John Homfray (resigned 31 December 20231 Mr Gerainl James MNAEA MNAVA FLAA Mr Meurig James FRAYS Mr Denley Jenkins FRAgS lappointed l January 20241 Mr Dafydd Parry Jones FRAgS Mr David Brian Jones MBE FRAgS Professor E Wynne Jones OBE PhD DSC FRAgS. Chair Mrs Susan M Jonès FRAgS Ms Teleri Glyn Jones lappointed 1 January 20241 Mr Christopher Kim Lloyd Iiesigned 31 December 20231 Mr Howard Nixon Mr Meirion Owen FRAgS Mrs Janel Phillips Bsc (Honsl FRAgS Mr David Thomas Jamès Powell Mr Richard William Kendrick Price MrAWn Rées FRAgS Mr William Thomas Richards FRICS FAAV FLAA (appointed 1 January 20241 Mr David Garelh Roberts FRAgS Dr Frederick Maurice Slaler FRAgS (resigned 31 December 20231 Mrs Karen Spencer ThABE NDD FFiAgS (resigned 31 December 20231 Mr John David Benjamin Thomas FRAgS (resigned 31 December 20231 Mr Richard Vaughan Miss Lowri Lloyd Williams Page 1 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limrted by guaranteel REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISER5 ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Company registered number D0892851 Charity registered nuwnb•r 251232 Registered office Royal Welsh Showground LlaneTrwedd Buith We115 Powys LD2 3SY Chief executive Aled Rhys Jones Ind*p•nd¥nt ayditors WR Partners Chartered Accounlanls Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Bankers HSBC Middleton Street Llandrindod Vvells Powys LD1 SEU Barclays 113 Broad St Hereford HR4 9BH Solicitors Dilwyns Oxfoid Charnbers Temple Street Llandrindod Wells Powys LD1 5DN Investment manager$ Brewin Dolphin 5 Callaghan Square Cardiff CF10 5BT Senlor management team Aled Rhys Jones - Chief Exe¢utive Garon Evans - Head of Administration Rachel Powell- Head ol Operations Andrew Crockett- E51ate Manager Clare Jarnes - Head of Business Development Agata Kowalska-Belcher- Head of Finance Page 2 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guaranteel CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 The chairman presents his stslemenl for the year. 11 is ple8sing lo ¢ommen¢e my report by acknowledging thal as a society we returned to some modicum ol normality, having endured the uncertainlie8 ol the Covid years. Overall. I report on a successful year of well run and attended events and the recovery In our finances. Our Board meeting in De¢ember 2023 ended another term and several members stood down. I wish to record our sincere thanks to those standing down after many years of sterling service in support of the Board and ils activities. They will, deservedly, be able lo reflect on their conlribulion, over many years to the enduring su¢ces6 of our So¢iety. Thank you lo each of you for your vision. expertise, guidance, and the many hours ol time you devoted to our cause. In January 2024 we welcomed new board members elected from amongst the county advisory committees and also co-opted. We look forward lo adding another successful chapter lo our prestigious organisalion and anticipate a busy four-year temi. l also wish lo acknowledge those of you newly appointed, and re-elected, lo county advisory committees. Council and the numerous board committees and welcome your conlribulion. There 15 8 continuation of key postholders, in that Nicola Davies and Awyn Rees were ¥e-elecled as Chair and Vice Chair of Council Richard Price. William Hanks and Geraint James were re-elected as Directors of the Summer Show, Winter Fair and Spring Festival respectively. Treasurer. David Powell. has been re*le¢ted. We thank them for their willingness lo continue lo undertake these responsibilities on our behaw. Our Chief Executive, Ale(J Jones. together with several new staff appointments will have experienced their first full year ol èvènts. I wish to èxpress my thanks to our capable team at Ll8nelwedd and the work they are doing lo Sustain our continued success and developrnenl and for their contribution lo another successful year of activities. Their willingness lo contribute to the development of our procedures, systems, and processes is valued. We are pursuing our obieclive of offering an efficient. economic, and effective quality experience for the many members, exhibitors and stskeholders. Appreciative thanks are extended to 211 our sponsors, large and small. wrthout whom our task in staging successful events would be tnore challenging. The planning and development committee, chaired by Richard PrTce, commissioned the development of a showgroLJnd master plan. It Is supported by funding from the Shared Prosperity Fund. Many people and rganisations contributed to its development. We will be sharing the plan with our membership and stakeholders in due course. Our next task is to prioritise and identrfy sources of lunds lo support individual elements in its implemenlalion. We will be assessing the financial risk thoroughly al each 61age and will con¢urrenlly iefresh the strategic plan, launched in 2018. The decision lo launch last year'5 show al the Senedd in Cardiff raised our profile and awareness. 11 also enabled us lo establish important political contacts. These are essential if our ambition as a Society is lo be realised. It is to position ourselves alongside Vvales. other premier and national treasures as a 'go lo, venue for any ruTal or lourisl event, Concurrent with developing a longer- temi Estate Plan. we continue lo invest in developing our existing e5tale. Clwyd's excellent fundraising enabled significant inslallalion ot solar panels. This will result in a significant reduction in energy costs and move us along our carbon reduction journey. Plans are advanced foT a significant refurbishment of the Gl8morgan Hall. kindly supported by Glamorgan's fundraising. The finance committee, chaired by Ksthy Alkin-Bowdler, has been a￿1ve in scrulinisin9 all èl&ments of our business. The aim is lo ensure that our costs and the basis for pricing variDus activities are appropriate for all parties. Our treasurer, D8vid Powell. and head of finance, Agat8 Kowalska-BÈlchèr. and her team have refined the presentation of financial infoimalion lo always ensure accurate. timely and clear inlerprelalion of our position. Whilst our aim is lo ensure that RWAS generates 5urpluse5 to fund our chaiilable objectives, we also wish to ensure value for money lor exhibitors and trade stands. We want lo provide a quality and enjoyable visitor experience. Page 3 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) CHAIRMAN'S STATEMENT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Importantly, we will have turned la51 year's significant loss into a surplus. This is very encouraging, given th21 we slill have to embrace significant Inflation. Financial 51renglh and probity are essential for our continued development. 11 is always good pra¢li¢è for any organisation lo review the provisiDn of audit serwces Therefore during the year we tendered for th15 facility and a new audit team is in pla¢e. The Society has established a new membership advisory group in response lo feedback froffl the county advisory committees. They weie sliongly of the view that there should be a forum to capture the views and opinions of members lo be led Into the Board. The purpose will b& to advise the Society on all relevant issues relating lo membership packages and the quality of members. experience al our even15. Importantly, rt will provide clear communication with members and ensure the county advisory model remains vibrant and meets our aspiration of gaining and retaining membership. Each ¢ounly advisory committee can nominate one representative lo attend the meetings. l am pleased to report that the county representatives on the board elected Richard Vaughan Imerionethl to establish and chair the committee. I wish lo record our sincere thanks to staff, directors. chief stewards, stewards. and all volunteers who enable us lo stsge our events. We depend totally on you to ensure the fjontinued prestige and SUC￿$$ of our activities. Our year of high-profile events was ably presided over by John Homfray and hi5 wife, Jo, and Jacob Anthony, our Amba55ador. 11 cornmenced with our Smallholding and Countryside Festival last May, an undoubted success. The event attracts a different family of trade stands and visitors. compared lo our other events. It's encouraging in Ihal we draw from a different audience. Thank you to Dr Fred Slater as Chair and Gerainl James. event director. for their Industry in staging the continually 5ucce5sful event. In June, Glamorgan hosted a very relevant and timely REGEN .23. 11 was kindly hosted by Richard, Lynwen and David Anthony on their impressive aiable and Sheep unil al Sealands Farm. Staging such an event lakes a good deal of planning and coordination. Thanks all who worked lo make this such a 5ucGess. Exhibits and working dernonslralions illuslraled the various elements DI regenerative energy. grassland. arable. enviionmenl and nature. This event successfully met one ol our Society's charitable objects. lo promulgate the lalesl in husbandry and technology lo improve agriculture. 11 demonstrated that we can produce food, enhance the environment and biodiversity and contribute lo the carbon reduction agenda. The appropriate government SUPPDrt policies are necessary, and it needs everyone in the food supply chain lo work collaborelively. The formal launch of the Surnmer Show at the Senedd In June moant valuabl? political contacts subsequently helped us present our case lo Government regarding the change IN school term dales. This is a very important Issue lor us all in the rLJral se¢tor and our case to Government was well made. We await the response. Later on the sarne day, we hosted our AGM in the very atmospheric Millènnium Centre in Cardiff Bay. The Glamorgan Team provided a lovely spread to sustain u5, particularly welcomed by thosè facing the tortuous journey back to North Wal@s. The Summer Show was a spectacular su¢cess. A multitude of events, competitions and activities flowed smoothly over the four days. The range of trade stands represented businesses supplying agricLJllure with raw materials, processing, the retailing of our produce and businesses supplying our iural tourism and leisure aclivilies. Theie were also Ih05e coThmitted lo the management of natural resource5, Including cultural. sporting. and social support. The variety highlights and illLJStratès the Intertwined relationships and complexities of agri¢ullure, al the heart of our rural slrLJclure and people. The shtrw 81s0 provides considerable outreach to thè urban population. The Society's committed role In promoting this wider context is not a￿ayS apparent bul is nevertheless very important. The four days provide an opportunity for the many organisaliDns involved In setting the future policy context of our industry. They rneet. debate and better understand the complex food SLJppIy chain. which Is the major employer In Wales. There is no better platform for this discussion and debate than our evenl5. Page 4 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarante81 CHAIRMAN'S STATEMENT ICONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2023 The new and Innovative Food Village was a success and proved particularly popular with parents of younger children. They enjoyed the fare. entertainment and. later into the evening, a safe environment. We anticipate a similar re8clion for Dur refreshèd Horticuttural Village in the forthcoming show. Thanks lo all who have been associated over the years and to those 51akeholders who attended our meeting al Aberglasney lo develop the new approach. Our new vision was launched al the 2023 Summer Show. We wish the newly appointed assistant honorary director. Adam Jones, well In leading us into the future and offer him our lull support. The final major event was a very successful. well supported and allended Winter Fair. 11 was led by Afrwyn Rees as chair and William Hanks as director. They drove forward both the scale of the èvent 2nd the excgptional qualrty of the exhibits. We app12ud all the work in the preparation of stock and the very spectaculai almDsphere as the judging reaches ils con¢lusion, with the champions lapped forward. To this Is added a further layer of anlicipalion and excitement. as the selling of the prime stock takes place. Our auctioneers and buyers were able lo conjure up a sense of tension and spectacle IhroughoLJt. This year more than three thousand s¢hool children of prirnary and secondary school age from all over Wales, loggther with their teachers. allended free of charge. RWAS Head of operatDns, Rachel Powell, and her staff delivered a very wDrihwhile dimension lo the Winter Fair. There were presentations related lo the soil, plants 8nd animals, the food we eat and our enviror)menl. The youngsters, evident energy and wclion made LJS realise we had delivered something worthwhile and enduring. Another irnportant element of our charitable objects Is lo provide development opportunities for individuals from our sector. Glamorgan were very supportive, financially. of the socièty taking over the runnin9 of the Rural Leadership Programme. It W8s genuinely rewarding lo listen to the experiences and ielevant messages of three of the inaugLJral participants from our progr8mme, when they opened the Summer Show. Congratulations 90 to Emity Morgan, Natalie Hepburn. and Joshua Govier, from Glamorgan. They are developing their careers in our industry, although not from a farming background. A fourth participant is Ceredigion's Ambassador, Esylll Ellis Griffilhs. The county advisory committee has also voted her onto our Board of Directors. Finally, Rhy5 Griffith, Caernarfon's Ambassador Elect, was funded by RWAS to attend the Oxford Farming Conference in 2021. It is indeed a rewarding investment in people. The society also continues its support for Nuffield Farming scholarships. Our President, John Homfray. and his very capable learn from Glamorgan Feature County, were applaudgd for what had been a very successful. extended period at the helm. They presented the society with a very Impressive cheque indeed. Thank you. Glamorgan. Glamorgan handed over the reins to Ceredigion. with Denley Jenkins as Prasidenl. We wish Denley, Brenda and their 5UPPOrtive family team a very enjoyable year. They have already worked lo bring the ¢ounty together in a common purpose. The President, ably supported by Ambassador, Esyllt Ellis Griffilhs, head5 a very strong and attive te8m. Ceredigion Mqll put in a very good shift, given ils really strong connections with the RWAS over the ye2rs. In February, the 2025 Feature County, Caernarfon. launched their a¢tivities with a very well attended Concert in the town. The entertainment was provided by various local Young Farmers Clubs and a school. Such lalenl and entertainment from amongst our rural youth Is lo be applauded We wish their ele¢ted President. John Owen, and Marian success and our total support in the ¢oming rnonths, ably supported by Ambassador Elect Rhys Griffith. Pagé 5 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) CHMRMAN'S STATEMENT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Our 120th 2nniversary event in London marked thè legacy of our forefalheis. It is reassuring that our historical records are safe In the National Library of Wales. We as a Board are committed lo securing a financially strong base for the Society's enduring and successful lulure. rof nne Jon s OBE, FPAgS Chairman of the Board of Directors Date". s, 2021È Page 6 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guaranteel TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Board of Director5, who are also Directorsryrustees of the SoGiety for the purposes of the Companies Act, are pleased lo present their annual Directors, report together with the financial statements of the Society for the year ending 31 December 2023. The accounts have been prepared in accordan￿ wrth the accounting policies set out in the notes lo the accounts and comply with the Charity's Mernorandum and Articles of Association, the Conipanies Act 2006 and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 las effe¢live 1 January 20191" The Financial Statements were prepared, finalised and presented to the Royal Welsh Agricuttural Societls Finance Committee on the 12 April 2024. On the recommendation of the Finance Commrtlee. the Financial Statements were approved by Board Members al their meeting on the 24 Apnl 2024. The Directors are pleased to report a significant improvement in the Society'5 financial performance as compared lo the previous year. 2023 turnover reached almost £7m, a growth in income of approximately 10°/o on 2022. Furthermore. the Society rnanaged lo lighten control on overall spending. ensuring a SLJrplus position al the end ol the financial year. Objectives and activities a. Policies and objectives The principal objects of the Society, as sel out In ils Articles of Association, are the advancement of agriculture, horticulture, forestry and conservation in Wales. MO￿ spe¢ffi¢ally". lo promote sustainable agriculture, horticumure, forestry, conservation and the environment and in particular in Wales to encourage and promo18 agricultural science, research and edu¢ation in particular in relation lo food, faming and the countryside lo promote the improvement ol livestock, the Welfa￿ of animals and the prevention and eradication of diseases in animals useful lo man ID hold demonslralions of modern agricultural methods, technology and processes lo hold sh)ws for the exhibition of livestock, poultry. farm and hortiCLJltural produce and loreslry. and lor the demDnslralion Df agricultural methods, machinery and modern technology and hold events Df an ancillary nature lo promote and advance for the benef11 and education of the public the cons8rvation prote¢tion and improvemenl of the physical and natural environment.. and lo promote rural art5, culture and he￿lage. iv. b. Charitable activities The Society's charitable activrties, to meet Ils staled aims, comprise mainly of staging three major agricultural events namely, The Royal Welsh Show, The Royal Welsh Winter Fair and The Royal Welsh Smallholding and Countryside Festw81. Fundraising from those events is also supplèm8nled by rental income received from the lelling of buildings on the Society owned showground and income derived from Outside Events where individuals and organisalions hire the showground andlor buildings for stagirTrg training and events. This Income provides an important contribution towards supporting delivery of the Society's charitable objectives ￿1 events and activities of the Society are budgeted to generate a surplus lor the Charity and provide a ¢onlribulion lo the overhead costs. In addition to staging events, the Society makes a number of awards, scholarships and bursaries each year to recognise oulslanding achievement within agriculture and lo develop future leaders. Page 7 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guaranleg) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities Icontinuedl The Society seeks lo further ils aims by actively ensuring that il 15 an inlegial part of the cumural fabiiG of Wales and is also a key contributor lo major industry consullalion5, particularly relating to rvial development, agriculture and food production. The Trustees are mindful of the need lo engage with not only those directly involved in industries supporting our core aims, bul also with the visilois and the public at large. ¢. Public benefit In developing slrategies for the Sociéty to promote its objectives, the Board ol Directors have had due regard to the Charity Commission guidance in respect of public benefit requirements. The Trustees seek to advance the subject of agricLJlture. horticulture, loreslry and conservation, as outlined in ils constitution, in various ways. This Is primarily achieved in the holding of its three main events wh￿h collectively attract over 250,000 visitors each year including our members. These events help to improve the understanding Df farming and food prodLJCtion and the role farmers play In protecting and enhancing the countryside for the benefit of everyone. In a(Jdilion, they are key events to share technical information and knowledge transfer within the agricultural industry and have a strong commercial business locus. In add((ion, the Society invests in the infrastructure of the srte ènsuring that the facilities available at the Showground provide an attractive and safe venue for numerous external events attracting a large numbei of visitors wilh a wide range of Inleresls, thus generating income both for local business and for the organisalion5 delivering the events including r&gular events SLJch as Horse Shows, Dog Shows. Sheep Sales, Wonderwool Wales, Rallie5. Antiques Fair5 and ConleFence5 etc. Further investment in broadening the showground's digital infraslruclure benefits users beyond the curtilage of the showground and is a key part ol developing a rnodern facility that supports communication and trade. Focusing on younger people, the RWAS sponsored the annLJal Powys Careers Fair. which has been held on th@ Showground Since 2017. The Society continues to be an active partner in this event in ￿COgnitIon of the need to improve ski115 and DPPOrtunities for young people in Wale5. In 2023 the SoGiely collaborated with Farming Connect lo stage an Innovations and Diversification event. A 1- day event, held on the showground, which was targeted primarily towards agriGullural businesses seeking lo divorsify with the aim of offering guidance, support training and mentoring to the attendees. Our events provide 8 platform for businesses, government. charities and other organisalions a¢ross all sectors lo promote their activities lo a large and diverse section of the general public", th8 Royal Walsh Sumrner Show alone generates in ex¢ess of £20 million Into the economy of Wales. In addition, the Society's Feature County struclure also supports fundraising and events across all the counties in Wales, in turn. In 2023, the Glamorgan Feature County engaged the local ¢ommunily in a fLJII range Ol events including a hLJgely successful 'Regen '23, event a technical working demonslialion event focusing on the principles of regener8live agiiGutture. Page 8 THE ROYAL WELSH AGRICULTURAL SOCIETY UMITED IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perfomiance a. Main aehlevements of the Soclety All our key events meet our charitable objectives by showcasing the very best of livestock and food production, promoting best practice in animal husbandry wrth strict adheren¢e to our Animal Welfare plan, and provide education through a wide range of competition classes and demonstrations across all seclions. The Society's three main events comp115e of". Summer Show.. The Royal Welsh Show held over four-d2ys in July is widely regarded as the prEmier agricullLJral show In the UK and is arguably the finest event of Its kind In Europe, attracting over 1,000 international visitors. in addition lo British visrtors and exhibitors. With nearly 8.000 Horse, Cattle, Sheep, Goat and Pig Exhibitors. numerous other competrtions including Sheep dog Inals, Shearing, Farriery, HtsrNew as well as varied attractions ranging from folk dancing to farriery competitions. vintage machinery displays, audions and country pursuits. This event creates the opportunity for people not engaged with agriculture lo experience rural living and learn about the value of agriculture and its contribution to their lives. Winter Falr". this is the last rnajor event of the year allracling an audience of over 30,000 supporters.11 is probably the most successful prime stock event of it5 kind in the UK, attracting strong livestock entrie5 in the cattle. sheep, and pig and carcass sections. Horses and ponies a150 prove to be a popular attraction. An important feature of all Society events is the Food Hall. presenting the very best produce lo be found in Wales for the publiG to enjoy. This event also has a wide range ol artisan trade stands, promoting the wide range of Welsh items not routinely available 'on the high slreel,. Thi5 5UPPQrts the 'Brand W21es' message of buying locally sourced quality produ¢0. In 2023, tha Soei•ty W•1￿￿•d around 3.000 prinigry gnd s8¢ondary school pupils to IhA Winter Fair, for a series of talks and aclivilie5 undei the bannèr'Ein Tirf I'our Land'l educational programme. The aim of the project was lo provide an educational focus on soil health and the impact It has on everything from crop production to climate change. The Society recognises the importance of educating and demonslrating in the above fields not only al ils shows, bul through awards. buisaries, scholarships, sponsorships and donations. In addition. the Society plays an active role In CARAS (Council for Awards of Royal Agricultural Societiesl which through ils awards system recognises distinguished achievement in agii¢ulture and land-based industries, embracing the develtrpmenl of new hLJsbandry practices. research, technology, economics, education, and farming care. Pagè 9 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and performance Icontinuedl b. Feature County Structure The Feature County model is a Ljnique fèature of the Society, and all Vvelsh counties lake il in turn lo raise fund5 and host events during their nominated year. This ensures that the work and profilè of the Society extends throughout Wales as each Gounly engages with the local community throLJgh an extensive programme of events. raising funds for other charities hand-in-hand with Royal Welsh Fundraising. The Society is proud of the fact that Shropshire and Herefordshire are part ol the C(>unly Advisory slruclure. Whilst they do not feature as host ctsunlies, members are able to provide feedback and observations that help shape Society events. The Featuré County model sets the Royal Welsh apart from many other agricLJllural societiès and is one ol the main pillars of ils success. The system brings togethèr pec>ple from all over Wales and creates a sense of shared ownership In the Society, lis events and of course Ihe developmenls on Ihe showground. c. Monitoring the So¢iety's achievements Visitor surveys previou5ty carried DUI during our events established that 950/0 of the respondents rated their satisfaction level as 4 or 5 out of 5, with Livestock competitions and animal displays being the most highly rated attraction. 'Eating and drinking local produce, and 'an Interest in country life, were the joint top reasons Idenlifiecl by our visitors for attending the show. The Society is keen to ensure that all the even15 meet the expectations of our visitors and lo widen the appeal to the general public. The surveys Indicate that a significant proportion of the visitors attending the show are not dire¢tly involved in agriculture, thus representing an opportunity to promote our staled charitable objectives and providing Ènlertainmenl and education lo the wider general public. The challenge of educating the consumer about where their food comes from and the value of supporting lo¢al farmers and produceis has never been more important. Financial review a. Results for the yèar The So¢iety has applied 115 funds for the year In the furtherance of its objectives. The lolal nel incoming résources for the year ended 31 December 2023 amounted lo £6.981 m (December 2022.. £6.070ml whiGh after realised and unrealised gains on investments of £46,93012022. ltsss of £136,3271. resulted In a net gain in funds of £177.343 (Decèmber 2022 deli¢il' £787,033). The Board of Directors believe that any diff8mnc&s between thè market value and costs of assets are not material. The net assets of the Society (including fixed assets. restricted funds and reserves) as al 31 December 2022 have increased lo £13,514,332 from £13,336.989 as al 31 December 2022 Inel assets compr1ses of tangible fixed assets i.e. land & buildings and equipment, portfolio Investment, cash and deblors less ¢redilors as listed In the note$ 15- 19 of the financial stalemenlsl. The overall unreslricled lundslresour¢es comprise £11,961,75912022.. £11,687,7901. Restricted ftjnds oorllprise lolal £1.552,57312022. £1.649.1991 The restritted funds are held for the purposes noted in note 21. The Board of Directors are not aware of any events aflecling the groLtp which have occurred between the Balance Sheet dale and the date on whi¢h the Annual Report was signed. Page 10 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 b. Golng ¢on¢ern After making appropriate enquiries, the DiTe¢lors have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basi5 in prep8ring the financial slalemenls. Further delai15 Tegarding the adoption ol the going ¢on¢ern basis can be found in the acctsunting policies. Investment policy and performance The investments held by the Society have been acquired in aceord8nce with ics constitution. Under the Articles of Association, the Society has th8 power lo invest the money not Immediately required for ils purposes upon $u¢h inv8stments, securities or property as il may think fit. The Society maintains an investment portfolio, the strategy of which is to maintain and enhance the real valuè of the assets over the long term by investment in a porfolio consisting ol equities, fixed income stocks and cash. The investment advisers have been instructed to maintain a balance between income and capital appreciation. The portfolio is managed on a discretionary basis. The overall value of the fund as al 31 December 2023 ha5 Increased to £1,683,757 from £1,381,648 in 2022. d. R8serves policy Reserves are needed lo bridge the gap between the spending and receiving of income and lo cover unplanned emergency repaiis and other expenditure. The Board of Directors have established a policy whereby unreslricled fund5 not committed or invested in tangible fixed assets i.e. free reserves. held by the group should equate to the equivalent of between 3 8nd 6 months resources expended which diredly relate lo the running of the annual shows. Al this level the Board of Directors leel that the core aclivf(ies of the Society would be able lo continue in the event of an unforeseen signif5canl drop in income. This Policy is part of our financial governance and 15 reviewed on a regular basis. As at 31 December 2023 the Society's fund5 lolalled £13.5m consisting of ￿$tricted funds 01 £1.5m. unieslrided general funds of £11.9m, comprising of £9.7m tangible fixed assets (mainly land and buildings) and £2.2m net current as5els. As indicated in the table below, the free reserve5 01 the group lolalled £1.9m. A descryplion of what reslricled and designated funds were held for is slated in the notes lo the financial slalemenls. As al 31st Decembei 2023 the readily realisable reserves were as follows 3111212023 3111212D22 3V12/2021 3V1212020 3111212019 Total Unrestricted Funds Less.. Designated Funds Less.. Ta Iblt Fixed Assels Less.. Intangible Fixed A85ets TDtal REadll Reallsable Reserves 11.961.759 1283,2331 9 696,298 136,5251 1.945,704 11,687,790 11,656,548) 9,627 501 127,072 376,608 12,938.263 1,685,427 9,896,082 12.774,995 1,474,og3 10,305,879 13,279,430 10,840,017 L356,654 995,033 2.439.413 In 2023 a decision was made lo re-assign the investment fund. Up to that point, the investment fund was includèd In the designated funds. the Board made a decision to include rt in general fund instead. This has an effect of decreasing the designated funds and increasing the reserves. Page 11 THE ROYAL WELSH AGRICULTUIiAL SOCIETY LIMITED IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Whilst recognising that there has been a recent year on year Improvement in the free resetve5 P0511ion, the Board are mindful that the present level of free reseNes is within thè target and will seek to be sustained through aiming to increase income and containing expenditure. This should ensure that the financial position ￿MaInS sufficient to meet the Society's objectives, whilst building adequate reserves to mitigate risks. The Board will therefore continue to review the free reserves policy during the coming financial year with particular focus on non-slralegic fixed assets land and buildings. Stru¢ture. gov¥rnanc* and management Constltutlon The Society is iegislered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 28 November 1966 which established the obje¢ls and powers of the charitable company and was updated as Arti¢les of Association on 17 June 2011 amended by Special Resolution 28 June 2023. b. Method ol appointment or election of Board of Dlrectors The organisation of the So¢iety is the responsibility of the Board of Direcltsrs, Ihe directors of which are elected and co-opted undèr the terms of the Artieles of Association. c. Policies adopted for the induction and training of Board of Dire¢tors New Board members are given the Charity Commission's guidance for Iruslees, setting out their responsibilities. and are supported through the initial induction period. Page 12 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENOED 31 DECEMBER 2023 Structure, governance and managgmènt Icontinued} d. Organisational structure and dècision making The Board of Directors, which sets plans and objectives for the Charrty, meets a minimum of six per year providing direction and oversight lo the Chief Executive, management team and staff of the Society. It also pro¥￿e5 9uidanGe and support to the Committee Slruclure. In addrtion, the Council is the general advisory arTrd deliberative body of the Society, and ils main duties Include.. To consider and make recommendations lo the Board of Directors concerning matters of poI￿Y relating lo the Society's affairs and to the content of its business generally. To consider any othèr matter refèrréd to th& Council by the Board of Directors. The Board of Directors comprises of.. The Chairrnan of Board, the Chairman of the Council, the President, the Honorary Treasurer, Vice Chairman of Council and the Honorary Directors of thè Annual Show, Smallholding & Countrysid8 Festival and Winter F8ir of the Society who shall be ex officio members of the Board of Directors during their respective term5 of office., and Each of the following conditions musl be mel.. One member residing in each county which has a County Advisory Committee and a second such member for any such county having over 1,000 resident member5, elected by the council, who shall hold office for a period of four years bul 5h811 then be eligible lor re4leclion Not more than 15 other members of the Council nominated by the Board of Directors The leim of the Board of Trustees ended on the 31 December 2023. new term Commences on the 1 January 2024. t. Related party relationships The Society's wholly owned trading subsidiary, RWAS Enterprises Limited, was made dormant from 31 Dècember 2017. Page 13 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limitèd by guarant881 TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 structure, governance and management Icontinuedl f. Rlsk managemènt The Senior Leadership Team has ¢onducled a review of the major risks lo which the So¢iely Is exposed. A Risk Register is m8inl8ined and regularly reviewed and updated as part of the Management Team meetings and is a standing agenda item which Is reviewed al every Finance Committee meeting. The Key Risks to business sustainability and reputation hava been identified as follows.. Resilience of the Society's IT inlraslructure Repulalional damage following a major incident Cancellation of Society events due lo unforeseen major incidents, adverse weather or animal disease Land agreements for pemiitted use of neighbouring property which is critical to staging events Risk ol Cyber-crime Where appropriate. systems have been established lo miligale the risks Identified above.. Work is ongoing lo improve and formalise the IT soknare inlraslru¢ture 8nd processes Effective contingency plans have been Implernenled involving a partnership approach lo critical incidents Signrficanl external risks lo Incoming resources have led lo the ongoing development of a Strategic Plan. which will allow lor the diversification of activities within the SoCie￿s objectives Agreements are in place with Local Landowners Al training opportunitie5 and best practice guidance will be implemented in an atternpl to redu¢e exposure to Cyber-crime g. Pay of Key Management The Senior Leadership Team comprise5 of the Chief Executive Officei, Head of Adminislralion, Hèad of Finance. Head of Operations. Head of Business Development and Estate Manager. Remuneration is sel by the Staffing & Rernuneration Committee which meets as required and Comprises of members as nominated by the Board. The role of the Committee Is lo conduct the Annual Salary Review and approve remuneration lor the forthcDming year and additional bonuses and Individual increases. The Committee 81s0 considers re-stru¢ture proposals and other strategic staffing matters. h. Thlrd Party Indemnity Provision for Trustees The Society's insurance cover includes Charity and Charity Trustees Indemnity Insurance which protects the Charity from any loss arising from the neglect or default of the Trustees and employees from costs if negligence Dr default is wrongly 211eged. Page 14 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED (A company limited by guaranto01 TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Strategy for future sustainability The future strategy of the Soeiely is of paramount importance to the Directors and is an area which is currently being revièwed. While the Board are In the proces5 of reviewing the slrategi¢ priorities and future direction. a 10- point plan is being considered which outlines some ol the key themes being explored. They are.. STRATEGIC PLAN Create a new plan wrth input from th8 board, members and staff. 21 COMMITTEE REVIEW Refresh eommittee and governance structures ID irnprove efficiency. 31 FINANCES Exploie Gost savings, revenue protection measures and new income stream8. 41 ESTATE MASTERPLAN Creatè a 10-year plan for the future of the showground to guide investment decisions. 51 AWARDS & COMPETITIONS Ensure awards arid competitions are Commercialty relevant and aligned to our strategic vision. 61 TECHNOLOGY & DATA Maximise the use of technology and our new database lo make more informed decisions. 71 EDUCATION & COMMUNICATION Increasing and extending communication with members, media and the public. 81 PEOPLE Investing in people, upskilling and adapting lo a new way of working. 91 PARTNERSHIPS Working with strategic partners to raise our profile within government and across the world. 101 HERITAGE & CULTURE Celebrating our history, promoting the Welsh language and cultural idenlily. Page 15 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Trustees. responsibilities The Trustees Iwho are also the directors of the Charity for the PLJrposes of company lawl are responsible for preparing the Directors. rèport and the financial statèments in accordan¢e with applicable law and United KingdoTN Accounting Standards Iuniled Kingdom Generally Accepted Accounting Praclicel. Company law requires the Directors lo prepare financial statements for each financial year. Under company law. the Directors must not epprove the financial slalements unless they are satisfied that they give a true and f8ir view of the stale of affairs ol the Charity and of ils incoming resources and application of resources, Including rt5 incomè and èxpénditure, for that period. In preparing thesè financial statementg, the DirÈctor$ are requirèd to.. select suilable accounting policies and then apply them consistently". observe the methods and principles ol the Charities SORP IFRS 1021, make judgments and accounting estimates that are reasonable and prudent". State whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disc105ed and explained in the financial slalemenl5, prepare the financial slalemenls on the going concern basis unless Il Is Inappropriate lo presume that the Charity will continue In business. The Directors are responsible for keeping adequate ac¢ounting records Ihal are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them lo ensure that the financial slalements comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps lor the preventlDn and detection of fraLJd and other irregularities. Disclosure of inforniation to auditors Each of the persons who are Directors al the time when this Direclois, report Is approved has confirmed Ihal.. $0 far as that Directors is aware, there is no relevant audit informalion ol which the charity's auditors are unaware, and thal Director has tsken all the steps that ought to have been taken as a D1￿ctor in order to be aware of any relevant audit information and lo establish that the charity's auditors are aware of that inforrnation. Approved by order of the member5 of the Board of Directors and si ed on their behalf by. Wynne Jones Chaii of Board Dale". Id Pow norary Treasurer Page 16 Registered number.. 00892851 Rhif Cofrestru'r Cwrnni 00892851 Charity numbèr: 251232 Rhif Cofrestru EIu58n 251232 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED CYMDEITHAS AMAETHYDDOL FRENHINOL CYMRU CYF ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ADRODDIAD BLYNYDDOL A DATGANIADAU ARIANNOL AM Y FLY￿DDyN YN DIWEDDU 31 RHAGFYR 2023 WR Partners Protecling your future. THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantèe) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDEO 31 DECEMBER 2023 As reslaled Tolal funds 2022 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Notg Incorne from.. Donation5 and le9acies Charitable activities other trading aclivilie5 Investments Other income 282,158 113,737 6,470 6.420.223 56.273 101,685 288,628 6,533,960 56,273 101.685 323.799 5.672. 109 43, 763 29,846 553 Total income 395,895 6.584,651 6,980.546 6.070.Q70 ExpendllurÈ on.. Raising funds Charitable activities 39.463 22.407 39,463 6.810,670 21,212 6,699,564 10 6,788,263 Total èxpenditure 61,870 6,788,263 6.850,133 6, 720, 776 Net Incomellexpendlturel before nel gainslllo$$esl on investments Net gainsllloss8sI on Investments 334,025 203,6121 46,930 130,413 46,930 (650, 7Q6) (136.327) Nel incomèl{èxpÈndlturel Transfers between funds 334,025 1430,6511 1156,6821 430,651 177.343 (787,033) 21 Net movement in funds 196,6261 273,969 177,343 (787,033) Reconclllatlon of funds.. Total funds brought fotW8rd Net movement in funds 1.649,199 196,6261 11,687,790 273,969 13,336,989 177,343 14. 724,022 (787,Q33) Total funds carrigd forward 1,552,573 11.961,759 13,514,332 13,336, 989 The Slalemenl of Financial Activities includes all gains and bsses recognised in the year. The note5 on pages 25 to 51 form part of these financial stalemenls. Page 21 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED {A company limited by guarantee) REGISTERED NUMBER: 00892851 BALANCE SHEET AS AT 31 DECEMBER 2023 As restated 2022 2023 Note Fixod assots Intangible assets Tangible assets Investments 36,525 9.696.298 1.683,757 27,072 9.627.501 7,381,648 16 11.416,580 17.036.221 Current assèls Deblois 340.085 2,254,819 755.886 7,981,386 Cash at bank and in hand 2,594,904 2,737,272 Creditors.. amounts falling due within one year 1497,152} (436,504) Net current assets 2,097,752 2.300,768 Total assets less current liabilitl•s 13,$14,332 73,336,989 Total nel assets 13.514.332 13,336,989 Page 22 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA eampany limited by guarantee) REGISTERED NUMBER.. 00892851 BALANCE SHEET ICONTINUEDI AS AT 31 DECEMBER 2023 As ￿$tated 2022 2023 Note Charity funds Restricted funds Unre51ricled funds 21 1.552,573 11,961,759 1, 649, 799 11, 687. 790 21 Total funds 13,514.332 73,336.989 The Trustees acknowledge their responsibilities for complying wth Ihe requirements of the Ad with respect to accounting records and preparation of financial slalements. The financial statements were 8pproved and aulhorised for Issue by the Trustees and signed on their behalf by. h/ Prof E Wynne Jones Chair ol Board Dale. avld Pow911 Honoffjry Treasurer 2Dz¥ The notes on pages 25 10 51 form part of these financial slalemenls. Page 23 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 As r&slal&d 2022 2023 Note Cash flows from operatlng activities Nel Gash used in operating activities 23 921,751 (1, 101, 783) Cash flows from investing activitlgs Dividends. interests and rents from investments Purchase of intangible assets Purchase of tangible fixed assets Proceeds from sale of investm8nts Purchasa of invèstménts 101,685 117,1881 1481,4731 597,246 1848,5881 29.846 (30,L)791 [144,474) 103,435 (420,883) Net cash used In Snvostlng a¢lSvitie$ 1648,3181 1462,1551 Cash flows from financing activities Net cash provided by financing activitie$ Change in cash and cash equlvalents in thè yèar 273,433 11,563,338) 1,981,386 3,544. 724 Cash and cash equivalents al the beginning of the year Cash and cash equivalents at the end of the year 24 2,254,819 1.981.386 The notes on pages 25 10 51 fom part of these financial statements Page 24 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMrrED IA Gompany limited by guaranteèl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General information The Royal Welsh AgricuYiur81 Society Limited is B private company. lirniled by gLJ8rante& and in¢orporated in England and Wales. The registered office is detailed on page 1. The financial statements are prepared in sleding ?nd are rounded lo the nearest £. As the Charitys trading subsidiary R.W.A.S Enterprises Lim(red is dormant the financial slalements report on the Charity only resutts. A¢¢ounting policios 2.1 Basis Of prèparation of financial statements The financial 51alernenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities." Statement of Recommended Piadice applicable to ch81ilies preparing their account5 in accordance with the Financial Reporting Standard applicable In the UK and Republi¢ of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and RepubliG of Ireland IFRS 1021 and the Companies AGt 2006. The Royal Welsh Agricultural Society Lirniled mee15 the definition of a public benefit entity under FRS 102. Assets and liabilities are inrtially recognised al hisloncal cost or transa¢tion value unless otherwise slated In the relevant accounting PDIicy. 2.2 Going Concern After rnaking enquires, the Trustees have a reasonable expectation that the Charity hès adequate resources to continue as a going concern for the foieseeable future. The Charity therefore continues lo adopt the going concern basis In preparing rts financial slalemenl5. Page 25 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limiied by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policie5 {contlnuedl 2.3 Income All income is recognised once the Charity has enlillement lo the income, it is probable that the income will be received and the amount of incorne receivable Gan be measured reliably. The recognition of income from legacies is dependent on establishing enlillemenl. the probability of receipt and the ability lo estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a lega¢y exists when the Charity has sufficienl evidence that a gift has been left lo thern Ilhrou9h knowledge of the existence of a valid will and the death of the benefaclorl and the executor 15 satisfied that the property in question will not be required lo satisfy claims in the eslale. Receipt of a legacy must be recognised when il Is probable that il will be received and the fair value of the amount receivable, whiGh will generalty be the expeded Ga5h amount lo be d151ributed lo the Charity, can be reliably measured. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified ol the donation, unless performance conditions rèquire defèrral of the amount Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the lime of the donation. The value ol any voluntary help received 15 not included in the 8ccounls bul is described in the Trustees report. Show income for the Smallholding and CoLJntryside Festival, Summer Show and Winter Fair is credited to the Statement ol Financial A¢livities in the year in whi¢h they are due. Rental income and income from outside events is cred((ed lo the Slalemenl of Financial Activrties in the year in which they are due. Income consists of the invoiced value (excluding VATI of goods soldlsupplied lo third parties and members. Income received in advance is deferred lo the appropriate financial year. Investment Income is recognised al the lime the investment income is receivable. Interest on funds held on deposrt is included when receivable and the amount can be reliably measured., this is normally upon notification of the interest paid or payable by the bank. Other income is recognised in the period in which It is receivable and to the extent th& gofxls have been provided or on corllpletion of the service. 2.4 Expenditure Expenditure is recogn15ed once there is a legal or conslruclive oblig81ion lo 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 can be measured reliably. Expenditure is classified by activity The costs of each aclivity are made LJP ol the total of direct costs and shared costs. including support Costs involved in underlaking each aclivily. Direct costs attributable to a single activity are alloc8led directly to that activity. Shared costs which contribute lo more than one activity and support C051s which are not attributable to a single a¢livity are apporticined between those activities on a basis ¢onsislenl with the use ol rèsources. Central staff costs are allocated on the basis ol time Spent, and depreciation charge5 allocated on the portion ol the asset'5 Use. Page 26 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policles Icontinu•dl 2.4 Expendlture Icontinuedl ExpènditLJre on raising funds include5 all expenditure incurred by the Charity lo raise fund5 for ils charitable purposes and includes costs of all fundraising aclivrties events and non-charitable Iiading. Expenditure on charitable activities is incijrred on directly undertaking the activities wh￿h further the Charity's objectives, as well a5 any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Intorest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity., this is normally upon nolificalion ol the interest paid or payable by the inslilulion wlh whom the funds are deposited. 2.6 Intangible assets and amortisatlon Intangible assets ¢osling £500 or more are capilalised and recognised when future economic benefits are probable, and the ¢osl or value of the asset can be measured reliably. Intangibl8 assets are inrtially recognised 8t ¢ost. After recognition, under the cost model. intangible assets are measured al cost les5 any accumulated amortisalion and any accumulated impaiTment 105ses. Amortisalion is provided on intangible assets al rates calculated to write off the cost ol each asset on a straight-line basis over rts expected useful life. ArnortisatlDn is provided on the following basis.. Software 20 ./. Stra￿h1 line 2.7 Tangible fixed assets and depreciation Tangible fixed assets costing £500 or more are c8pilalised and recognised when future economic benefits are probable and the Cost or value ol the asset can be measured reliably. Tangible fixed assets are inttially recognised al cost. After recognition. under the cost model, tangible fixed assets are measured al cost less a¢¢umulated dèpreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed a55el into ils intended working condition Should be included In the Measu￿Ment of cost. Al each reporting dale the Charity assesses whether there is any indication of impairment. 11 such indication exists, the recoverable amoLJnt ol the asset is detemined to be the higher of its fair value less costs to sèll and its value in use. An Impairment loss is recognised where ltte G8rrying amount exceeds the recoveiable amount. Page 27 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limitèd by guarantèè} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ac¢ounlin9 policies l¢ontinuedl 2.7 Tangible fixed assets and dÈpre¢iation Icontinuedl Depreciation is charged so as to allocate the cost ol tangible fixed assets less their residLJal valLJe over their eslimaled Ljseful lives. Depreciation is provided on the following bases.. Land & buildings Building Impiovemenls Plant and machinery 20 - 50 years slraighl line 20 - 30 years slraighl line 10 20 years slraighl line 120.fi reducing balance 5 years str8ight line 3- 5 years slraighl line 3 years straighl line Motor vehicles Office equipment Computer equipment Gains and losses on disp05als are delerrnined by comparing the proGeed5 with the Carrying amount and are recognised in the Statement of financial activities. 2.8 Invgstmgnts Fixed asset inve51menls are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured al lair value al the Balance sheet dale, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised. are ¢ombined and presented as 'GainsllLossesl on inveslmenls, in the Slalemenl ol financial aclivilies. Investments In subsidiaries are valued al cost less provision for Impairment. Investments in joint venture5 &re 51aled al the amount of the Charills share of nel assets. The Slalemenl of financial activities include5 the Charity'5 share of the joint ventures. net income or expenditure using the equity accounting basis. As the joint venture Is a charity, the Investment Is presented within restricted funds. 2.9 Debtor5 Trade and other debtors 8re recognised 81 the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid Investments with a short malurily of Ihiee rnonlhs or le55 from the dale of acquisition or opening of the dep0511 or similar account. Page 28 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcle51contlnuedl 2.11 Liabllltle5 and provisions Liabilities Bre recognised when there is an obligation al the Balance sheet dale as B result ol o past event, it is probable that a transfer of economic benef11 will be required in settlement, and Ihe arnount of the 5elllernenl can be estimated reliably. Liabilrties are recognised al the amount that the Charity anlicipales il will pay to settle the debt or the amount il has recerved as advanced payments for the goods or services rt musl provide. Provisions are measured al the best estimate of the amounts required lo settle the obligation. Where the effect of the tirne value of money is material, the provision is based on the piesenl value of those amounts. discounted at the pre-tax discount rale that refiecls the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial a¢livilies as a finance cost. 2.12 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured at their selllemenl value with the exception of bank loans which are subsequent measured at amortised CDSI using the effective Interest method. 2.13 Pen6ions The Charrty operates a delined contribution pension schem& and the pension charge represents the amounts payable by the Charity lo the fund in respect of the year. 2.14 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unreslricled funds that have been sel aside by the Trustees for particular purpo3e3. The aim and tJJe of each designated fund ia aet out in tho notes to the financial slaleTnent5. Reslricled funds are fLJnds which are lo be used In accordance with specific restrictions imposed by donors 01 which have been raised by the Charity for particular purposes. The ¢osls of raising and administering such fund5 are charged against the specific fund. The aim and use ol esch reslricled fund is set out in the notes lo the financial slalemenls. Investment Incom&, gains and losses are allocated to the appropriate lund. Page 29 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Critical accounting estimates and areas of judgemont Eslimales and judgements are continually evaluated and are based on historical experience and other laclors, Including expectations of luluTe even13 that are believed lo be reasonable under the circumstances. Critical accounting estimates and assumptions. The Charity makes eslimales and assumptions concerning the future. The resulting a¢counting estimates and assumptions will, by definition. seldom equal the related actual iesu11s. There are no estimates and assumptions that have a significant risk ol causing a material adju51menl lo the carrying amounts of a5se15 and liabilitie5 within the next financial year. Income from donations and legacies As restated Total funds 2022 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Donations 282,158 6,470 288.628 120, 136 203,663 Legacies Total 2023 282,158 6,470 288,628 323.799 Total 2022 as reslaled 293,624 30,175 323, 799 Page 30 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 As resfaled Total funds 2022 Restri¢ttrd Unrt$tri¢ted funds funds 2023 2023 Total funds 2023 Donations County donation5 General donations 281,166 992 281,166 1,232 86.702 9,946 5,543 8,592 8,583 240 Summer Show donations Shearing Committee Winter Fair donations Srnallholding and Countryside Festival donations 8,230 6,230 770 Total 2023 282,158 6,470 288.628 720, 136 Total 2022 as reslaled 93,624 26,512 120, 136 Income from charitable activities As rps131ed Tolal funds 2022 Restricted Unrèstrietèd funds funds 2023 2023 Total funds 2023 Membership fees Outside events 612,642 426.159 319.076 612,642 426,159 319,076 113.737 206.850 542,911 3,615,834 696,751 530,016 422,000 335,447 139,692 206.899 Rental income Grants Srnallholding and Countryside Festival Winter Fair Summei Show Sponsorship 113,737 206,850 542.911 3.615,834 696,751 462,Q03 2,955,527 620,525 Total 2023 113.737 6,420,223 6,533,960 5,672, 109 Total 2022 gs ￿sta￿ed 5,672,109 5,672, 109 Page 31 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 As rgstatéd Total funds 2022 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Grants Welsh Governrnenl- Innovation fund Welsh Government_ Discretionary grant WLGA - Top slice funding Other gran15 24.150 28.542 87.OQQ 92,248 21,489 92,248 21,469 Total 2023 113,737 113,737 139,692 Total 2022 as restated 139,692 139,692 Income from other trading activities Income from non charitable trading activities Unrestricted funds 2023 Total funds 2023 Tol81 funds 2022 Solar panel income Wayleaves and phone mast income Merchandis8 29,312 29,312 14.592 5,225 2,294 27,652 14.282 12.679 14,282 12,679 Grass keep Tolal 2023 56,273 56,273 43, 763 Total 2Q22 43, 763 43, 763 Page 32 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Inv•stm•nt income Unrestricted fund$ 2023 Total fund5 2023 Total lunds 2022 Income from li51ed investments Intere51 receivable 49.978 51,707 49,978 51,707 25.378 4.468 Total 2023 101,685 101.685 29,846 Tolal 2022 29,846 29,846 Other inttoming resoureÈs Unrestricted funds 2023 Total funds 2023 Tot81 funds 2022 Other income 553 Total 2023 553 Total 2022 553 553 Page 33 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED A company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on raising fund$ Costs of raising voluntary income Restrictod funds 2023 Total funds 2023 Total funds 2022 Counties expenditure 39,463 39,463 21.212 Total 2023 39,463 39,463 27,212 Total 2022 21,212 21,212 10. Analysis of expenditure on charitable activiti•s Summary by fund type Restricted Unrestricted funds funds 2023 2023 As restated Total 2022 Total 2023 Summer Show Winter Fair Smallholding & Countryside Festival Outside Events 22,407 5,165,319 744,775 387,138 491,031 5,187,726 744,775 387,138 491,031 5, 18B,025 732, 108 365.914 413,457 Total 2023 22.407 6,788.263 6,810,670 6.699.564 Total 2022 as reslaled 6.699.564 6, 699.564 Page 34 THE ROYAL WELSH AGRICULTURAL SOCIETY LIM￿ED IA company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of oxponditure by activities Activities undertaken dirèctly 2023 As reslaled Tot81 lunds 2022 Support costs 2023 Total funds 2023 Summer Show 2.730,673 346.845 217.925 75,9( 2.457,053 397.930 169,213 415,125 5,187,726 744,775 387,138 491.031 5, 188,L125 732, 108 365,974 413.457 Winter Fair Smallholding & Counlryside Feslivol Outside Events Total 2023 3.371,349 3.439,321 6,810.670 6,699,564 Tot212022 as restated 3,387.574 3.311.990 6,699.564 Analysis of dir•ct costs As resl8ted Total funds 2022 Summer Show 2023 SH&C Festival Outside Evènts Total fund5 Wlnter Fair 2023 2023 2023 2023 Staff costs 50,900 214,601 12,205 33,882 7.256 11.741 587 70,948 260.504 146, 183 248.314 Catering Printing. 5talionery and badges Pnzes 280 50,096 130,215 45,242 2.239,S19 7,749 29.475 6.273 257,261 5.807 63,652 177,091 59,821 2,739,333 34,445 265.459 53,663 2,639,51Q 17,401 7,126 168,594 Publicity Show expenses 1,180 73,859 Total 2023 2,730,673 346,845 217,925 75,906 3,371,349 3 387,574 Total 2022 as restated 2,833, 713 346,216 207,645 3,387,574 Page 35 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guaranteel NOTÉS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Analysis of expenditure by activities Icontinuedl Analysis of support costs As restated Total funds 2022 Summer Show 2023 SH&C Festival 2023 Outside Events 2023 Total funds 2023 Winter Fair 2023 Staff costs Deprèciation Insurance Adminislr8tion expenses Donated services Donations Eslale costs Postage, telephone and printing Akjdit and accountancy fees Legal and professional Governance expenses 868,493 294,682 82,933 140.656 47,725 13,431 59,812 20,294 5,711 146,735 49,787 14,012 1,215,696 412,48B 116,087 7.178.388 476,067 173,376 304.392 103.534 6,130 702,533 49.297 16,768 993 113,778 20,963 7,130 422 48,383 51,428 17,492 1,035 118,695 426,080 144,924 8,580 983,389 635,239 33,442 2,602 902,029 41.908 8,787 2.886 7,080 58,661 60.206 14,002 2,268 2,366 19,600 12,500 31.241 5,060 2,152 5,278 43,731 9,436 7,205 1,167 496 1,217 10,085 8,717 Total 2023 2.457.053 397,930 189,213 415,125 3,439,321 3,317,990 Total 2022 as restated 2,354,312 385,892 158,329 4 13,457 3.37 7,990 12. Auditors. remuneration 2023 2022 Fèes payablè to the Charity's auditor for the audit of the Charills annual accounts 12,500 70.500 Fees payable lo the Charity's audilDr in respect of". All non-audil services not included above 2,500 2.000 Page 3S THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Staff cc>sts 2023 2022 Wages and salaries Social se¢LJrity Costs Contribution ID defined ¢onlribution pension $¢hemes 1.140,074 91,328 55.242 1,081,972 97.241 85.358 1,286,644 1,264,571 The Charity made lemiinalion payments of £Nil 12022.. £11,328) during the year. No amoun15 were outstanding al year end. The average number of persons employed by the Charity during the year was as follows.. 2023 No. 2022 No. Permanent staff Seasonal staff 35 18 35 It 53 46 The number of employees whose employee benefits (excluding employer pension costsl exceeded £60,000 was.. 2023 No. 2022 No. In the band £80,001- £90,000 The key management personnel of the Charity comprise Of the 5enw)r management team listed on page 2. The lotsl amount of employee benefits (including employer pension contributions and employer national insuran¢e conlributionsl received by key rnanagemenl personnel for their servi¢es to the Charity was £354,82512022. £320,074) 14. Trustees. remunèration and expenses During the year. R Price. trustee, invoiced the Charity £5.911 12022.. £8,711) throLJgh Rhiwlas Farm Partnership fc>r his role as Honorary Show Director. There is an agreement In place, which has been approved by the Board, whereby the Honorary Show Director receives a daily allowance of £200 plus expenses for work ur)dertaken In the iole. During th• y•ar •nd¢d 31 December 2Q23, no frustee expenses have been incurred {2022_ £NILI. Page 37 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Intangible assets Software Cost Al 1 January 2023 Additions 30,079 17.188 At 31 De￿mber 2023 47.267 Amortisation Al 1 January 2023 Charge for the year 3,007 7.735 Al 31 Decefflber 2023 10,742 Not book value At 31 December 2023 36.525 Al 31 December 2022 27,072 Page 38 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMrrED (Acompany Ilrnlt•d by guar&nt••l NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDEO 31 OECEMBER 2023 16. Tanglbl• flx•d a￿•11 Land & Bylldinyi Impmvethent$ P￿nt and maehknery Mr*tDr vehl¢ks Offi¢ ¢4mPUt*r •4uyMent Totsi Al l Janvary ?023 17,570,J14 538.249 10.DQO 18.108.563 481,473 4fy5.866 31.625 26,187 795 Dlsposals Al 31 Dee*mber 2023 17,570,314 405.8G6 524,067 38,625 26.107 795 18,56s,8$4 Depreclatlon At 1 JAnu*ry 2023 Cnaige for year B,QOO,731 37a,260 480.331 22,321 12J.9941 8,481.062 412.4B8 123.9941 6.086 3,647 243 At 31 Decèmber 2023 8,371,991 6,05 475,65 1.931 3,547 243 ,569,5 Npl bookv¥lu• Al 31 D&c8rnber2023 399,78D 45.40 36.694 22.540 552 9.696.298 A131 DeceMb&F2022 9.569,583 57.918 9.621,bOI Psge 39 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2023 17. Fixed asset investments Investments Long tèrm OthÈr fixed subsidiary Listed fixed asset asset companies Investments Investment Investments Cash in portfollo Cost or valuatlo Al 1 January 2023 Additions 100 1,044,698 335,905 1297,2461 50,248 300,000 36,850 512,683 Disposals Revaluations Cash movement 519 1300.0001 Al 31 December 2023 100 1,133,605 512,683 37.369 Net book value Al 31 December 2023 100 1,133,605 512,683 37.369 At 37 December 2022 100 1,044.698 300,000 36.85Q Total Cost or valuatlon At 1 January 2023 Additions DisP05als Revaluations 1,381,648 848,588 1297,2461 50.767 1300,0001 Cash movement Al 31 De¢ember 2023 1,6B3,757 Net book value Al 31 De¢ember 2023 1,683,757 Al 31 December2022 1,381, 648 Page 40 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEGEMBER 2023 18. Debtors As ￿Stated 2022 2023 Due within one yèar Trade debtors Other debtors Prepayrnenls and accrued income 129.959 199,333 10,793 143,844 608.263 3, 779 340,085 755.886 19. Crtditor$- Amounts falling due within ono year 2023 2022 Trade creditors 241,043 100 778,303 100 Amounts owed to group undertakings Other tsxation and social security Other creditors Accruals and deferred income 59,867 21.215 174,927 129,094 388 188.619 497,152 436,504 2023 2022 Deferred income at 1 January 2023 Resources deferred during the year Amounts released from previous periods 29,518 330,395 29,186 29,518 {29,5181 (330,395) 29,186 29,518 Deferred income comprises show income, sponsorship and membership Income recived in advan which relates to future periods. Page 41 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED {A company limited by guarant901 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Prior year adjustments The accounts have been reslaled lo incorporate the impact of Feature County fundraising income which was recognised twice in the prior year financial stalemenls. As a consequence, income and debtors were overslaled. The error has been ¢orre¢led by reslaling each of the affected financial slalemenl line items resulting in a reduction in income, nel movemeTrl in funds and other debtors of £208.520. The accounts have also been reslaled lo remove unknown balances which were Included within debtors In the prior yèar financial statements. As a consequence. income and debtors were overslaled. The error has been corrected by reslaling each of the affected financial statement line items resulting in a reduction in income. nel movement In funds and debtors of £117,000. The overall impact on the prior year is to increase the recorded deficit from £4S1,513 10 £787.033 and reduce iolal funds from £13,662,509 to £13,336,989. Page 42 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA Company limlted by guarantèo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. statement of fund$ Statement of funds . current year Balance al 31 Galnsl D¢¢•mbor ILosse51 2023 Balance at 1 January 2023 Transfors inlout Income Expenditure Unre5trict¢d funds Designated funds Fixed asset funds Investment fund Showground srte reinvestment Lega¢y- Capital projec15 9,654,574 1,381,548 91,720 89,426 1412,4881 399,016 11.470,9741 9,732,822 225.000 6.711 231,711 50,000 1,523 51,523 11,311,122 189,380 1412,4881 11,071,958) 10,016,056 General funds General funds all funds 376,668 6.395,271 16.375,7751 1,502,609 46,930 1.945.703 Total Unr¢stricled fund5 11.687.790 6,584.651 {6,788,2631 430,651 46,930 11,961,759 Page 43 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Statement of funds Icontinuedl Restricted funds Feature county funds County funds held by Advisory Committees 868,083 336,865 222,1311 982,817 405,927 1,826 1208,5201 199.233 Shearing Committee Prize funds from legacies Elia Fr8ncis Davie5 Legacy Glamorgan Rural Leadership Prograrllme CARAS Fund 67,021 11,627 115,9551 62.693 21.230 850 11,5941 20,486 200,000 200,000 86,938 116,6181 (12,7361 114,9671 70,320 17.024 29,760 14,967 Grants 1,649,199 395,89S 161,8701 1430,6511 1,552,573 Total of funds 13,336,989 6,980,546 16,850,133> 46,930 13,514,332 Page 44 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Statement of funds Icontinuedl Stat•m•nt of funds - prlor year Balance at 37 December 2022 Balance al l January As ￿stated As restated 2022 Income Expgndilu Transfe n/oul Gaftn (Losses) Unre5tri¢tsd funds Designated funds Fixed assgt funds Investment fund Showground site reinveslmenl 9, 896,082 1,200.427 (416.067) 114,553 3(JO,000 9,654,574 1.381,548 (178,879J 225,000 225.000 Legacy- capital proje¢ls Staff costs 50,000 210,000 50,000 (270,000) 11,581,509 (416,061) 264,553 (118,879) 11,311,122 General funds General funds all fLJnds 7.356, 754 5,567,926 (6,285,399) (262.613) 376,668 Total Unre5trl¢ted funds 12,93B,263 5,567,926 16, 707,460) 7,940 (118,8T9) 11,687, 790 Page 45 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Slalement of fund$ Icontinu•d} Re$trs¢tÈd funds Feature county funds 757,899 23?,396 (21,212) (100.000) 868,083 CoLJnty funds held by Advisory Commillees Shearing Committee Prize funds from legacies Eira Francis Davies Legacy Glamorgan Rural Leadership Programme 345, 771 62.756 405,927 60,359 8,592 (1,940) 67.021 23, 720 (2,490) 21,230 200.000 200.000 (13,062) 100,000 86,938 1, 185, 759 502, 144 (36, 764) {7,940J 1.649, 199 Total of funds 14. 124,022 6,070,070 (6, 738,224) [178,879) 13,336,989 Page 46 THE ROYAL WELSH AGRICULTUFiAL SOCIETY LIMITED IA ¢ompany limited by 9uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Statement of funds l¢ontinuedl Desi nated Funds Fixed asset fund Thi5 fvnd represent$ the nel book value of the Char1ty'9 fixed assets. Investment fund nvestmenl funds disclosed as designated in the prior year have been released to general funds in the curienl year Showground site relnve$tm•nt This fund represents the proceeds of sale from Wernfawr fatmhouse which will be reinvested in the showground. Legacy This fund ￿preSentS a18gacy bequeathed lo the Charty during 2021 for capital projects. Rèstricted Funds Feature county fund$ and county funds held by Advisory Commltte¥s These are funds raised to be spent as directed. Funds spent dLJring the year on solar panel project and water main5 refurbishment. Shearing Commlttee Those are funds raised at committee level for existin9lfulure Shearing Committee projects. Legacy This fund relates to legacy income re￿iVed in 2017 to fund the capital expendilure of an all weather exercise arena. Prfz¢ fund These funds relate lo legacies received during thè year to be used towards the awarding of prizes during the Royal Welsh Show. Eira Francis Davies Legaey Legacy income received froTN the late estate of Mrs Eira Francis Davies lo be used towards bursanes. Glamoryan Rural L8ad8rship Programme Funding received towards the Rural Leadership programrne. Page 47 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantèe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 22. Analy515 of net a$sets between funds Analysis of net a$set$ bètween funds - current year Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed 855e15 Intangible fixed asse15 Fixed a5sel investments Current assets Creditors due within one year 9.698,298 36,525 1.683,757 1,042,331 1497.1521 9.696,298 36,525 1,683,757 2,594.904 497,1521 1.552.573 Total 1 552 573 11.961.759 13,514,332 Analysis of not 8ss¥ts between funds prior year Restricted Unrastrictgd funds funds 2022 2022 Total funds 2022 Tangible fixed assets Intangible fixed assets Fixed asset Investments Current assets 9,627,501 27.072 1.381.648 1,088,073 (436,504) 9.627, 507 27, J72 1,387, 648 2, 737,272 1436,5Q4J 1,649, 799 Creditors due within one year Total 1,649, 199 11.687. 790 73,335, 989 Page 48 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. Re¢on¢ilialion of nel movement in funds to net rash flow from opgraling activities As reslaled 2022 2023 Nel incomelexpenditure for the year las per Statement of Financial Activities) 177.343 (781,033) Adjustments for: DeprecialiDn charges Amortisalion charges Gain51llossesl on investments Dwidends, interests and renls from investments Loss on the sale of fixed assets Decreasellincreasel in debtors In¢reaselldecreasel In creditors 412,488 7,735 150,7671 {101.6851 188 413.054 3,007 136,327 (29,646) 415,801 60.648 (543.916? f292, 776) Net Cash provided byllused inl operating activities 921,751 (7, 701, 183) 24. Analysis of cash and cash equlvalents As restated 2022 2023 Cash in hand 2,254,819 7, 981,386 Total cash and ¢a$h equlvalents 2,254,819 1,981,386 25. Analysis of changes in net debt At1 January 2023 Cash flows At31 December 2023 Cash at bank and In hand 1,981,386 273,433 2,254,819 1,9B1,386 273.433 2,254,819 Page 49 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 26. Penslon commitments The Charity operates a defined ¢ontribulion pension scheme The assets ol the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents ¢onlribulion5 payable by the Charity lo the fund and amounted lo £55.242 12022. £60,747). £7.781 12022. £23.4881 was payable lo the fLJnd at the balance sheet dale and is in¢lvded In other creditors. 27. Operating lease commitments At 31 December 2023 the Chaiity had commitments lo make future minimum lease payments under non- cancellable operating leases as follows". 2023 2022 Not later than 1 year 2,384 28. Related party transaction5 R.W.A.S Enterprises Limited is a wholly owned subsidiary of the Charity. The Company was made doimanl on 31 December 2017 and all of the assets and liabilitie5 01 the company were transferred to the Charity on this date. The balance due lo R VV A.S Enterprises Limited as at year end was £10012022. £1001. The Charity has not entered Into any other related party Iransaclion during the year. nor are there any outstanding balances owing between related parties and the Charity 8131 December 2023. Page So THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED (A company Ilmltèd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 29. Prlncipal subsidiaries The following was a subsidiary undertaking of the ChaTIty'. Name Company numbor Registered office or principal Principal activity place of businèss R.W.A.S Enterprises Limited 00885040 R.W.A.S Headquarters, Llanelwedd, Builh Wells, Powys. LD2 3SY. Dornant Class of Holdlng shares Included In eonsolldation Ordinary shares 1000/0 No The financial results of the subsidiary for the year were.. Name Net assets R.W.A.S Enterprise5 Limited 100 Page 51 Registered number.. 00892851 Rhif Cofrestru'r Cwrnni 00892851 Charity numbèr: 251232 Rhif Cofrestru EIu58n 251232 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED CYMDEITHAS AMAETHYDDOL FRENHINOL CYMRU CYF ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ADRODDIAD BLYNYDDOL A DATGANIADAU ARIANNOL AM Y FLY￿DDyN YN DIWEDDU 31 RHAGFYR 2023 WR Partners Protecling your future. THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limitsd by guarant¢èl INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED Oplnlon We have audited the finan¢ial statements of The Royal Welsh Agricuttural Society Limited Ilhe 'charrtable company'l for the year èndad 31 December 2023 which comprise the Slalemenl of financial activitle8, the Balance sheet, the Slalemenl of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. Including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slalemenls". give a true and fair view of the stste of the charitable company's affairs as al 31 December 2023 and ol its incoming resources and application of resources, including rts income and expendrture for the year then ended., have been properly prepared in a¢¢ordanc8 with Unil6d Kingdom G&nerally Accepted Accounting Pra¢li¢e', and have been prepared in accordance wilh the reqU1￿MentS of the Charities Act 2011. asis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISA5 IUKII and applicable law. Our respon5ibililies under those standards are further described in the Auditors, responsibilities for Ihe audit of the financial slalements section of our report. We are independent ol the charitable company in accordance with the ethical requiremen15 that are relevant lo our audit of the financial statements in the Unrted 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 lo provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial slalements, we have ¢on¢luded that the Trustees. use of the going concern basis of a¢¢ounting in the preparation of the financial slalemenls is appropriate. Based on the work we have pèrformed. we have not idenlffied any material uncertainties relating lo events or conditions that, individually or collectively, may Cast significant doubl on the charitable company's ability lo continue as 2 going concern for a period of al lea51 twelve months from when the financial 51alemenls are aulhorised for issue. Our respon5ibilitiÈ5 and the responsibilities of the Trustees wrth respect lo going concern are describe(J in the relevant section5 of this report. Page 17 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA Company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED ICONTINUEDI Other infomiation The other information comprise5 the information included in the Annual report other than the financial 51alemenls and our Auditors, report Iheieon. The Trustees ale responsible for the other information contained within the Annual report. Our opinion on the financial slalemenls does not cover the other infomialion and, except to the extent otherwise explicilly staled in OLJr report, we do not express any form of assurance conclusion therèon. Our responsibility is to read the other information and. in doing so, ¢onsider whelher the other information is materially incon51Stenl with the financial statements or our knowledge obtained in the course of the audit, or olherNise appears lo be materially misslaled. If we Identify such material inconsistencies or apparent material misst21emenls, we are required lo determine whether this gives rise lo a material misstatement in the finan¢ial statements themselves. If. based on the work we have performed. we ¢on¢lude that there is a material misslalemenl ol this other information, we are required lo report that fact. We have nothing to report in this regard. Matters on which wè art required to report by èxcÈption We have nothing lo report in respect ol the following matters where the Charities IAccounls and Report51 Regulations 2008 requires us lo report to you il, in our opinion.. the Infomalion given in the Trustees, report is inconsistent in any material respeet wrth the financial slalemen15", or sufficient accounting records have not been kept. or the financial slalemenls are not in agreement with the accounting records and returns". or we have not received all the Information and explanations we require for our audit. Rèsponsibilitiès af trustèès As explained more fully in the Trustees. responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and lor being satisfied that they give a true and fair view, and for such internal ¢onlrol as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial stalemenls. the Trustees are responsible lor assessing the charitable company's ability lo ¢onlinue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charitable company or to cease operalion5, or have no realisti¢ altem31ive bul to do so. Page18 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limitéd by guarantèè) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ROYAL WELSH AGRICULTURAL SOCIEfY LIMITED ICONTINUEDI Audltors, responsibilities for the audlt of the financial statements We have been 8ppoinled as auditor under section 144 01 the Charities Act 2011 and report in accordance with the Act and relevant regulations made 01 haviny effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalernenls as a whole are 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. but Is not a guarantee that an audit conducted in accordance with ISAS IUKI will always deled a material misslal&menl when il exists. Misslaternenls can arise from fraud or error and are considered materi81 if, individually or in thè aggregate, they could reasonably be expected lo influence the economic deci5Dns of users taken on the ba515 of these financial slalernents. Irregularities, including fraud, arè instances of non-compliance with laws and regulations. We design procedures in line with our re5pon5ibililies, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedu￿$ 8rè capable of détecting irregularities. including fraud is detailed below. We reviewed the susceplibilily of the charitable company's financial slalements to material misststemenl and identified the principal risks, implèmenting a seriès of testing procedures lo provide us with sufficient comfort lo Issue our opinion. We reviewed the charitable company'5 regulatory environrnent to ensure we coukl conclude that it had acted in accordance with the frarnework relevant lo the charitable company and ils environment and identify any inslan¢es of non-complian¢e. We also a55e5sed the charitable company's internal ¢onlrol pro￿ureS to ensure we could appropriately scrulinise these controls and establish whether our understanding of thg control environment was sufficient lo supplement our additional leslirTrg procedures. The engagement team ￿nsiste￿ of a team that the engagement partner believes is equipped with the relevant level ol technical and chanlable company awareness lo carry out our work lo the required standard. Because of the inherent limitations of an audit. there is a risk that we will not detect all irreyul8rilies, including those leading lo a material mi5slatemenl in the financial slalemenls or non-complience with Tegulalion. This risk increases the more that compliance with 8 law or regulation is removed from the events and transactions reflected in the financial statements. as we will be ￿5S like￿ lo become aware of Instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as ttaud involves intentional concealment, forgery, collusion. omission or MIS￿presentatIon. A further description of our responsibililies for Ihe audit of the financial s18lemenls is located on the Financial Reporting Council's website al.. www.frc.or .ukJaudilorsre5 onsibilrtie This description fomis part of our Auditors. report. Page19 THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED ICONTINUEDI Use of our report This report is made solely lo the charitable company's members. as a body, in accordance with Part 4 of the Charilies IAccounts and Reports) Regulations 2008. Our audit work has been undertaken 50 that we might slate lo the charitable Company's members Ihose matters we are required lo state to them in an Auditors. report and for no other purpose. To the fullest extenl pem)illed by law. we do not a¢¢ept or assume responsibility to anyone other than the charitable company and ils members, as a body, lor our audit work, lor this report, or lor the opinions we have formed. WR Partn Chartered Accounlanls Slalulory Auditors Belmont House Shrewsbury Business Paik Shrewsbury Shropshire SY2 6LG Dale". WR Partners are eligible lo act as auditors in terms of section 1212 of the Companie5 Act 2006. Page 20