2024-12-31-accounts

Re9iSt•r•d Trumb•r. 00892851 Rhil Cofr•stru'r Cwmnl 008928S1 Chaflty numb•r. 251232 Rhrf Cofrn$tTu ElU￿Tr 251232 THE ROYAL WELSH AGRICULTURALSOCIETY LIMITED CYMDEITHAS AMAETHYDDOL FRENHINOL CYMRU CYF ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ADRODDIAD 8LYNYDDOL A DATGANIADAU ARIANNOL AM Y FLVnDDYN YN DIWEDDU 31 RHAGFYR 2024 I'llililllli •AEAZIIHk￿￿ 13A1912025 COMPANIES HOUSE A11

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THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limit•d by guarant•• CONTENTS Page Rel•renc• Ind administrativ• d•tails of the Ch¥lty. itg Twst•es and advis•rs Chalrman's st•t•m•nt Trustees. report Ind•p•ndont audltoys. report on th• financlal stat•m•t Stat•m•nt of flnanclal acttviti 9-17 18-21 22 Balan¢• sheet 23.24 Stat4m•nt of cash flows 25 Notes to th• financlal stat•m•nts 26-Sl

THE ROYAL INELSH AGRICULTURAL SOCIETY LIMITEO IA COM￿rty limited by guaTant•el REFERENCE AND ADMINISTRATIVE oET￿Ls OF THE CHARITY. ITS TRUSTEES AND AOVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Mrs Kalherine Atknn-Bow(Her FPFS BHRAI Mf &"mon 8igley (appointed 1 January 20241 Mr John R Davies FRAgS lappxjinled 1 January 20241 Mr Jonalhan Davtres MRICS FAAV FWS Miss Menna Dav*s 8A CIPR Mr R Rowland G Davie5 FRAgS Mrs Sarah Mary Nicola Davie5 8A hons FRAgS Mr NiGhdas Davis (appointed 1 January 20241 Mr Timothy Roger Dowdeswell BS Hons Mrs Rhian Merefjyjd Duggan Mr Roberi Gvfyn Ethard5 Mrs Esyltt Ellis Gnifilhs lappobnt•d 1 January 20241 Mr William Hanks Mr Richard Hart5hom (appointed 1 January 20241 Mr Gerainl James MNAEA MNAVA FLAA Mr Meurig James FRAgS Mr Denley Jenkins FRA9S lapFonted 1 January 2024. resi9ned 31 Decembef 20241 Mr Dafydd Parry Jones FRAgS Mr DavTrd Brian Jones M8E FFWS Professor E w￿ne Jones OBE Pho DSC FRA9S, Chair Mrs Susan M Jones DL FRAgS Ms Telen Glyn Jone5 lappointe(11 January 20241 Mr Moward Nixon Mr John Rrchard Owen FRAgS lèppth.nied 1 January 2025) Mr Meirion Owen FFiAgS Mrs Janet Phillips Bsc (H￿$) DL FRAgS Mr Da¥￿ Thomas James Powèll Mr Richard William Kendrick Price Mr Alwyn Rees FRAgS Mr Williarn Thornas Richards FRICS FAAV FLAA lappoin¢ed 1 January 20241 Mr David Gareth Roberts FIUgS Mr Richard Vaughan Miss Lowri Lloyd Williaffls lappThn(ed 1 Januwy 20241 Company reglstered number 00892851 Charity registered number 251232 Reglstered oifice Royal Welsh SWround Llanelwedd 8uith Wells P<Avys LD2 3SY Chief ex•¢utiv• A￿d Rhys Jones Bsc IHon5) MRICS FAAV ARAgS Nsch Page 1

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITEO IA company limllod by guarante•l REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. Ffs TRUSTEES AP40 ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Indep•nd•nl auditors WR Partners Chartered Accountants 8elmont House Shrewsbury 8vsiness Park Shrnwsbury Shropsaire SY2 6LG Bankers HS8C MKldlgton Str••t LL4ndrir￿tyd W&115 LD1 SEU Bardays 113 8roa¢J Sl Herel¢¥d HR4 98H Solkltors Dilwns Oxlofd cham￿r$ Temple Slreet LIandr￿￿￿ Wells Ptrwy5 LD15DN Inv•stment managers Brewn Oolphln 5 Callaghan Square Cardiff CF10 5BT Senlor managem•nl leam Ajed Rhys Jone5- Chief Executive Caron Evans- Head ofAdrntntstrnl Rachel Powell- Hea¢J of 0peiab.ons And￿W Crockell- Eslale Manager Claie Griffrths. Head ol Business DeVe￿pment Agata K¢ywalska4•lchw- H&i¢J ol Finance Pa90 2

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limit•d by guarante•l CHAIRMAN'S STATEMENT FOR THE YEAR ENDEO 31 OECEMBER 2024 The chairman p￿SentS his slatefflenl for Ihe year. My report covers the fiisl full ￿ar ol the CUWTèni four year term ol the Board ol Ihe Royal Welsh Agnculluial Society IRWASI. Thank You Al the oulsel. permit me lo extend my sincere thanks to all who serve on our numerous commiltees. These members. stewards and the many volunteers give Iheir time and expertise to contribute io Ihe ¢onlinuin9 success ol our SLKiely and Ihe staging of our even15. On behalf 91 the Board, I thank you. New Board In the spirit of good governan￿. ￿ were given a IhoroLty indUction￿.e￿n9 session by our auditors WR Parfners Ltd. The purpose was to reinforce our legal oblKJalions as a 8oard of Charity Truslees. It also afforded the eypotlunity to become *ll acquainted Mth WR Partnets Ltd. They had only recently completed their first financial audit lor us. followirwJ Iheii apw>inlmenl during the autumn of 2023. This feflects our ambition lo eoniinue as a stron9 orgart15alion. reprÈstrnting a broad thurch of rnernbership. well governed by our 8oard and Covnixl. The Board has decided to reduce Ihe number of meeb'ngs annually frorn 10 to six. wth an option for a sevenlh. The primary reason lor lh• change 15 to enable the Sen1￿ Seadorship team lo altend io their operabonal roles. as opposed lo overty servicing the The ch￿l￿nge is for the Board to become more $trat09ic and to have Irust and ¢￿fidence in the numerous committeés dealing with primary operabonal elèments. The chairs of key rJmmittees 511 on the Board and on our Finance Committee. so ensuring informalion exchange. This enables balanced and well informed Board dis¢u55ton An important alm durin9 the coming year is to develop. in consultation. a ￿viSed Strategic Plan for wider discussicx). communication and adoplion. Flnance A strong fin8rt¢ial performance is ¢ritical if we are tg delNer on our tharilabk remil. This is lo bolh maintain and continually de￿lop our showground faulilies and stage a number of annual sndustry largeled events. The Finance Committee is chaired by Kathy Atkin-8owdler and supporleij by Tieasurer. David Powell. It has been forènsic in rts attenlitin to detail in budgel setting and èstablishing a successfvl financial fvamework. In the Context of svJnIf￿3nl inflation for essenbal services and contraclor costs. We were able to shale with srju al our Annual General Meeting IAGMI in JLme 2024 that we had transf0m￿d a rinancial deficil into a very encouraging surplus. You note Irom suutiny of our lalest sei of accounis thal this positivè position continuès. This reflects the drive of our Chief Exe¢utivÈ ICE). Ajed Jones. and his capable leam. They are building on existing slrenglhs. bul also rethinking and ￿freShing. A legal challenge by one ol our fellow Royal Societies 10 HMRC relating to VAT is likèly to have a svJnificant oulc(Mne. Estate Oev¢lopments The Planning and Dev81oprnenl Commiltee, chaired by Richard Price ow Honorary Show Oiredor, welcome ftew members from the 8o3r(l. A lour of cyJr eslale gave an insyht into the ¢￿ditiOn ol our existing infrastructure nd potÈnlial for development. Page 3

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) CHAIRMAN'S STATEMENT ICONTINUEDI FOR THE YEAR ENDEO 31 OECEMBER Z024 Our aim is to re5ptsnd ¢￿structiV￿Y to feedback from members a￿1 visilors felaliTh3 to the status of and accessibility to various lttatI￿s. A programme of ￿ntinU11g ￿proVement and updating is in place Ilinance permillin91 to ensure a quality expèri8nce. Re-roofng of the South Glamorgan Hall has been generously lundeij by Glamorgan as the 2023 Feature County. The build¢ng is our pnmary eamèr in terms of income per metrè and improving the standard will enable our staff lo generate nve twsiness outside our main events ca￿n￿aT. A planning application has been submitted for a chIl￿d dairy Pfoduce room. This will provide 8n apprOpr￿ate disrAay area lo showcase our induslrys quality ￿d￿Ce. funded from Camarihen5hire's ￿51dVa1 funds. We are 81 an earty Stage ol pl8nning Ihe refvth5hment of Halimj and Hend￿. kindly funded by Cered￿lon. The Sheep Centre is to be reconfigured and developed. followng discuss￿n$ bwlh the National Sheep AssDcialion. Il's a prirne sile and a Trum￿r ol organisat￿5 8re involved, •rilh ce￿d￿m)l having weed io allocate lun(Jing We do acknowledge the lundraising work and conslnjclive discussion wth the appropriate county advisorie5 We value your input and thank you sincerety for your cornrnilmeDI. The eslale s ma51er plan mentioned in last year's rEporl provides Ihe over￿1 fvamework. staff As a Board. we acknovle¢ge Ihe c¥ynmrtled efforts ol our pernanent staff. Workn"ng in the events business is challenging. Tnere are peak workbads. as well as vnprediclable issues. There is a requirement for well rehearsed contingency planniro. together wrth the need to liaise ant1 woth *tlh many vdunleers and temporary staff. We are aware of frustrath)ns with thè rd out of rew5ed sor￿a￿. tjut ask you to respÈct be courteous to colleagues. I thank all thè Stsff on ￿hall of Ihe Board. County Advisory Cornmilteès Our counly advisory committee5 regularly update the Board on emerging issues. These a￿ thoroughly dèbated and feedback provided. May l express our thanks lo you for assisting us lo delivei our events efficientty, effectively and economically. We agreed with Ihe County advr50ry chairs. tsasurers and secrelaries lo hold our December meeting on the Saturday. This enabled those wlh inftexth efflploymenl ¢omilments lo attend. 11 was well attended and wDrked well. There is a C￿sIrU¢￿Ve interaclion betwrten county advisory c￿MIltee$ and the Constitution Commrtlee of Board, chaired by Chair ol Council, Nicola Davies. This enables consiant improvemenl and evolutK)n ol our managemtnl in serviang our relationship with mernbers. Ceredigion and Our 120th Year 11 was a very apl coincirjence Ihal our 120th year landed with Ceredi9K)n 35 our Feature County for 2024. Ceredigion hosted Ihe very lir5l show on Ihe Virarage Fields. Aberyslwyth. in 1904. A number of the founding lathers Game from the cgunty. driving lo￿ard Ihg emergirwj 50uety. Page 4

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limiled by guarantee) CHAIRMAN'S STATEMENT ICONTtNUEOI FOR THE YEAR ENOED 31 DECEMBER 2024 Aled Jones. supported by the Board. wantèd kn appropriately celebrate thi5 landmark We valued the enlhu5iasm of Ihe Nat￿nal Library of Wales. Abery5Wh. staff who worked wilh us lo host a celebratory event at the House of Commons, in the very sarne Committee Room 12 where the founders met. There they laid down ground rules lor the emerging sooèly to operate and wosper. The National Library team curaled an excellenl collection of hanttsritien ￿cOrds. phoiograph5 and olher memorabilia from our earfy years. The Board was j¢ined al Ihe event by many industry and political leaders. making il an important opportunity lo raise oJr profi￿. Thè National Library also hosieij our Show ai Aberyswh. again wlh the d￿plaY of hislorical records. This w8$ an èxcelleni Opp￿unitY to provrde a ￿atfOrM to celebrate the rekvance and importance of very special establishments and their Contribut￿ to the economic and cvllural life of Wales. Thank you lo all who worked to make this a succes5. President Denley Jenkins. supported by Brentja an¢J 14mily. hosted our AGM in June 2024 at Newcasiie Emlyn Rugby Club. They have been supported by our Ambassador. ES￿1t Griffiths. and their cornbined support was impressive. The AGM was well attended and gave us as a Board an opporlunity to share ￿th you important issues relaled to continued success ol our sociely. A very hvJh quality concert followed in the evening include(S many who We￿ closely involved wiu) Ceredigion's events or9anisalion and fundraisin9. The President ha(J said al the (xrtsel that an important objeclive was lo host events, mèèt nèw fnends and to havè lun. Th8r& has a150 been a very strong cullural and wnmunily 5Plrit enger)dered during Ceredigion's year. Grassland and Slurry Event A very successful event was organrsed at Aberyswh University's Traws9cd Farm, under the chairmanship ol Wyn Evans and Presidènt for thé day. David Da￿&S. Our thanks go lo the Biolechnokjgy and Biological Sciences Re5e8rch Council and variou5 insiilutes at Abery5Iw￿h University for w0￿1n9 wilh us. 11 was an excellent event, emonstralin9 innovation. technical and business infomiab"on. Thank yov very much to Ihe trade eXhI￿.10r$. many from far afield. They wothd us to contributè lo a very succe5slul infomalivè Èveni altended by thousan(Js. Our Ihanks lo the thair of Ceredigion County Advi5w. Rowland Davies lor leai*ng an excellenl team of hard wothing antd committed supwlets. We Ihank you. Politi¢s Thank you lo the many ol who took the lime and effort to respond 10 Ihe Welsh Gtsv•rnmenl consultalion on change lo the s¢hwl h(Aid8￿￿_ We presente(1 a strong case warding the impact cffl the Summer Show and it proved successlul. As a democratic ofganisaticl). we fepfesent the position ol our mernbership. We have andeavoured to provide a platform lor debate. lor the industry and ils many organisations and reP￿SentativeS during a uilical period. The Society believes It is important to dem￿Strate ovr supptsrt and stslidarity, whilst maintaining political neutrality. This is crucial lo us as a Swèty. given Ihal a ne9alive impact on ow rural industries and communities directly afi¢cls our lulure viabilily. Page 5

THE ROYAL V4ELSH AGRICULTURAL SOCIETY LIMITEO IA ¢ompany Ibmited by yuaranteel CHAIRMAN'S STATEMENT ICONTINU£DI FOR THE YEAR ENDED 31 DECEMBER 2024 Our Main Ev•nts The sèason of our prfjmary evenis commenced with the Smallholdrs and Countryside Festival in May. Evenl Director, Geraint James, ané hts team were lulty committed to staging è very enjoyable evenl for a broad range ol inieresls 11 appears 10 be an attractive event lor families seeking Iheir fitsl ￿31 SpriryJ wling. Entriès ol horses. sheep aThJ PMJS stror¥J and il was encouragiThJ to witness the many young handlers in Ihose classes. They are specifically targeied 10 enable them lo demonstrate their exhib4￿￿ lalenls. Thank you lo all parénts and others lor develO￿r￿j the interest and lalenis of the 5ounger 9eneralion in Ihe art of exhibiting. You are otsr luture. The fact thal our Festival is a qualrfiEr for the London Intemational Howse Show adds lurther lo its slatus. One ol our qualif￿r$ at the event went on lo in London L3lw in Ihe >ear_ The s¢ury driving has become an enlerlaining visiior allfaclion. The speedy Performan￿ of the horses and riders is enhanced by Chris Davies's excilin9 ccxnmenlary. He is Assistant Honorary Director Horses al ¢he Surnmer Show. How8vei. Ihe Feslival does nol generate a commensurate financial surplus. The markeling leam. led by Lowr4 Lloyd Williams. has now. embarted on a rebfandir¥J and enhanced marketin9 effort for our 2025 Spfing Festival. The aim is a refreshed image. vthdsl remaining loyal lo our faM￿coUntrySide Ihorticultuial namily support base. Th¢ Summer Show. overseen by R￿￿ard Price. C￿tInueS to allract bwJ eThlhusiastic crowds of vigtors and exhibilors The trade stand space wa5 lully allocaied. thanks to Tim Dowde5well, Assi51anl Honorary Dirèctor of Trade Stand5. and hi$ 51Jpport team. The excellent tonne¢tiwty at the shwr0l￿d enhaw the efficncy 01 card paymènis. Tlws is critical and helps lo swèll tyjr gate tskings and pmidè an excellent Visit￿ experience. allied to our entertainment offering and Iivestotk exhibits_ This year we further enhanced our offering at our innovatNe Food Ifillage GWLEDD. There was a greater range of food oplions and a fvll programme of acc(mpanyin9 entertainment. 11 is an enclosed and safe area for youngsiers to roam freety. ¥¥hilsl parents are able to sil. relax and socialise. Anolhèr walty and valued visitor experience. This year we welcomed the relum ol Fkn1icujiu￿. We coNJratulate Adam Jones IAHDI and his team for completely refreshiro. and devebping Ihe concept of Ihe Horticultural Village. There are various exhibils and Mult￿lUnc110nal aspects of hort#￿lture. It was a delight lo welcome TV presenter and Swansea base(1 horticulturalist. Sue Kenl. lo officially open and launch our revilalised Village. l also exlend a heartfelt Ihanks and apprecialion for the generous sponsorship from a number of supp)rters. We look forward to the conlinuing evolutson of this important elemenl. 11 was a most infornialive arKJ enloyab￿ few days. The quality of livestock. technical exhibils and associated emonslrations is first cla5s_ The ma￿ Rlig attraclKins. the sport and countryside area. the sheep shearing spectacular all in the crowds_ A¢ a lime when our industry in rts wthst conttxl is lacirg 1￿certaIntY. Ihe show conlribules to Ihe opportunity to debate. to share. lo learn and lo socialise. Our conlribution to Ihe wellbeing. soGial and cultural capttal ol the rural communily and, inijeed, urban based vi51tor5 is unquanl>fiable and probably under apP￿081ed. Page 6

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITEO IA Company limited by guarantee) CHAIRMAN'S STATEMENT ICONTINUEDI FOR THE YEAR ENOED 31 DECEMBER 2024 I thank all slewafds. volunteers. exhibilofs slakeholdefs for Working so williThJly wrth u5 to stage a very successful show. 11 htyhlighls Ihe Very best ol our mulli-funciional agricullural industry and fam businesses. A particula¥ thank you goes to Elin Jimes. our Senedd President and a Cardb, lor offKia#y opening lh• show. Our linal rnajtsr Event of thè yEar wa¥ the Winter Fair. whKh has conscAklaled it5 Posltion 0$ the UK'$ prèmièr such event. William Hanks IAHOI aljy supported by the Winter Fair Committee. chaired by Rees staged 8 very professional event. The exhityts We￿ ol the highest Quality and standard. Thè outbreak ol Blue ToThJue Disease meant livestock restrictions Ihrough(yJt eastem E￿land. thtse irnpacled some exhibilor5. There was. though, a welwrne rettjrn ol poultry followirvJ the ol Avian Flu restrictW5. Veterinary professionals ￿gUla11Y brief us. and we a￿ not ¢￿p1acent. The￿ are rehearsed contingerw plans for worst case anirnal heallh and ¢Jisease scenarios. The initiabve of the Winlef Fair Tearn in aclively working with schools. induding free entry to Ihe event. continues lo dgvelop The Board is supportive of Iheir wish to appoinl an Assistanl Honorary Direcloi lor Education lo drive Ihis dèvelopment I￿ard. The sale o( prize-winniry slock on the afternoon on the second day is a real spectacle. Ihanks to Ihe showmanship ol the exhibilofs and our auclioneers. Mccartneys. 11 is indeed pr￿ kn'rr TV. Media Communications and Marketing Developmenis and chan9e5 in social media. over #nd above the more tradIt￿nal TV. radK and print providè both challenge and greal opportunity. Susan Jones IAHD for our Markeltng and Communicalionsl is supported by the Marketing and Communications Commrllee. chaired by L(Fwri Lloyd Williams. They. together wilh our in house stafl. are regularly refreshing oui approach and rèsponses to Ihis evolving environmeni. M•mbèrshlp Menna Dawes. as Chair of Membership Working Group. regvlarfy updates us. As a Board. we are eager 10 ensure value for rn￿eY and prowding benefits in lem)s ol entry lees. elc. We reg￿￿TlY benchmark our terms against Ihose ol simslaf societies. Feedback and construcfve Suggèslions afe aN¥ays well received. Society Awards CongralulalK)ns lo al Ihe feciFyenls ol RWAS Awards in iecogThlK>n ol seThices to the indusiry, show and other activities. 11 is important to hNJhlighl these well deserve(l achievements. We also want lo encourage and prornole the efforts ol our younger generatson A variety ol opportunit￿$ includes ￿Jr Leadership Development Programme. the lundmg ol a Nuffield Farming scholarship and allendance al Ihe Oxford farming conference. ouncil December 2024 The Courril was postPDned by a week to avo￿ Ihè ravages ol Storm Dwragh. 11 was ¢haired by Nic￿8 Davies and was well attended. There were important discussions about evoluii)n of our conslilulion, as well as other mallers. President Denley Jenkins, Ambassador Esyllt Griffiths and Ceredi9ion Chaii, RovAand Davies. logelher wilh their very able and industriou5 team. concluded their olfiual duties by hanth.ng a generous cheque to the RWAS. Thank you lo all who were part ol Ihis I￿rk. Page 7

ThE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company Ilmit•d by guarante•l CHAIRMAN'S STATEMENT ICONTINUEOI FOR THE YEAR ENOED 31 DECEM8ER 2024 Tha President correctly noted that an llnp￿nt asp8¢t was to have had lun, cKJmp8nionship and lo make n8W ands. This and more was achieve(l. Oenlèy and Br•nda Jènkrns handed thè rains b) C80marfon, irs ￿rt1¢JJ￿r ineomww Prasid•nt JOI￿ Owen and Marion Owan. E$￿It Ellis Grtffith5 handed over the ambassadorial manle to Rhys Eificn Griffith. Rowland Davies handed over to Kathryfi Ellis. who chairs th• Caemarfon tèYi. W? wish Caèrnarfon wll and l¢)ok fonmar to working wlh thèm during a su¢¢e5sfLI a￿1 enjoyable year. Council ￿s0 confirmed Gothin Havard as PreS￿ent elect lor Brecknock'5 year in 2026. Tr Arnbassador Elect is Teleri.Hal Thoma5. We wish Gelhin and Ceri Havard. T￿ori and ihe Feature County leam. chaired by Rob Powell. well. On behaw ol the Board and all concemed wilh Ihe RWAS. a SKLcere and very well meanl Ihank for all your orrtJOKIg commilrnent. ones OBE. FRAgS Chairman ol Iha 8oar(l ol Oirectors Pag• 8

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA ￿mpanY limrted by gsJ•ranteel TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Board of Di￿¢t0￿. who are also DIfect￿S￿lU$¢ees ol the Sociely for the purpose5 of the Companies Act. aTe pleased lo present Iher annual Direclors. together wilh the fmancial Stslements of the Sociely lor the year ending 31 Oecember 2024. The account5 have bgen prepared in aCCOfdance with Ihe accounting policiès sel tyjt in the notes to th accounls and comply with the Charity5 Mernorandijm and kncles of A$50cialth, the Companies Aci 21)06 and 'Accounting and Reporting by Charities." Statement of Recommended Practice applicable to Charities preparing Iheir accounts in acc(ydance ¥wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 la5 eff8Glive 1 January 20191". The Financial Statements were prepared. finalised and presenled to Ihtr Royal Welsh Agricullural Society's Finance Committee on the 31 March 2025. On the recommendalion of Ihe Finance Committèa the Financial Stalemenls were appiovef1 by Board membe￿ at I￿lf meeling on the 16 April 2025. The Directors are plèased to rew)rt a 5ignthcant irnprovèment in the Soaety's finar￿la1 perforrnance as compared to Ihe previous yèar. 2024 tumover reathÈd almost £8.1ffl, a growth in income of approximately 16% on 2023. Tbjht budgetary conlrols. irnplernented in 2023 and bvill on in 2024, re5ult8d in a healthy surplvs for Ihe ar. A one-off timber harvest in LI￿e1Well￿ Wood. an¢J Ihe claim for overpaid outpjl VAT lollowng the successful case brought by the Yorkshire Agricultuial Sw"ety against HMRC, conlribule to a 5afgely increased surplus and help build up the Society's ieserve$. Since the Charity qualifies as small under sectitin 382 01 the Companies Act 2006. the Strategic report required ol medium and targe cotnpanies under Ihe Companies Ad 21KJ6 Istralegic Report and Directors. Reporti Regulalions 2013 has been omilled. Objective$ and activities Policles and objectives The principal objects ol the Society. as set oul in its AJtides of AssociatKJn. ar8 thè advancement of agriculture, hortieuliure. fO￿$ty and eort5ery¥tiort in Wales. More spe¢ifically. to promole sustainable agricultufe. horticulture, lorestry, conservation and Ihe environment and in parlicular in Walès to encourage and promote agrievltural science. resear¢h and èdu¢atK)n in particulaf in relation lo lood. farming and the countryyde to promote the improvement of livestock. the weifwe of animals and the prevention and 8radicabon of disease5 In aniffl315 us&lul lo man to hold dernonslrabons of modem agricultural methods. lechnology and processes to holé shows for the exhibibon ol livestock. r#)ullry. farm and horticullural produce and fts￿51ry. and for the demonslration of agricvllural methods, machinery and modern technology and hold evenls ol an anci15ary natu io promotè and advance lor IhÈ benefit and educaik)n of Ihe publK the ¢onseryalion protection and improvement of Ihe physical and nalural environmenl. and to prom￿8 rural arts, cullure and hefiiage. iv. vi. b. Charitable activities The Sociely's charilable activities, lo meet its stated awns, comprise mainty ol slaging three fflajor agricultural Èvents namely. The Royal Welsh Show. The Royal Welsh Winler Fair and The Royal Welsh Spring Fèstival. Fundraisin9 IroTn those evenis is also sUp￿eMented by ￿TrIal incoffle iecÈwÈd Iiom Ihe letting ol buildings Dn Page 9

THE ROYAL WELSH AGRICULTURAL SOC5ETY LIMITED IA company limbt•d by guarantee) TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENOED 31 DECEMBER 2024 Obbeetives and activities Icontinuedl the Society owned showground and incorne derived from Oulside Events where indivtyluals ènd organisalions hire the showg¥ound andlor bui1dirvJs for slagin9 training and events. This income provide5 an important contribution towards supporting delivery of the Society's chantable obieclives. All evenis and aclivilies of Ihe Society are budgtried 10 generate a surplus lor the Charity and provide a contribution to the overhead costs. In addition to staging evènts. Ihe &xiety makes a number of awards. scWarships antj bursaries each year to fecognise outstanding 8chievemenl wilhin agricullu￿ and to develop future leaL1ers. The Sociely seeks to furiher ils aims by actively ensuring Ihat il ts an integral part ol Ihe cumural fabric ol Wales and is a150 a key contributor to major industry consultab"ons. particularty ￿latsn9 to rural development, agriculture and prothjclm. The Trustees are mindful of the need lo engage with rnot only those direcuy involved in industries supporting our core aims. bul also wilh the vtsilors and the public at lafge. c. Public benefit In developing strategies fof Ihe Socj'ety lo prornote its objecb"ves. Ihe Board of D1￿clO($ have had due ￿gard lo the Charity Comrnissiorn guida￿ in respecl of FtJlic benefit WUlTements. The Truslees seek lo at1vance Ihe subject of agricullvre. h￿lICul1V￿. fO￿Stry and conservatson. as outlined In 115 conslitulion. in various ways. This is primarily achieved in Ihe hjding of its th￿e main events wh￿h collectively atiracl over 250.000 visitors each year including ¢xJr rnernbers. These everls help lo improve the understanding of famiing and lood producli?n and the role farmer5 play in protecting and enhawng the counlfyside for Ihe benefft ol everyone. In addition, they are key events lo share lechnical infomiatth? and kn¢hvledge transfer within the agricullvral industry 8nd have a Str￿)9 commercial business focus. In addition, the Sooely invests in the infvaslruclure of the site ensuring that the farililies available al the Showground provide an allfaclNe and safe venue for numerws exlemal events allraclin9 a large number ol visilors wilh a wide range of iThleres15. thvs generating income both lor local business ￿ for the organi$8lions elivering ihe events inclu(FirvJ ￿gUlar evenls such as Horse Shows. Dog Shows, Sheep Sales. Wonderwool Wales. Rallies, Antiques Faifs ano Conferences elc. Furlher inveslment in broadenin9 Ihe showground s dvJital inliastructure benefits usets beyond the curt11a￿ of Ihe showground ant1 is a key part ol doveloping a modem lacilily that supporls communicatson and trade. Our èvents provide a platlom) for bu¥nesses. go￿rnment. tha[1￿￿$ and other organis8h.ofis across all seclors lo prtsmole thèir activities lo a lafge an¢J dwerse seGlton ol the general public.. the Royal w￿$h Summer Show alone generates in èxcess of £20 rnill)n into Welsh ecwomy. Furlhermore. the Society's Feature County structure a150 supports fundraisin9 and events aGr055 all th& ctsunlie5 in Wales, in turn. In 2024, the Ceredigion Fealure County engaged the local community in a full range of events including a successful SLJslatnable Gra55 aThJ Muck evenl a day to share knowledge lo sustain the efficienl prcJuclion ol tood in the changing ¢&rrbali¢ condi1￿nS. Page 10

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guaranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Main achievements of the Society All our key ev8nlS meet our charrtable objectives by showcasing the very btst ol livestock and food production, promoting best practice in animal husbandry wrth 5trKt adherence to our Animal Weffare plan, and pvovide education through a wmle rarye ol competitron da55es and deMonstratK￿$ 8uuss all seclions. The Sothews three main event5 comprise ol". Surnrner Show.. The Royal Welsh Show held over four￿&y$ in My is widety regarded as the premier agricullural show in the UK and is arguably the finesl event ol its kind in Europe. attracting over 1.QOO international Msilors. in &Jdilion 10 Br¢tish visitors and exhibiiors. Vvith thousands of livestock exhibilois. nvmeious other competitions including sheep dog trials, shearing. farriery. horticulture, horne-crafts. woodland and counlry pursuit5 along wth an extensive Pfogramme ol main ring performances, the Show provides a showcase across a broad range agricullural and tountryside actswliès. In particular. rhe Show promotes Welsh produce, language and culture cross the wortd. In 2024 the re-launched hortj'cullure section proved lo be particularfy successlul, atiraciing many visilor5 wilh displa￿, workshops and competitws. Spring Festival.. this is a weekend event held in May of each year. allracbng an average altertdance of approximalety 20.000 people. This 'celebration of smallholding and rural life. demonslrales all Ihat is best In sustainable njral living. wilh ils key obJe¢live lo provide all vi5ilors and exhibilofs With an enjoyable and ed¢Jcalional expeirence. The aud*nce compftses smallholders. gardeners aThJ families wilh an inlere5t in rural lifestyle. The event stages classes lor conventional and rare breeds of liveslock. a premier dog show as well a5 varied allraclions ranging from folk danctng to larriery competitions, vintage machinery display5, auctions and country pursuits This evènl creates Ihe opportunity for peoplè not enga9ed with agricullure to experbence iural Iiviry and leam aboul Ihe value ol agricurture and lis conlr1but￿n to thèir lives. Winler Fair.. Ihis is Ihe la51 major evenl of the year altracling an audience of over 30.f)00 5upporlers. It Is probably the m051 successful prime stock event d its ksnd ￿ Ihe UK. allracling 5tron9 livesiock entries in Ihe catlle. sheep. and pig and carcass Sections. Morses an¢J ponies also prove lo be a popular altraclton. An imponanl featu￿ ol all Swety events is the Food Hall, p￿Sen11n9 the vary best produce to be found in Wales lor Ihe public to enjoy. This èvent also has a wide range of artisan tra¢Je slands, promoting thè wide range ol Welsh il8ms nol routinely available 'on the high slreel.. This supports the 'Brand Wales. mèssage ol buying locally sourced quality produce. In 2024. the Socièty welcomed around 3.000 prirnw arKI secondary 5thod pupils to the Wintér Fatr, for a series of talks and acltvibes unller the banner'Ein Dwr. I'our Waterfl educational programme. The aim ol the project was to prowde an educational focus on the important resource. from science arnj logists.cs of movirg water to draughl resistant crops anol hydroponics. The Soaeiy recogni5es the importance of educating ar￿ dèmmsiraiing in the abovè fields nol only al its shows. tHJt Ihrough awards. bursaries. scholarships. sponsorships and donations. In addition. Ihe Society plays an aclive rolè in CARAS Icokjncil for Awards ol Royal Agricultural sC￿leIleS) which through ils awards systèm recognises dlslinguished achievement in agricultuie and laThJ-based industries. embracing thè development ol new husbandry practices. research. technology. econornics. èducation. and farrning care. Pa9e 11

THE ROYAL WELSH AGRICULTURAL SOCIETY UMITEO IA ￿MpanY lirniled by 9uaranteel TRUSTEES. REPOR T ICONTINVEDI FOR TIIE YEAR ENDED 31 DECEMBER 2024 Achievéments and perfomiance Iconlinuedl b. Featurt County Structure The Fealvre County model ts a unlque lealure ol Ihe Society, and all Welsh CO￿tieS take rt In turn to iaise funds and l)osl evenls their nominated year. This ensures that the work and proh.le ol the Society extends Ihroughout Wales as each counly 8n9ages ￿1h the thal communrty Ihrough arn extènsivè programme ol Èvents, raising lunds for other charities hand-in-han¢J vrith Royal Welsh Fundraising. The Society ￿ proud ol the fart that Cheshire, Shropshir8 and Herelordshire ale parl of the County Advisory struclure. Whilst Ihey do nol fe31ure as hosl counties. members are able to provide feedback and observations that help shape Society ev8nts. The Featurè Cwnly modd sets Ihe Roya Wdsh apart from many other agncvltural 501ieties ancl is one of the main pillars of its success. The sy51ern brings tcfjether people from all Wales and creales a sense of shared ownership in the Sociely. rts events aThY ol course the tJe¥eloprrents on Ihe show9round. - Monltoring the Society's athitvtments Visitor surveys previousty carried oul our events established thal 95% of the respondenls rated their sabsfactkjn level a5 4 or 5 (xjt of S. with Lives1￿k u1mpe￿"bOns and an¢mal displays the most highly rated allraction. 'Eatin9 and drinking local woduce. and 'an inlevesl in country lile, were the joint lop reasons Identified by our visitor5 for attending Ihe show. Thé Sttiely is keen to ertsure that èll the evenls meet Ihe expeclations of ovr visilets and to widen the aFyal lo the gereral public. The 5urveya ind￿ate that a ggnificant proporlton ol Ihe visilors amending the show are nol d￿erVY involvgd in agrlculture, thus represenkn"rKJ an opportvnily lo promote our stated charitable ()bJ"ecbves and providing enlertainment and education lo the W￿eT general public. The challenge ol educating the C4)nsumei about where Iheir Irjod cornes from and the value of supporting lorAI larmers and producers has never been more Important. Financial revlew a. R¢$ults ihe year The Swely has applied its lunds lor the ￿#r in Ihe furtherance ol its objectives. The totsl nel incoming resources for the year en¢Jed 31 December 2024 arnounted 10 £8.082m (Decefflbei 2023." £6.981ffl1 which after realised and tsnrealised gains on inveslments of E74,19712023.' gains of £46.9301. resuiied in a net gain in funds of £718.008 IDecèmbei 2023 .. E177.3431. The Board ol Dwectors believe that any ￿ffte￿n￿s bètween thè malket vaKJe and costs of assèts are not malerial. The ne¢ assets of the SorAely lincludin9 frAed a5sels. restricled lunds and ￿selVes) as al 31 December 2024 have increased to £14.232.340 liom £13.514.332 as al 31 December 2023 (net assels cornprises of tangible rixed assets i.e. land & ￿lIding$ and equipment, portlolKJ investr)enl. cash and debtois ￿95 creditofs as listed in Ihe notes 15- 19 01 the finawal stalementsl. Thè overall unresiricted lundslresources comprise £12.485.576 12023.. £11.961.7591. Restricled funds comprise itsial E1.511.76412023: E1.552,5731. The ￿$1￿cle¢j funds a￿ held for the purpxises noted in nole 20. Endowèd lunds comprise the Eira Francis Davies legaty fund. Ihe income fron which 15 to be used for 5Gholar5hips. The Board ol Oire¢t(¥s are nol aware ol any evenls affecting the group whi¢h have ocwrred beiween the Batar￿ s￿￿1 date and Ihe dale on which Ihe Annual Report was Sity￿d. Page 12

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED (A comp•ny Ilmited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 b. Going conc•rn After making appropriate enquirie5. Ihe Directors have a ￿aSOnable expectats.on that the Sociely has adequale resources lo continue in operational existen￿ for the foraseeable fulure. For this reason. they continue lo adopt the going concern basi5 in preparing the financial statements. Furthor d¢ta¥ls regarding the adoption of Ihe going con¢ern basis can be lourKI in the aecounb"rKJ polKies. c. Investmènt poli¢y and pgrfomian¢• The investments held by the Society have b8er• acquired in accor(lance with its constiiulion. Under th& Arlicles ol Association, the Society has the power lo invesl the money not immediately required for its PLKPOSgS upon such inveslmenls. securitie5 or property as it may Ihink fil. The Society maintains an investment portfolio. the strategy of which is to maintain and enhance the real value of the assets over the long lem by investment in a porffolm) consisling of equities. fixed income slock5 and cash. The inveslmenl advisers have been instructed lo maintain a balance be￿￿en incorne and capital appreciation. The portfdio is managed on a ¢j￿$¢￿￿"0nary bas15. The overall value of the funt1 as al 31 December 2024 has increased lo £1.811.035 fr(yn £1.6B3.757 in 2023. d. Re$eThes pollcy ReseNes are needed to br￿e the gap betsveen the spendin9 and receiwng of incorne and Its cover unplanned emergency repairs and other ex￿ndrtur¢. The 8oard of Directors have established a policy whereby unrestncled funds not committed or invested in tangible fixed assets i.e. free reserves, held by the group should eqvale lo the equivalent ol l)etween 3 and 6 months ￿$our¢e$ expended which directsy relate lo Ihe running of the annual shows. At Ihis18vel the Board of Directors feel thal the core activit￿5 of Ihe Society would be able lo conlinue in the event ol an unforeseen signFficant drop in income. Thi5 polw is part of our financial goveman¢e and is reviewed on a regular basis. As at 31 December 2024 the Society's funds tolalled £14.2m consisting of rgstricled funds of E1.7m, un￿$triC1ed general fvnd5 of £12.5m. comprising ol £11.2m fixed assets (mainly land and buildings) and £3.Om nel current assets. As indicated in the iable below, the free reserves of Ihe group loialled £2.8m. A descripbon ol whal rgstricled and designated funds wgre held for is ststgd in th8 notes lo the financial sialemgnts. As at 31st December 2024 the readty realisabEe reseNes were as follows". 3VW1024 J¥1212023 3111212022 311IV2021 311W2020 otsl UnrnstrlttÈd Fun& L•ss'. D•slgn•tsd Léss.. Tanglbl• FIX￿ Assets Less.. Intsrylbla Assets Totsl Readly R•allsable Res•Nos 11485.S76 1284,2401 I9.372,￿￿) 135.2361 793.192 11.%1.759 1283,2331 19,6%.2981 136.5251 945.7 11.687,790 11,656.5481 19.6275011 127,0721 376,669 12.Y38.263 11,685,5271 19.8%,0821 11.774,995 11.474.OB31 110,305,8791 995.033 Whilsl recognising Ihai there has been a recent year on year improvement in the free reserves position, the 8oard are mindful that the present level of free reserves is within the target and wll seek lo be sustsined through aiming lo increase income and conlainir¥J expenditure. This should ensu￿ that the financrdl position remains sufficient lo meet Ihe Souety's objeclives, whilst building adequate ￿ seryes to miligale risks. The Board will therefore continue to review the fvee reseryes policy during the Corn￿g financial year with particular focus on n¢)n-strategic fixe(J assets land and buildings. Page 13

ThE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED {A ¢ompany limited by guarantee) TRUSTEES. REPORT ICONTINUEOI FOR THEYEAR ENDED 31 DECEMBER 2024 Stru¢turè, gov•max¢È and manag¢ment a. Constilution The s￿IetY is registe￿ as a charitable company limited by guaranlee and was set up by a Memorandum of Association on 28 November 1966 which established the objects and powers of the chantable company and was updated as Articles of As%)ciab"on on 17 June 2011 amended by Special ResdutK)n 28 June 2023. b. Method of appointment or election of Board of Oirtctors The ￿an1$at1￿ of the Society is Ihe responsibih.ty ol the 8oard of Dire¢tor¥. the dire¢lors of whith are elected and co-opted under the tenns of (he Articles of Asw"ati(ffi. Policies adopt•d for induction and trainin9 of 8oard of Directors New Board member5 are given the Charity Commission'5 guidar)¢e for Iwstees. seiiing out their re5ptsnsibililbes. and are supportèd through the inrtial indu¢bon p8rKxl. d. OiganisatFonal stru¢tur• and dècision maklng The Board ol Direct￿$. which sets plans and objectives for the Charity. meets a minimum ol six per year prowding clirection and ovefsighl lo the Chief Execub"ve. management team and siaff of the Society. It a150 prowdes guidance and support to the Committee Sir(￿ture. In addition. tho counc￿ is the general advisory and dehberab.ve body of the Sots"ely, and ts main dutses indude.. To consider and make recommendations to the Board of Difedors concemirsg matters of policy felaling lo Ihe Society5 affairs and lo the content of its busines5 generally. To consider any other matter refeThed to the Council by the 8oard ol D￿eCtorS. The Board ol Directors comprises of.. The Chaiman of 8oar¢J. the Chairman of Ihe Council, the President, the Honorary Treasurer, Vice Chairman of Council and the Honorary Directors of the Annual Show. Spring Festival and Winter Fair of Ihe Society who shall be ex offiuo members of the BoarLI ol Director5 durirrfJ tsir re5peth.ve terms ol office.. and Each ol the Idlowin9 condits.ons musl be m&L One member residing in each county which has a County Advisory Commitlee and a second such mernber for any such counly hawng over 1,000 resldenl members, elected by the council, who shall hold office lor a period of lour year5 but shall then be eligible for re-eleclron Nol more than 15 other members ol ihe Council nominated by the Board of DireGIois The new lerm commenced on the 1 January 2024. . Related party rnlationships The S¢wety's Ylhdly owned Irading subsidiary. RWAS Enferprtses Limited. was made dormanl from 31 Oecember 2017. Page 14

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED (A eompany limited by guaranieel TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Stmctiire, governanc• and management Icontinutdl f. Risk management The SenK)r Leadership Team ha5 C(￿￿￿cIed a fèview of Ihe maNY risks lo which th8 Society is exposed. A Risk Register is mainiaine¢J and regulady reviewed and updaie<J as part of thè Management Team meetings and is a standing agenda itèrn which is reviewed ai ev9ry Finance Commille8 meeiing. The Key Risks lo business su51ainability and reputation have been identif￿d as lollows.. Resilience of the Socievs IT infrastnjcture Reputational damage Idiowing a major inc￿￿nI Cancellation of Society events due to unforeseen maj¢y incthnls. advefse weather ¢y animal disease Land a9reemenls for pemiilted LKse ol neighbouring p(operty which is ciitical lo slagip)g events Risk of Cyber-crime Where appropriatè, sysièms have been estabhshed to mitKJaie the risks Kjentifiecl above.. Wark is on90ing to improve and formalise the IT softwarè infrastructure and process Effeclive contingency plans have been implernented invdving a partnership approach to Grilical 1￿C￿entS Si9nificanl extem￿ fisks lo incorrting resources have led to the ongoiro development ol a Slralegic Plan. which wll allow for the dlversifKaIK￿ of actsvities wilhin the Sociews objectives Agreernents are in ￿a¢e with Local Landownefs All training opportvThlies and best PFaClice gLbidance will be iMp￿ry￿nted in an attempt to reduce exposure to Cyber4rime g. Pay of Key Managem•nt The Senior Leadership Tearn comprises of ihe Chief EX￿utiVe Officer. Head of Admirislralion, Head of Finance. Head of Operations. Head of Business Development and Eslate Mana9er_ ReM￿ner￿n is sel by Ihe Slaffmg & Remuneralion Committee which meets a5 requi￿￿ and comprises of member5 a5 nominated by the Board. The role ol the Committeè is lo conduct Ihe Annual Salary Review and approve reMUnera￿"0n lor Ihe forthcoming year and addilional bonuses and uidividual increases. The Committee also considers re-slruclwe proposals and other slrale9iC 5taffirvJ matters. h. Thlrd Party Indemnity Provislon for Trust••s The Society's nsurance cover indudes Charsty and Charity Trusièes Indemnity Insurance which prolects Ihe Charity frc¥r any Ios5 arising from the neglect or default ol the Tru51ees and *fflploye8s from costs il negligence or default is wrongly alleged. Page 15

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITEO IA Company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENOED 31 DECEMBER 2024 Strategy for futur• sustainability The luture slrate9y ol Ihg Soctely is of paramwnl impcian¢e to the D"treclors and is an arga whi¢h is currently being reviewed. While Ihe Board are in the proce55 01 reviewirg the slraieglc prK)rities and luluie direclK)n, a 10- poiql plan is being Gonsidered which outlines some of the key Ihemes b8iThJ explored. They are.. 1} STRATEGIC PLAN- Creale a new Flan wth inpul from the board. members and 51aW. 2) COMMITTEE REVIE- Refresh commitlee and govemance slructures to improve effirAency. 31 FINANCES- Explo￿ o)st sa¥in9s, revei¥Je protectthi MeaS￿eS and naw income stsearns. 41 ESTATE MASTERPLAN- Burfd on thè masièrF4an for th8 lutwe of the showground to gu￿+ investment decisions. 51 AWARDS & COMPETITIONS- Ensure award5 and compelilions are Gornmercialty re￿want and alignèd lo our strategic w510ri. 61 TECHNOLOGY & DATA- Maxbrrmse the Ltse of18thnoliNJy and our new database lo make more infomied decisions. 71 EDUCATION & COMIAUNICATION- InC￿asIng and extendry conwr¥Jnicalion with fflembers. me¢Yia and the public. 81 PEOPLE - Invesliig in people. upskillin9 and adapting to a new wayof ￿tki￿a. PAR TNERSHIPS- Woing WTlh strategic partrts to raise (wJr pn)file wtlhrn govemment ané across the wodd. 101 HERITAGE & CULTURE- ctlebrakn.ng c¥A hisiory. promob.ng Ihe Welsh language and cultural identity. Page 16

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA Company limited by guarant•el TRUSTEES. REPORT ICQNTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Trusle¢s' respon$ibililes The Trustees (who a￿ also directors of The Royal Welsh Agrrcullvral Society Limited for the purposes of cornpany lawl are responsible for preparing the Trustee5' Report lincorwaling the directo￿. report) and the linancial slatements in accordance with èpplicaue law and Unrted TrQrJdom Accounting Standards. including Finanoal Rèporling Standard FRSI 102". The Finanria5 Reporling Standard applicable in the UK and Republic ol Irelarid Iunited Kingdom Generally Acceptetl Accounting Prac￿.￿}. Company law requires the Trustees to prepaie financial statements for each fjnancial year which give a true aThJ lair view ol the stste ol affairs of the charitable company and the group and ol Ihe incoming resources and applicat￿ of resources, indu¢Jing the income aThJ expendittjre. of the tharitable group lor that periorj. In preparing these financial slaléments, trustees arè required lo.. selaci suilable aKounting polici&s and Ihen appty Ihem consistenlly: obseNe Ihe methods and pnnciples ol Ihe Charilies SORP IFRS 1021.. make judgments and accounbng esh"males that are reasonable and prudent". slate whether applicable UK Aecounting Stanrlard5 IFRS 1021 have been followed, subject to any malerial departu￿5 disclosed and explaineil in the financial slatements: prepare the financial statements on ihe going concem basis unless it is inappropriate lo presume that the Charity ￿11 continue in business. The Trustees a￿ responsible lor keepi1￿ adequale acc(￿b"n9 récords Ihat discbse wilh reasonable accufacy at any Imne the financial position ol the chaiitable company and enabl8 Ihem lo ensu￿ Ihal the financial statemènts comply wrth the Companies Act 2006. They are also responsible lor safeguar¢Jing the ass8l5 01 th8 tharilable cornpany and hence for taking reasonatAe steps lor Ihe prevention and detection ol fraud and other irregularitses. Dls¢losure of infonT)atlon to auditors In so lar a5 the Tru51ees are aware.. therè is no relevant aud￿ information ol vknich the charitable companrfs auditor5 are unaware.. and the Trustees have taken al Steps Ihal Ihey 0￿￿t to have tsken lo make themselves aware ol any relevant audit inlofmalion. The Trustetrs are responsible for th• aintenance and inie9rrty of the corpordte and financial inlornation included c4) the charitable cornpanrfs web511e. Legislation in the United Kin9dom goveming Ihe preparation and (li$58minabon of finaNcal 5talements may differ from legislation in other jurisdictions. Appfoved by order ol the members of Ihe Board ol Directots and signed on their behalf by.. Prof E Wynne Jones Chair of Board Oate.. 27 June 2025 Mr David Pow•ll Horrfwary Treasurer PAge 17

THE ROYAL WELSH AGRICULTURAL SOCIETY LIAIITEO IA company lirniled by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED Oplnion We h8ve audiied Ihe financial sialements ol The Royal Welsh Agricultural Socieiy Limited Ilhe 'charilable companVI for the year ended 31 December 2024 which I￿priSe the Statement of financial activities. the 8alance sheet. the Sialement of cash flows and the relaied noles. including a summary of significani accounting politses. The financial reportrng framewofk thal has been applied in their preparakn.on is applicablè law and Unite Kingdom Accounting Standards. induding Financial RÈporttng Standard 102 Yhe Financi81 Reporting Standard applvble in the UK and Republic of IrelaThJ' {Uniled Kiwm GerwaNy Accepted Accountw Prac(Kel. In our Opini￿ the financial 5tatemenls". give a true and fair view ol the state ol the tharitable company's affairs as at 31 December 2024 and of its incoming resourGes and appI￿￿on of resources. ￿clu¢JIng its incryne aThJ expendilure for the year ihen ended". havè been prowly prepared in c￿dance with Urmled Kingdom Generally Accept8¢1 Accounting Practice". and have been prepare(l in accordance the requiremenls ol the Charit￿$ Act 2011. Basis for oplnion We conduded our audit in att¢rdance wlh IntemK)nal Standard5 on Auditing IUKI IISAS IUKJI anij applicable law. Our responsibililies under those standards are lurtheT desciibed in the Auditors. re5ponsibilikne5 lor the audit ol the linancial statemenls sedion of our repowl. Wè are independent ol Ihe chantaNe company in accordance wilh the ethical requirernents that a￿ relevant lo our audit of th8 financial stalemen15 in the United Kingdom. Including the Financial Reporting Councifs Elhical Slandard. and we have hJsfil￿d our other ethical fespon5ibilities in accordancè with thèse requirements. We believè that Ihe audit evidence we have obtained is sufficient ar￿ approwate to pro￿de a ba&$ for our opinN)n. Conclusions r•latin9 to going concern In auditing the financial staternents. we have concl(thd thal the Truslees. use ol the gryn9 ¢oncem basis ol accounliThJ in the prepafatpon of Ihe financial stalements appropriate. Based on the woth we h8ve perf￿med. we have ￿)1 idenlffied wy material uncertainlies relating lo events or condilion5 th81, irKlividually or colleclivety. may cast 5wJnrfvnt doubt on the charitable company's ability lo continije as a 90ing eoncerti for a peri(Ni of at least ￿trIve months from when the financial statements are 8Uthorised for issue. Our responsibilities and the rt5ponsi￿"1Itse$ of the Trustees *ilh respect to going c¢)ncem are de5ciibèd in the relevant sections ol Ihis report. Page 18

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limit•d by guaranto•} INDEPENOENT AUDITORS. REPORT TO THE MEMBERS OF THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED ICONTINUEDI Other Snfom)atlon The other infomwlion comprises the inlomiation induded in ihe Annual report other Ihan the f￿ancial slatemenls and our Auditors. report Ihereon. The Tru51ees are respon5itAe lor the Oiher inlormation coniained within the Anftuèl report. Our ownion on the financial staternenls does not covèr the Other inlormèlion and. excepl lo the exterit otherwise eX￿1¢1t1Y siate(J in our report. we do not express any lo￿ of assurance conclusion Ihèreon. Our responsibility is 10 read the other informalion and, #i doing so. consider whelher the other tnlormalion is materially inconsistent ￿th Ihe finantsal statements or our knthvledge obtained in the course of Ihe audil. or othe￿ise appears lo be materially misstaied. 11 we identify such matefual snconsistencies or apparent material misslalemenls. we ale required lo delermine whether Ihis gives rise lo a rnaterial rnisslaiement in ihe financial slatements themselves. 11. based on the WO￿ we have performed, we ￿l¢lUde Ihal there is a material misstaternenl of this other informalion. we afe required lo report Ihal lad. We have nothing lo report in I￿S regard. Matters on whlch we are requlred lo report by exceptlon We have nothing lo report fft respecl ol the folowing mallers whwe the Charities (Accounls and Reports) Regulations 2008 requires us lo 18port to you il. in our opirMon- the informalion given in Ihe Truslees. re[￿rt is inconsrstent in any material respect with the financial 5tatements'. or sufficient accounting records ha¥e not been kepl.. or the financial slatemenls are not in ag￿ement with Ihe accounting records and retum5', ly we have noi received all the information and exF4anat￿s we require lor our audil. Responsibilities of trustees As explained mfe ftrlty in the Trustee5' resrKJnsrbdities statement. the Truslees Iwho are 81s0 the d1￿CtorS tsf Ihe charitable cornpany for the purposes of cDmpany lawl are responsible lor the preparalion of the financial stalemenls and for being satisfied that they give a true and fair vw. and lor such inlemal control as the Truslees delemine is necessary to ￿able Ihe preparation of financial stèièmènts thai are free Irom material misstatement, wh•thei duè io fraud or error. In preparing the financial stalem&nt5, the Trustees ar• rè5kN)nsibk lor assessing the charitablè company's ability io continue as a going concem. disclosing. as applicablè. mattèrs rèlaled lo going concÈm and usin9 the going concern basi5 of accounting unless the Trustees either inlend to IK]UKlale Me charilable company or to cease operalions. or have no realislic altemalNe but to do so. Page 19

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ROYAL Y￿LsH AGRICULTURAL SOCIETY LIM￿E0 ICONTINUEOI Auditors. r•$ponsibilitiÈs for the audit of the financial Statsments We have been appointed as audilor under secbon 144 of the Charitigs Aci 2011 and report in acwdance with the Act and rèlevant regulatws made L¥ hawn9 effecl thereunder. Our objectives are lo obtain reasonable assurance about whelher the finawal stètemenls as a whole are free Ifom malenal rnisslalement. wheiher ¢Jue io Iravd or error. and Io issue ath Auditors. rew)rt Ihal includes our opinion. Reastsnable assurarte is a high level of assurance. but is not a guarantee that an audit conducied in accordance with ISA5 IUKI wll a￿tay5 delect a material misstatement when il exists Misstatements can arise from fraud or error and are considered rnaterial if. individualty or in the aggregale. they could reasonably be expected lo tnfluenee Ihe e¢r￿orniC decis￿￿5 ol users laken on Ihe basis ollhese financial stalem2nls. Irregularities. induding fraud. are inslances of norFcompliance wlh laws and regulations. We design procedures in line vjith our ￿spOnsIbl11t1es, ouuined above, to delecl rnaierial misslaiemenls in ￿spect ol wregularities. including Iraufl. The exlenl lo Wh￿ our procedures a￿ capablè ol detecbn9 irregularibes. IA¢luding fraud is detailed below". We reviewed the suscepts"bilily ol the chariiable companys financial slalemenls lo rnaterrdl misstatement and idenlified the principal risks, implemenliThJ a seiies ol tesbng procedu￿S lo provid• us sufficionl comfort to issue our opinion. . We rev￿We￿ the Ghaitable company's rewlalory environmenl ¢0 ensure we could conclude Ihal il had acted in accordance with the Iramewodi relevant to the charilabltr company and its environment and identify any instances of nOn<0m￿lan¢e. We also assessed the Gharilable compan￿$ intemal control w￿d￿re$ lo ansure we Could appropriately scrutinise these contrds and establish whether our understanding of Ihe control environment was suffic¢en¢ lo supplement our additional tesliThJ procedures . The engagement learn ￿nsISte￿ of a leam Ihal the errtjagemenl partner ￿lIeVeS is equiryed with Ihe ielevanl level of techn￿1 and tharilatye cornpany awareness to carry wr work to Ihe ￿quired standard. Becaus8 of the inherenl limilat￿S ol an audil, Ihefe is a risk Ihai we wll not delect 311 irregLtlarilies. including Ihose leading 10 a maierial misstsiemenl ￿n Ihe financial stalernents or non-compliance wilh regulation. This risk increases the ffl￿e thai rA)M￿larte wrth a 13w oi regulation ts removed from Ihe evenls èrNI transactions reflected in the financial 51alernents. as we be less likely to become aware of instan￿5 of non-compliancè. The risk 15 also greater regardin9 irregularities occvrring to fraud ralher than error. as fraud involves inlenlional concealrnenl, fc¥gery. collusion. c•))isS￿￿ or Misrep￿Sen1af10n. A further dÈseriptw)n of our respan￿bIlitles for Ihe aL￿rt of Ihe financial statement5 is locaied on the Financial Reporting Council's website at-. www.frc o -uklaiJditotsre 5ibilities. This descr￿)tIOn fomis part of our Audilors, report. Page 20

THE ROYAL WELSH AGRICULTUFiAL SOCIETY LIMITED {A company limTrt•d by guarant￿) INOEPENOENT AUDITORS. REPORT TO THE MEMBERS OF THE ROYAL WELSH AGRICULTUIIAL SOCIETY LIMITED ICONTINUED) Us• ol our r•port This r8P¢Nt 13 made sotely to Ihe charitable cornpanls trustees, as a body. in accordance with Part 4 01 the Charities (Accounts and Reportsl Regulations 2008. Our audrt work has been undertaken so that we might stale lo the charita￿e company's trustees Ihose malters we are requir￿ to slate lo them in an Auditors. report and for rto ¢lher pvrpose. To the lullesi extent ￿MItted by law, we th Th)1 ar￿Pt or assume responsibility to anyone olher than Ihe ¢haritaNe company aThJ its members. a5 a t>ody. for our audil work, for this report. or lor the opinions we have fcrfrred. WR Partne Chartered A¢￿VnIentS SlalutoryAudilors Belmont House Shrtrwsbury Business Park Shr&wsbury Shropshire SY2 6LG Dat8= WR Partners are el¥Jible to act as auditrxs in twms of SeCtK￿ 1212 of Ihe Companies Acl 2006. Page 21

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDEO 31 DECEMBER 2024 Endowmenl funds 2024 R¢strl¢ted Unrestricted funds funds 2024 2024 Total funds 2024 funds 2023 Note Incorne and endowrnents from: Oonaiions and legaoes Charitable activit*s 267.580 71.4110 9.620 6.860.176 443.B28 96.611 305.834 277.200 6,931,576 443,828 123,668 305,834 288.628 6.533.960 56.273 101,685 Other trading aclivilies Investments Olher income 27.057 rotal income and endowmènts 366.037 7.716,069 8.082.106 6.980.546 Expénditure on.. Raisin9 funds Charilablè activities 33.312 222.225 249.207 6.933,551 282,519 7.155,776 39.463 10 6.810.670 Total expenditure 2SS,537 7,182,758 7,438.29S 6.850. 733 Nel Income b•fore n•t gains on invt5tm•nt5 Nel gains on inve5tmenls 110,500 533.311 643.811 130.413 74,197 74.197 46.930 Nèt income 110.500 607.508 718.008 7 17.343 Transfers between n¢Js 235.000 1151.3091 {83.6911 Net movement in funds 235.000 140,8Q91 523.817 718,008 177,343 Reconclliation ol funds= Tolal funds brought lorwartt Nel movement in lunds 1.552.573 140,8091 11,961.759 523.817 13.514,332 718,008 11336.989 177.343 235,000 Total lunds caffi•d forward 235.000 1.511.764 12.485.576 14.232,340 13.514,332 Thè Slatemenl of Financial Aclivits'es includes al gains and losses recognised in the yèar. The nole5 on pages 26 10 $1 forrn part of these financial statemenis. Page 22

TME ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA comp•ny limlt•d by guarant••l REGISTERED NUMBER.. 00892851 BALANCE SHEET ASAT 31 DECEMBER 2024 2024 2023 Not? FSx•d ass•ts Intangible assets Tangible assets Investments 15 16 17 35.230 9.372.908 1.811.035 36.525 9,696.298 1,683,757 11,219.179 11,416.580 Curr•nt ass•ts Deblors Cash al bank and in hand 18 1.202.584 2.415.131 340,085 2.254,819 3.617,715 2.594.904 Creditorn.. amounts lallmig due wilhin ono year 19 1fj04.554) (497. 152) M•t Current a$$•ts 3.013.161 2,097,752 Total assets loss current Ilab11111•6 14.232.340 13.574.332 Total net ass•ts 14.232.340 13,514,332 Page 23

THE ROYAL WELSH AGRICULTURAL SOCIETY LfMITEO IA company limited by guarantee) REGISTERED NUMBER: 00892851 BALAXCE SHEET {CONTINUEDI AS Af31 DECEMBER 2024 2034 Z023 Notè Charity funds Endowm8nt funds Restricted funds 20 20 20 235,OIHI 1.511.764 12,485.576 1.552.573 11,961. 759 Unreslricled fund5 Totsl lunds 14,232.340 13.514,332 The entity was entrllÈ(J to exemptM)n Irom audil under se¢lion 477 of Ihe Companies Acl 2006. The rnembers ha¥e nol required the entity to oblain an audit for the year in questiort in acc￿)rdance wlh sedion 476 of thè C(m￿n￿S Ad 2006. Howevér, an audil is rèquired in accordartce with seclion 144 of the Chafilies Act 2011. The Truslees acknovledge the¥ responsibilities foi CLynpIywi9 %ilh ihe rèquirements of the Act wilh rèsp•el to acctsunh.ng record5 and preparation of financ4al siatemtnts. The financial statements havt bèen prepwed in accordance wth the wovision5 appl￿ble to entities subject to lh¢ small cornpanies regime. The fin¥nci31 sla¢ements were apprgved arKI aulh(xised lor issue by the Twslees and signed on Iheir bhalf by". Prof E Wynne Jone5 Chair of Board Dale.. 27 June 2025 avid Powell Honorary TreaSu￿r The notes on pages 26 to 51 form part of these financial stalemènts. Page 24

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA ¢gmpany limit￿ by guaTant￿) STATEMENT OF CASH FLOWS FOR ThE YEAR ENDED31 DECEM8ER 2024 2024 2023 Not• Cash Ilows from op¢ratlng a¢tfvttl¢$ Net cash used in operating aclivit 22 264.615 921.751 cash flows Irom Investing adivitl?$ Oividends, interests and rents Irom invgstments Purchase of iThtangible assets Purchase ol W9it4e fixed assets Pro¢eed$ from salè of invoStm8nts Purchase ol in¥estmonlS 123,668 17.1621 199.8711 156.590 12ri.5281 101.685 (17, 188) (481.473) 597.246 (848.588) N¢t ¢a$h used In Investlng a¢1fv1tles 111M.3031 1648,3181 Cash flows from finonclng actlvltl•s Net cash provid•d by financlng actlvttl•s Change In eash and cash •qulval•nts In th• y•ar Cash and ¢ash ¥quivalents al ihe beginning of the year 160.312 273,433 2.254,819 1,981,386 Cash and cash •qulvalents at the ?nd ol the year 23 2.415.131 2.254,819 The notes on pagos 26 to 51 lorm part of Ihese financial staterrents Pag8 25

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA Company limited by 9uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 General inforniation The Royal Welsh Agricultural Society Lirnited is a pcivaie company. limiled by 9uaranlee and incorporated in England and Wales_ The regislered office is deladed on page 1_ The hnancial statements afe prepared in slerting and a￿ rounded lo the neafesl £. As the Chariws tradin9 subsithary R.W.A.S Enlerwisas Limitecl is d￿artI the finantial statements ièport on the Charity ody res￿ts. Accounting policies 2.1 8a5rs of pr•paration of financial statèments The f￿ancial slalErnen15 have been prepa￿0 in a£cordance ￿th the Charilies SORP IFRS 1021 Accounbng an4J Reporting by Charibès." Slatemènl of R8comm8nded Practlcè 8ppIIc8ble to charities p￿paring their accounts in accordancè wth thè Financial Reporting Standèid applicablè in ihe UK an¢J Rèpublic of Irala￿d IFRS 1021 lemaciive 1 January 20191, the Finantial Reportin9 Standar¢J applicablè in the UK and Repu￿1¢ of IrèlaThJ IFRS 1021 and Ihe Companies Act 2006. The Royal Welsh A9ricvltufal Sctiely Liniied meets the ¢Jefinilion ol a public bEnefii eniiiy under FRS 1Q2. Asseis and Iiabililies are irml￿allY reo)gni5ed at htstorical cost or transacts.on value unless othe￿ise slaied in relevanl accounting Wicy. 2.2 Going Concern Aftei making er￿UireS, the Trustees have a ￿aSOnable expeetats.on that the Chèrity has adequate resources to continue as a going concern lor the foreseeable hjlure. The Charity therefore conth.nues lo adopt the going concem basis in prepawrng its financ4al statements. Page 26

TrIE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarant•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2024 A¢counlin9 policle$ l¢ontirtuedl 2.3 Income l income is recogrmsed once the Charity has enlillement to the income. il is probable that the income will be ￿ceIVed and Ihe am(yJnt ol incornt receivable can be measured reliably. The recognition ol income from legaues 15 dependent M esiablith.ng enliuement, the probability ol receipl and Ihe abilrty lo estimate wth suificient accuracy the amount receivable. Evidence ol enliuemenl to a legacy exisis when the Charity has sufftient ewdence that a has been teft lo Ihem Ithfough knowledge of the ÈxislenGe ol a valid and the dealh ol the benelactorl and the ex8CUtor is satisfied Ihal the property in question wll not be requTrred lo saiisfy claims in the gslalè. Receipl of a legacy must be recognised when it Is probable that il wll be receive¢J and the lair value of Ihe amount receivab￿. which wll generalty be the expected cash amounl lo be distributed lo the Charity. can be reliably measured. Cash ¢Jonalions are reco9nised on r￿¥pl. Other donations are recogniseij once the charity has bèan ntilified of the donal¥)n. unle55 performanGe corKlib"ons require deferral of the amount. Income ta¥ recoverable in relatson to donations rectrived under Gift Aid or deeds of covenant is rec4)gni5ed at the lirre ol the d(￿ation. The value of any V￿Untary hèlp rece￿￿ is not inchjded in the accounls bLrt is describgd in the Trusle8s report. Show income lor the Spring Fesbval. Summer Sh(M and Winter Fair is credited lo the Statemenl of Financial Activities in Ihe year in wl¥ch Ihey are due. Rental Income and ￿cOMe frtm oursrde tvents is credited to the Statement ol Financial Acb"vib"es In the ye8r in which they are due. Income consists of the ￿Voiced value (excluding VATI of 9ood$ s(AdlstJpplied lo third parties and members. Incorne received in adyance is delerred lo the appropriale financial year. Investment income is reco9nised at the lime the Invesimenl income is receivable. Inleresl on funds held on dep051t is included when receivable and the amount can be feliably m8asufe(l.. Ihis is normally upon nolrficalion of Ihe interest paid or payaWe by Ihe bank. 2.4 Expenditur• EM￿ndi￿lIe is recognised once lhe￿ is a le9al or constrLJcINe obligation lo transfer Èconomic benefit lo a third party. il is probable that a transfer ol economic benefits wll be required in settlement and the arnounl of Ihe obligatKin can be ffeasured reliably. Expenditure ¢s classified by acliv(ly. The costs of each activity are made up of the total of direct CO515 and shared costs. including support cosls involved in undertakin9 each actiMty. Direct costs attritsutaNe lo a single activity are all￿ated directly to that activity. Shared costs which contribute to MO￿ than one aclivily and support C0515 which are noi atlribulable 10 a sw)gle aciNity are apportioned betwèen those activilie5 on a basis consisienl with Iheir proportion of charita￿e acbvily mcome. Central slafi cosls are allocate¢ on the basis of time spent. and deP￿latIOn charges allocated on the porlion of thè asset's use. ExpenditUf8 on raising funds indudos all expendilure incurred by Ihe Charity lo raise funds for 115 charitable purposes includes cos15 of all Iundiais￿g a¢tNiD'es events and Aon-charitable trading. Page 27

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITEO IA c¢)mpany limited by suaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 OECEMBER 2024 ¢ountlng pollcies l¢ontinutdl 2.4 Expenditure Icontinuedl Expenditure on charitatrjle activities bs inCUr￿d on directly undertakin9 the acliwlies which further the CharitV3 objectives, as well as any assoc4aied support C051s All expenditure is inclusive ol ityecoverable VAT. 2.5 Interest receivablè Interesl on funds hekl on de￿51t is included ¥then ￿e1Vable and the arnount Can be me85ured reliably by the Charily.. Ihis is rK)rmally upon nO￿"rIcal10n of the interest paxl or payable by the inslilulion wth whom the lunds a￿ depogled. 2.6 Inlangible asse15 and amorttsa¢ion Intangible assels cosling £500 or m¢ye are Ca￿taliSe{l and recognised vthen luture economic benefits are probable. and the c05t or value of Ihe a5sel can be measured reliabty. IntangiNe assels are irwtially recogfbised al cost. Ajler recognition. ur>der the rA)St model. intangible assets are measured at cost le55 any a￿￿TrUI3ted amortisalion and any accumulated impairment losses. Amortisalion is prowded on intangible 3$sels at rales cafculated lo write off the cost ol each asset on a strai9ht-line basis over ils expected u5elul lrfe_ Amorts5aI￿ffj is provided on rhe fdlowing basis.. Software 20 % Stra￿t line 2.7 Tangible fixed assets and d¢pre¢iat40n Tan9ible fixed asseis costing £500 or more are capiialised and recognised when luiure economic nefits ale probable ènd the cosi or valuè of the èssei can be measured relk2Uy. Tangible fixed assets are initially recognised at C95t After recognition. under the cost model. tangible rixed assets ale measured at cost less accumulated depreciatpon and any a¢ryJmulated impajrmeni losses. All cosls incurred lo bring a lan9ltAe r￿ed 8ssel into ils intended working condition should be included lh8 measurement ol cosl. At each dale the Charity assesses vthelher there is any indication of impairment. If such In¢Jicalion exists. the recoverable amounl of the asset is determined lo be the higher ol its fair value 18ss costs io sell and its value in use. An Ynpairrnent loss is fecognised where the carTring amount exc**ds the recoverabl• amount. Page 28

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED {A company limited by guarantee} NOTES TO THE FJNANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2024 C¢)U41tiny polici•s lcontinuedl 2.7 Tangible fixed assets and d•pr•clatlon (contlnuedl Depre¢i8ton is ¢harged so as to aUoGate Ihe cosl of taryble fixed assets less their residual value over their esbmaled useful lives. Depre¢iation is [￿0VKIed on ihe following bases- Land & b￿ldingS Building Imprcvemenls Planl and machlnery 20- 50 years straight line 20- 30 years slfaight line 10- 20 years 5trai9ht line 120% reducing balance S years slfaighl line 3- 5 Jears sIrai￿1 line 3 ￿ar$ slrai9ht line Molor vehides Office equipmenl Computer ewipmenl Gains and losses on distKJsals are detem)ined by comparing the proceeds with the carfying amounl and are iecognised in the Slalement of financial xtivilies. 2.8 Inve$tmenls Fixed asset inveslmenis afe a fomi of financial instrument and are inibally recognised at their trans3Ction cost and subwuenuy measured al laiv value at the Balance sheel dale. unless the value cannot be measured reliably in wh￿h case it is measured al cost 1È55 impairmoni. Investment gains and losses. whether ￿alIsed or unre3lbsecl. a￿ combined and we5ented as 'GainsllLossesl on inveslmenls. in Ihe Statemenl of finanual actNilies. InVest￿￿nIS in subsidiaries are valued at cost less wovision lor impairmenl. Investments in joinl ventu￿$ a￿ staled at the amount ol Ihe Charitys share of net assets. The Slalernent of financial aclivilies includes the Chanvs share ol the joint ventures. net incorne or expenditure using Ihe equily accountsng basis. A5 the jowbl venture 15 a Gharity. the investmenl $5 presented within feslficled lunds. 2.9 Debtors Trade and other debt¢)rs are recognised al the setuement amcwjnt after any trade discount oHerèd. Prepayments are val¢MI al amounl prepa￿ net 91 any Irade (Jts¢ouftts due. 2.10 Cash at bank and In hand Cash al bank and in hKI inclu¢Jes cash and Sh￿￿￿erM highly liquKI investrnenls wth a short malufily ol three months pr k55 from the datg ol acquisibon or opening ol th& deposit or ￿Milar account. Page 29

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED {A Company limited by 9uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountln9 poli¢i¢s Icontlnu•dl 2.11 Liabilities and provisions Liabilibes are recognised Wthen there is an oblNJaDon al the Balance sheet date as a resull of a pasi evenl. il is probable that a Iransfer of economic benefil wll be required in Set1￿Ment. and Ihe amount of the settlement can be estimated rdiably. Liabilslies are recognised ai thè amounl th8t the Chariiy antiCiPale5 11 wll pay 10 seltle the debt or the amount it has rèceived as wjvanced payrnents for Ihe 9oods or services it mu51 provide. Provisions are measured at the besl eslimale of Ihe am¢)unts ￿qUired to setue Ihe obl￿a￿D￿. Whe the effect of Ihe tirne value of money is material. the provis+on is based on the presenl value of those amounts. liscounled al the we-tax discount rale that reflects Ihe risks specilic to the liability. The Un￿ndIng of the dIsC￿nI is recognised in the Stsiemenl of financial activities as a finance cost. 2.12 Financial instrument$ The Charity onty has fin￿￿81 assets and finantsal liabilils of a kind that qualify as basic financial instruments. Basic finanaal irnsiruments a￿ Inilially recognised at transaction value an¢J subseouenlly measured at treir selliement value wilh the exception ol bank ￿rns which afe subsequently measured al amortised cost using the effective inleiest melhod. 2.13 P•nsions Th& Charity opeiat&s a definèd contribution pension schemè and thè pansiL¥b charge represents the ounts payable by thè Charity to Iht fund in respeei of the year. 2.14 Fund aCcO￿ntIng General funds are un￿strIded funds which are available for use al Ihe dtscreitin of Ihe Trusièes in furtherance of general obieclives of the Charity which have not been designated tsr other purposes. Designated funds compnse vnresln.cted lunds that have been sel by the TNslees lor particular purposes. The am and use of each de￿gnated lurnd is sel oul in the noies to the financial slatemenls. Reslric¢ed funds are lunds which we to be used in accordance ¥)ilh specific reslriclions imposed by L1onors or which have been raised by the Charily for parlicular purposes. The cosls of raising and adminislering such funds a￿ charged against Ihe specific fvrml. The aim and use of each restricted lund is sel out irt Ihe noles lo Ihe ftnancial slalemenls. Invgstmenl Ir￿rne, gain5 and 105se5 aitr olkKated to Ihe approprtate lund. Pag& 30

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limil•d by 9uaranl••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2024 Crltleal accountlng •Stlmatès and arèas ol Judgement Estimate5 arKI judgements are continualty evaluated and a￿ based on historical experience and other factors. induding expectations of futu￿ evenis that are believed to be feasot7able undef Ihe circumstances. Cri￿¢31 a￿Ou￿￿ng e5tim3les assumplions: The Charity makes estimates and assumptions concerning tht futu￿. The restsliing accounting estimates and assumptions will, by definikn"on, seldom equal Ihe related actual results. There are no estimates and assumptions Ihal have a significanl risk of caus1￿j a matenal adiustrnenl 10 the rarrying amounts ol asse15 and Isabili￿'es within the next financBI year. Income from donations and te9acies Restricted Unrnstri¢ted funds funds 2024 2024 Total funds 2024 Tolal funds 2023 Donations 232.580 35,¢XIO 9.620 242,200 35,000 288.628 Legacies Total 2024 267.580 9.620 277.200 288.638 Tolal 2023 282. 158 6.470 288.628 Rtstricted Unr•strict$d funds fund5 2024 2024 Total fund5 2024 Tol81 lunds 2023 Donations County donations General dortrali¢)nS Spring Festival 232.580 232,S80 2.620 7.000 287. 766 1.232 6,230 2.620 7,000 Total 2024 232.580 9.620 242.200 288.628 Tolal 2023 282. 158 6.4TO 288.628 Page 31

THE ROYAL WELSH AGRICULTURAL SOCIEtY LIMITED IA company limiled by 9uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECE1118ER 2024 Income fr¢yn charttable activltles Restrict•d Unr•strl¢ted funds lunds 2024 2024 Total nds 2024 Tolal funds 2023 Mèmbership fees Outside eV￿ts Rental tncryn¢ Grant5 Spring Feslwal Winler Fair Summer Show Sponsorship 672.851 474.011 361.692 92.248 208.603 578.999 3.748.783 722.989 672.851 474.011 361.692 162.280 208.603 578.999 3.750.151 722.989 612,642 426. 159 319,076 113, 737 206.850 542. 91 I 3.615,834 096, T57 70.032 1,368 Tolal 2024 71.400 6.860.176 6.931.576 6.533,960 2023 113.137 6.420.223 6.533 96r3 R•$tri¢ted Unr•slri¢ted fuTrds funds 2024 X+24 Total lunds 2024 Tolal lunds 2023 Gran¢5 Welsh Local Govemment AS￿latiOn- Top slice funding Other grants 92,248 92,248 70,032 92,248 21,489 70,032 Total 2024 70.032 92.248 162.280 113, 737 Tolal 2023 I IJ. 737 113,737 Page 32

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Incom• from othèr tradirny activiti Income from non charitsble trading acti¥ltits Unrestricted fund$ 2024 Total fvnds 2024 Total lunds 2Q23 Solar panel income Merchandtse 29.525 10.251 404.Q52 29,525 10.251 404.052 29,312 14.282 12,679 E51aie trading income from lUm￿r and grass keep Tolal 2024 443.828 443.828 56,273 Total 2023 56.273 56,273 Investment income Restricted Unrestricted lunds lunds 2024 2024 Total funds 2024 Total funds 2023 Income from listed investmenis Inlere51 receivable 61.824 34.787 61.824 fj1,844 49.978 57. 707 27.057 Total 2024 27.057 96.611 123,668 101.685 Total 2023 101.685 101.685 Ot￿r incomin9 resources Unrestr?cted funds 2024 Total lunds 2024 Total lunds 2023 Other income 305.834 305.834 Total 2024 305.834 305,834 Pa9e 33

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA Ggmpany limit•d by guarant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2024 Other In¢omlng r•sour¢es Icontlnued) Other incom6 in the ￿ar rdal¢s to Ihe daim for net outwt lax ovor(l¢dared wlh regards to th• Roy81 Wèlsh Shows 2019 10 2022. Exp•nditvro on ra•sing funds Costs ol raising voluntsry In¢om• Restheted fvnds 2024 Total funds 2024 Total furtds 2023 Counties •xpondilure 33.312 33.312 39.463 Total 2024 33,312 33,312 39,463 T¢Jlal 2023 39.463 39.463 Fundralslng tradlng expens•s Unr•strkt•d funds 2024 Total fund5 2024 Total funds 2023 Eslale tradry expenses 249.207 249.207 Page 34

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guaranteel NOTES TO THE FINANCIAL STATEhlENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Analysls of expendlture on charitabl• a¢tivitl•s Surnmary by lund typ• Restricted Unrestricted funds lunds 2024 2024 Total 2024 To¢al 2023 Summer Show Winier Fair Spring Festival Outside Events 222.225 5.314.529 837,630 369.404 411.988 5.536,754 837,630 369,404 411.988 5. 187.726 744,775 387. 738 491.031 Total 2024 222,225 6.933.551 7,155,776 6.810,670 rotal 2023 22,401 6.788.263 6.870.670 Anatysis of expenditure by activities A¢tivitiès undertaken directly 2024 Support costs 2024 Total funds 2024 Total fvnds 2023 Summer Show Winler Fair 2.911.350 434.756 221.117 101.338 2.625,404 402.874 148.287 310.6XJ 5.536,754 837,630 369.404 411.9B8 S187.726 74.4, 775 387. 138 491,031 Spring FÈsiival Outside Evenls Total 2024 3.868,561 3.487.215 7.155.776 6.810.670 Total 2023 3.371,349 3.439.321 6.810.670 Page 35

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITEO IA compaTry limite(I by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Analysls of èxpondlfvr• by ¥ti¥kl•$ leontlnvodl Analysls 01 dir•¢t ¢osts Surnm•r Show Wlnt•r Falr 2024 2024 Spring F•stival 2024 Outsldg Ev•nts 2024 Total fund$ 2024 funds 2023 Staff costs Cal•rin9 Priniing, Stationery and badgès Pn'zes Publicily SPW expens95 57.733 220.338 14.096 35,843 5.511 11.566 300 4.552 77.640 272,299 70.948 260,504 51.101 148.408 47,134 2.386.636 9,658 39.546 9,585 326.028 4.204 20.678 5.366 173.792 64.963 209,294 66.918 2,977,447 63,652 177,091 59,821 2,739,333 662 4.833 S¥J.991 T?t•l 2024 2.911,350 434.756 221.117 101.338 3,668.561 3.371,349 Tolal 2023 2, 730,673 346.845 217,925 75.906 3.371,349 Pa9e 36

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guarante¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Analysr5 of expenditure by a¢ti¥i¢ies {conl•nued) Analysis of support ¢05ts Summer Show Winter Fair 2024 2024 Sprin9 Festival 2024 Outside Events 2024 Total fund5 2024 Tolal lunds 2023 Slaff costs 95S,911 323.035 98.177 147.587 49.875 15.158 53.173 17.969 5.461 120.825 40.831 12.409 1.277,496 431,710 131,205 7.215.696 412.488 116,087 DepreciatKJn Insurance AdminislratKTrn expenses Donated services Donations 268.320 109.072 6,435 699,919 41.859 21.480 75.081 11.575 34.269 359.529 142,127 8.600 93S.383 426.080 144.924 8,580 983,389 813 88,468 Estale costs 108.063 38,933 Posla9e. telephone and printing Audit and atcounlaney fees L8gal and professional Governance expenses 43.168 6.865 2.401 5.456 57.690 58.661 11,879 1,772 639 1,451 15,741 19.600 87,136 4,035 1.454 3,303 95.928 43. 737 22.352 1,243 2.825 31.806 10,085 Total 2024 2.625.404 402.874 148,287 310.650 3,487,215 3.439,321 Total 2023 2,457 053 397,930 169.213 415,125 3.439.321 12. Audi¢ors' remuneration 2024 2023 Fèes payable lo the Charivs auditor for th8 audit ol thè Chariws annual accounts 13.100 12.500 Fèes payable lo the Charilys audilor in respect of.. All n¢y)-audil services not inchjded atKJve 2.650 2.500 Page 37

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limitèd by guafanteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 13. Staff costs 2024 2023 Wages anfl salaries Social sècurity cos Contribution lo defined Cl￿tribUtIon penswjn sthemes 1,200,445 95.999 58,692 1. 140.074 91.328 55,242 1,355.136 1.286,644 The Charity made lemlinati￿ paywnenls ol £Nil 12023." £Nill during Ihe year. No amovnl$ were outstanding at yeai end. The average number of persons em￿oyed by the Charity Ihe ￿#r was as fd(A¥s'. 2024 2023 No. Pemianenl staff 34 35 Seasonal Siaff 13 18 47 53 The number of empws whose em￿0Y￿ ￿nefitS lexdudffj employer pensK)n costs) exceeded £60,0￿ was". 2024 No. 2023 No. In Ihe band £80.001 - £90.000 In the band £90,001 . £100.000 The key managemenl peisonnel ol the Charity comprise of Ihe 5eThor rnanagemenl team listed on page 2. The total arnounl ol employee benefil5 Iinduding employer pension ry)ntr)utigns and employe rkalional insurance conlributwts) receNed by key managemenl personnel lor Iheir seFvice5 19 Ihe Chalily was £386.1W {2023.. £354.8251 14. Trustees. remuneration and txpenses During Ihe year. R Prsce. truslee, invoiced the Charity £11.372 12023.. £5.9111 through Rhiwlès Farm Partnership lor his role as Honorary Show Director. There is an agreemenl in ￿a¢e. which has been approved by the Boaid. whereby the Honorary Shtrw D1￿CloT receives a ¢Jaily allowance of £200 plus expenses for work undertaken in the role. During the year ended 31 Dectrmber 2024. no Twsiee wses have been incurred {2023 - £NIL). Page 38

TME ROYAL WELSH AGRICULnJRAL SOCIETY LIMITED IA company limitgd by guarant¢el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 310ECEM8ER 2024 15. INanglbl• ass•ts Software Cost Al 1 January 2024 Adth"b'ons 47.267 7,162 Al 31 O•t•mb•r 2024 S4,429 Amortlsatlon Al 1 January 2024 Charge for the y 10.742 8,451 At 31 Decemb8f 2024 19.193 N•t book valu• At 31 Dèe•mbw 2024 35,236 At 31 December 2023 36,525 Page 39

THE ROYNLVIELSH AGRKULTUPAL SWETY LWITEO IAcornwy&rnitsd by gw•iif••) NOTES TO TrE FIMAtICLIL STATEMEIITS FOR ThE YEAR EMDeD 31 oecEM6eR 2024 BuikliThJ Plant4Thd olor Offic• Cornpthtsr ¥•hkK•s •wWn•M Iqu￿￿¢ ¢vstvrvalu¥tion Al 1 janu￿ 2Q24 17,$7tr.314 S.8¢6 61.24B $24.M7 25.156 Jl.625 7.150 26.117 1.256 11.565.USI 99.871 4.J61 Al 31 Decett£w2024 17.570.314 467.114 549223 46,475 27.443 S.156 18,66S.725 Ai 1 Janu¥y 2024 Ch￿@ furthe V7U.$91 478.0 $.647 5.447 243 1,369 8.86•.556 423.261 21214 1.679 8.7V2$1 2U7 10.61 9.091 9.292.817 Netbookvalu• AI 31 DECEm￿r2024 438.744 343 1B.3•S 9,372,908 Al 31 0¢¢em￿20?3 9.J9t.333 J99.7 45.109 27 540 55? 9.696.396 Pw¥ do

THE ROYAL WELSTrI AGRICULTURAL SOCIETY ￿lTED IA company limllod by gu•rant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 0ecEM8ER 2024 17. Flxod asset Inv•stm•nts lrnvestments In Other fixe(1 subsldlary Llsted asset ¢ompanl•s Inv•slments Inv•stm•nls ¢a$h In portlollo Tolal Cost or valualion At 1 January 2024 Addityons Disposals Revaluations 100 1.133.605 246,465 {156.590} 9.260 512,683 31,063 37.369 1,683,757 277,528 1156,5901 12.920) At 31 December 2024 100 1.232.740 543.746 34,449 1.811,035 N•t book valu• At 31 De￿rnb8r 2024 100 1.232.740 $43.746 34.449 1,811,035 At 31 O¢cember 2023 1. 133.605 512.683 37,369 1.683.757 18. D•btors 2024 2023 Du¢ within one year Trade debtor5 Othef debt¢rs PreP8￿MentS and accrued income 214.042 978.745 9.797 129,959 199,333 70, 793 1,202.584 340.085 Page41

THE Roy￿ WELSH AGRICULTURAL SOCIETY LlhllTED IA Company limlt•d by guaTanto•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19. Cr•dltors'. Amounts falllng du• withln on• y•ai 2024 2023 Trade credilws Amounts owed to grovp undertakings Olher laxalion and social seojrity Other creditors Ac¢ru•ls an¢J deferred inco 102.327 100 30.362 297.751 174,Q14 24?,043 100 59,867 21,215 174,927 604,S54 497, 752 2024 2023 Oeferred income at 1 January 2024 Rq50W¢¢5 d•l•rr•d dunrg the year Amounts reloased Imm prewious penods 29,186 45.291 129.1861 29,518 29, la6 {29.518) 45.291 29, 186 Deferred income comprises sfv>w incoff￿. sponsorship and membership income fecoived in advance which ￿lateS lo luture periods. Page 42

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITEO IA company limit•d by guarnta•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20. Sts1om•nt ol fund$ Slatemont •f fvnd$- curr•nt y•ar 6alan¢• at 31 Gaingl Decembgr (Loss•sl 2024 January 2024 Trnsl•vs inlout Incom• Exp•ndltur• Unr•strlct•d funds Deslgnated furtds Fixed a$5el lunds Showground sile reinvestment 9.732.822 1431,712) 107.034 9.408.144 231.711 231.711 Legacy- Gapital projects 51.523 1,006 52,529 10.016.056 1.006 {431.7121 107.034 9,692,384 Gen•ral fund$ Genèro1 funds- all funds 1.945.703 7.715.063 {6.751.0461 (190.7251 74.197 2.793,192 Total Unrèstr5Cted funds 11.961.759 7.716.069 17,182,758) 183.691 74.197 12,485,576 Pag¥ 43

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA ¢ompany Ilmlt•d by gua¢ant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 DECEMBER 2024 20. Statem•nt of lunds l¢ontinuwl) Endowm•nt funds Eira Francis Oavi•s legacy 235.OQO 235,QOO Restrfcted funds F83tur• county funds County lund$ hekl byAdwsory Commitlees Shearing Committee Prize funds from legaoes Eirn Francis Davies Legacy Glamorgan Rural Leadership Prograrnme CARAS Fund Da8 Summer Show Soaety Maslerplan 982.817 26.029 {102.7811 37,746 943,811 199.233 232.580 133,312) 19,245 417.746 62.693 2.39fj 117.527) 21.385 68.947 20,486 20.466 200.000 35.000 1235,0001 70,320 17.024 (37,746} 32.574 13.891 14.309 (3,1 331 2S.000 35.OQO 119.1391 13S.000) 10,032 {10.032 1,552,S73 366.037 1255.537J {151.309) 1.511.764 Total of lunds 13,514,332 8.082,106 (7.438,2951 74,197 14,232.340 Page 44

THE ROYAL WELSH AGRICULTURAL SOCIEfY LIMITED IA company limit•d by guarantwl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 0ECEM8ER 2024 20. Statement of funds Icontlnu•dl Statement of funds- prfor y•ar Balanc• al 31 December 2023 8olance 81 1 January 2023 Transle irvout Gainsi (Losses) lrtcome ExpMdrfur• Unrestrkt•d lunds DesSgnated funds Fixed 8$5el lunds Investment fund Showground site reinvestment 9,654.574 1.381.548 91,720 89.426 (412.488) 399,016 (1.470,974) 9. 732,822 225.000 6,717 231.711 Legacy- caFMtal prolects 50.000 1.523 51,523 11.311. 122 189.380 (412,488) (1,071.958) 10.016,056 G•n•ral funds General funds- all ￿ndS 376.668 6.395,271 (6:3T5.775) 7,502.609 46.930 1,945. 703 Total Unréstrictèd fund$ 11,687.790 6,584.651 (6 788,263) 430,651 46,930 11.961, 759 Page 45

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED (A company limit•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20. Slalgm•nt ol funds l¢ontinu•dl R•strict•d lunds F•aturo ¢OUrtty lunds 868,083 336.865 (222 131) 982.817 County lunds held by Advisory Committees Shearing Commirtee Piize lunds from legaeies Eira Francis Davies Legacy Glarnorgan Rural Leadgrship Programme CARAS Fund Grènts 405,927 1.826 (208.520J 199.233 67,021 11.627 (15.955) 62,693 21.230 (1.594) 30,486 200.000 8fj.938 (16.6181 (12.7361 (14.967) TO,320 17,024 29, 760 14.967 1.649. 199 395.895 (61,870J (430.651) 1,552.573 Total of funds 13.336,989 6,980.546 {6.850, 133J 46,930 13,574,332 Page 46

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2024 2LI. Statem•nl of funds l¢•ntlntsedl Oesi nated Fund5 Fixed asse¢ lund This fund rwesents Ihe net l)(K&k value of Ihe Charity's fixed assets. Show9round sito r•invstm¢nt rh15 lund represenis the pr<xeeds of sale Irom Wemlawr farmhouse which will be rèinvestèd in the showground. Legacy This fund rewesents a legacy twuoaihed lo the Charity durin9 2021 ILY capilal projecls. Restricttd Funds Feature County funds and eounty funds held by Advisory Committees These a￿ funds raised io spenl as directed. Funds spenl during Ihe year on solar panel project and water mains refurbishmenl. Shearing Commlttee These are funds raised at committee level lor exisiln￿fvt￿re Shearing Committee proj￿15. Prize fund from lègaeles Thesè funds relate io legacies receNed to be US￿ towards the awdin9 of pnzes during the Royal Welsh Show. Glamorgan Rural Leadershlp Programme Funding received towards the Rural Leadership programme. CARAS The fund is held and managed 5pecifiGaNy lor Ihe Royal Welsh Agricullural Society activities COMeGted with the Council for Awards of Royal A9riCLtllural Soo"eiie5. Da Byw These a￿ lunds relaling to the management ol U)e Da Byw Suslainabk Livestock Conferences. Endowed funds Eira Francis Davies Le9aCy Legacy income received from the eslaiè ol Mrs Eira Francis Davies. which is lo be invesled and used lowai*Js bursaries. Pag¢ 47

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITEO IA Company limitèd by guarant•el NOTES TO THE FINANCI￿ STATEMENTS FOR THE YEAR ENDED 31 OECEM8ER 2024 21. Analysls ol n•t asmts ts•lw￿n funds Aft•ly$ls •1 n•t as$•ts b•tW•8n Ivnds- curr•nt period Endgwm•nl R•$tri¢t•d Unr•strlded funds tund$ funds 2024 3024 2024 Total funds 2024 TangiNe fixed assels Inlangible fixed assets Fixe¢J assei Investm8nts Current assets Credriors due vilhin or JEar 9.372.908 9.372,908 35.236 35,236 1,811,035 1.811,035 1.870.951 3.617,715 {604,5541 1604,5541 235.000 1.511.764 Tot•1 235,000 1,511,764 12,485.576 14.232,340 AnalysFS of n•t ass•ts b•tw••n furtds - prior pgriod R8Strictèd Unreslric16d fuftds ftmds 2023 Tol81 funds 2023 2023 Tan9ible fixed assets Intang￿le fixed assets Fixed as￿1 Invest￿nts Curreni assets Cfedrttys due wrthin one yèar 9.696,298 36.525 1,683,757 1.042,331 1497, 152) 9.696.298 36.525 1.683, 757 2.594,904 (497, 1521 1,552.573 Total 1.552.573 11,967, 759 13.514,332 Pagè 48

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED (A company limited by yuaranteel NOTES TO THE FSNANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 22. Rè¢on¢lllatlon of nei movtffient in funds to nel cash flow from operalln9 attlvltlès 2024 2023 Nel income for the period las per Statement of Financial Acliwbe51 718.OOB 177.343 Adjustments lor.. Depreciation tharges Arnortisaiion charges Losses on investments Dividends. inleresls and ￿nts Irom irbveslmenls L05s on the sale of fiyed a55ets Oecre85ellinryea5el in deblors In¢￿ase in ¢reditors 423,261 8,451 16.3401 1123.6681 412.488 7.735 150. 7671 (101.6851 188 415,801 60,648 {862.4991 107,402 Net cash pro¥ided by operating activitles 264,615 921, 757 23. Analysis of ¢ash and ¢ash èquivalents 2024 2023 Cash in han 2.41S.131 2,254.819 Total cash and cash eguival•nts 2.415,131 2,254,819 24. Anatysis of change5 in net debl At1 January 2024 Cash flows At31 O•cember 2024 Cash at bank and in han 2.2S4.819 160.312 2,415,131 2.254.819 160,312 2.415,131 Page 49

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA ¢ompaAy limit•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 25. Contin9ent assets The charity is in Ihe wocess oi finalisiNJ VAT redaims for the years 2022-2024 Idlowing the recent upper Tribunal case ruling Ihal adMisS￿n lees were w exempt supply for VAT purposes. The repayynenl is arnlicipatetj to be in the region of £88.000 net ol consultsni's fees. 26. P•nsion commitmènts The Chanly operates a delined cmlnbution Pensi￿ stheme. The assets of the scheme are held separately Irom those of the Charity in an indepeThlenUy adminisiered fund. The pension cosl charge represenls conlrtbutions payable by the Charity to the fund and amounted to £58.692 12023.. E55.2421. E9.015 12023.. £7,781) was payatye to Ihe fu￿1 at Ihe balance sheel date and is included in other creditlY5. 27. Operatiri9 lease commitments The Charity had no commitmenls urmler nOr￿n￿lL1b1e operating leases al 31 Decernber 2024. Relatèd party transactions R.W.A.S Enterprises Limited is a wholly owned subsidiary of the ChaiTty. The Company was made dormant on 31 Decernber 2017 and all ol Ihe a5seis and Iiakn"litle5 of the company were transferred to the Charity on this ¢Jale. The balance due lo R.W.A.S Ente￿riStS Limited a5 al Ye￿ end was £100 12023-. E1001. The Charrty has not entere(l Trito any olher relaied pty tran5aclioft durin9 the year. nor art the￿ any oulslanding balances thing between relaled palties and Ihe Charity al 31 0￿ernber 2024. Page 50

THE ROYAL WELSH AGRICULTURAL SOCIETY LIMITED IA company limit•d by gU￿an￿OI NOTÉS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DE¢EM8ER 2024 29. Prlnclpal subsldlarles The folk>wir@ was a subsidiary undertaking of Chariiy. Nam• Company nuM￿r Aeg15t¥r¢d offi¢0 or pr4n¢lpal Prlncipal ¥¢tivlty place of Im￿1n0$S R.W.A.S Enlerpris•s Limited LN)885040 R.W.A.S Headquarters, Uan•iw•d¢J. Buith Wells. P￿, LD2 3SY. Oomianl Class of shar•s Inelud•d In ¢onsolidatlon Ordinary shares 100% No The linancial of Iho subsidiary for the year ￿re.. Nam• Nèt as$¥ts R.W.A.S Enlerprises knmiied 100 Page 51