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2023-09-30-accounts

Registered number: 01775897 Charity number: 288595

SUFFOLK AGRICULTURAL ASSOCIATION

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

SUFFOLK AGRICULTURAL ASSOCIATION

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1 - 2
Trustees' report 3 - 10
Independent auditors' report on the financial statements 11 - 14
Consolidated statement of financial activities 15
Consolidated balance sheet 16 - 17
Charity balance sheet 18 - 19
Consolidated statement of cash flows 20
Notes to the financial statements 21 - 45

SUFFOLK AGRICULTURAL ASSOCIATION

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Trustees RJ Baker (S) (A), Chair
PD Over (S), Vice Chair
BW Kerr
SP Tucker (S) (I) (R) (A), Treasurer
SA Bendall BEM (N) (E) (E)
EJ Kemball (N)
JLE Long (R) (resigned 28 February 2023)
EC Morton (S) (N)
K Sharpe (I) (A) (R)
JM Taylor (S) (N) (E) Show Director
TMP Donsworth (S), Show Director Elect (from 25 July 2023) (appointed 25 July
2023)
JM Dinwiddy (R) (appointed 28 February 2023)
W Hargreaves (appointed 12 September 2023)

Members of committees:

(S) Denotes membership of the Show Committee (R) Denotes membership of the Risk Committee (I) Denotes membership of the Investment Committee (A) Denotes membership of the Audit Committee (N) Denotes membership of the Nominations Committee

Company registered
number 01775897
Charity registered
number 288595
Registered office Trinity Park
Felixstowe Road
Ipswich
Suffolk
IP3 8UH
Chief executive officer PHP Ainsworth
Independent auditors Larking Gowen LLP
Chartered Accountants
1 Claydon Business Park
Great Blakenham
Ipswich
IP6 0NL
Bankers Barclays Bank plc
1 Princes Street
Ipswich
Suffolk
IP1 31PB

Page 1

SUFFOLK AGRICULTURAL ASSOCIATION

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Solicitors

Birketts LLP Providence House 141-145 Princes Street Ipswich Suffolk IP1 31PB

Page 2

SUFFOLK AGRICULTURAL ASSOCIATION

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023

The Trustees present their annual report together with the audited financial statements of the Suffolk Agricultural Association (the "SAA") for the 1 October 2022 to 30 September 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Charitable aims

The objects of Suffolk Agricultural Association, as set out in its governing document, are:

a) to promote and encourage the advancement and improvement of agriculture (including forestry, horticulture, food production and all allied occupations) whether through the development of skills and techniques or research, and the dissemination of knowledge of such skills and techniques or research both as to the methods of husbandry and the use of science and the use and development of agricultural implements and machinery, the application of land management, marketing and conservation and the development of new agricultural products including renewables.

b) To hold regular agricultural shows provided that the Association shall not be obliged to hold a show in any year if Trustees of the Association shall resolve otherwise.

To achieve this charitable aim the Association stages the Suffolk Show and other events, such as the Suffolk Farm Business Competition, Suffolk Farming School of the Year, the School Farm & Country Fair (SFCF), Food and Farming Student Day and Tractors in Schools and conferences. When organising such events, the Association ensures that they embrace, promote and advance agricultural education and best practice, provide training opportunities, and include elements of entertainment and enjoyment, with the overall aim of contributing to the wellbeing and prosperity of Suffolk.

Our vision is for a county community that fully understands, values and appreciates a sustainable agricultural industry and as an organisation be nationally recognised as progressive, influential and highly regarded.

Our purpose is to encourage and facilitate positive engagement between the public and those working in food, farming and the countryside.

Our Key Strategic Aims include :

Page 3

SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Objectives and activities (continued)

contribute to the growth of the rural economy through inspiring particularly younger people to explore the wide range of careers the sector offers.

b. Public benefit

The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing their aims and objectives and in planning their future activities. The section entitled “Achievements and Performance” below identifies and explains the various activities undertaken, many of which are specifically directed at young people in Suffolk, with a view to enhancing their knowledge about farming and the source of their food. To enhance this message, children under 15 have been admitted to the Suffolk Show free of charge since 2015.

The SAA continues to work with different communities in the county and nationally to offer free trade stand space and/or grants to organisations such as Suffolk Sports, Scouts, Girl Guides, Suffolk Rural, Suffolk New College, West Suffolk College, the Army, Royal Navy and the Royal Air Force, Suffolk Young Farmers Clubs, Suffolk Horse Society, Suffolk Punch Trust, Suffolk Wildlife Trust, Suffolk Fire and Rescue Service, St John’s Ambulance, Colchester Poultry Club, Suffolk Bee Keepers, East Anglian Wine Growers, the Suffolk Community Foundation, The Green Light Trust and Suffolk Wildlife Trust. For the second time the Show also welcomed members of the United States (US) Air Force who worked collaboratively with their UK counterparts. The Show also reflected the coronation of the King and Queen on 6 May 2023 by commissioning new gates to mark the occasion.

Achievements and performance

The Association ran a number of education activities aimed at primary and secondary school pupils, including Agricultural Apprentice of the Year (the winner was Callum Hayes, the runner up Archie Keenan).

In March the Association hosted a virtual Farming Conference welcoming 104 delegates. The conference theme was 'Challenge, Change and Opportunity' and was introduced by Dr Thérèse Coffey MP, Secretary of State for Environment, Food and Rural Affairs. This virtual event will be run every two years.

As well, the Association was able to hold its annual School Farm and Country Fair (SFCF) in April welcoming 3,917 children and the Duchess of Edinburgh as its royal visitor, the first time the event had been supported this way.

In June and July two farm visits were organised welcoming over two hundred children.

Page 4

SUFFOLK AGRICULTURAL ASSOCIATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Financial review

a. Introduction

With Covid behind us the year looked more promising. However, the economic conditions exacerbated by the situation in Europe impacted in other ways, for example a near tripling of utility costs. The investment portfolio value reduced and the cost of borrowing increased. That said, whilst acknowledging the income and expenditure account shows a deficit and that the cash position has deteriorated since the prior year, the business has traded with confidence.

The Show was more reflective of the 2019 event (rather than the 2022 bounce back from covid year additionally boosted by the Platinum Jubilee events at that event). Of most note was the cost increase in a number of key areas - marquees, food and utilities.

Trinity Park Events Limited ("TPEL") continued to trade positively and had a successful Christmas Party season. However, the impact of inflation on operating costs, and a reduction in sales of alcohol at events resulted in a small loss. At the time of signing these financial statements, the outlook for TPEL for the year ended 30 September 2024 is looking more positive."

Education activities went to plan and were successful, not least the SFCF which, for the first time in its history, welcomed a royal visitor, The Duchess of Edinburgh. A full time education officer took up post in early April enabling us to push forward with plans to strengthen our core education offerings as a charity.

Recognising the challenges ahead much is being done to further diversify into revenue making opportunities that can provide year round additional income streams and as well explore schemes that can reduce expenditure. An example is the Ipswich Croquet Club, now operational, occupying c1.5 acres of land, who have agreed a tenancy with us for the next 25 years.

In the year, the maximum cash negative position was £700,129 (2022: £363,000), the overdraft facility is £750,000.

The prospects for the Suffolk Show in 2024 are positive with planning for the event already underway. Tickets went on sale in November 2023.

b. Operating results

Total consolidated income achieved £3,170,608 (2022: £2,986,121), total expenditure was £3,789,609 (2022: £3,306,490). The SAA maintains tight control over its costs to ensure that it continues to offer value for money. The SAA’s consolidated balance sheet remains strong with net assets of £11,590,449 (2022: £12,175,043), still providing a secure base for the Association in the future.

c. Capital investment

The Association continues to invest in capital expenditure that is necessary for discharging its operations in an efficient manner. Investment this year included refurbishment of the old Cups and Trophies room, which is now let to a tenant.

d. Trinity Park Events Limited (TPEL)

The Association’s specialised conference and events centre at Trinity Park provides a vehicle to diversify income for the Association with the aim of supporting its charitable activities. TPEL performed largely as anticipated but the impact of inflation, particularly on alcoholic drinks resulted in reduced sales.

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SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Further investment has been made in the audio visual facilities in the main events centre enabling a separate income stream to be charged. As well, a local conferencing facility (a direct competitor) has decided to withdraw from offering such facilities which is seen as an opportunity for the Association. Whilst food and drink wholesale costs continue to place pressure on margins the hope is that inflation reduces in the coming year, making judgments about pricing points a little more straightforward to determine.

e. Investment property

The two residential properties, tenanted on a long-term basis, were professionally reviewed regarding their market value. They are carried in the Balance Sheet at their year-end value of £845,000 (2022: £890,000). This resulted in an unrealised loss of £45,000 (2022: gain of £40,000).

f. Investments

The Association has a portfolio of investments which was originally established from the proceeds of sale of portions of land, the biggest being in 2001. The investments are held to provide a return on the Association's retained reserves, and to generate income for its principal charitable activities. The Association’s policy is to appoint authorised, professional investment managers who are regulated by the FCA to manage its portfolio and the Trustee Board has delegated investment decisions related to its portfolio to its Investment Committee. The investment objective over a three-year horizon has been to generate a total annual return of 3.5% above the Consumer Price Index (CPI) (in the financial reporting period, the managed portfolio made total realised and unrealised gains of £79,407).

The Association appointed Sarasin & Partners LLP (“Sarasin”) as investment manager in 2012 and the majority of the SAA’s portfolio is held in the Sarasin Endowments Fund Income class (“the Endowments Fund”), an open-ended collective investment scheme approved by the Charity Commission exclusively for investment by charities.

The Sarasin Endowments Fund had approximately £2.1 billion of assets under management as of 30 September 2023. During the year to 30 September 2023 the Sarasin portfolio returned (total return, net of fees) 6.5%. The income the SAA received from the portfolio was below the previous year. In the 11 years since Sarasin took over the contract to manage the investments, the portfolio achieved a total return of 105.2%, against the Sarasin composite index benchmark return of 127.3%. Given the recent rise in inflation and the sell off in equity and bond markets the portfolio is now broadly in line with the SAA’s long-term target.

The SAA’s previous investment manager, Schroder & Co Ltd (“Schroders”) continues to oversee the management of holdings in two collective investment schemes branded Schroder Private Equity Fund of Funds (SPEFoF) which are in the process of closing and paying back funds to investors. The two SPEFoF funds made distributions during the year totalling £99,365 (2022: £95,811) which were transferred to the Ruffer Fund (see below). The Schroder portfolio of private equity funds, where the valuations are prepared on a six-monthly basis, contracted by 2% during the financial year.

With effect from January 2018, the Trustee Board resolved to diversify the Association’s overall portfolio by investing the SPEFoF distributions into the Ruffer Total Return Fund (the “Ruffer Fund”). This fund had £2.8 billion under management as at 30 September 2023 and is managed on an absolute return orientated basis with the objective of achieving positive returns in all market conditions over any 12 month period. In the year ended 30 September 2023, the Association’s holding in the Ruffer Fund grew to £882,273 (2022 - £807,553) and achieved a return of 10%.

There were unrealised gains in the portfolio of £64,664 (2022 losses of £397,077). The unrealised gain compares the market value of investments at the year end to the net book value as at 30 September 2023. These investments have not yet been sold.

Page 6

SUFFOLK AGRICULTURAL ASSOCIATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

The Association’s investment policy required the investment committee to carry out a full assessment process of its asset managers after 10 years. The existing arrangements had been extended by one year due to uncertainty in the economy. However, the Board took the decision, to retender management of Sarasin and Ruffer parts of the portfolio.

After due process CCLA was selected to manage the funds from 1 October 2023 that Sarasin and Ruffer had had under management to end September 2023. The Private Equity funds were not included in the retender process as the Association is unable to withdraw its capital until the funds have been wound down, which is currently expected to complete in 2025.

g. Reserves policy

At 30 September 2023, the Association had total funds of £11,590,449 (2022: £12,175,043) comprising general funds of £5,837,816 (2022: £6,121,870) and designated funds of £5,752,633 (2022: £6,053,173). The Association did not hold any restricted funds in either year.

The Association’s policy is to maintain free reserves (that is funds not designated) at a level to provide sufficient income to underwrite any potential deficits. In May 2023 the Trustees assessed that a total of £6,100,000 would cover any/all risks (calculated by assessing the likelihood of the risk occurring and the maximum financial impact of the occurrence) should they occur in a single year period.

At 30 September 2023 the total free reserves amounted to £5,837,816 (2022: £6,121,870). Trustees recognise reserves have fallen below the target level by £262,184, and are working to restore the reserves by diversifying income streams and managing costs.

h. Remuneration policy - key management personnel

The Trustee Board (all unpaid) assess and approve cost of living increases, where appropriate, annually.

i. Market value of land and buildings

Included in the financial statements, the land and buildings are stated at cost to ensure these financial statements are not subject to the significant fluctuations of property markets, except for the investment properties which are valued at the year-end market value by an approved agent.

j. Charitable contributions

£39,392 was expended in support of other charities (2022: £31,199). The principal benefactors were other charitable organisations who were offered exhibitor space at the Suffolk Show.

Structure, governance and management

a. Constitution

The Suffolk Agricultural Association is a company limited by guarantee and governed by its Memorandum and Articles of Association dated 5 May 2021. Under Section 60 of the Companies Act 2006 it is exempt from the requirement to use the word ‘limited’ after its name. It is registered as a charity with the Charity Commission. Subject to the approval of the Trustees, membership is open to all and at 30 September 2023 there were 1,873 (2022: 1,697) members, each of whom has agreed to contribute £1 in the event of the Charity winding up.

Page 7

SUFFOLK AGRICULTURAL ASSOCIATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Structure, governance and management (continued)

b. Trustee board

The Trustee Board has control of, and responsibility for the assets, affairs and general policy of the Association. It has between eight and twelve individuals who are the Trustees and Directors of the Association. Up to ten members of the Trustee Board are nominated by the Nominations Committee and ratified by Council and may serve up to two periods of three years and thereafter may stand for re-election on an annual basis for a maximum of four more years in total. In addition, the Trustee Board may co-opt, up to two members of the Association to be Trustees; one such position was filled during the year.

The Trustee Board must meet at least six times each year. In the year ending 30 September 2023, the Trustee Board formally met on seven occasions. A quorum for Trustee Board meetings is 50% of its members and decisions are made by a simple majority of the votes cast.

The Trustee Board operates through a number of committees which report to, and are chaired by members of, the Trustee Board. These committees are: the Education Committee which meets twice per year, the Show Committee, which meets at least five times a year and is responsible for the organisation of the Suffolk Show; the Investment Committee, which appoints independent investment managers to monitor the performance of the portfolio meeting at least twice per year, the Audit Committee, which meets at least twice a year and the Risk Committees, which meets annually. The Board of Directors of the Association’s wholly-owned subsidiary, Trinity Park Events Ltd (TPEL), met once independently in the year in addition to attending the SAA/TPEL joint Board meetings. The TPEL Board is chaired by the Chairman of the Association.

The Chief Executive continues to provide weekly update reports to both the Trustees and TPEL Directors. As well, a senior management team comprising the Chairman, Vice-Chairman, Treasurer, Show Director, Chief Executive, Finance Officer and TPEL lead manager met regularly to proactively manage material issues.

c. Trustees' induction and training

On appointment, Trustees are provided with induction training. Trustees received update training as to matters of relevance to the charity sector from their auditors and the Trustee responsible for governance in February 2023 and were provided with additional information about revised Charity Commission guidance during the year.

d. Council

Council is a forum for debate and the primary channel for encouraging volunteers and ensuring the goodwill and continuity of the Association. Council consists of up to 60 elected members (currently 46), 8 co-opted members, 20 Honorary Life Vice Presidents, 17 Senior Stewards and the SAA Trustees. Elected members of Council are nominated by the Nominations Committee, approved at the AGM and serve for an initial period of five years.

The Trustee Board consults Council on significant matters e.g. investment in new facilities, the main objects of the Association or the general strategic policies of the Association.

e. Nominations committee

Under the SAA's Rules the Nominations Committee is chaired by a past Chair of the Association and is independent of both the Council and the Trustee Board.

The Nominations Committee comprises the Chair and:

Page 8

SUFFOLK AGRICULTURAL ASSOCIATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Structure, governance and management (continued)

The Nominations Committee is responsible for recommending candidates for:

a) membership of the Council, including co-opted members, and of the Trustee Board;

b) the appointment of the Chair and the Vice Chair, the Treasurer, the President Elect and the Honorary Life Vice Presidents; and

c) endorsement of the appointment of the Show Director (as recommended by the past Show Directors).

The Nominations Committee also, on an annual basis: a) assesses the performance of the Chair;

b) monitors the Trustee Board’s review of its performance; and

c) monitors the training of Trustees.

f. Third party indemnity provision for Trustees

The Association has purchased Charity and Charity Trustees Indemnity Insurance which protects the Charity and its subsidiary from loss arising from the neglect or default of their Trustees/Directors and employees, and Trustees/Directors from costs if negligence or default is wrongly alleged.

g. Related parties

The Association, in carrying out its principal activities, has undertaken transactions with related parties. All transactions were carried out on an arm’s length basis and are summarised in the accounts.

h. Risk management

The Trustees have created a Risk Committee, which annually reviews the risks that the Charity may face and is required to review the establishment and implementation of systems and procedures to mitigate the risks identified. While a number of risks have been assessed and are regularly monitored, those having an impact on the Suffolk Show are likely to have the most financial consequence.

Since the cancellation of the second day of the 2012 Show due to high winds, incurring a financial loss in the region of £0.5 million, the Association has placed insurance with Lloyds syndicates to mitigate similar losses at future Shows. The insurance policy covered a number of risks that, in addition to bad weather, could cause cancellation or abandonment of the Show, including communicable diseases in animals.

i. Governance

The Trustee Board is responsible for the SAA's activities, and decisions on all key issues are taken by the Board. It has delegated some day to day and monitoring activities to the Show Committee, the Education Committee, the Audit and Risk Committee, the Investment Committee, and the Health and Safety Committee. In addition, a Management Committee meets regularly to deal with operational matters. The Board has oversight of it's subsidiary, TPEL, through joint Board meetings throughout the year, and via Trustees who also sit on the TPEL Board. One Trustee has been designated with oversight of Governance matters.

Page 9

SUFFOLK AGRICULTURAL ASSOCIATION IA Company limltèd by guaranteel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Structure> governance and managèm*nt {¢ontinuedl . Volunte¥r8 The Association continues to be very grateful for the oulslanding voluntary contribution, Ic600 individuals during the yearl of particularly the [￿n TTU5tee committee members, those on Council and the many individuals o provide support and act a3 Stewards in the staging of evènts, parb"cularly the School Farm and Counlry FaSr and Suffolk Show. Dl8cloBure of Informatlon to audltor8 Each of the persons who are Truglèes al the time when this Trustees, ¥&port is appToved has confirmed Ihal.. so far as that e8¢h Trustee is aware, there is no relevant audll Information ol which the charitable group3 auditors 8re unaware, ar th81 each Trustee has taken all the steps that ought lo have been taken as a Trustee in order to be aware of any relevant audit inform81ion and lo establish that the tharitable group's auditors are aware of that infomiation. Stat•m•nt of Trustees. responsibilities The Trustee5 Iwho are also the directors of the Charity for the purposes of company lawl are re8ponsible for preparing the Trustees, report and the financial slalements in accordance ￿1th applicable law atyj Uniltrd Kingdom Accounting Standards Iuniled Kingdom Generally Ac￿pIe￿ Accounting Practice). Company law requires the Trustee8 to prepare linancial slalements foT each financial year. Under company law, the Trustees rnusl not approve th¢ finan¢ial $lalemenls unless they are satisfi8d that they give a true and fair view of the state of 8ffaiis of the Group and the Charity and of thèir incoming resources and appli¢alion of resources, including their income and expenditure. for that p&riod, In preparing these financial statemènts, the Trustees are required lo.. select suitable accounting poliaes and thèn apply them consislenlly., observe the methods and princlples of the Charities SORP IFRS 1021.. make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been followed, subjeet lo any malerlal departures disclosed and explained in the financial 8lalements,' prepare the financial statements on the 9olng ￿n¢eTTr ba￿S unless it is inappropriate lo presume that th& Group wll Gontinue in business. The Trustèès are responsible for keep'ng adequate accounting re¢Nds that are sufficient to show and explain the Group and the Charity's transactions and (Jisc1050 with reasonable accuracy at any Ilme the financial position of the Group and tha Charity and enable them lo en511re that the financial stslemenls comply wlh tha Companies A¢t 2006. They are a130 responsible for safeguarding the assets ol the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board ol Twsl&e8 and signed on their behalf by.. RJ Baker Chaliman Dale.. 51" 2oiitr Page 10

(A company limited by guarantee)

SUFFOLK AGRICULTURAL ASSOCIATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUFFOLK AGRICULTURAL ASSOCIATION

Opinion

We have audited the financial statements of Suffolk Agricultural Association (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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(A company limited by guarantee)

SUFFOLK AGRICULTURAL ASSOCIATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUFFOLK AGRICULTURAL ASSOCIATION (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 12

(A company limited by guarantee)

SUFFOLK AGRICULTURAL ASSOCIATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUFFOLK AGRICULTURAL ASSOCIATION (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Those standards require us to comply with the Ethical Standard 2019 issued by the Financial Reporting Council (FRC). We have taken advantage of exemptions applying to the audit of small entiies in section Section 6.11 of the Ethical Standard in providing the non-audit services described in note 27.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Due to the field in which the group- operates, we identified the following areas as those most likely to have a material impact on the financial statements: healthy and safety; employment laws; GDPR, and compliance with the UK Companies Act and charity law and regulations.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 13

SUFFOLK AGRICULTURAL ASSOCIATION IA company limited by guarantsg) INDEPENDENT AUDITORS. REPORT TO THE MEM8ERS OF SUFFOLK AGRICULTURAL ASSOCIATION ICONTINUEDI Use of our report This report is made solely to the charitable company's members. as a ly)dy. in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and lo the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 21X)8. Our audit WOTk has been undertaken so that we might slale lo lh8 charitsble company's members those matters we are required lo stsle lo them in an Auditors. report and for no other purpose To the fullest extent permitted by law. do not awl or assume responsibility lo anyone other than the charitable company and ils memL*rs, as a body, for oui audit work. for this rewrt, or for the opinions have formed. LLP Graham Mum ry FCCA (Senior statutory auditor) for and on behalf of Larking Go￿n LLP Chartered Accountants Slatulory Audrtors 1 Claydon Business PaTk Great Blakenham Ipswch IP6 ONL eejaw tm4 Pa9e 14

SUFFOLK AGRICULTURAL ASSOCIATION

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
7
Other income
Total income
Expenditure on:
Raising funds
8
Charitable activities
Total expenditure
Net expenditure before net gains/(losses) on
investments
Net gains/(losses) on investments
15
Net movement in funds before other recognised
gains/(losses)
Other recognised gains/(losses):
Other (losses)/gains
14
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
182,857
1,803,588
1,042,689
141,474
-
3,170,608
991,922
2,797,687
3,789,609
(619,001)
79,407
(539,594)
(45,000)
(584,594)
12,175,043
(584,594)
11,590,449		 Total
funds
2023
£
182,857
1,803,588
1,042,689
141,474
-
3,170,608
991,922
2,797,687
3,789,609
(619,001)
79,407
(539,594)
(45,000)
(584,594)
12,175,043
(584,594)
11,590,449		 Total
funds
2022
£
178,550
1,682,784
984,462
130,658
9,667
2,986,121
687,961
2,618,529
3,306,490
(320,369)
(382,799)
(703,168)
40,000
(663,168)
12,838,211
(663,168)
12,175,043

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 21 to 45 form part of these financial statements.

All income, expenditure, gains and funds were unrestricted in the prior year.

Page 15

SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee) REGISTERED NUMBER: 01775897

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2023

Note
Fixed assets
Tangible assets
13
Investments
15
Investment property
14
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
22
Creditors: amounts falling due within one
year
18
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Total net assets		 22,565
141,085
21,870
185,520
(1,238,295)		 2023
£
7,144,740
5,133,289
845,000
13,123,029
(1,052,775)
12,070,254
(479,805)
11,590,449		 24,075
239,710
37,648
301,433
(669,045)		 As restated
2022
£
7,235,166
5,052,094
890,000
13,177,260
(367,612)
12,809,648
(634,605)
12,175,043

Page 16

SUFFOLK AGRICULTURAL ASSOCIATION IA company Ilmlt•d by guarantee) REGISTERED NUMBER: 01775897 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2023 As restated 2022 2023 Note Charfty funds Unrestrlcled funds Designated funds General funds 20 20 5.752.633 5.837,816 6,053, 173 6, 121,870 Tot81 unrestrided funds 20 11.690.449 12. 175,043 Totsl funds 11.590,449 12, 175,043 The Trustees acknowledge their responsibilitiès for complying wlh the requirements of th& Act wlh respect lo a¢wunliny records and preparation of financial statements. The financial statements havo been prepared in a¢¢ordance wlh the wovisons applicabl& to $ntilies 3ubject lo the small comp8ni8s règime. The financial slalements were approved and authorised for Issue by the Trustees and signed on their bèhalf by.. RJ Bak•r Chairman Dale. S i"cfdwAffjY £o£itr The notes on pages 2110 45 fomi part of these linancial slatemenls. SP Tuekèr Tr888urer Page 17

SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee) REGISTERED NUMBER: 01775897

CHARITY BALANCE SHEET AS AT 30 SEPTEMBER 2023

Note
Fixed assets
Tangible assets
13
Investments
15
Investment property
14
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Total net assets		 701
32,566
4,173
37,440
(1,264,393)		 2023
£
7,144,740
5,533,291
845,000
13,523,031
(1,226,953)
12,296,078
(453,972)
11,842,106		 52
69,568
4,484
74,104
(634,510)		 As restated
2022
£
7,235,166
5,452,096
890,000
13,577,262
(560,406)
13,016,856
(598,772)
12,418,084

Page 18

SUFFOLK AGRICULTUFiAL ASSOCIATION IA company limited by guaranteol REGISTERED NUMBER: 01775897 CHARITY BALANCE SHEET ICONTINUEDI AS AT 30 SEPTEMBER 2023 As restated 2022 2023 Note Charlty funds Unrestricted funds Designated funds General funds 20 S,762,633 6,089,473 6,053, 173 6,364,911 Total unrgslrlcted funds 11,842,106 12,418,084 Total funds 11,842,106 12,418,084 The Charity's net movement In funds for the year was £1575.9781 (2022- £(647, 101J). Thè TnJ$tees ackn￿￿edge their responsibilitiès t(>r complying with the r&quir8m&nls of the Act wlh respect lo accounting record$ and p￿paratI¢fi of financial statements. Thè financial slalemenls have been preparéd in a¢¢ordance wth the provisions 8pplic8ble lo enlilies subject to th& small companies regime. The financial slalemenls were approved and aulhori$ed for issue by the Trust88s and si ned on their behalf by.. RJ Baker Chairman SP Tucker Treasurer Dale.. si £0£ The note8 on pages 2110 45 fomi part of these finanaal 8talemenl8. Page 19

(A company limited by guarantee)

SUFFOLK AGRICULTURAL ASSOCIATION

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from sale of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 21 to 45 form part of these financial statements		 2023
£
(299,934)
141,474
-
(210,117)
99,365
(131,037)
(100,315)
(89,667)
(89,667)
(489,916)
(163,896)
(653,812)		 As restated
2022
£
(502,806)
130,658
667
(1,181,993)
100,943
(115,092)
(1,064,817)
(70,192)
(70,192)
(1,637,815)
1,473,919
(163,896)

Page 20

SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. General information

Suffolk Agricultural Association is a private company limited by guarantee incorporated and domiciled in England and Wales, registration number 01775897. The address of the registered office is Suffolk Agricultural Association, Trinity Park, Felixstowe Road, Ipswich, IP3 8UH.

2. Accounting policies

2.1 Basis of preparation of financial statements

The Suffolk Agricultural Association (the “Charity” or the “Association”) is a company limited by guarantee incorporated in England and governed by its Memorandum and Articles of Association dated 5 May 2021. Under Section 60 of the Companies Act 2006 it is exempt from the requirement to use the word ‘limited’ after its name. It is registered as a charity with the Charity Commission. Subject to the approval of the Trustees, membership is open to all and at 30 September 2023 there were 1,873 (2022: 1,697) members, each of whom has agreed to contribute £1 in the event of the Charity winding up. The address of the registered office is given in the Reference & Administration Details on page 2 of these financial statements.

The nature of the Charity’s operations and principal activities are: (1) to promote and encourage the advancement and improvement of agriculture (including forestry, horticulture, food production and all allied occupations) whether through the development of skills and techniques or research, and the dissemination of knowledge of such skills and techniques or research both as to the methods of husbandry and use of science and the use and development of agricultural implements and machinery, the application of land management, marketing and conservation and the development of new agricultural products including renewables. (2) In pursuance of this purpose, to hold regular agricultural shows provided that the Association shall not be obliged to hold a show in any year if the Trustee Board shall resolve otherwise.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019. The Charity constitutes a public benefit entity as defined by FRS 102.

2.2 Group financial statements

These financial statements consolidate the results of the Charity and its wholly owned subsidiary undertaking, Trinity Park Events Limited, on a line by line basis. A separate Statement of Financial Activities and Income and Expenditure account are not presented for the Charity itself following the exemptions afforded by section 408 of the Companies Act 2006.

2.3 Going concern

The Trustees believe the going concern nature of preparation of these financial statements is appropriate as no material uncertainties exist. This is the result of the existence of sufficient fixed asset investments which are readily realisable and will enable the group to meet its liabilities as they fall due, for a period of at least twelve months from the date of the signing of these financial statements.

Page 21

SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. Accounting policies (continued)

2.4 Income recognition

All income is included in the Consolidated Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Members and Vice Presidents pay an annual subscription and may choose at any time to become a Life Member or Life Vice President. Life membership fees are recognised over a period of 20 years.

In line with the SORP (FRS 102), the notional financial value of services provided by volunteers is not incorporated into these financial statements. Their contribution is recognised in the Report of the Trustees.

Where services are provided to the Charity as a donation that would normally be purchased from suppliers, if material, these are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the Charity has control over the item. Fair value is determined on the basis of the value of the gift to the Charity. For example, the amount the Charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. The only such services were made by volunteers and were immaterial in value.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the Charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Recognition of any trading income invoiced in advance for events which will be held after the end of the financial year is deferred until the event has occurred.

As a result of its investment in solar panels in 2016, the Association receives Feed-in-Tariff income generated from the operation of those solar panels. The Feed-in-Tariff is a fixed fee paid by the government for each unit of electricity produced by the PV panels. This income is accounted for on a receivable basis.

Investment income includes any dividends and interest earned from the investment portfolio. As it is not practicable to identify investment management costs within the Sarasin Endowments Fund and the Ruffer Total Return Fund with reasonable accuracy, the investment income is reported net of these costs. Interest and dividend income accumulating within the Endowments Fund is paid to the Charity quarterly and is recognised on an accrual basis.

The Charity also receives rental income from properties owned by it; rental income is recognised as the Charity’s right to receive payment is established.

Page 22

(A company limited by guarantee)

SUFFOLK AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. Accounting policies (continued)

2.5 Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which the expenditure arose.

Grants payable to third parties are within the charitable objectives and are accounted for when the commitment arises.

Support costs allocation

Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure on the objects of the Charity. Where support costs cannot be directly attributed to particular headings they have been allocated to the cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources e.g. staff costs are allocated by estimated time spent and premises costs by space occupied.

The analysis of these costs is included in Note 9.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Page 23

SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets, excluding freehold land and challenge trophies are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

2.7 Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the Statement of Financial Activities.

2.8 Investments

The Association appoints asset managers regulated by the FCA to manage its investment portfolio. The majority of the portfolio (77% - 2022, 76%) is held in the Sarasin Endowments Fund, an openended collective investment scheme approved by the Charity Commission exclusively for investment by charities. Ruffer plc manages a smaller proportion of the portfolio in its Total Return Fund (17% - 2022, 16%). The Association also owns units in two private equity funds of funds managed by Schroders that do not pay dividends.

Investments are recognised initially at fair value, which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value being their market valuation as at 30 September 2023 as advised by the investment managers, Sarasin & Partners LLP and Ruffer LLP. The two private equity funds advised by Schroder & Co Ltd are valued as at the valuation date closest to 30 September 2023. Realised and unrealised gains or losses from the respective sale and revaluation of investments are recognised in ‘net gains / (losses) on investments’ in the Statement of Financial Activities.

The investment in the trading subsidiary is measured at cost.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

Page 24

SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. Accounting policies (continued)

2.9 Stocks

Stocks are stated at the lower of cost and estimated selling price and include bar stocks, food stocks and the unused value in the pre-paid postage meter. Cost is calculated using average cost. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.13 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.14 Pensions

The group provides a defined contribution pension arrangement, whereby the group and its staff each fund schemes managed by third party pension providers, the assets of which are held by the providers separately from the assets of the group. Contributions are charged to the SoFA for the year in which they are payable to the schemes. The group adopted Auto-Enrolment in respect of all relevant employees, including casual staff, with effect from 1 July 2014.

Page 25

SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. Accounting policies (continued)

2.15 Tax

The Association is an registered charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

2.16 Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the subsidiary’s taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

2.17 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for investment in tangible assets.

Investment income, gains and losses are allocated to the appropriate fund.

2.18 Critical accounting policies

In the application of the Group’s accounting policies, which are described in note 2, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The judgements, estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities are addressed below:

Investment property

The valuation of the investment properties is performed by a professionally qualified organisation which, at the year end, offers a fair and reasonable market value taking account of local factors. For further details see note 14.

Page 26

SUFFOLK AGRICULTURAL ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

3. Income from donations and legacies

Unrestricted
funds
2023
£
Membership fees
182,857
4.
Income from charitable activities
Unrestricted
funds
2023
£
Conference and educational income
49,590
Suffolk Show income
1,753,998
1,803,588
5.
Income from other trading activities
Income from non charitable trading activities
Unrestricted
funds
2023
£
Gross income from Commercial Trading
1,022,689
Rental Income
20,000
1,042,689		 Total
funds
2023
£
182,857
Total
funds
2023
£
49,590
1,753,998
1,803,588
Total
funds
2023
£
1,022,689
20,000
1,042,689		 Total
funds
2022
£
178,550
Total
funds
2022
£
76,533
1,606,251
1,682,784
Total
funds
2022
£
965,985
18,477
984,462

Page 27

(A company limited by guarantee)

SUFFOLK AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

6. Income from trading activities

The income and expenditure shown in the SoFA include those of the Charity's wholly owned subsidiary Trinity Park Events Limited. The subsidiary continues to promote the lettings and commercial utilisation of the Showground and Trinity Park facilities. The subsidiary donates all of its taxable profits to the Charity by Gift Aid which amounted to £Nil (2022: £Nil). A summary of the financial activities of the subsidiary are given below:

Gross income
Cost of sales
Gross profit
Administration expenses
Other operating income
Operating and retained profit/(loss)
The assets and liabilities were:
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year
Net (liabilities)/assets
Aggregate share capital and (deficit)/surplus on reserves		 2023
£
1,022,689
(480,875)
541,814
(550,430)
-
(8,616)
2023
£
375,164
(200,986)
(25,833)
148,345
148,345		 2022
£
965,985
(470,524)
495,461
(511,528)
-
(16,067)
2022
£
390,654
(197,860)
(35,833)
156,961
156,961

Trinity Park Events Ltd has not recognised a potential deferred tax asset of £51,445 (2022: £47,577) on the basis that any further profits will be donated to the Charity by Gift Aid.

Page 28

(A company limited by guarantee)

SUFFOLK AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

7. Income from investments

Unrestricted
funds
2023
£
Income from the Sarasin Endowments Fund
116,882
Income from the Ruffer Total Return Fund
24,391
Bank and other interest
201
141,474		 Total
funds
2023
£
116,882
24,391
201
141,474		 Total
funds
2022
£
130,658
-
-
130,658

8. Analysis of expenditure - current year

Cost of Raising Funds
Membership costs
Commercial trading operations
Investment manager fees rebated
Rental costs
Charitable Activities
Suffolk Show
Donations, grants & subscriptions
Conferences & Education
Total 2023		 Staff costs
2023
£
-
409,414
-
-
409,414
395,190
-
-
804,604		 Direct costs
2023
£
-
538,525
(1,478)
3,645
540,692
1,345,485
43,380
37,301
1,966,858		 Governance
& Support
Costs
2023
£
4,626
37,191
-
-
41,817
976,330
-
-
1,018,147		 Total
funds
2023
£
4,626
985,130
(1,478)
3,645
991,923
2,717,005
43,380
37,301
3,789,609

Page 29

(A company limited by guarantee)

SUFFOLK AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Analysis of expenditure - prior year

Cost of Raising Funds
Membership costs
Commercial trading operations
Investment manager fees rebated
Rental costs
Charitable Activities
Suffolk Show
Donations, grants & subscriptions
Conferences & Education
Total 2022		 Staff costs
2022
£
-
202,861
-
-
202,861
422,468
-
-
625,329		 Direct costs
2022
£
-
406,137
(623)
7,665
413,179
1,265,990
33,199
41,904
1,754,272		 Governance
& Support
Costs
2022
£
4,744
67,177
-
-
71,921
854,968
-
-
926,889		 Total
funds
2022
£
4,744
676,175
(623)
7,665
687,961
2,543,426
33,199
41,904
3,306,490

Page 30

(A company limited by guarantee)

SUFFOLK AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

9. Allocation of support costs

The Association allocates its support costs as shown below. Support costs are allocated on a basis consistent with the use of resources and may change from year to year.

Support cost analysis - current year
Insurance
Printing, stationery, computer and postage
Staff and officials' expenses
Rates, light, heat, and telephone
Maintenance
Professional fees
Depreciation
Training
Advertising, promotion, public relations and
education
Governance
Trustees catering costs
Auditor's remuneration
Trustees' indemnity insurance		 Charitable
activities
2023
£
94,840
21,918
4,975
268,834
202,840
48,830
300,540
1,720
-
944,497
5,609
21,350
4,872
976,328		 Raising
funds:
Charity
2023
£
12,430
18,504
-
-
-
-
-
-
-
30,934
-
-
-
30,934		 Raising
funds:
TPEL
2023
£
-
2,626
-
-
-
-
-
-
1,374
4,000
-
6,885
-
10,885		 Total
funds
2023
£
107,270
43,048
4,975
268,834
202,840
48,830
300,540
1,720
1,374
979,431
5,609
28,235
4,872
1,018,147

Page 31

SUFFOLK AGRICULTURAL ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Support cost analysis - prior year
Insurance
Printing, stationery, computer and postage
Staff and officials' expenses
Rates, light, heat, and telephone
Maintenance
Professional fees
Depreciation
Training
Advertising, promotion, public relations and
education
Governance
Trustees catering costs
Auditor's remuneration
Trustees' indemnity insurance		 Charitable
activities
2022
£
86,909
32,072
2,782
129,242
268,581
48,507
259,795
2,222
-
830,110
2,762
20,141
1,848
854,861		 Raising
funds:
Charity
2022
£
-
4,744
-
-
-
-
-
-
-
4,744
16
80
11
4,851		 Raising
funds:
TPEL
2022
£
7,809
36,337
-
-
-
5,905
12,667
-
2,973
65,691
223
1,114
149
67,177		 Total
funds
2022
£
94,718
73,153
2,782
129,242
268,581
54,412
272,462
2,222
2,973
900,545
3,001
21,335
2,008
926,889

Investment management fees are charged at a percentage of the value of the Association's investment in the respective fund and are charged within the reported price of those funds.

10. Auditors' remuneration

Auditor's remuneration: in respect of audit services for SAA
Auditor's remuneration: in respect of audit services for TPEL
Auditor's remuneration - other non-audit services		 2023
£
12,825
6,885
8,525
28,235		 2022
£
9,750
5,400
6,185
21,335

Page 32

SUFFOLK AGRICULTURAL ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2023
£
686,070
62,627
55,907
804,604		 Group
2022
£
509,307
52,504
63,518
625,329		 Charity
2023
£
686,070
62,627
55,907
804,604		 Charity
2022
£
509,307
52,504
63,518
625,329

The average number of persons employed by the Charity during the year was as follows:

Raising funds
Charitable activities
Governance		 Group
2023
No.
19
11
1
31		 Group
2022
No.
18
12
1
31

The average headcount expressed as full-time equivalents was:

Raising funds
Charitable activities
Governance		 Group
2023
No.
10
10
1
21		 Group
2022
No.
8
10
1
19

Page 33

(A company limited by guarantee)

SUFFOLK AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

11. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

In the band £80,001 - £90,000

Group Group
2023 2022
No. No.
1 1

£12,495 (2022: £12,429 as restated) was paid into a defined contribution pension scheme on behalf of the above higher paid employee.

The Trustees neither received nor waived any remuneration or expenses during the year (2022: £Nil). Note 26 discloses the value of arm's length transactions undertaken between the Association and individual Trustees.

The key management personnel of the Association consisted of the Trustees and the senior management team. The total employee benefits of the three members of key management personnel was £201,816 (2022: £207,045 as restated).

12. Interest payable and similar charges

As restated
2023 2022
£ £
Bank loans and overdrafts 48,078 23,353

Page 34

SUFFOLK AGRICULTURAL ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

13. Tangible fixed assets

Group and Charity

Cost or valuation
At 1 October 2022
Additions
Disposals
At 30 September 2023
Depreciation
At 1 October 2022
Charge for the year
On disposals
At 30 September 2023
Net book value
At 30 September 2023
At 30 September 2022		 Freehold land
and buildings
£
10,744,571
48,560
-
10,793,131
3,754,131
272,861
-
4,026,992
6,766,139
6,990,440		 Challenge
trophies
£
44,309
-
-
44,309
-
-
-
-
44,309
44,309		 Showground
equipment,
fixtures and
fittings
£
937,674
161,557
(71,502)
1,027,729
739,512
27,118
(71,502)
695,128
332,601
198,162		 Motor
vehicles
£
9,500
-
-
9,500
7,245
564
-
7,809
1,691
2,255		 Total
£
11,736,054
210,117
(71,502)
11,874,669
4,500,888
300,543
(71,502)
4,729,929
7,144,740
7,235,166

Included in freehold land and buildings of the Group and Charity is land at cost of £2,626,376 (2022: £2,626,376) which is not depreciated. All tangible assets of the Charity are used for charitable purposes.

Tangible fixed assets with a net book value of £6.2 million (2022: £6.2 million) have been pledged as security for liabilities of the Charity. These assets have restricted title as defined within the Charities Act and in respect of legal charges in favour of the Group's bankers.

Page 35

(A company limited by guarantee)

SUFFOLK AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

14. Investment property

Group and Charity

Valuation
At 1 October 2022
Deficit on revaluation
At 30 September 2023		 Freehold
investment
property
£
890,000
(45,000)
845,000

The 2023 valuation has been made by the Trustees of the Charity, on a fair value basis, taking into consideration of professional advice received.

15. Investments

Group
Investment in the Sarasin Endowments Fund
Investment in the Ruffer Total Return Fund
Investments in the Schroder Private Equity Funds of Funds
Total managed investments
Cash deposits in the investment portfolio
Group investment
Charity - Shares in subsidiary undertaking
Charity investment		 2023
£
3,985,010
882,273
253,900
5,121,183
12,106
5,133,289
400,002
5,533,291		 As restated
2022
£
3,855,084
807,553
347,467
5,010,104
41,990
5,052,094
400,002
5,452,096

Page 36

SUFFOLK AGRICULTURAL ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Market value at previous 1 October
Additions at cost
Disposals at opening book value
Net unrealised gain / (loss) on investments
Market value as 30 September		 2023
£
5,010,104
131,038
(84,919)
64,960
5,121,183		 As restated
2022
£
5,379,620
115,092
(142,933)
(341,675)
5,010,104

Included in the above are £253,900 of holdings in the Schroder Private Equity Funds of Funds which are valued at 31 July 2023. The Trustees do not believe that a valuation at 30 September 2023 would be materially different.

Comparative figures have been amended to correct factual inaccuracies in the notes. There is no impact on income and expenditure or balance sheet comparatives.

2023 2022
£ £
Total historic cost 4,043,350 3,497,769

The fair value of each of the Endowments Fund and the Ruffer Fund is determined by reference to the net asset value published daily by the Investment Manager. The fair value of the Schroder Private Equity Fund of Funds is determined by reference to the net asset value published quarterly by the Investment Administrator.

The Suffolk Agricultural Association owns 100% of the issued ordinary share capital of Trinity Park Events Limited (company number 03383519), a company incorporated in England and Wales, which arranges the letting of the Showground and Trinity Park Conference Centre for charitable and commercial events. The investment is shown at cost. A summary of the subsidiary’s profit and loss account and balance sheet is given in note 6.

Page 37

SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name
Company
number
Registered office or principal
place of business
Class of
shares
Trinity Park Events Limited
03383519
Trinity Park, Felixstowe Road,
Ipswich, Suffolk, IP3 8UH
Ordinary
The financial results of the subsidiary for the year were:
Name
Income
£
Expenditure
£
Profit/(Loss)/
Surplus/
(Deficit) for
the year
£
Trinity Park Events Limited
1,022,689
(1,031,305)
(8,616)
16.
Stocks
Group
Group
Charity
2023
2022
2023
£
£
£
Bar and food stocks
21,864
24,023
-
Postage
701
52
701
22,565
24,075
701		 Holding
100%
Net assets
£
148,345
Charity
2022
£
-
52
52

Bar stocks are held for the bar activities of TPEL. Postage is the unused value in the pre-paid postage meter.

17. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Group
2023
£
99,430
5,351
36,304
141,085		 Group
2022
£
143,735
46,810
49,165
239,710		 Charity
2023
£
14,727
5,351
12,488
32,566		 Charity
2022
£
12,151
46,810
10,607
69,568

Page 38

(A company limited by guarantee)

SUFFOLK AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

18. Creditors: Amounts falling due within one year

Bank overdrafts
Bank loans
Trade creditors
Amounts due to subsidiary undertaking
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2023
£
687,787
148,691
114,103
-
43,390
12,588
231,736
1,238,295		 Group
As restated
2022
£
243,534
83,558
76,788
-
51,586
12,167
201,412
669,045		 Charity
2023
£
687,787
138,691
77,148
227,084
12,742
12,588
108,353
1,264,393		 Charity
As restated
2022
£
243,534
73,558
30,280
163,325
13,993
12,167
97,653
634,510

The bank loans and overdraft are secured by means of a legal charge over the land and buildings at Trinity Park. The overdraft facility of £750,000 (2022: £750,000) is repayable at call, interest is payable thereon at 2.25% over base rate. There are four loans, the details of which are shown in note 19.

Page 39

(A company limited by guarantee)

SUFFOLK AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Included in the above is:

Analysis of Deferred Income

Deferred income
Life Membership fees
Movements on Deferred Income
Opening balance previous 1 October
Income recognised in the year
Income deferred in the year
Balance at 30 September
Movements on Life Membership fees
Opening balance previous 1 October
Income recognised in the year
Income deferred in the year
Balance at 30 September		 Group
2023
£
134,681
33,833
Group
2023
£
98,996
(397,392)
433,077
134,681
Group
2023
£
34,913
(1,080)
-
33,833		 Group
2022
£
98,966
34,913
Group
2022
£
447,416
(617,369)
238,919
98,966
Group
2022
£
32,412
2,501
-
34,913		 Charity
2023
£
35,421
33,833
Charity
2023
£
1,260
(11,794)
45,955
35,421
Charity
2023
£
34,913
(1,080)
-
33,833		 Charity
2022
£
1,260
34,913
Charity
2022
£
274,773
(376,878)
103,365
1,260
Charity
2022
£
32,412
2,501
-
34,913

The Charity's deferred income relates to membership income received in advance, the remainder of the Group's deferred income relates to amounts due in respect of events taking place after the year end but invoiced in advance. Life membership fees are recognised over a period of 20 years.

Page 40

(A company limited by guarantee)

SUFFOLK AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

19. Creditors: Amounts falling due after more than one year

Group Charity
Group As restated Charity As restated
2023 2022 2023 2022
£ £ £ £
Bank loans 479,805 634,605 453,972 598,772

The above loans are repayable as shown below. Excluding the Bounce Back Loans, they are secured by means of a legal charge over the land and buildings at Trinity Park.

Included within the above are amounts falling due as follows:

Between one and two years
Bank loans
Between two and five years
Bank loans
Over five years
Bank loans		 Group
2023
£
148,691
331,114
-		 Group
As restated
2022
£
148,691
436,907
49,007		 Charity
2023
£
138,691
315,281
-		 Charity
As restated
2022
£
138,691
411,074
49,007

The Group has four loans. The first two are at a variable rate loan with interest charged at 0.8% over base rate. The amount outstanding on these loans was £557,663 (2022: £621,220). The total interest charged on these loans was £38,862 (2022: £22,847) and is included as part of commercial trading operations within the cost of raising funds.

The Group also has two Bounce Back Loans totalling £70,833 (2022: £90,833). £2,578 interest was paid by the Group on the Bounce Back Loan during the year (2022: £1,110).

Page 41

(A company limited by guarantee)

SUFFOLK AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

20. Statement of funds

Statement of funds - current year

Balance at 30
Balance at 1 Gains/ September
October 2022 Income Expenditure (Losses) 2023
£ £ £ £ £
Unrestricted funds
Designated funds
Charitable fixed asset fund 6,053,173 - (300,540) - 5,752,633
General funds
General Fund 6,121,870 3,170,608 (3,489,069) 34,407 5,837,816
Total Unrestricted funds 12,175,043 3,170,608 (3,789,609) 34,407 11,590,449
Statement of funds - prior year
Balance at
Balance at 30
1 October Gains/ September
2021 Income Expenditure (Losses) 2022
£ £ £ £ £
Unrestricted funds
Designated funds
Charitable fixed asset fund 6,325,635 - (272,462) - 6,053,173
General funds
General Fund 6,512,576 2,986,121 (3,034,028) (342,799) 6,121,870
Total Unrestricted funds 12,838,211 2,986,121 (3,306,490) (342,799) 12,175,043

Page 42

(A company limited by guarantee)

SUFFOLK AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds before other recognised gains/(losses) (as per
Statement of Financial Activities)
Adjustments for:
Depreciation charges
(Gains)/losses on investments
Dividends, interests and rents from investments
Loss/(profit) on the sale of fixed assets
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash used in operating activities		 Group
2023
£
(539,594)
300,543
(79,407)
(141,474)
-
1,510
98,624
59,864
(299,934)		 Group
As restated
2022
£
(703,168)
272,462
383,665
(130,658)
(667)
(11,673)
(3,433)
(309,334)
(502,806)

22. Analysis of changes in cash and cash equivalents

Cash in hand
Bank overdraft
Notice deposits (less than 3 months)
Total cash and cash equivalents		 Group
2023
£
21,870
(687,787)
12,105
(653,812)		 Group
2022
£
37,648
(243,534)
41,990
(163,896)

Page 43

(A company limited by guarantee)

SUFFOLK AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

23. Analysis of changes in net debt

Cash at bank and in hand
Bank overdrafts repayable on demand
Debt due within 1 year
Debt due after 1 year
24.
Capital commitments
Contracted for but not provided in these
financial statements		 At 1
October
2022
£
37,648
(243,534)
(83,558)
(634,605)
(924,049)
Group
2023
£
27,833		 Cash flows
£
(15,778)
(444,253)
(83,557)
-
(543,588)
Group
2022
£
84,500		 Other non-
cash
changes
£
-
-
18,424
154,800
173,224
Charity
2023
£
27,833		 At 30
September
2023
£
21,870
(687,787)
(148,691)
(479,805)
(1,294,413)
Charity
2022
£
84,500

At the year end the Charity was committed to capital expenditure of £3,000 (2022: £57,000) for its Show Management IT system and £24,833 (2022: £nil) for new Audio & Visual equipment and £Nil (2022: £27,500) for a new toilet block.

25. Other financial commitments

The Charity is part of a group VAT registration and therefore is potentially liable for VAT liabilities of its subsidiary. As at 30 September 2023 its subsidiary, Trinity Park Events Limited owed £30,648 in VAT (2022: £37,136).

Page 44

SUFFOLK AGRICULTURAL ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

26. Related party transactions

All Trustees are either annual or life Members or Vice Presidents of the Association.

In addition the following Trustees provided services to the Association during the year: Morbeans Coffee Company - EC Morton - Vending machine supplies - £2,979 (2022: £2,091). £214 was outstanding at the year end (2022: £Nil).

John Taylor (Show Director) provided services to the Show totalling £4,255.

James Dinwiddy (trustee providing legal advice) Birketts partner. Birketts provided legal services totalling £3,750.

Bee Kemball (trustee) provided haulage services (Debach Enterprises) totalling £1,375.

During the year, the Charity charged £539,546 (2022: £477,121) to TPEL for staff costs, rental income and management charges. TPEL made a number of cash transfers to the Charity. The net balance owed by the charity to TPEL at the year end was £249,920 (2022: £163,325).

27. Provisions available for audits of small entities

In common with many businesses of our size and nature, we use our auditors to assist with the preparation of VAT returns, software reporting, data migration and provision of software licences.

Page 45