Reglstered number.. 01775897 Charlty numb•r- 288595 SUFFOLK AGRICULTURAL ASSOCIATION IA company limited by guarantoo) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 SUFFOLK AGRICULTURAL ASSOCIATION IA company limitgd by guarantoel CONTENTS Pag8 Roferonce and adminlstratlv8 details of the Charlty, Its Tru$ts&s and adviseTS Trustegs. report 3-10 Independent auditors, roport on the financial statomènts Consolidated statgmont of financial actlvltles 15 Consolidated balance sheot 16-17 Charity balance sheet 18-19 Consolidated statement of cash flows 20 Notes to the financial statements 21-46 SUFFOLK AGRICULTURAL ASSOCIATION IA company Ilmlt8d by guarante0} REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Tru8t••s RJ Baker ISI IA}, Chair PD Ovèr ISI, Vice Chair BW Kerr SP Tucker ISI11) IRI IA). Treasurer Iresigned 22 October 20241 SA Bendall BEM INI {EI EJ Kemball INI EC Morton ISI (NI K Sharpe111 {AI IRI, TTeasui8r Iffom 22 October 20241 JM Taylor IS) INI IE) Show Dirèclor TMP Donsworth ISI, Show Director Elect JM Dinwriddy IRI W Hargreaves Members of commillees.. IS) Denotes membèrship of the Show Committee IRI Denotes mèmbership of the Risk Committee 111 Denotes membership of the Investment Committee IA) Denotes membership of the Audit Committeg INI Deno¢es memborship of the Nominations Committee IE) Dgnolès memb8rship of the Education Committee Company registered numb&r 01775897 Charity registerèd numbgr 288595 Registered offlcè Trinity Park Felixslowe Road Ipswich Suffolk IP3 8UH Chlef executlve ofllc•r PHP Ainsworth Indèp•nd•nt auditors Larking Gowen LLP Chartered Accounlanls 1 Claydon Business Park Gre81 B18kenham Ipswich IP6 ONL Bankers Barclays Bank plc 1 Prince3 Street IpsvAch Suffolk IP1 31 PB Page 1 SUFFOLK AGRICULTURAL ASSOCIATION IA company limlt•d by guaTrnteel REFERENCE AND ADMINISTRATIVE OETAILS OF THE CHARITY, ITS TRUSTEES ANDADVISERS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Solicitors Birkells LLP Providence House 141-145 Princes StrÈèl Ipswich Suffolk IP1 31 PB Page 2 SUFFOLKAGRICULTURAL ASSOCIATION IA company Ilmlted by guarantsal TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Truslees present their annual report together with the aud((ed financial statements of the Sufftjlk Agriwllural A$50Clation foi the period 1 October 2023 10 30 S8Ptember 2024. The Annual report serves the purpo$es of both a Trustees. report and a Directors, report under u)mpany law. The Trustees confirm that the Annual report and financial statements Df the ¢h8ritable company comply wlh the current statutory requirements, the r8quirements of the charitable company's governing document and the provisions of th& Stalèmenl of Recommended Practice ISORPI applicable to charities preparing their accounts in accordan wTrlh the Financtal Reporting Sland8rd 8pplicalle in the UK and Republic of Ireland IFRS 102) lelfective 1 January 20191. 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 compani&s undar the Companies Act 2006 Islralegic Report and Directors. Report) Regulations 2013 has been omitted. Objectlv8s and aetlviti•8 a. Charitsblo aims The tsbjects of Suffolk Agricultural Association, as set out in Ils gov8rning document, are.. a} To promote and encourage the advancement and improvement of agricultLJre (including forestry, horticulture. food production and all allied occupalionsl th&thor through the development of skills and techniques or research. and thè disseminab'on ol krK)wledge of such skills and techniques or research both as to the methods of hu8b8ndry and th8 use of 8¢ience and the use and development ol agricultural implements and machinery, the application of land management. marketing and conservallon and the development of new agricultural products including renewable's.. bl To hold regulai agricultural shows provided Ihal the Association shall nr)I be i)bliged lo hold a show in any year if Trustees of the Association shall resolve othetwse. To achieve this charitable aim th& Association stages thè Suffolk Show and other events. such as the Suffolk Farm Business Competition, Suffolk Farrning School of the Year, the School Farm & Country Fair {SFCFI, Food and Farming Sludenl Day and Tractors in Schools and conferences. When organlsing such events, the Association ensures that they embrace. promote and advanca agri¢ullural education and best practice, provide training opportunities, and include elements of enlertalnment and enjoyment, wlh the overall aim ol conliibuling lo the wellbeing and prosperity of Suffolk. Our vision is for a county community that fully underslan¢Js. value8 and appreciates a sustainable agricultural nduslry and as an tsrganisalion be nationally recognised as progressive, influential and highly regarded. Our purpose is to encourage and facilitate positlV8 engagement between the public and those working in food, faming atKI tha counlry$i¢Je. Our Key Strateglc Alms Include.. As an organisalion.. lo raise our profile as a charity by ￿￿n9 a forcg for good and central to all matterfs food. farming and the countryside in Sullolk. To build a dynamic and vibrant membership association with relevanc& to all farmèrs and thos8 6ngaged in Suffolk's rural economy. To harness the commitment and enlhusia8m of our member8 and volunte8rs lo disseminate kno￿edge and education about food and famiing In Educats'on.. to provide facilitiesjfacililalion for loarnlng aboui food, farming, the couniryside and wider anvlronm¢ntal i$8Ug8 enabllng Informed connection between tomorro￿S consumers and producèrs, and lo P8ge 3 SUFFOLK AGRICULTURAL ASSOCIATION IA company Ilmlt8d by guarant•è} TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Obl8¢tlv8s and a¢tlvitl•$ l¢ontlnuedl contribute lo the growth of the rural economy through inspiring particularly y(yJngar p￿pIe lo eX￿ore the wde range of careers the sector offers. Through the Suffolk Show18 fundr8islng event for the Charity).. lo continue to be a 'best in class, county show which 18 relevant and appealing lo a modem and increasingly urt)an based ccinsumerfvisitor. To also be a focal point for the 'Suffolk brand, and promote the county's culture. At Trinity Park.. lo manago the estate lo besl gdvanlage In ordtsr lo contribute lo the long-temi financial sustainabillty of the SAA, whilst enhancing the Show infraslruclure and educational activities. b. Publlc benefit The Trustees have refèrred to the guidance cont8inÈd in Ihg Charity Commisson's general guidance on public benafil when revlewng their alms and obi'e¢tives and in planning their future acb'vities. The section enlilled 'Achievemenls and Performance, below identifies and explains the various aclivili¢$ undertaken, many of which are specifically directed at young people in Suffolk, vAth a view to enh8ncing their knowledge about farming and thè sourcè of their food. To enhancè this me8sage, children under 15 have been admitted to the Suffolk Show free of charge since 2015. Thg SAA ¢onlinues lo work wlh diffèrent ¢ommunilies in the county and nationally lo offer free trade sland spacè, valued at £35,373 andlor grants lo organisalions such as Suffolk Sports, Scouts, Girl Guidès, 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 Twust, Suffolk Fire and Reseuè Sèrvice, St John's Ambulan￿, Colchester Poultry Club, Sullc*lk Bee Keepers, East Anglian Winè Growers, the Suffolk Community Foundation, The Green Light Trust and Suffolk Wildlifo TnJ8t. For the third lime the Show welcomed members of the United Slates IUSI Air Forcg who work coll3boralively wlh their UK counterparts. The Show also remembèred the Normandy '80 D Day landings by providing a static display of period v&hl¢le8 and a5 well a parade al the end of the Show with c300 participants culminating in the Duke of Gloucester Ilhe Royal visilorl taking the salute. A¢hlav8m8nts and p•rform8n¢• In November 2023 the Association was informed that il had be&n awarded thè King's Award for Voluntary Sèrvic8 {KAVSI, thè highèst award giv8n to local volunteer groups across the UK and equivalent to an MBE. Recognising the 8ignifi¢anl contribution madè by hundreds of Association volunteers in delivering education about food and farming lo our community the Lord Lieutenant of Suffolk formally presented the award lo the SAA Chairman at the pre 2024 Suffolk Show Judges and Stewards dinner. The A850cialion ran several education activities aimed al primary and secondary school pupils, in¢luding Agricultural Apprentice of the Year Ilhe winner was Callum Hayes, the runner up Archio Kggn8nl. In February Ihg As$oa*lon hosted a Faming Conference wèlcoming 104 delegates, plus many online delegates. The confeTence (run every iwo years) theme was 'How To Thrive, Not Just Survivg,. The keynote speaker was Henry Dimbleby MBE. In March the biennial gardening conference was h&ld Iposlponed from November 2023 because of major traffic disruption caused by high winds ¢losing the Orwell Bridge) and attended by 230 delegates and exhibitors. In April the Association held ils annual School Farm and County Fair (SFCF} welcoming 3,917 chlldren. In June a farm visit was organised welcoming over hundred primary school ¢hildren. Page 4 SUFFOLK AGRICULTURAL ASSOCIATION IA company limited by gu?rantsg1 TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Financial revlew a. Introduction Thè Show was considered a great success as an event and very well supported by our volunteers. That said, POOT weather forecastin9 during the run up to the event wth some rain over the two days of the Show impacted the expected number of vi31tors all¢nding. Whilst &xp&nditure was controlled costs had again incTeased from the previous year. VAT Irealmenl. Having taken advicè and continuing to be supported by a subject matter expert, the Suffolk Shtsw, which promotes the facl that il 'raises funds to support the SAA'8 ¢haritable purpose. is considered largely exempl from VAT. In Ihe year the accounting method applied has been lo retain or not charge out the VAT value against all bul Irades¢and aetivity. However, along h%ith many other organisalions similar or the same as us there is an ongoing legal Challenge from HMRC which is currently in a window of appeal. The assumption 18 that if W￿other organisations are successful then HMRC wll be rtrquired to re-imbL4rso us past VAT paymen15 going back four years and going forwards, as has been done in this accounting year, submit 8 reduced tax return to HMRC as part of the normal quartedy submissions. Furthei details can be found wthin note 24. Trinity Park Events Limited f'TPEL"I contlnued to Ir8d8 posifjv8ty and had a successful Christmas Party 8e8son. In May tho catering Provision was taken back in house as previously Ihis had been outsourced lo a third party conlraclor. The expèctalion is that greater control will be achieved for event provisitsns and at reduced costs resulting in improved margins. The TPEL year-end net position was significantly beller Ih8n planned for and going forwards the order book is strong With new offerings being promoted in 2025. Educab'on activities went lo plan and wer6 successful. Of note the student day at Hollow Trees Farm, almed at secondary level students. returned {Ihe first lime post Covidl and wa5 very wèll r8eeiv&d. With planning permission granted for the AFC Kesgrave football club the aim is lo see them eslabli8hed from August 2025. Of note the Chairman and Chièf Exècutivè met with the local Council lo discuss a range of strategie 8spiratitsns for the Trinity Park sile which wll, on a iegular basis, be reviewed ￿*th Council officials.. the plan is lo have twice yearly meelings. In thè year Trustees look the decision lo use Teserv88 to mlllgate the Imp8Ct of using the bank overdraft facility. Funds transferred amountèd to £900,000. Prior lo the transfer the maximum cash negalSve po$illon was £692.480 (2023.. £700,129). the oveTdrafl facility is £750,000. The prospects for the Suffolk Show in 2025 are positive with planning for the evenl already utvjgrway. Tickets went on sale in November 2024. b. Oporatlng results Total consolidated income achieved £3,531,625 12023". £3.133,2961, total expenditure was £3,825,73512023.' £3,752,297). Thè SAA maintains light control over ils costs lo ènsur& that it continues lo offer value for money. The SAA'S ¢onsolidalèd balance sheet remains strong with nel assets of £11,700.79312023.' £11,590,449), glill providing a secure base for the Association in the future. ¢. Capital investment The Association continues lo invest In Capital expenditure that is ne￿SSary lor discharging its operations in an efficient manner. Page 5 SUFFOLK AGRICULTURAL ASSOCIATION IA company Ilmltad by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 d. Trlnlty Park Events Llmited ITPELI The A88OC481itsn'8 specialised conference and events ￿ntr& along with the significant outdoor space at Trinity Park provides a vehicle to diversify income for the Association wlh the aim of supporting ils charitable activities. TPEL performed beller than anticipal8d. Whilst food and drink wholesale costs continue to place pressure on margin8 the hope is that inflation VAII further reduce in the coming year and by taking th& cat¢ring b8ck'in house, margins will improve. è. Investmont propety The kn residential properties. tenanted on a long-term ba813, were professionally reviewed regarding their market value. They are carried in the B8lanee Sheet al their year-enil value of £845.000 12023.. £845,000). This resulted in an unrealised loss of £nil {2023'. loss of £45,000). f. Investments The Association has 8 Portfolio of inveslrnenls which was originally established from the proceeds of sale of portions of land, the biggest being in 2001. Thg investments are held to provlde a retum on the Association's retsined reserves, and to generate incomè for its principal charitablè activities. The Association'5 policy is lo appoint auihorised. profèssional investment managers who are Tegulaled by the FCA to manage ils portfolio and the Truste6 Board has delegated investment deeisions related lo its portfolio lo ils Investment Committee. The investment objective over a three-year horizon has been to generat8 3 lolal annual return tsf 3.5% above the Consumer Price Index ICPII lin the financial reporting period. the managed portfolio made total realised and unrealised gains tsf £404,454). Tho A8socialion conducted a lendfyr process in compliance Mrilh Ils investment policy, and 88 a result, app04nted CCLA replacing Sarasin & Partners LLP who had been the investmgnt manager since 2012 and Ruffer who had managed c10°10 of the portfolio since 2019 wlh ellect from 1 October 2023. The SAA invested in the CCLA'8 COIF Charities Investmènt Fund and the CCLA Depo￿1 Fund lo hold IiqLid funds. The CCLA COIF Charities Investment Fund had approximately £2.1 billion of 8ssels under managemènt as of 30 Séptember 2023 and during the year (to 30 Seplemb8r 20241 the SAA'S CCLA portfolio returned 6 5%. Schroder & Co Ltd I'Schroder8'1 continues lo oversee the management of holdings in Iwo collective investment schemes branded Schroder Private Equity Fund ol Funds ISPEFOFI which arè in the process of closing and paying back funds lo investors. The two SPEFOF funds made distributions during the y&ar to¢alling £99,365 12023.. £95,811) which ￿re transferred to the CCLA Fund (see below). There were unrealised gains in the portfolio of £404,615 {2023 gains of £64,664). The unrealised gain compares the market value of investmfynls at the year end lo the nèl book value as at 30 September 2023. These investments have not yet been sold Page 6 SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guaranlee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 g. Reserves policy At 30 September 2024, the Association had total funds of £11,700,79312023'. £11,590,449) comprising general funds 01 £6,235,081 (2023.. £5,837,816) and designated funds of £5,465,71212023'. £5,752,633). The Association did not hold any restricted funds at either year end. The Association's current policy is to maintain free reserves (that is lunds not designated) at a level to provide sufficient income to LJnderw¥ite any potential delicits. In May 2023 the Trustees assessed that a total of £6,100,000 would cover anylall 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. This assessment is being Yeviewed in 202412025. h. Remuneration policy- key management personnel The Trustee Board (all unpaid) assess and approve cost of living increases, where appiopriate, annually. i. Market value of land and buildings Incltjded in the financial statements, the land and buildings are stated at cost to ensure these financial statements are not subject to the significant fluctuations ol property markets, except for the investment properties which are valued at the yeay-end market value by an approved agent. j. Charitable eontributlons £4,019 was expended in support of other charities {2023.' £2,080), Charities also received £35,373 of Suffolk Show stsnds free of charge, structure* governance and management a. Constitution The Suffolk Agricultural Association is a company limited by guarantee and governed by ils 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 Septernber 2024 there were 1,565 12023., 1,8731 members, each of whom has agreed to contribute £1 in the event of the Charity winding up. b. Trustee boaid 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 serv6 UP to two periods ol three years and thereafter may stand for re-election on an annual basis for a maximum o* four more years in total. In addition, the Tiustee Board may co-opt, up to two membeis of the Association to b& Trustees. The Tyustee Board must meet at least six times each year. In the year ending 30 September 2024, the Trustee Board fomially met on seven occasions. A quorum for Trustee Board meetings is 50Vo of its members and decisions are made by a simple majority of the votes cast, Page 7 SUFFOLKAGRICULTURAL ASSOCIATION (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Structure. governance and management (continued) The Trustee Board operates through seveial 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 OTganisation 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 Committeès, which meets annually, The Board of Direclors of the Association's wholly-owned subsidiaryi Trinity Park Events Ltd ITPELI, met once independently in the year in addition to Attending the SAAITPEL joinl Board meetings. The TPEL Board is chaired by the Chairman ol the Association. The Chief Executive Continues to provide weekly update reports to both the Trustees and TPEL Directors. The senior management team comprising the Chairman, Vice-chairman, Treasurer, Show Director, Chief Executive, Finance Officer and TPEL lead manager also met regularly to consider issues, c. Trustees, induction and tyainlng 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 l¢urrently 201, 8 co-opted members, 19 Honorary Life Vice Presidents, 17 Senior Stewards and the SAA Trustees, Elected members of Council are nominated by the Nomination5 Committee, apploved at the AGM and serve for an initial period of live years. The Trustee Board consults Cguncil on signilicant 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.. Four members of Council appointed by the Show Committee to include the Show Diiector,, Two members of Council appointed from time to time by the Council,. Two members of Council appointed from time to time by the Trustee Board, The Nominations Committee is responsible for recommending candidates for.. al membership of the Council, including co-opted members, and of the Trustee Board,. bl the appointment of the Chair and the Vice Chair, the Treasurer, the President Elect and the Honorary Lrfe 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.. al assesses the performance of the Chair; b) monitors the Trustee Board s review of its perfomiance; the senior management team and c) monitors the training of Trustees. Page 8 SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee} TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Stru¢tur&i gov•manco and managomènt {contlnuadl f. Third party Indemnlty provl$lon for Trusts9$ The Association has purcha8ed Charity and Charity Trustees Indemnity Insurancè whieh protects the Charity aThJ its subsidiary from loss arising from the negled or default of their TrusteeS￿lIeCtors and employees, and TrusteeslDirectors from costs if negligence or default is wrongly alleged. g. R•lat•d partlo8 The As50cialion, in carrylng out ils prlnclp818cllvilles. has urKlertaken transactions ￿th re18ted parties. All transactions were carried out on an arm's length basis and are summarised in the accounts. h. Rl$k manag&mont The Tru$lee3 meet annually lo rèview the risks that the Charity may face, and the Audit and Risk Committee reviews the eslablishmenl arKI implemenl81ion of 8ysltrms and procedures lo milig8le the risks id8nlilied. Since the can¢ell81itsn of the sècond day of the 2012 Show due to high wnds, incurring 8 financial loss in the region of £500k, the Association has placed insvran¢e wlh Lloyds syndicates to milig8tè similar lossès at future Shows. In 2020, and due to Covid, the policy was adivaled when the Show could not proceed resulting in a daim of nearly £800k. The insurance policy covers several risks that, in addition to bad weather, could cause cancellation or abandonment of the Show. including 80me communicable dise8sè$ in animals. However, from 2025 the Trustees have decided, due lo increases in premiums making il unafford8ble. lo self-insvre the Show. l. Governance The Trustee Board 1$ responsible for the SAA'S activities, and decisions on all key issues are taken by the Board. 11 has delegated some day lo day and Mon￿l0r1ng activities lo the Show Committe8, thè Education Committee. the Audit and Risk Committee, the Investment Committee, and the Health and Safely Working Group. One Trustea has been designated with overgght of Governance matter5. The Board has oveT8ighl of its sub*diary, TPEL, through ltsinl 6tsard meetlngs throughout the year, 8nd via Trustees who also sil on the TPEL Board. . Volunteer8 ThÈ Associ81ion ttontinuès to b& very grateful for the outstanding voluntary contribution, Ic600 individuals during the yearl of particularfy the non Tlustee committee members. those ¢n Counal and the many individu818 who provide support and act as stewards in the staging of events, particularly the School Farm and Country Fair and Suffolk Show. Disclosurè of irtfom)atlon to audltors Each of the person8 who aro Trusteès al tha tima h%l)•n this Trusteès, report is approved has confirmed that.. $0 far as that èach Trustè8 is aware, there is no relevant audit information of which the charitable group's auditor5 are un8w8r8, and that each Trustee has taken all the steps that ought lo have bèen tsken as a Trusteè in order lo bè awarè of any relevant audrt information and lo establish that the charit8ble group's audit015 are aware of that information. Page 9 SUFFOLKAGRICULTURAL ASSOCIATION IA company limited by guarante•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Statsmont of Trustees. rosponslbllltlos The Trustees lytho are also the directors of the Charity for the purposes of company lawl ar& responsible for preparing the Trustaès, rèport and the financial slalemenls in accordance ￿rith applicable law and United Kingdom A¢¢ounting Standards Iuniled Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees lo prepare financTal slalemenls for each financtal year. Under company law, the Trustee8 must not approve the financial slalements unless they are satisfied that thèy givè a true and fair view of the situation of the Group and the Charity and of their incoming r850urces and applicati¢>n of rèsour¢e3, induding their income and expenditure, for that period. In preparing these financial statem$n18. the Tiuslees are required to.. select suitable accounting p()li¢ie8 and then apply (hem consistently", obsetve the mèthods and principle5 of the Charities SORP IFRS 1021.. make judgments and accounting estimates thal are r635tsnable and prudent.. slate ￿ether applicable UK Accounting Standards IFRS 1021 have been follmd, subject lo any material departures disclosed and explain8d in the financial slalemenls., prepare th6 finaneial slalèmenls on the going concern bass unlèss il is inappiopriale to p￿sume that the Group wll continue in business. The Trustees are responsiblo for kèaping adequate accounting records that are sullicienl to Show and explain the group and the Charity's transactions and disclose with reasonablè aceuracy al any lime the financial position of the gTOUP and the charity and enable them to ensuré that the financial slalements comply ￿th the CoTllpanies Act 2006. They are also responsible for safeguarding the assets of the Group and thè Charity. aTh hence, for taking reasonable steps for thé prevention and detection of fraud and other irregularities. Approv by ord of the member8 of the board of Trustees and signed on Ihelr behalf by. RJ Baker Chairman D8t8'. Page 10 SUFFOLK AGRICULTUFIAL ASSOCIATION {A company limit•d by guardntsel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SUFFOLKAGRICULTURAL ASSOCIATION Opinion We have audited the linanaal statements of Suffolk Agricultural Association Ilhe 'parenl charitable cornpany'l and ils sub3idiaiies Ilhe 'group'l for thè year Éndèd 30 September 2024 which comprise the Consolidated statement of financial aotivilies, the Cijnsolidaled balance sheet, the Charity balance sheet. the Consolid8ted statement of cash flows and the rèlated notes. including a summary of significant accounting policies. The financial reporting fralnework that has bèen applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Fin8n¢i81 Reporting Standard gpplicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the Group's and of the parent charitable company's affairs as al 30 September 2024 and of the Group's incoming resour￿$ and application of resources. induding its income and expenditure for the year Ih&n ended., have been properly prepared in acwdance wth United Kingdom Generally Accepted Accounting Practice., and have bÈen prèpÈred in ac¢ordan¢e wth the requirements of the Companies Act 2008 and the Charities Ac12011. Basis for opinion Vve conducted i)ur audit in accordance with International St8nd31ds on Auditing IUK} IISAS IUKII and applicable law. Our responsibilities under those standards are further dèscribèd in the Audilors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in 8ccoid8n¢e with th& ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Ctsuncil's Elhlc81 Standard, and wfy have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 1$ sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to going concern In auditing the financial slalements, we have concluded that the Trusl¥e8' U8e of the going ry)ncèrn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any maleiial uncèrtaintiès rèlating to Èvénts or conditions that, individually or colledively, may cast significant doubt on the Group's or the parent ¢h8rilable company'8 abllily lo continue as 8 goin9 w¢orn for g period of al least iwelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the re8p¢nsibilities of thè Trustees wth respect to going concern are described in the relevant sections ol this ￿port. Page 1? SUFFOLK AGRICULTURAL ASSOCIATION IA company limited by guaranteal INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SUFFOLK AGRICULTURAL ASSOCIATION ICONTINUEDI othor information The other information comprises the infomialion included in th8 Annual report other Ihan the financial statements and our Auditors, report Ihereon. The Trustees a￿ responsible for the other information contained wlhin the Annual report. Our opinion on the fin8nclal slalemenls does not covèr the other information and, except lo the extént olhenmse explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other infomialii)n is materially inconslslenl with the financial slalements or our kno￿8￿ge obtained in the course of the audit, or othenmse appears to be materially misstated. If we id&ntify such material inconsistencies or apparent material misslalements, we are required to delermints whether this gives rise to a m8teri81 misstalemenl in the linancial statements themselves. If, based on the work we have performèd, we conclude that there is a material misstatement of this olhei information, we are requir&d to r8port that fact. We have nothing lo report in this regard. Oplnlon on other matters prescribed by the Companlès Act 2006 In our opinion, based on the work undertaken in the cou¥se of the audit.. the information given in the Trustees. report for the finanaal year for which the financial slatemants are prèp8red is consistent wilh the financial ststemènlg. the Trustees, report has bean pr6par6d in accordance with ap￿ICable legal rèquiiemenls. Matters on which we aro raqulrèd to r•port by exception In the light of our knowledge and understanding of the chaiilable company and ils environmanl oblained in the course of the audit, we have not Identified material misslalements in the Trustees, report. We have nothing to report in respe¢t of the following m8tters in relation lo which Companies Act 20(￿ requires us lo report lo you if, in our opinion.. the parent charitable company has not kept adequate and suffiaenl accounting records, or retum8 adoqvale for our audit have not been received from branche$ not visited by us., OT the parent charitable company financial statemarits are not in agreement with the accounllng records ar returns,. or certain disclosLtres of Trugt888' remun8r*ion specified by law are not made,. or we have not received all th& information and explanations we require for our audit,. or the Trustees were not enlilled lo prepare the financial statements in accordance wth the small companles regime and take advantage ol the small companies, exemptions in preparing the Tru$lees' report and from the requirement to prepare a Strategic report. ResponslblllUes of trustees As expl8inèd more fully in the Trustees. responsibilities statement, the Trustees (who are also the director8 Ot the charitable company for the purposes of company lawl are responsible for the preparation ol the financial slalemenls and lor being satisfied that they givÈ 8 truè and fair view. and for such intemal control as the Trustees del$m7in¢ is necessary lo enabl& the preparation of financial stalèmen18 that are free from mater*al misstalemenl. whether due lo fraud or error. In preparing the financial ststemenls, thé Trustees are responsible for ass*ssing the Group's and the par&nl ch8ritablo ¢omp8ny's ability to continue 88 a golng concem, diseloslng, 8$ appli¢able. mallers related to going concern and using the going concern basis of a¢¢ounlin9 unless the Trustees either intend lo liquidate the Group or the parent charilablÈ company or to cease operations, or have no realistie altarnalive bul lo do so. Page 12 SUFFOLK AGRICULTURAL ASSOCIATION {A company Ilmlted by guaranteol INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SUFFOLK AGRICULTURAL ASSOCIATION ICONTINUEDI Audltors. r0sponslblllt1￿ for the audit th the financlal statements Our objectives are lo obtain reasonable assurance about thelher the financial statements as a whole are free from material misslalemenl, whether due lo fraud or error, and to issue an Auditors. report that includes OUT opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wlh ISAS {UlQ will alway8 delecl a material mi8s1alèment when il exists. Mi85talemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expe¢t$d lo influence the economic deasions of users taken on the basis of these financial statements. Irregularitles, induding fraud. are Instances of non-¢omplianc& wlh laws and regUla￿On8. We design procedures in line wlh our responslbillts'ès, outlined above, lo deleat material mlsslalemenl3 in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fiaud is d6tailed below.. Due lo the field in which the group- operates, we identified the followng areas as those most likely lo have a material impact on the finanryal statements.. healthy and safety,. employm&nt laws.. GDPR. and compliance with the UK Companies Act and charity law and regulation$. Our approa¢h to Sdenlifying and ass8ssing Ihe risks of matèrial misstatèmant in r&sp8ct of Irr￿ularItI￿S, including fraud and non-compliancè Mrith laws and regulations, was as follows.. Errt4uiries with management about any known or Suspected instances of ntsn-th)mpllan￿ wlh laws and regulations, accidents in the worktAac& and fiaud., Revieifving financial statement disc105ures and lesling lo supporting documentation lo assess compliance wlth ap ￿l¢able laws and regulations., Challenging ￿suMptIOnS and judgements made by management in thèir significant accounting eslimales., and Auditing the risk of management override of contro13, including through lesiing joumal entries and other adjuslmenls for appropriateness. A further descriptlon of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. .frc.o .uklau This dO￿rIptIon forms part ol our Auditors, report. Page 13 SUFFOLKAGRICULTURALASSOCIATION IA company Ilmlt•d by guoranteel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SUFFOLK AGRICULTURAL ASSOCIATION ICONfiNUEDI Us• of our report This report is made sol8ly Its the thaiitable company's members, as a body, in ae¢ordance wlh Chapter 3 of Part 16 of thè C(xnpanie8 Act 2006, and lo the charitable company's trustees, as 8 body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charitable company's mèmbers those matters we are required lo slate lo them in an Audilor5' report and for no other purposè. To thè fullest exlenl permitted by law, we do not accept or assume responsibillty lo anyone other than the charitable company and ils members, as a body, for our audlt work, for this report. or for the opintons we have formed. Graham Mummgry FCCA Isgnlor statutory audltorl for and on behalf of Larklng Gow&n LLP Chartered Accountants Statutory Auditors 1 Claydon Bu$in&s8 Park Great Blakenham Ipswich IP6 ONL Dale.. Page 14 SUFFOLK AGRICULTURAL ASSOCIATION IA company Ilmlted by guarants•l CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 SEPTENJBER 2024 Re8trlcted Unrestrlctsd fund$ funds 2024 2024 Total funds 2024 Total funds 2023 Note Incomè from: Donations and legacies Charitable activities Other trading activitie5 Investments 189,313 1.799,141 1.334,928 161,175 1B9.313 1,846,209 1,334,928 161,175 182,857 1,766,276 1.042,689 141,474 47,068 Total Income 47,068 3,484,657 3,531,626 3. 133.296 Expandltur¥ on: Raising funds Ch8rit8bl8 aetivilieg 1.251.792 2.526.B75 1.251,792 2.573,943 997,922 2, 760,375 47.068 Totsl oxpondlturg 47,068 3,778,667 3.826,735 3,752,297 Net 8xpendltur& b&for& n&t goln$ on invgstments Nel gain5 on investment8 Nèt mov8mènt in fund$ bèfore other rocognlBed galnslllosseBI 1294,1101 404,454 1294,1101 404.454 (679,007) 79,407 15 110.344 110.344 (539.594J Other recognlsed galnslllossesl: Other losses (45,000) Nat movom&nt In funds 110,344 110,344 f584,594) Reconciliation of funds: Total funds brought forward Nel Tnovemenl in funds 20 20 11,590,449 110,344 11,590.449 110,344 12, 174043 (584.594) Total funds carried forward 11,700,793 11,700,793 11,590,449 The Consolidated statement of financial ath'vilies indudes all gains and IoBses Tecognised in the year. The note$ on pages 21 to 46 form part of thèse finan private equity funds ol funds managed by Schroders Ihal do not pay dividends and are Sn rundown. Investments a￿ recognised initially al fair value, which is normally the transaction price excluding trans8Ction costs. Subsequenuy, they are measured at fair value being their market valuation as al 30 September 2024 as advised by thè investment manager, CCLA. The bNO private oquily funds advised by Schroder & Co Ltd are valued as al the valuation date closest to 30 Sèptember 2024. Roalised and unrealised gains or losses from the respactive salo and revaluation of investments are recogni3ed in 'nel gain5 11103se31 on investments, in the Statèment of Financial Activities. The investment in the trading subsidiary is measured al cost. Current a85et investments are short lemi highly liquid inveslm&n18 and are held al fair value. The8e include cash on deposit and cash equivalanls wlh a maturity ol less than one year. 2.9 Stock8 Stocks are staled at the lower of cost and eslimaled selling price and include bar stocks, food 81ocks and the unused value in Ihg pre-pa1d postage meter. Cost is calculated using average CL*St. Provision 15 made for damaged, obsolete and slow-moving stock where 8ppropriale. Page 24 SUFFOLK AGRICULTURAL ASSOCIATION (A company Ilmlted by guarantQg1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies l¢ontlnuedl 2.10 Debtors Trade and other doblors arfy recognised al thè settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts dué. 2.11 Cash at bank and In hand Cash at bank and in hand includes cash and short-lemi highly liquid inve81menls a short m81urily of Ihr¢e months or less from the dale of acquisition or opening of the depo&l or similar account. 2.12 Llabllltl8s and provlsions Liabilities are recognised when there is an obligation al the Balance sheel dale as a result of a past event. il is probable that a transfer ol economic benefit will be required in settlernenl, and the amount of the settlement ¢an be èstimated rèliably. Liabililias arè rècognisèd al th6 amount that the Charity anlicipales il will pay lo settle the debt or the amount il h8s received as advanced payments for the goods or services it must wovide. Provisions are measured al the best estimate of the amounts ¥equired to settle the obligation. Whèrè the effect of tho lime value of money is material, the provison is based on the present value of those amounts, discounted al the pre-tax discount rale that rtrflecls the risks specific lo the liability. The unwinding of the discount is recognised in the Con80lidated slalemenl of finan￿al 8Ctivili$s as a finance ¢081. 2.13 Flnancial instruments The Charity only ha¥ financial a$8els and financial liabllities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recogni3ed al Ir8nsaclion value and subsequently measured at their settlement value with the exception of bank loans ￿1¢h are subsequently measured al amortisgd cost using the effective interest method. 2.14 Penslons The group provide8 8 dèfined contribution pènsion arrangement, ￿erebY the group and ils staff each fund schemes managed by third party pension proviLlers, the a85els of which are held by the providers separately from the assets of the group. Conlribulions are charged lo the SOFA for the year in which thèy arè payable to thè schemes. The group adopted Auto-Enrolment in respect of all Televanl employees, including casual staff, with effect from 1 July 2014. 2.15 Tax The Associats'on is an registered charity within the meaning of ￿hedUle 3 of the Charitie$ A¢t 2011 and is Considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefor& it meols the dofinition of a charitable company for UK corporation tax purposes. Pagé 25 SUFFOLK AGRICULTURAL ASSOCIATION IA company Ilmltèd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting pollclgs Icontlnuedl 2.16 Deferred taxatlon Deferred tax is recognised in respect of all timing differences that have originated bul not reversed al the balance sheet date where transactions or events that resLJII in an obligation lo pay more tax in the future tsr a right lo pay less lax in the future have occurred al the balance sheet datè. Timing differences are differences bebmeen the subsidi8ry's taxable profits and its rÉsulls as slated in the financial statements that arise from thè in¢lusion of gains and losses in lax asse38menls in periods different from thosa in which they ale recognised in the fi'nanci81 slalements. Deferred lax is measured at the averagè tsx iales that are expected lo apply in Ihe periods in which liming differ&ne&s arè trxpecled lo reverse, based on tsx rates and laws that have been en8cled or substantively enacted by the balance sheet date. Dèfèrred tax is measured on a non-discounted basis. 2.17 Fund oc¢ountlng General funds are unrestricted funds which are available lor use al thtr discretion of the Trustee$ in furtherance of the general objectives of the Group and which have not been d6signatèd for other purposes. Designated funds comprisg unrestricted lunds that have been set aside by the Trust•es for inva$lmenl in tangible assets. Restricted funds are funds whi¢h are to be used in accordance wth specific Teslrictions imposed by donors or whith have been raised by the Group for particular purposes. The costs of raising and administering 3uch funds are charged against thè specific fund. The aim and usa of each restricted fund is set out in the notes to the financial slalements. Inve81ment income, gains and losses are allocated lo the appropriate fund. Page 26 SUFFOLKAGRICULTURAL ASSOCIATION IA company limited by gu4rant•• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountlng pollclès Icontlnuedl 2.18 Critical accountlny pollclas In the application of the Group's accounting policies, which are described in note 2, the Trustee8 are requlrad lo make judgèmènts. estimat6s and assumptions aboui the carrying amounts ol assets and liabilities that a￿ not readily 8pp8renl from other sour¢es. The estimates and associated assumptions are based on historical experience and other factors that are considered Its be reltsvanl. Actual results may differ from these eslimales. The estimates and undertying assumptions are reviewed on an ongoing basi8. Revisions 10 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 revislon and future periods if the revision affects both current and future periods. The ludgemenls, estlmales and assumptions which have significanl risk of causing a material adjuslmenl to the carrying amount of assets and liabllilies are a(klressed below.. Investm&nt proporty The valuation of the investment properties is perfoimèd by a prtsfes8ion8lly qualified org8nlsalion which, at the year end. ollers a fair and reasonable market value taking ac£ounl of local faclc>rs. For further details see note 14. Show VAT Treatment The SAA believes Suffolk Show income to be VAT exempt as it is considered lo be a fundraising event. This has been dispijled by HMRC, bul a Third Tièr Tribunal case hearing found against HMRC and in favour of the Yorkshire Agricultural Society on this matter on 9 January 2025. The benefit of VAT exemption of £216,589 for the current financAal year has not been recognised in these financial statements, bul a conlingènl assèt has bèan disclosèd. For further details please see Note 24. Incorne from donations and 1oga¢le$ Unro$trlct8d fund$ 2024 Total fund$ 2024 Tol81 funds 2023 Membership fees 189,313 189,313 182,857 Page 27 SUFFOLKAGRICULTURAL ASSOCIATION IA company limitsd by guarant8•1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Income from charitable acUvlties R&strlct8d Unmtrl¢tsd funds funds 2024 2024 Total funds 2024 Conference and educational incomg Suffolk Show income 47,068 97.917 1,701.224 144,985 1,701,224 47,068 1.799,141 1,846,209 As restated Total funds 2Q23 UnresliiGted funds 2023 Conference and éducational income SLfftolk Show income 49.590 1, 716,686 49,590 1,716,686 1, 766,276 1, 766.276 Income from other trading activities Incom• from non charitable trading activitigs Unrastrlcled funds 2024 Total funds 2024 Total funds 2023 Gross income from Commtrrcial Trading Rental Income 1.314.528 20,400 1,314,528 20.400 I,(r22,689 20,000 1,334,928 1,334,928 1,042,689 Page 28 SUFFOLK AGRICULTURAL ASSOCIATION IA company Ilmlted by guarantsè} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Incom& from trading activitie8 The income and expenditurè shown in the SOFA include those of the Charills wholly owned subsidiary Trinity Park Events Limited. The subsidiary continues lo promote the lettings and commercial utilisalion of the Showground and Trinity Park facilili¢s. A summary of the financial activities of the Subsidiary are given below.. 2024 2023 Gross incorne Cost of sales 1.314,628 1,022,689 1519,9461 (480,875) Gross prollt 794.583 541,814 Admlnistration expens88 Other opgrating income 1731,4281 (550,430J OperaliNJ and rglained profiVIIo881 63.157 (8,676) The assets and liabilities were.. 2024 2023 Current assets Creditors.. amounts falling due within one year Creditors.. amounts falling due after more than one year 459,827 3T5, 764 1232,4921 (200,986) 115,8331 (25,833) Net Ilialy'litiesllassets 211,502 148,345 Aggregate Share capital and Ideficil115urplus on reserves 211,502 148,345 Trinity Park Evènts Ltd has not recognised a potential defèrred tax asset of £32,775 (2023.. £51,445) on the bas¢s that any further profits wll be donated lo the Charity by Gift Aid. Page 29 SUFFOLK AGRICULTURAL ASSOCIATION IA company Ilmited by guèranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Incom6 from investmènts Unrestricted funds 2024 Total funds 2024 Total funds 2923 Income from the Sarasin Endoywnents Futxl Incom• from the Ruffer Total Return Fund Income from the CCLA Fund Bank and olhw interest 25,645 9,387 125,960 183 25,645 9,387 125,960 183 116,882 24,391 201 181,175 161,175 141.474 Analysis of axp•nditure- curront y*ar Gov&rnance & Support Costs 2024 Total funds 2024 staff costs Dirgct costs 2024 2024 Cost of Ralslng Funds Membership costs Commercial Iradbng operations Investment manager lees rebated Rental costs 4,606 289,170 4,606 1,243,771 12891 3.704 418,608 535,993 12891 3,704 418,608 539,408 Charltable Activitlos Sulfolk Show Donations, grants & Subscriptions Conlerences & Education 293,776 1,251,792 402,876 1.320,692 5,431 96,400 438.100 1161,668 5,431 406,844 91,394 219.050 Total 2024 912,878 1,961,931 950,928 3,825,735 Page 30 SUFFOLK AGRICULTURAL ASSOCIATION IA company Ilmited by guarantsg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Analysls of expendlture - prlor yèar Govamanco & Support Total Staff costs Dlrect costs Costs funds 2023 2023 2023 2023 As reststed As reststed As rgstatsd As rastated Cost of Raising Funds Membership costs Commercial trading operations Investment manager fees rebated Renial costs 4.626 83.366 4626 1,031.305 11.4781 3.645 409,414 538,525 11,478) 3,645 409,414 540,692 87.992 1,038.098 Charitsblè Actlvbtles Suffolk Show Donations. grants & subscriptions Conferences & Education 334,241 1,345,485 6,068 37,301 620,103 2,299.B29 6.068 408.302 60.949 310,052 Ttstsl 2023 804,604 1,929,548 1,018,147 3,752.29Y Page 31 SUFFOLK AGRICULTURAL ASSOCIATION IA company limited by guarnntaal NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Allocatlon of support costs The Association allocates ils support costs as shown below. Support oJsls are all￿al9d on a ba51S consistent with the use of resources and may change from year to year. Ralslng funds- harity 2024 Ralslng funds: TPEL 2024 Ch8rilable activltles 2024 Totsl funds 2024 Support cost analysls - current ygar Insurance Printing. sialionery. computer and postaga Staff and offici8ls' expenses Rates, Ilghl, h&al. and telephone Maintenance Profès$ional fees Deprèciation Training Advert181ng, prornotion, public relalions and education Provision for bad dabls 63,276 14,990 1,936 142,211 151,964 25,460 210,365 2,887 9,547 18,423 23,028 40.025 705 95,845 73,438 2,641 193,965 20Y,267 37,976 288,922 3,938 51,754 55,303 12,516 76,557 1,051 2,406 18,485 2,406 18,485 813,089 27,964 281,830 922,883 Governance Trustees ¢alering costs Auditoes lemuneralion Truslegs, Indemnity insurance 3,247 13,650 3,8Cfj 3,247 20,990 3,806 7,340 633.792 27.g64 289.170 950,926 Page 32 SUFFOLK AGRICULTURAL ASSOCIATION IA company Ilmlted by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Raising Raising Ch&nt&ble funds.. funds.. Tolal aGlivilies Chaiity TPEL funds 2023 2023 2023 2023 As r&slaled As roslaled As reslat8d As reslaled Support ¢ost analysls - prlor year Insuran 87.562 20,236 4,593 248,204 787.274 45,Q83 277.476 1,588 12.430 18.5(kl 7,2T8 4,308 382 20,630 15,566 3, 747 23,064 132 107,270 43,048 4,975 268,834 202,840 48,830 300,540 1. T20 Printing, stationery, computer and posiage Staff and offiLyals' expenses Ratas, light. heat. and telephone Maintenance Piofe8sion81 fees Depreciation Training Advertising, promotion, public r&lations and education 1,374 7.374 872,Q16 30,934 76,461 979,431 Gov8rnanca Trustees catering Costs Audilols remuneration Trustees. indemnity insuran 5, 609 21,350 4,872 5.609 28.235 4.672 6,885 903,847 30,934 83.366 1.018. 147 Investment management fees are charged al a percgntsgè of th& v8Iue of the Assoaation's investment in the respective fund and are charged within the reported price of Ih05è funds. 10. Audltors. romuneration 2024 2023 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-audil servi¢es 13,6SO 7,340 12,825 6,885 8,525 21.488 28,235 Page 33 SUFFOLK AGRICULTURAL ASSOCIATION IA company limitod by guarants&l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 11. Stsff costs Group 2024 Group 2023 Charlty 2024 Chority 2023 Wages and salarle8 Social security Costs Contribution to defined Ix)nlribulion pension schamès 783,936 7q.677 686,070 62.627 783,936 71,677 686,Q70 62,627 57.265 55,907 57.265 55,907 912,878 804,604 912,878 804.604 The average number ol persons employed by the Charity during the yoar w88 as follows.. Group 2024 No. Group 2023 No. Raising fund8 Charitabl8 activities Governance 27 19 10 38 31 The average headcounl expressed as full-time 8quivalenls was.. Group 2024 No. Group 2023 Raising funds Charitable activities Governance 15 10 io 14 30 21 Page 34 SUFFOLKAGRICULTURAL ASSOCIATION IA company limlted by guarant•&l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 11. Staff costs Icontlnuodl The number of employees wh08e employe8 benefi'ts (excluding employ8r pension costs) ex¢eeded £60,000 was.. Group 2024 No. Group 2023 No. In the band £80,001- £90,000 £12.523 12023.. £12,495> was Paid into a defined contribution pension scheme on behalf of the above higher paid employee. The Trustees neither Teceivèd nor waived any remuneration or expenses durfng the year12023-. £Nil). Note 26 discloses the value of arm's leThJlh transactions undertaken be￿een the Associallon and individual Trustèès. The key management personnel of the Association consisted of the Trustees and th& sanior man8gemenl team. Th& total employee benefits of the three mèmbers of key management personnel was £211,09912023: £201,8161. 12. Interest payablo and slmllar charyes 2024 2023 Bank loans and overdrafts 49,112 48,078 Page 35 SUFFOLKAGRICULTURAL ASSOCIATION IA company limitBd by guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 13. Tanglble ftxgd a88ets Group and Charlty Showground equrpment, flxturos and fSttings Freehold land and bulldlngs Challenge trophig$ Motor vehicles Totsl Cost or valuatlon Al 1 October 2023 Additions 10.793,131 6,695 44.309 1,027,Y29 65,700 9,500 11,874,669 72.295 At 30 Seplomber 2024 10,799.726 44,309 1,093,429 9,600 11,946,984 Depreciatlon Al 1 October 2023 Charge for the year 4,026,992 253.200 695,128 33,298 7,809 423 4,729,929 286,921 At 30 Sepl8mber 2024 4,280,192 728,426 8,232 5.016.850 N&t book valuè AI 30 Septembèr 2024 6,519,534 44,309 365,003 1,268 6,930.114 AI 30 Ssptember 2023 6, 766, 139 44,309 332.6Ql 1,691 7. 144, 740 Included in freehold land and buildings of the Group and Charity is land at eost of £2,626.37612023'. £2,626,376) which is not depreciated. All tangibl8 assets of th8 Charity are u8ed for charilablg purposes. Tangible fixed assets ￿th a n&t book value of £6.2 million 12023.. £6.2 million) have been pledged as security for liabilities of thè Charity. These assets have resliicted title as d&fined Vwilhin the Charities Act and in respfyct of legal charges in favour ol the Group's bankers. Page 36 SUFFOLK AGRICULTURAL ASSOCIATION {A company Ilmltad by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 14. Invèstment property Group and Gharlty Fr00hold Investment property Valuatlon At 1 October 2023 845,000 AI 30 September 2024 845.000 The 2024 valuation has begn made by the Trustees of the Charity, on a fair value basis. taking into consider81i<)n of professional advice received. 15. Investments 2024 2023 Group Investment in the S8rasin Endowments Fund Investment in the Ruffer Total Return Fund Investmenls in the Schroder Private Equity Funds ol Funds Inveslmenls in CCLA COIF Charities Investment Fund 3,985,010 882,275 253,900 105,057 4,102,399 Total managod Investments 4.207,456 5. 121. 783 Cash deposits in the investment portfolio 440,170 12, 106 Group investmènt 4,647.626 5, 133,289 Charity- Shares in Subsidiary undertaking 400,002 400,OQ2 Chorlty Investsnent 6,047,628 5,533,291 Page 37 SUFFOLKAGRICULTURAL ASSOCIATION IA company limltsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Market value at previous 1 October Additions al cost Disposals al opening book value Nel unr&alised gain I110ssI on investments 5,121,183 4.113,990 15,432,171) 404,4S4 5,010. 104 131,038 (84,919) 64.960 rijarkgt value as 30 September 4.207,456 5, 12t, 183 2024 2023 Total historic cost 3,684,151 4,043,3 The fair value of each of the Endowments Fund and the CCLA Fund is determined by reference lo th& net asset value published daily by th& Investment Manager. The fair value of the Schroder Private Equity Fund of Funds is determined by iefer$nce lo the nel asset value published quarterly by the Investment Administrator. Thè Suffolk Agricultural Associalion owns 100% of the issued ordinary share capital of Trinity Park Events Limited (company number 033835191, a company incorporated In England and Vvales. which arranges the letting of the Showground and Trinity Park Conference Centre for charitable and commercial events. The investment is Show) at ¢0gt. A summary of the subsidiary's profll and Iciss account and balance sheet is givèn in note 8. Page 38 SUFFOLK AGRICULTURAL ASSOCIATION IA company limitgd by guardntèal NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 30 SEPTEMBER 2024 Principal sub8idiarfoS The followng was a subsidiary undert8king of the Charity.. Name Company numbgr Reglstèrtsd office or prlnclpal Class of placg of busine53 shares Holdlng Trinity Park Events Limited 03383519 Trinity Park, Felixstowe Road. Ipswich. Suffolk. IP3 8UH Ordinary 100% The financial results of the subsidiary for the year were: Name Ineorll8 Expondlturg ProflUILos511 Surplu81 IDeficitl for the year N•t a$s•ts Trinity Park Event8 Llmited 1,314,528 14,251,371) 63,157 211,502 16. Sto¢k8 Group 2024 Group 2023 Charity 2024 Ch&nly 2023 Bar and food stocks Postage 23,126 21.864 701 701 23,126 22,565 701 Bar stocks are held for the bar activities of TPEL. Postagé is the unused value in the pre-paid postage meter. 47. Dèbtors Group 2024 G￿>t1p 2023 Charity 2024 Chanty 2023 Due wlthln one year Trade debtors Other debtors Prepayments and a¢¢rued income 83,S99 94,480 23,463 99.430 5.351 36.304 6.317 94,4Y9 23,463 94,727 5,351 12.488 201.542 141,085 124,259 32,566 Page 39 SUFFOLK AGRICULTURAL ASSOCIATION IA company Ilmited by guarant¢o1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 18. Cradltors- Amounts falllng du& wlthln ono year Group 2024 Group 2023 Ch8Tity 2024 Charfly 2023 Bank overdr8ft5 Bank loans 687, 787 148,691 114, 103 687. 787 138,691 77, 148 227,084 12, 742 12.588 108,353 101,787 51.433 91,787 34,957 327,711 17,702 18,827 305,666 Trade creditors Amounts owed lo group undertakings Other taxation and sooal security Other cradilors Accrua18 and deferred incom& 7B,131 18.827 451.253 43,390 12,588 231, 736 701,431 1,238,295 796,650 1,264,393 The bank loans and overdraft are secured by means of a logal charge over the land and buildings at Trinity Park. The overdraft facility of 2750,00012023.. £750,000) is repayable al call, interest is payable Ihemn al 2.25°k over base rate. There are four loans, th& details of which are Sh￿ in note 19. Induded in the above is.. Group 2024 Group 2023 Charity 2024 Chanty 2023 Analysls of deferred incomè Deferred income Life Membership fees 112,412 37,588 134.681 33,833 1,203 37.588 35.421 33,833 150,000 168,514 38,Y91 69.254 Movements on Oeferred Ineome Group 2024 Group 2023 Charity 2024 Charity 2023 Opening balance previous l October Income recognispd in the year Income deferred in the year 134,681 1497,9101 476,641 98,996 (397.392) 433,077 35,421 193.607) 59.389 Y,260 f11, 794) 45,955 Balan¢& at 30 Septembar 112.412 134,681 1,203 35,421 Page 40 SUFFOLK AGRICULTURAL ASSOCIATION IA company Ilmlted by guarAntsg1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Movements on Life Membership fees Group 2024 Group 2023 Charity 2024 Charity 2023 Opening balance previou8 1 October Income recognised in the year Income deferred in the year 33.833 13.6561 7.411 34,913 (1,080) 33,833 13,6561 7,411 34,913 (1,080) Balanco at 30 Soptsmber 37,S88 33,833 37,588 33,833 The Charity's defeired in¢ome relates lo membership incomè r&ceived in advance, the remainder of the Group's deferred income rel8tes to amounts due in respect of events taking place after the year end but Involced in advance. Life member3hip fees are re￿gnised over a period of 20 years, Pag8 41 SUFFOLK AGRICULTURAL ASSOCIATION IA company Ilmlted by guarantsol NOTES ro THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 19. Credltor8: Amounts falling after more than ono year Group 2024 Group 2023 Charlty 2024 Charity 2023 Bank loan8 424,462 479,805 408,629 453,972 The abov? loans are repayable as shown below. Excluding th8 Bounce Back Loans, they are secured by means of a legal chargè over the land and buildings al Trinity Park. Includad within the above are amounls falling due as follows.. Gr0￿p 2024 Gmup 2023 Charlly Z024 Charrfy 2023 Bgtweon one and yea Bank loans 195,595 148.691 185,595 138,691 Bètween Imo and flv8 y•ar$ Bank loans 228,867 331, 114 223,034 315,281 Over f5ve years The Group has four loans. The first two 8re al a variable rale loan with interest charged al 0.8°% over base rate. The amount outstanding on these loans was £475,41612023.' £557,663). The total interest charged on these loans was £26,913 12023.. £38,862) and is included as part of commerci81 trading operations within the cost of raising funds. The Group also has two Bounce Back Loans totalling £50,83312023.' £70,833). £1,634 interest was paid by the Group on the Bounce Back Loan durlng the year12023.' £2,578}- Pag& 42 SUFFOLK AGRICULTURAL ASSOCIATION IA company Ilmlted by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 20. Statement of funds Statsm&nt of funds . curr•nt year Bolan¢e at i October 2023 Galn81 Balance at 3CI IL085851 Sept&mb&r 2024 Income Exp8nditure Unrestricted funds Designatgd funds Charitable fixed asset fund S,752,633 {286,9211 5,465,712 Ganaral funds General Fund 5.837,816 3.484.557 13.491.7461 404454 6.235,081 Totsl Unre$trl¢ted funds 11,590.449 3,484,557 13,778,667) 404,454 11,700,793 Rèstrlctad funds Reslricled Funds 47.068 147.0681 Total of funds 11,590.449 3.531.625 13,825.7351 404,454 11.700.793 Restricted funds rewesenl donations recewed for the School Farm & Country Fair. Show Gardens. Facilitators Training and the Rising Stsr Award. All funds received were spent in full during the year. Page 43 SUFFOLK AGRICULTURAL ASSOCIATION {A eompany limited by guaranta81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 statement of funds Icontinu8dl Statèment of funds - prior year B818n¢e 81 l Oclobei 2022 B&l&nc8 al Gainsl 30 Septambgl (Losses) 2023 Income Expgnditu un￿trICted funds Dg5ignated funds Charitable fixèd as8el fund 6,053, 173 (300,540) 5,752,633 Genoral fund$ General Fund 6, 121,870 3, 170,608 (3,489.069) 34,407 5,837.876 Total Unrestricted funds t2, 175,043 3, 170,608 (3,789,609) 34,407 11,590,449 21. Rgconclllatlon of nèt movement In funds to net cash flow from optrrating activities Group 2024 Group 2023 Nel movement in funds before other re¢ognised gainsl(los8esl las per Statement of Flnancial Acliviliesl 110,344 (539.594) Adlustm8nts for: Depreciation charges (Gain8111085es on investments Dividend5, Inleresls and rents from inve81menls Decreasellincreasel in stoek$ Decreasellincreasel in debtors Increase in crèditors 286.921 300,543 1404,4541 (79,407) 1161,1751 (141.474) 15091 1.510 160.4571 98,624 196,849 59,864 Net cash used in opgrnting activitie$ 132,4811 (299,934) Page 44 SUFFOLKAGRICULTURAL ASSOCIATION IA company Ilmlted by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 22. Analysis of changos In cash and cash gqulvalents Gioup 2024 GFD(AP 2023 Cash in hand 619,448 21,870 (687, 787) 12, 105 Bank Dverdraft Noti￿ deposits (less than 3 months) 440.170 Total cash and cash 8qulvalents I,OS9,618 (653,812J 23. Analysls of changos In net debt Atl O¢tob•r 2023 Cash flows Other non- At30 cash September changes 2024 Cash at bank and in hand Bank overdrafts rep8yable on demand Debt due ￿thIn 1 year Debt due after 1 y8ar 21,870 1687,7871 1148,6911 1479.8051 597,S78 687,787 102,247 619,448 155,3431 1101,7871 55,343 1424,4621 11.294,413} 1,387,812 93,199 Contlngent assets Following the Tler one IT1} court ruling that income derived by the Yorkshire Agrieullural Society IYASI from the Great Yorkshire Show is exempl from VAT IYAS submStted that the Show mel the conditions of being a fundraising event as set out in item 12111. Group 12 Sch 9 VATA 19941 the SAA presented ils own exemption ¢laim wlh r68pect lo Suffolk Show income. HMRC appealed the YAS T1 decision leading lo a Tier three (T3} tribunal; as al the SAA balance sheet dat&130 Saptember 2024) the appeal decision was ouislanding. On 9 January 2025 the Appeal Court again found in favour ol YAS and confirmed that the Yorkshire Show income does meet the conditions for exemption from VAT IHMRC has until 3 Febiuary 2025 to request a further appeal). Al the dale of sioning these financial statèments 128 January 20251 the Trustee Board bdieves that, in accordan¢e with FRS 102, pala 21.16, "an inflow of economic benefits is probable (moro likely than noll bul not virtually ¢ertain" and has therefore recognised a contingent asset in this disclosure, The value of the VAT benefit for the current financial year is £216,529 less costs of £43,306, a net asset of £173.223. In addition, the Trustèe$ have 8ubmilled a claim for refund of VAT paid on Suffolk Show income In prevlou8 years which, based on expert advice received. we. the SAA. believe to be recoverable. Page 45 SUFFOLK AGRICULTURAL ASSOCIATION IA company Ilmlt&d by gu8rAnts&) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 25. Capital commitments Group 2024 Group 2023 Charity 2024 Charity 2023 Conlracled for bul not provided in these financial statements 27,833 27,833 At the year end the Charity was committed to capital expenditure of £Nil 12023.. £3,000) for ils Show Management IT system and £Nil12023.' £24,833) for new Audio & Visual equipment. 26. Other financlal commltments The Charity is part of 8 group VAT registration and therefore 1$ potentially liable for VAT liabilities of its subsidiary, As al 30 September 2024 ils subsidiary, Trinity Park Events Limited owed £60.592 in VAT 12023.. £30,648) Related paty transactions All TnJstee5 are either annual or life Members or Vice Presidents of the Association. In addits'on the following Trustees provided seNices to the A880(aalion during the year.. Morbeans Coffeè Company - EC Morton Veriding machine supplies - £3,54612023'. £2.9791. £Nil Was Outstanding at the ye8r 6nd12023.. £214}. JM Taylor (Show Director) provided services lo the Show totalling £5,15012023.. £4,255). £Nil was outstanding at the year end12023'. £Nill. JM Dinmriddy Ilruslèè provlding lègal advice) Birkells partner. Birkells provided legal sarvicès lolalling £4,13412023.. £3,750). £Nil was oulslanding al the year end12023' £Nill. 8 Kemball provided haulage services {Debach Enlèrwisesl lolalling £52012023.. £1,375). £Nil was outstanding at the y&ar end12023.' £Nill. SA Bend811 provid8d servi¢¢$ (Hdlow Tm Farml lolalling £1,95912023.' £Nill. £Nil was outstanding al the year end12023.. £Nill. During the yèar, the Charity charged £697,864 {2023.. £539,546) to TPEL for staff costs. rental incomè management charges. TPEL made a number of cash transfers lo the Charity via the inler¢omp8ny loan account. The nel balance owed by the charity lo TPEL al the year end was £327,741 12023.. £249,920}. Page 46