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2023-12-31-accounts

Registered number: 01817702 Charity number: 289581

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

ROYAL NORFOLK 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 - 13
Independent Auditors' Report on the Financial Statements 14 - 17
Consolidated Statement of Financial Activities 18
Consolidated Balance Sheet 19 - 20
Charity Balance Sheet 21 - 22
Consolidated Statement of Cash Flows 23
Notes to the Financial Statements 24 - 51

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees R C Alston
G S Pilcher FCA (resigned 20 April 2023)
C S J Scott (resigned 20 April 2023)
C E Savory FCA
L Lockhart
N J Dulieu FCCA (resigned 9 January 2024)
S J Hickling MVO
Dr J H Clarke
Dr C M Richards
A Spinks
L A Hill (appointed 20 April 2023)
E Norton (appointed 20 April 2023)
Company registered
number
01817702
Charity registered
number
289581
Registered office
Norfolk Showground
Dereham Road
Norwich
Norfolk
NR5 0TT
Company secretary
J D Betts
Key management
personnel
M A Nicholas MBE DL (Managing Director)
R Greenacre (Commercial Director - from 1 October 2023)
J D Betts (Financial Controller)
Independent auditors
MA Partners Audit LLP
Chartered Accountants & Statutory Auditors
7 The Close
Norwich
Norfolk
NR1 4DJ
Bankers
Lloyds Bank plc
3 Queen Street
Norwich
NR2 4SG
Scottish Widows Bank plc
67 Morrison Street
Edinburgh
EH3 8YJ
Solicitors
Howes Percival
1 Bedding Lane
Norwich
NR1 3DW

Page 1

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Investment managers

Barratt & Cooke 5 Opie Street Norwich NR1 3DW

Page 2

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the audited financial statements of the Royal Norfolk Agricultural Association (RNAA) for the year 1 January 2023 to 31 December 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. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

The objects for which the RNAA is established are:

Policies and objectives

  1. To bring people and business together through a range of inspiring initiatives promoting food production, farming and the countryside.

  2. To educate a wider audience about the ways of the countryside, the environment, the reduction of carbon emissions to help prevent global warming and to encourage the consumption of locally produced food.

  3. To develop a strategy for increased commercial use of Norfolk Showground, and income streams to underpin our charitable work.

  4. To contribute to the development of strategies for the region.

Page 3

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

Criteria for measuring success

Criteria for measuring success are varied against the differing activities of the RNAA. Each activity is routinely reviewed by the Trustees who use a range of evaluation criteria that might include:

b. Strategies for achieving objectives

The Association seeks to achieve its objectives through the following main activities:

  1. The annual Royal Norfolk Show as a showcase for best practice in agriculture, locally produced food, the countryside and the rural economy. The 2023 Royal Norfolk Show was held over 28-29 June and provided a successful showcase for the industry, and wider county. The RNAA’s main fundraising activity is the Royal Norfolk Show.

  2. Building a substantial enabling business through Norfolk Showground Limited, and other commercial opportunities, to help fund the RNAA, seeking sustainable and relevant future options. Event bookings and other short term commercial activities returned to pre-pandemic levels during 2023. The RNAA maintained commercial tenants on site at the Norfolk Showground throughout 2023.

  3. Supporting our education vehicle, the Food and Farming Discovery Trust (FFDT). During 2023 the FFDT operated at full operating capability and delivered an inspired range of education activities.

  4. Maintaining the RNAA’s profile and presence in Norfolk, creating opportunities, building relationships and encouraging collaboration. This objective was achieved through the development of a range of partnerships which enabled collaborative working to share knowledge and solve problems at a local level.

  5. Building a committed and active membership base. The RNAA continues to strengthen the membership proposition for those who wish to support the promotion of food production, farming and countryside in Norfolk.

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ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

c. Main activities undertaken to further the Charity's purposes for the public benefit

The RNAA is a charity working for food production, farming and the countryside. The Trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the RNAA’s aims and objectives and in planning future activities.

The operations of the RNAA are in two areas:

  1. Charitable activities and the delivery of public benefit.

  2. Commercial activities to generate earnings to support our charitable work. The net income of all commercial activity undertaken by the subsidiaries is gift aided to the RNAA.

There is an overlap between our charitable and commercial activities as some events have both strands, such as the Royal Norfolk Show.

Achievements and performance

a. Review of activities

By the end of 2023 the new staff team had reached full operating capability and began to take forward a new strategy of engagement within the agricultural sector and wider business community, as well as improving internal systems and processes. The thrust of this work has been to ensure that the RNAA continues to be relevant and of utility to the wider agricultural sector. We welcomed the appointments of Richard Greenacre as our first Commercial Director, and Tracey Spelman, as Business Development and Sales Coordinator.

A summary of the current charitable outputs strategy is provided here:

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ROYAL NORFOLK AGRICULTURAL ASSOCIATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

The key lines of development of this strategy are:

Food, Farming and Environment Forum

The RNAA has continued to develop the concept of a food, farming and environment forum to support the local agricultural industry. The concept provides for a broad-based forum that enables access to an intelligence-led network of food and farming organisations for the benefit of collaboration, knowledge exchange and problem solving. Bringing together practitioners, researchers, educators and consumers, the forum aims to enhance the sharing of knowledge, and the ability to solve industry problems at a local level. Activities that might be described as contributing to the forum include the Norfolk Farming Conference, RNAA membership activities, and partnership workings with, for example, organisations forming part of the Norwich Research Park, to facilitate farmer-researcher relationships.

Food & Farming Discovery Trust

Under the leadership of the Trust Manager the FFDT has developed an effective programme of learning activities for Key Stage 1-3 youngsters. Partnerships have been developed with the Clan Trust, John Innes Foundation, the Wherry School, Norwich Science Festival, and the Papillon Project. The RNAA has continued to be the lead supporting organisation for the FFDT, securing funding for revenue and projects, and providing finance management and administrative support. Over 2022-23 the FFDT achieved direct engagement with over 25,000 school age children.

Public events

Our charitable strategy re-enforces the importance of the Royal Norfolk Show as an event that brings together the agricultural community and connects the industry with the wider public. It is envisaged that other public events are mounted as a response to demand, or to achieve a specific objective.

Skills and Careers

The 7th Norfolk Skills and Careers Festival was held over 8-9 March 2023. The event is of regional importance and provided a skills and careers showcase for 7,500 youngsters from across Norfolk and Suffolk, who were able to learn from 85 employers representing many sectors. The Festival was run by the RNAA and supported by a coalition of willing organisations who understand the importance of inspiring the young generation with regard to their future employment opportunities.

Royal Norfolk Show

The 2023 Royal Norfolk Show provided a spectacular setting for the showcasing of the farming and agricultural sector in Norfolk, from the age-old and important tradition of livestock showing (which included hosting the British Simmental English National Show), to the demonstration of equipment and discussion of concepts and technologies of the future. The Show also hosted a record number of Horse of the Year Show qualifying rounds. Beyond our core purpose the Show celebrated the best organisations, businesses and people Norfolk has to offer. Almost 79,000 participants and visitors enjoyed two action-packed days. A new layout with a clear focus on special areas of interest proved popular with visitors – including many returning to the Royal Norfolk Show after several years.

This year we were particularly pleased to introduce new content including a Norfolk Business Hub, delivered in partnership with the Norfolk Chambers of Commerce; with partners we provided a focal point for the promotion of the STEMM (Science, Technology, Engineering, Maths and Medicine) disciplines which also enabled the first significant contribution at the Show by the East Wind collaborative of companies delivering off-shore energy projects; the first Norfolk Community Champions Tribute for over 600 local unsung heroes; a flagship ‘think piece’ event – Norfolk Voices for Norfolk Futures – to encourage our younger generation to set a vision for 2050; the Norfolk Music Hub’s Guinness World Record for the largest gathering of percussionists playing recycled instruments, as well as a Grand Sing for thousands of local schoolchildren led by Gareth Malone.

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ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

The impact of the Show is significant. We were delighted that over 9,500 schoolchildren from 123 schools across the region, as well as many home-educated youngsters, were inspired by our education activities in the Discovery Zone and STEMM Village. Thanks to the Norfolk Music Hub, hundreds of youngsters were able to perform at three stages around the Showground. Business activity was significant, and we know that the Show’s positive economic impact on Norfolk each year exceeds £20 million.

We were thrilled that His Royal Highness The Prince of Wales was able to visit the Show and meet representatives of community organisations and farming groups. We were also pleased to host the Minister of State for Farming, the Rt Hon Mark Spencer MP, who engaged with representatives of the farming community, as well as many of our local Members of Parliament.

RNAA Opportunities Fund

The RNAA Opportunities Fund has been established to enable an expansion of the support we are able to offer to those considering a career in farming or seeking to develop their skills and experience. The aim is to help young people to achieve their potential and to open their eyes to the breadth of opportunity a career in food and farming can offer. In the short to medium term, the Fund will seek to provide bursaries, grants, scholarships, mentoring and other forms of support, including building on our own education work and formalising volunteer and young ambassador schemes. In 2023 the fund supported:

The award of a Nuffield Farming Scholarship to Harry Winslet, Future Farm Manager G’s.

An individual undertaking professional development training with the Institute of Agricultural Management.

Six outstanding aspiring farmers to attend the Oxford Farming Conference.

19 bursaries for attendance at the annual Agri-TechE REAP conference.

Norfolk Beekeepers Association annual conference.

In the longer term, we plan to build an endowment to secure these opportunities for future generations.

Support to Agricultural Charities

Recognising the importance of local agricultural charities, we continue to further our close relationship with the YANA (You Are Not Alone) charity and provide the charity with office facilities. The Norfolk Federation of Young Farmers Clubs headquarters is co-located with the RNAA office. Norfolk FWAG (Farming and Wildlife Advisory Group) has re-located its office to Norfolk Showground. The development of a hub of like-minded organisations will help enable further collaboration and idea sharing as we support the agricultural sector in Norfolk. Practical support was provided to the Aylsham Show and the Wayland Show.

Additionally, the RNAA provided support to the Norfolk Community Foundation’s Nourishing Norfolk project, which aims to alleviate food poverty through the provision of local food hubs. The RNAA has helped coordinate communication efforts with food producers.

Knowledge Transfer

This is a key activity as we try to encourage the industry to work more collaboratively. In 2023 we supported:

Agritech week – a partnership initiative, founded in 2014 by Agri-TechE (formerly Agri-Tech East) and the RNAA. In November 2023 a visit for 50 RNAA members was conducted to Frederick Hiam Ltd to understand the automation of the processing of root crops. Participants on the visit included a cohort of students from East Norfolk Sixth Form College.

Page 7

ROYAL NORFOLK AGRICULTURAL ASSOCIATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

The YIELD network – this group of younger members now numbers over 285 consisting of farmers, vets and others working in allied industries and is run by a management committee drawn from the membership. The group meets regularly – for virtual and physical events – which included knowledge exchange and professional development. Our YIELD Group of young professionals has taken full advantage of a wealth of knowledge sharing opportunities throughout the year. A particular highlight of the YIELD Group programme was an evening seminar on the Future of Farming in Norfolk for 140 delegates, held in Norwich.

YIELD is now recognised as an influential group for those who are passionate about farming and want to be part of a successful forward-thinking industry.

Estate and Infrastructure

A rolling programme of maintenance and investment in Showground facilities has continued during 2023.

Norfolk Events Centre. In July 2023 a project commenced to provide an extension to and refurbishment of the Norfolk Events Centre (previously known as the Norfolk Arena). The extension provides for ancillary accommodation including kitchen facilities, bar space, breakout rooms, storage space, and improved external lighting. The aim is to create a more versatile facility by providing useful spaces and to enable the main exhibition hall to be divided with a movable soundproof wall. The project, funded by the RNAA, and with generous grants from the Garfield Weston Foundation and New Anglia Local Enterprise Partnership, was completed in February 2024.

Toilet blocks. A programme to modernise our public toilet blocks commenced in 2023. The programme, which continues in 2024, will remove redundant water infrastructure and reduce the risk of water contamination.

Financial review

a. Going concern

The Trustees have considered the level of funds held at the year end. The Trustees have also considered the forecast income and expenditure to 31 December 2025 is sufficient with the level of reserves for the RNAA to be able to continue as a going concern.

b. Reserves policy

The Trustees have assessed that free reserves of £1,000,000 should be maintained to cover the full overheads of the business for 12 months, in cash or other liquid assets and investments in case the Royal Norfolk Show is cancelled in any year.

The Trustees measure free reserves as unrestricted reserves less fixed assets but including the surplus investments over those secured by the bank. At 31 December 2023 free reserves totalled £2,527,695 ( 2022: £2,919,362 ).

Total reserves of the Group at 31 December 2023 were £6,965,857 ( 2022: £6,894,552 ) which includes restricted funds of £41,485 ( 2022: £44,567 ) and unrestricted funds of £6,924,372 ( 2022: £6,849,985 ).

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ROYAL NORFOLK AGRICULTURAL ASSOCIATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

c. Investment policy

Under its constitution, the RNAA has the power to invest funds not immediately required for its charitable purposes. The Trustees have considered the most appropriate policy for investing funds and concluded to maintain a balanced portfolio of listed investments to provide the maximum financial return to the RNAA and to invest surplus cash funds on various deposits to receive the highest rate of interest whilst mitigating risk and ensuring all liabilities can be met within their due dates. The Trustees are satisfied with the returns for the year.

The share portfolio is managed by Barratt & Cooke, on a discretionary basis, to meet the requirements of a security charge by Lloyds Bank. It is reviewed annually by the Trustees and regular performance reviews are held with Barratt & Cooke who provide quarterly updates to Trustees. The Trustees' policy is that the portfolio maintains a cautious positioning to ensure that obligations to the bank charge can be met.

The Trustees are conscious of the implications of the social, environmental and ethical considerations of investments in certain sectors and industries. Barratt & Cooke have been advised to avoid investments which directly conflict with UK farming.

During 2023 the portfolio has seen an increase due to the control of national economic factors such as inflation. As result the portfolio has risen to over £850,000 with an estimated yield of 2.93%.

d. Financial overview

On a consolidated basis, the RNAA’s net surplus before gains/(losses) on investments totalled £36,511 ( 2022: £182,624 ). The results in the year have been influenced by the following major factors:

The RNAA continues to manage its costs through careful item by item budgeting, regular financial reporting, a purchase order system and frequent reviews of costs by key management personnel and Trustees.

After considering the recognition of a one-off grant received during the prior year and the one off expenditure incurred on utilities during this year, the net surplus before gains on investments for this year is comparable.

The Trustees are very pleased to have made a surplus for the last four out of five years.

Page 9

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management

a. Constitution

Royal Norfolk Agricultural Association is registered as a charitable company limited by guarantee (Company Number 1817702, Registered Charity number 289581) and was set up by a Trust deed, and subsequently adopted memorandum and articles of association.

b. Methods of appointment or election of Trustees

The Directors of the Company are also Charity Trustees for the purposes of charity law. Under the Company’s Articles they are known as members of the Board of Trustees.

The Board encompasses a diverse mix of skills and experience to ensure that the interests of the RNAA, its members, clients and customers are appropriately represented. Trustees are appointed after interview by the principal officers of the RNAA.

c. Organisational structure and decision-making policies

The Board of Trustees meets routinely seven times a year. The Board of Trustees exercise control over the management and operation of the RNAA including the management and administration of the RNAA’s funds and assets, the maintenance and development of the RNAA’s land and property and the engagement of all employees and the regulation of their duties, salaries and terms of service.

The Board of Trustees has three sub-committees – Nominations and Governance, Personnel and Remuneration, and Commercial. These sub-committees meet at least annually dealing, respectively, with matters pertaining to the Board and Governance, the RNAA’s people strategy and issues relating to the remuneration of staff, and the commercial strategy which supports the delivery of our charitable objectives.

The Personnel and Remuneration Committee provides assurance to the Trustees that the RNAA has an effective people strategy in place which supports the delivery of the overall strategy, promoting an effective, high performing and diverse workforce. It oversees issues relating to the remuneration of staff, with specific responsibility for making recommendations to the Trustees regarding remuneration policy.

The Commercial Board meets regularly throughout the year. Its primary purpose is to set the strategy for the commercial operations of the RNAA and to oversee the performance of Norfolk Showground Limited (NSL), the RNAA’s trading subsidiary. Commercial Board members are directors of NSL.

Day to day responsibility for the management of the RNAA rests with the Managing Director and the management team.

There is also a Council consisting of elected members of the RNAA, ex officio members and any person coopted. The Council meets twice a year and has supervisory control over both the property and the general policy of the RNAA. Council members may undertake representational duties at the Royal Norfolk Show and at other events and activities.

Page 10

ROYAL NORFOLK AGRICULTURAL ASSOCIATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management (continued)

d. Policies adopted for the induction and training of Trustees

All Trustees are engaged with the work of the Royal Norfolk Agricultural Association. Additionally, Trustees are given induction training (including a full financial briefing and a detailed insight into the business of the Association) and provided with a copy of the Memorandum and Articles of Association, the latest Annual Report and they are offered the Charity Commission’s publication, CC3 ‘The essential trustee: what you need to know’. The Trustee induction process is led by the Managing Director.

e. Pay policy for key management personnel

The Trustees consider the key management personnel of the RNAA to be the Trustees, the Managing Director, Commercial Director and the Financial Controller, as these people are in charge of directing, controlling and operating the RNAA on a day to day basis. The pay of the key management personnel is reviewed annually and considered in light of local market conditions, typical wage inflation and by comparison to similar roles in other charitable organisations.

f. Risk management

The Trustees have assessed the major risks to which the Group and the Charity are exposed, in particular those related to the operations and finances of the Group and the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The RNAA has a risk assessment process consistent with good management practice. This ensures that appropriate steps have been taken to mitigate and recognise risk and that the RNAA makes the most of opportunities.

The RNAA complies with the Statement of Recommended Practice, SORP, required of UK registered charities. Trustees are responsible for ensuring that risk assessment and management processes are in place.

The RNAA uses a process of identifying risk under the following categories:

Financial Strategic Operational Governance Hazard

Individual risks are sub-grouped under six functional areas: Events (including the Royal Norfolk Show), Infrastructure, IT, Financial, Reputation and People.

Corporate risks under the above categories are detailed in a corporate risk register stating inherent risk status, the risk, controls in place, likelihood, impact, action points to improve controls, lead risk owner and an assessment of the residual risk given the adequacy of controls in place.

The probability, likely impact and the level of concern are ranked, and a risk map and plan are produced of those corporate risks requiring prioritisation and attention. The potential impact of a pandemic and other biosecurity hazards are incorporated into the RNAA’s Risk Register.

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ROYAL NORFOLK AGRICULTURAL ASSOCIATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Plans for future periods

Responding to changing social and environmental trends, the RNAA will ensure that it implements measures to attract new members, creating further diversity within the organisation, and that the RNAA’s profile is enhanced as consumers become more conscious about food production and the impacts of climate change.

In 2023 the Board of Trustees continued with the implementation of a new strategy for the development of the Norfolk Showground. The strategy is summarised as:

Projects under development and consideration are:

Norfolk Food Hall and Market Garden

Planning permission was achieved in April 2023 for the construction of a food hall and market garden at Norfolk Showground. The RNAA intends to build a Food Hall and Cafe promoting the diverse range of local produce. Taking advantage of the Showground's location and the wealth of producers and processors in the county, this will give a high-profile shop window for small businesses, with interpretation and education activities. During the year, a business plan has been developed with support from rural diversification consultants, and efforts have been made to confirm the funding model for the capital costs of the project. Consultation will continue in 2024 to assess the viability of the project.

Norfolk Showground Caravan Site .

A planning application has been submitted to resurrect a caravan site at the Showground. The caravan site will support the drive for greater use of the Showground for a range of indoor and outdoor events.

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ROYAL NORFOLK AGRICULTURAL ASSOCIATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, MA Partners Audit LLP, have indicated their willingness to continue in office. The Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the Board of Trustees and signed on their behalf by:

R C Alston Trustee

Date:

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ROYAL NORFOLK AGRICULTURAL ASSOCIATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROYAL NORFOLK AGRICULTURAL ASSOCIATION

Opinion

We have audited the financial statements of Royal Norfolk Agricultural Association (the 'parent charitable company') and its subsidiaries (the 'Group') for the year ended 31 December 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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ROYAL NORFOLK AGRICULTURAL ASSOCIATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROYAL NORFOLK 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 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.

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ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

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

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable 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.

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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the parent charitable company and the Group.

Our approach was as follows:

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ROYAL NORFOLK AGRICULTURAL ASSOCIATION (A Company Limited by Guarantee)

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

MA Partners Audit LLP

Chartered Accountants & Statutory Auditors 7 The Close Norwich Norfolk NR1 4DJ

Date: 12 April 2024

MA Partners Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 17

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net income/(expenditure) before net
gains/(losses) on investments
Net gains/(losses) on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
95,304
1,883,261
983,131
65,996
8,721
3,036,413
167,367
2,829,453
2,996,820
39,593
34,794
74,387
6,849,985
74,387
6,924,372		 Restricted
funds
2023
£
-
-
-
-
-
-
-
3,082
3,082
(3,082)
-
(3,082)
44,567
(3,082)
41,485		 Total
funds
2023
£
95,304
1,883,261
983,131
65,996
8,721
3,036,413
167,367
2,832,535
2,999,902
36,511
34,794
71,305
6,894,552
71,305
6,965,857		 Total
funds
2022
£
151,093
1,722,163
973,903
31,878
7,966
2,887,003
158,165
2,546,214
2,704,379
182,624
(63,932)
118,692
6,775,860
118,692
6,894,552

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 24 to 51 form part of these financial statements.

Page 18

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee) REGISTERED NUMBER: 01817702

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2023

Note
Fixed assets
Intangible assets
14
Tangible assets
15
Investments
16
Current assets
Stocks
Debtors: amounts falling due after more than
one year
18
Debtors: amounts falling due within one year
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
20
Total net assets
Charity funds
Restricted funds
22
Unrestricted funds
Designated funds
22
General funds
22
Total unrestricted funds
22
Total funds		 1,107
-
1,030,735
1,795,980
2,827,822
(626,289)
2,088,867
4,835,505		 2023
£
60,453
4,176,509
855,698
5,092,660
2,201,533
7,294,193
(328,336)
6,965,857
41,485
6,924,372
6,965,857		 2,161
441,169
1,182,202
1,716,123
3,341,655
(570,433)
2,124,656
4,725,329		 2022
£
-
3,733,986
820,659
4,554,645
2,771,222
7,325,867
(431,315)
6,894,552
44,567
6,849,985
6,894,552

Page 19

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee) REGISTERED NUMBER: 01817702

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ ................................................ R C Alston C E Savory FCA Trustee Trustee Date:

The notes on pages 24 to 51 form part of these financial statements.

Page 20

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee) REGISTERED NUMBER: 01817702

CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023

Note
Fixed assets
Intangible assets
14
Tangible assets
15
Investments
16
Current assets
Debtors: amounts falling due after more than
one year
18
Debtors: amounts falling due within one year
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
20
Total net assets
Charity funds
Restricted fixed asset funds
22
Restricted funds
22
Unrestricted funds
Designated funds
22
General funds
22
Total unrestricted funds
22
Total funds		 -
965,874
1,775,624
2,741,498
(557,468)
41,485
2,088,867
4,835,505		 2023
£
60,453
4,176,509
855,701
5,092,663
2,184,030
7,276,693
(310,836)
6,965,857
41,485
6,924,372
6,965,857		 441,169
1,138,005
1,697,320
3,276,494
(532,775)
44,567
2,124,656
4,725,329		 2022
£
-
3,733,986
820,662
4,554,648
2,743,719
7,298,367
(403,815)
6,894,552
44,567
6,849,985
6,894,552

The Charity's net movement in funds for the year was £ 71,305 (2022 - £2,242,701) .

Page 21

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee) REGISTERED NUMBER: 01817702

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ ................................................ R C Alston C E Savory FCA Trustee Trustee

Date:

The notes on pages 24 to 51 form part of these financial statements.

Page 22

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Cash flows from operating activities
Net cash used in operating activities (note 24)
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of intangible assets
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Reclassification of investments from cash
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Repayments of borrowing
Interest paid
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 24 to 51 form part of these financial statements		 2023
£
99,445
65,996
785,907
(44,523)
(680,611)
51,233
(69,027)
12,464
121,439
(109,352)
(31,675)
(141,027)
79,857
1,716,123
1,795,980		 2022
£
191,512
31,878
766,326
-
(1,083,781)
121,575
(101,802)
(16,013)
(281,817)
(108,279)
(22,341)
(130,620)
(220,925)
1,937,048
1,716,123

Page 23

ROYAL NORFOLK AGRICULTURAL ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. General information

The Association is a private company limited by guarantee, incorporated in England and Wales, and the registered office is as stated on page 1 of these accounts. Under Sections 60 of the Companies Act 2006 it is exempt from the requirement to use the word "limited" after its name. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK (FRS 102) and the Companies Act 2006.

Royal Norfolk Agricultural Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist and that there is a sufficient level of funds held at the year end. The Trustees have also considered the forecast income and expenditure to 31 December 2025 is sufficient with the level of reserves for the Group to be able to continue as a going concern.

Page 24

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income received in advance of an event is deferred until the criteria for income recognition is met. Members and Vice Presidents pay an annual subscription.

In accordance with the Charities SORP (FRS 102), no amounts are included in the financial statements for services donated by volunteers.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income from trading activities includes income earned from the trading subsidiary, Norfolk Showground Limited, land rental and lease income. Norfolk Showground Limited's principal activity is the events and rental business. Income is received in exchange for 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. Rental income is recognised as the Charity's right to receive payment is established.

Investment income from the Association's investments in joint ventures is recognised as the Charity's right to the profits is established. Any profit allocations received are credited to the Statement of Financial Activities.

Investment income earned from the Association's investment portfolio includes dividends and interest, and is recognised on an accruals basis.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 25

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.4 Expenditure

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.

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.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Gift Aid

Profits made by Norfolk Showground Limited and Norfolk Showground Developments Limited are donated to the parent charity, Royal Norfolk Agricultural Association. As per FRS102, an expected gift aid payment is not to be accrued unless a legal obligation to make the payment exists at the reporting date.

A deed of covenant is in place between Norfolk Showground Limited and Royal Norfolk Agricultural Association, therefore the gift aid payment is accrued at the year end.

On the other hand, there is no such legal obligation between Norfolk Showground Developments Limited and Royal Norfolk Agricultural Association therefore the donation of profits is reflected in the year in which the payment of the profits is made from the subsidiary to the parent entity. The tax effects are taken into account at the reporting date when it is probable that the gift aid payment will be made in the following 9 months.

In the case of a Gift Aid payment made within the Group, income is accrued when the payment is payable to the Parent Company under a legal obligation. Measurement is at the fair value receivable, which will normally be the transaction value.

Where the right to receive Gift Aid has been established, the amount receivable is recognised as investment income in the Consolidated Statement of Financial Activities.

Page 26

ROYAL NORFOLK AGRICULTURAL ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.7 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.8 Intangible assets and amortisation

Intangible assets costing £500 or more are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Computer software

2.9 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 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 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.

Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.

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:

Depreciation is not charged on freehold land.

Page 27

ROYAL NORFOLK AGRICULTURAL ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.10 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Investments held as fixed assets are shown at cost less provision for impairment.

2.11 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.12 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.

2.13 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.

2.14 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.

2.15 Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Page 28

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.16 Financial instruments

The Group 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.

2.17 Finance leases and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.18 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term.

2.19 Pensions

The Association provides a defined contribution pension scheme, whereby the Association and its staff each fund the scheme, managed by a third party provider, the assets of which are held by the provider separately from the assets of the Group. The pension charge in the financial statements represents the amounts payable by the Association to the fund in respect of the period.

2.20 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 particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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

Page 29

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. Critical accounting estimates and areas of judgment

No judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies. The key assumptions concerning the future and key sources of estimation uncertainty at the key reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

4. Income from donations and legacies

Donations
Grants
Total 2023
Total 2022		 Unrestricted
funds
2023
£
45,554
49,750
95,304
151,093		 Total
funds
2023
£
45,554
49,750
95,304
151,093		 Total
funds
2022
£
45,893
105,200
151,093

Page 30

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. Income from charitable activities

Admissions
Trade stands
Sponsorship and prize money contributions
Membership subscriptions and guest badges
Catering concessions
Entry fees
Car parking
Other show income
Total 2023
Total 2022		 Unrestricted
funds
2023
£
716,699
480,231
216,073
193,896
94,349
82,332
27,220
72,461
1,883,261
1,722,163		 Total
funds
2023
£
716,699
480,231
216,073
193,896
94,349
82,332
27,220
72,461
1,883,261
1,722,163		 Total
funds
2022
£
624,021
427,977
161,754
192,797
84,272
78,208
30,596
122,538
1,722,163

Page 31

(A Company Limited by Guarantee)

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. Income from other trading activities

Income from non charitable trading activities

Land rental and lease income
Income from trading subsidiary for events
Total 2023
Total 2022		 Unrestricted
funds
2023
£
235,967
747,164
983,131
973,903		 Total
funds
2023
£
235,967
747,164
983,131
973,903		 Total
funds
2022
£
212,451
761,452
973,903

The wholly owned trading subsidiary, Norfolk Showground Limited, is incorporated in England and Wales (company number 02814458) and pays all of its profits to Royal Norfolk Agricultural Association under the gift aid scheme. The expenditure relating to the trading subsidiary income, excluding management and licence fees eliminated on consolidation, is disclosed in note 8. Norfolk Showground Limited is responsible for the holding of and the licensing to hold events on the Norfolk Showground.

7. Investment income

Unrestricted
funds
2023
£
Dividend income
24,488
Bank interest receivable
41,508
Total 2023
65,996
Total 2022
31,878		 Total
funds
2023
£
24,488
41,508
65,996
31,878		 Total
funds
2022
£
26,289
5,589
31,878

Page 32

ROYAL NORFOLK AGRICULTURAL ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Expenditure on raising funds

Trading subsidiary expenditure

Unrestricted
funds
2023
£
Cost of sales
132,808
Administration expenses
33,750
Interest payable
809
Total 2023
167,367
Total 2022
158,165		 Total
funds
2023
£
132,808
33,750
809
167,367
158,165		 Total
funds
2022
£
138,800
18,304
1,061
158,165

9. Analysis of expenditure on charitable activities

Summary by fund type

Show
Staff
Premises
Other
Total 2023
Total 2022		 Unrestricted
funds
2023
£
1,017,742
642,349
422,601
746,761
2,829,453
2,543,132		 Restricted
funds
2023
£
-
-
-
3,082
3,082
3,082		 Total
2023
£
1,017,742
642,349
422,601
749,843
2,832,535
2,546,214		 Total
2022
£
908,432
587,709
395,814
654,259
2,546,214

Page 33

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10. Analysis of expenditure by activities

The Royal Norfolk Agricultural Association is considered to have a primary activity which is the promotion of improvement in agriculture and encouragement of agricultural science, research and education.

Show
Staff
Premises
Other
Total 2023
Total 2022		 Direct costs
2023
£
1,017,742
256,939
422,601
437,812
2,135,094
1,922,677		 Support
costs
2023
£
-
385,410
-
312,031
697,441
623,537		 Total
funds
2023
£
1,017,742
642,349
422,601
749,843
2,832,535
2,546,214		 Total
funds
2022
£
908,432
587,709
395,814
654,259
2,546,214

Page 34

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10. Analysis of expenditure by activities (continued)

Analysis of direct costs

Show costs
Staff costs
Rates and utilities
Telephone and IT
Repairs and
maintenance
Irrecoverable
VAT
Cleaning
Advertising
Contract labour
Grants and
donations
Insurance
Finance costs
Training and
recruitment
Depreciation
Audit and
accountancy
Professional fees
Other office
expenses
Printing and
postage
Sundry
Total 2023
Total 2022		 Show
2023
£
911,837
-
-

70,867
-
-
-
32,691
-
-
-
-
-
-
-
-
2,347
-
-
1,017,742
908,432		 Staff
2023
£
-
256,939
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
256,939
235,083		 Premises
2023
£
-
-
234,850
-
102,177
-
85,574
-
-
-
-
-
-
-
-
-
-
-
-
422,601
395,814		 Other
2023
£
-
-
14,713
64,553
22,547
89,281
-
21,843
48,245
34,303
30,483
26,531
23,835
19,605
12,074
9,437
5,618
7,632
7,112
437,812
383,348		 Total
funds
2023
£
911,837
256,939
249,563
135,420
124,724
89,281
85,574
54,534
48,245
34,303
30,483
26,531
23,835
19,605
12,074
9,437
7,965
7,632
7,112
2,135,094
1,922,677		 Total
funds
2022
£
902,100
235,083
226,620
64,182
108,005
-
82,586
51,774
48,918
43,400
27,398
21,231
8,840
14,481
10,131
57,700
7,988
7,755
4,485
1,922,677

Page 35

(A Company Limited by Guarantee)

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation and amortisation
Professional fees
Printing and postage
Other office expenses
Finance costs
Audit and accountancy
Trustees' insurance and meetings
Telephone and IT
Sundry
Insurance
Total 2023
Total 2022		 Staff
2023
£
385,410
-
-
-
-
-
-
-
-
-
-
385,410
352,626		 Other
2023
£
-
202,553
18,118
4,602
7,966
30,809
17,100
6,363
6,020
7,111
11,389
312,031
270,911		 Total
funds
2023
£
385,410
202,553
18,118
4,602
7,966
30,809
17,100
6,363
6,020
7,111
11,389
697,441
623,537		 Total
funds
2022
£
352,626
178,597
17,298
3,719
6,772
20,761
19,625
4,018
6,008
4,485
9,628
623,537

11. Auditors' remuneration

2023 2022
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 15,000 16,700
Fees payable to the Charity's auditor in respect of:
All taxation advisory services not included above 1,350 1,950

Page 36

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12. Staff costs

Wages
Social security
Pension costs		 Group
2023
£
555,765
50,976
35,608
642,349		 Group
2022
£
506,493
48,226
32,990
587,709		 Charity
2023
£
555,765
50,976
35,608
642,349		 Charity
2022
£
506,493
48,226
32,990
587,709

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

Office administration
Shows and events
Showground maintenance		 Group
2023
No.
4
11
4
19		 Group
2022
No.
3
11
4
18		 Charity
2023
No.
4
11
4
19		 Charity
2022
No.
3
11
4
18

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

Group Group
2023 2022
No. No.
In the band £100,001 - £110,000 1 1

The key management personnel of the Group comprise the Trustees, the Managing Director, the Commercial Director (from 1 October 2023) and the Financial Controller. The total employee benefits of the key management personnel of the Charity were £205,357 ( 2022: £170,307 ).

Royal Norfolk Agricultural Association is committed to paying a former employee a pension contribution of £200/month, for the lifetime of this person. There will be no adjustment for inflation, and there is no next of kin entitlement.

Page 37

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL) .

14. Intangible assets Group and Charity

Cost
Additions
Transfer from tangible assets
At 31 December 2023
Amortisation
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Computer
software
£
44,523
19,112
63,635
3,182
3,182
60,453
-

Page 38

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Tangible fixed assets

Group and Charity

Cost or valuation
At 1 January 2023
Additions
Transfer to intangible assets
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Freehold
land
£
1,152,834
-
-
1,152,834
87,568
-
87,568
1,065,266
1,065,266		 Buildings
and
impr'ements
£
5,748,089
37,473
-
5,785,562
4,210,755
60,748
4,271,503
1,514,059
1,537,334		 Assets
under
Construct'n
£
41,383
517,089
(19,112)
539,360
-
-
-
539,360
41,383		 Plant and
machinery
£
2,833,064
126,049
-
2,959,113
1,743,061
158,228
1,901,289
1,057,824
1,090,003		 Total
£
9,775,370
680,611
(19,112)
10,436,869
6,041,384
218,976
6,260,360
4,176,509
3,733,986

Net book value of plant and machinery held under hire purchase obligations is £Nil ( 2022: £16,791 ).

Page 39

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. Fixed asset investments

Group
Cost or valuation
At 1 January 2023
Additions
Disposals
Revaluations
At 31 December 2023
Charity
Cost or valuation
At 1 January 2023
Additions
Disposals
Revaluations
At 31 December 2023		 Investments
in
subsidiary
companies
£
3
-
-
-
3		 Listed
investments
£
804,646
69,027
(51,233)
29,709
852,149
Listed
investments
£
804,646
69,027
(51,233)
29,709
852,149		 Cash with
investment
manager
£
16,013
-
(12,464)
-
3,549
Cash with
investment
manager
£
16,013
-
(12,464)
-
3,549		 Total
£
820,659
69,027
(63,697)
29,709
855,698
Total
£
820,662
69,027
(63,697)
29,709
855,701

Page 40

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. Principal subsidiaries

The following were subsidiary undertakings of the Charity:

Names Company Registered office or principal Principal activity Class of Holding Included in number place of business shares consolidation Norfolk Showground Limited 02814458 Norfolk Showground, Events and rental Ordinary 100% Yes Dereham Road, Costessey, Norwich, NR5 0TT Norfolk Showground Developments Limited 08977136 Norfolk Showground, Property development Ordinary 100% Yes Dereham Road, partner Costessey, Norwich, NR5 0TT

The financial results of the subsidiaries for the year were:

Names Income Expenditure Profit for Net assets
£ £ the year £
£
Norfolk Showground Limited 747,164 673,759 73,405 2
Norfolk Showground Developments Limited - - - 1

Page 41

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. Debtors

Due after more than one year
Other debtors
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2023
£
-
Group
2023
£
113,286
-
462,910
454,539
1,030,735		 Group
2022
£
441,169
Group
2022
£
57,979
-
832,090
292,133
1,182,202		 Charity
2023
£
-
Charity
2023
£
77,696
4,419
468,358
415,401
965,874		 Charity
2022
£
441,169
Charity
2022
£
20,287
170,601
699,205
247,912
1,138,005

Page 42

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

19. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Obligations under finance lease and hire
purchase contracts
Other creditors
Accruals and deferred income
Deferred income at 1 January 2023
Resources deferred during the year
Amounts released from previous periods		 Group
2023
£
102,381
71,909
-
16,360
-
40,657
394,982
626,289
Group
2023
£
139,999
325,660
(139,999)
325,660		 Group
2022
£
101,406
140,681
-
13,267
7,348
73,425
234,306
570,433
Group
2022
£
181,223
139,999
(181,223)
139,999		 Charity
2023
£
92,381
70,721
10,253
16,360
-
40,657
327,096
557,468
Charity
2023
£
41,906
264,786
(41,906)
264,786		 Charity
2022
£
91,406
136,119
91,308
13,267
7,348
70,276
123,051
532,775
Charity
2022
£
51,223
41,906
(51,223)
41,906

Deferred income comprises income received in advance relating to membership, rent and show income planned for January 2024 onwards.

Page 43

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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

Bank loans
Other loans		 Group
2023
£
267,986
60,350
328,336		 Group
2022
£
368,965
62,350
431,315		 Charity
2023
£
250,486
60,350
310,836		 Charity
2022
£
341,465
62,350
403,815

The Charity has two bank loans. The first loan is secured against the Charity's fixed asset listed investment portfolio. The loan is repayable in 180 consecutive monthly installments over 15 years, ending in February 2028, after a 9 month capital repayment holiday. Interest is payable at 2.75% above the Bank of England base rate per annum.

The second loan relates to a Coronavirus Business Interruption Loan that the Charity took out in 2020. This loan is secured by a fixed and floating charge over the Charity's assets. The loan is repayable in 60 consecutive monthly installments, after a 12 month holiday period, over 6 years, ending in September 2026.

The Charity's subsidiary, Norfolk Showground Limited, borrowed a Bounce Back Loan in 2020. The loan is repayable in 60 consecutive monthly installments, after a 12 month holiday period, over 6 years, ending in September 2026.

The other loans are from the Charity's Members and others. Of these other loans £10,850 ( 2022: £10,850 ) are interest free and £49,500 ( 2022: £51,500 ) are interest bearing. Interest is payable on the interest bearing loans at 2% above the Bank of England base rate per annum. These loans are unsecured and are repayable on 12 months notice given in writing by the loan note holder or at the discretion of the Charity.

21. Financial instruments

Financial instruments measured at amortised cost comprise the bank loans and other loans disclosed in notes 19 and 20 above. The risk facing the Charity is that interest rates will rise due to the effects of the cost of living crisis and other external factors.

Page 44

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

22. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Infrastructure
investment fund
Opportunities
fund
General funds
Unrestricted
general funds
Total
Unrestricted
funds
Restricted
fixed asset
funds
Norfolk
Showground
Arena Project
Norfolk
Agricultural
Association
Norwich Plate
Total of funds		 Balance at 1
January
2023
£
2,113,671
10,985
2,124,656
4,725,329
6,849,985
43,147
1,420
44,567
6,894,552		 Income
£
-
28,000
28,000
3,008,413
3,036,413
-
-
-
3,036,413		 Expenditure
£
-
(6,366)
(6,366)
(2,990,454)
(2,996,820)
(3,082)
-
(3,082)
(2,999,902)		 Transfers
in/out
£
(57,423)
-
(57,423)
57,423
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
34,794
34,794
-
-
-
34,794		 Balance at
31
December
2023
£
2,056,248
32,619
2,088,867
4,835,505
6,924,372
40,065
1,420
41,485
6,965,857

Page 45

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

22. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Infrastructure
investment fund
Opportunities
fund
General funds
General Funds
Total
Unrestricted
funds
Restricted
fixed asset
fund
Norfolk
Showground
Arena Project
Norfolk
Agricultural
Association
Norwich Plate
Total of funds		 Balance at
1 January
2022
£
3,100,908
-
3,100,908
3,627,306
6,728,214
46,229
1,420
47,649
6,775,863		 Income
£
-
66,621
66,621
2,820,382
2,887,003
-
-
-
2,887,003		 Expenditure
£
-
(55,636)
(55,636)
(2,645,664)
(2,701,300)
(3,082)
-
(3,082)
(2,704,382)		 Transfers
in/out
£
(987,237)
-
(987,237)
987,237
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
(63,932)
(63,932)
-
-
-
(63,932)		 Balance at
31
December
2022
£
2,113,671
10,985
2,124,656
4,725,329
6,849,985
43,147
1,420
44,567
6,894,552

Page 46

ROYAL NORFOLK AGRICULTURAL ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

22. Statement of funds (continued)

The unrestricted designated infrastructure investment fund was created following the disposal of land to Persimmon Homes Ltd in 2021 and consists of the gain on sale of land of £978,296 plus income from participating interests received in 2021 in Norfolk Showground Developments Limited of £2,122,612. The transfer to the general fund relates to infrastructure projects completed during the year.

23. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
4,135,024
Intangible fixed assets
60,453
Fixed asset investments
855,698
Current assets
2,827,822
Creditors due within one year
(626,289)
Creditors due in more than one year
(328,336)
Total
6,924,372		 Restricted
funds
2023
£
41,485
-
-
-
-
-
41,485		 Total
funds
2023
£
4,176,509
60,453
855,698
2,827,822
(626,289)
(328,336)
6,965,857

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Debtors due after more than one year
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2022
£
3,689,419
820,659
441,169
2,900,486
(570,433)
(431,315)
6,849,985		 Restricted
funds
2022
£
44,567
-
-
-
-
-
44,567		 Total
funds
2022
£
3,733,986
820,659
441,169
2,900,486
(570,433)
(431,315)
6,894,552

Page 47

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Dividends, interests and rents from investments
Decrease/(increase) in stocks
Increase in debtors
Increase/(decrease) in creditors
Interest paid
Net loss/(gain) on investments
Net cash provided by operating activities
25.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 Group
2023
£
71,305
218,976
3,182
(65,996)
1,054
(193,271)
62,229
31,675
(29,709)
99,445
Group
2023
£
1,795,980
1,795,980		 Group
2022
£
118,692
193,077
-
(31,878)
(1,420)
(150,572)
(2,998)
22,341
44,270
191,512
Group
2022
£
1,716,123
1,716,123

Page 48

ROYAL NORFOLK AGRICULTURAL ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

26. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Finance leases
Capital commitments
Contracted for but not provided in these
financial statements
Acquisition of tangible fixed assets		 At 1
January
2023
£
1,716,123
(101,406)
(431,315)
(7,348)
1,176,054
Group
2023
£
312,081		 Cash flows
£
79,857
102,004
-
7,348
189,209
Group
2022
£
50,325		 Other non-
cash
changes
£
-
(102,979)
102,979
-
-
Charity
2023
£
312,081		 At 31
December
2023
£
1,795,980
(102,381)
(328,336)
-
1,365,263
Charity
2022
£
50,325

27. Capital commitments

28. Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension costs charge represents contributions payable by the Group to the fund and amounted to £35,608 ( 2022: £32,990 ).

Page 49

ROYAL NORFOLK AGRICULTURAL ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

29. Operating lease commitments - as lessor

At 31 December 2023 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2023
£
14,655
38,937
-
53,592		 Group
2022
£
15,591
26,669
2,250
44,510		 Charity
2023
£
14,655
38,937
-
53,592		 Charity
2022
£
15,591
26,669
2,250
44,510

The following lease payments have been recognised as an expense in the Statement of Financial Activities:

Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Operating lease rentals 14,889 17,374 14,889 17,374

30. Operating lease commitments - as lessee

At 31 December 2023 the Group and the Charity had commitments to receive future minimum lease receipts under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2023
£
142,976
479,098
1,280,853
1,902,927		 Group
2022
£
126,266
453,208
1,254,214
1,833,688		 Company
2023
£
142,976
479,098
1,280,853
1,902,927		 Company
2022
£
126,266
453,208
1,254,214
1,833,688

Page 50

ROYAL NORFOLK AGRICULTURAL ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

31. Related party transactions

Owing to the nature of the Charity's activities and the composition of the Board of Trustees, transactions have taken place with entities in which Trustees have an interest. However, in accordance with the Charities Statement of Recommended Practice (FRS102), disclosure of these transactions is not required if the Trustees do not have control over the other entities.

Food and Farming Discovery Trust (FFDT) is a related party as Dr C M Richards (Trustee) and M A Nicholas MBE DL (Managing Director of the Charity) are Trustees of FFDT. During the year the Association recharged to FFDT expenses totalling £17,796 ( 2022: £8,962 ) and its subsidiary charged FFDT a trade stand fee for the Norfolk Farming Conference of £Nil ( 2022: £350 ). The Charity made a grant to FFDT in the year of £15,000 ( 2022: £15,000 ) relating to staffing support. During the year the Charity commissioned activity from FFDT amounting to £Nil ( 2022: £6,000 ). Included within other creditors as at 31 December 2023 is a balance of £32,299 ( 2022: £65,405 ) owed to FFDT.

The Charity also acted as an agent on behalf of FFDT during the financial year, with income being received totalling £50,900 ( 2022: £76,592 ) and expenditure being incurred totalling £84,005 ( 2022: £54,895 ), through a designated bank account. At 31 December 2023 a cash balance was held on behalf of FFDT of £32,299 ( 2022: £65,405 ).

Langley School (1960) Limited (the School) is a related party as M A Nicholas MBE DL (Managing Director of the Charity), is the Chair of the School. During the year the Charity received trade stand, admissions and sponsorship income, relating to the Royal Norfolk Show, from the School of £4,424 ( 2022: 4,673 ). During the year the Charity hired a minibus from the School for £250 ( 2022: £250 ). No balance is outstanding with the School at the year end ( 2022: £Nil ).

Crown House Flowers is a related party as M A Nicholas MBE DL (Managing Director of the Charity), is a close family member of the controlling party of Crown House Flowers. During the year purchases were made from Crown House Flowers of £Nil ( 2022: £113 ). No balance is outstanding with Crown House Flowers at the year end ( 2022: £Nil ).

No other related party transactions have occurred in the financial year ( 2022: £Nil ).

Page 51