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 2024 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) CONTENTS Page Reference and Admlnlstratlve Detalls of the Charlty. Its Trustees and Advlsers Trustees. Report Independent Audltors, Report on the Flnanclal Statements Consolidated Statement of Financial Activities 3-14 15- 18 19 Consolidated Balance Sheet 20-21 Charity Balance Sheet Consolidated Statement of Cash Flows 22-23 24 Notes to the Financial Statements 25-50 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees R C Alston C E S8vory FCA (resigned 18 April 20241 L Lockhart N J Dulieu FCCA (resigned 9 January 20241 S J Hickling MVO Dr J H Clarke Dr C M Richards A Spinks LAJPHillACA E Norton M A Harrowven (appointed 2 January 20251 Company registered number 01817702 Charity registered number 289581 Registered office Norfolk Showground Dereham Road Norwich Norfolk NR5 OTT Company secretary JDBetts Key management personnel M A Nicholas MBE DL (Managing Director} R Greenacre (Commercial Director) J D Betls (Financial Controllerl Independent auditors MA Partners Audit LLP Chartered Accountants & Statutory Auditors 7 The Close Norwich Norfolk NR14DJ Bankers Lloyds Bank plc 3 Queen Street Norwich NR24SG Scollish Widows Bank plc 67 Morrison Street Edinburgh EH3 8YJ Solicitors Howes Perciv81 18edding Lane Norwich NR13DW Page 1 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Investment managers Barratt & Cooke 5 Opie Street Norwich NR1 3DW Page 2 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Board of Trustees, who are also Directors of the Charity for the purposes of the Companies Act, present their Annual Report together wth the audited Financial Statements of the Royal Norfolk Agricultural Association IRNAAI for the 1 January 2024 to 31 December 2024. 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 slalutory requirements, the requirements of the charitable companls governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffective 1 January 20191- Since the group and the Charity qualrfy 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 Islrategic Report and Directors, Report) Regulations 2013 has been omitted. The principal objectives of the RNAA are the promotion of improvements in the breeding of livestock and plants., the invention and improvement of agricultural machines and implements,. the encouragement of skills in agriculture, horticulture and allied systems of husbandry., and the encouragement of agricultural science, research and education. The principal activities and policies adopted to aid the objectives are the organisalion of the Royal Norfolk Show al the Norfolk Showground in Coslessey, and pursuit of the objectives by way of other activities including events and initiatives that encoLJrage improvement in agriculture and food production through knowledge exchange, and education. Objectives and activities Policies and objectives In setting objectives and planning for aclivilies, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit.. running a charity IP821'. The objects for which the RNAA is established are.. To promote improvement in the breeding of livestock and plants, in the invention and improvement of agricultural machines and implements, in the encouragement of skills in agriculture, horticulture, forestry, pisciculture, rural crafts and allied systems of husbandry and the development of all systems, techniques, methods or processes connected Iherewith., b. To encourage and promote agricLJltural science. research and education including in relation to food, farming and the countryside., and To advance and encourage the protection and safeguarding of the environment. Policies and objectives 1. To bring people and business together through a range of inspiring initiatives promoting f(x)d production, farming and the countryside. 2. To educate a wider audience about the ways of the countryside, the environment, the reduction of carbon emissions lo help prevent global warming and lo encourage the consumption of locally produced food. 3. To develop a strategy for increased commercial use of Norfolk Showground, and income streams lo underpin our charitable work. 4. To contribute to the development of strategies for the region. Page 3 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities {continuedl Criteria for measuring success Criteria for measuring success are varied against the differing activities of the RNAA. Significant activities are routinely reviewed by the Trustees who use a range of evaluation criteria that might include= Quality of work: The RNAA continually reviews its oulpuls to ensure that it is meeting the objectives sel for the charity. Schedule.. Has the activity been delivered to schedule against deadlines7 Scope.. Has the scope of the activity been met? Budget. Was the activity delivered on or within the financial parameters set? Team salisfaclion.. Feedback from volunteers and other participants is collected and reviewed. Were they satisfied with the activity? How can it be improved? Visitor satisfaction.. Feedback from visitors for example, those attending the Royal Norfolk Show collected formally and analysed to provide a wealth of data covering satisfaction with the event, advocacy and future improvements. External influences.. How can the risks presented by pandemiclbiosecurilylsecurily threats be miligaled and the RNAA'S exposure limited? Compliance.. Does our site and do our activities comply with Health & Safety Executive legislation and guidance? b. Strategies for achieving objectives The RNAA seeks lo achieve ils objectives through the following main activities.. The annual Royal Norfolk Show as a showcase for best practice in agriculture, locally prodU￿d food, the countryside and the rural economy. The 2024 Royal Norfolk Show was held over 26-27 June and provided a successful showcase for the industry, and wider county. The RNAA'S main fundraising activity is the Royal Norfolk Show. Building a substantial enabling business through Norfolk Showground Limited, and other commercial opportunities, lo help fund the RNAA, seeking sustainable and relevant future options. Event bookings and other short term commercial activities enabled Norfolk Showground Limited lo make a positive financial contribution lo the charity. The RNAA maintained commercial tenants on site al Norfolk Showground throughout 2024. 3. Supporting our education vehicle, the Food and Farming Discovery Trust IFFDTI. During 2024 the FFDT operated at full operating capability and delivered an inspired range of education activities. Maintaining the RNAA'S profile and presen￿ 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. One example is the RNAA'S contribution to the development of the new Economic Strategy for Norfolk led by Norfolk County Council. 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. Page 4 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities {continuedl 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 aclivilies. The operations of the RNAA are in two areas.. Charitable activities and the delivery of public benefit. 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 oveAap between our charitable and commercial activities as some events have both strands. Achievements and performance Review of activities Throughout 2024 the staff team has focused on the delivery of our 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 lo ensure that the RNAA continues to be relevant and of utility lo the wider agricultural sector. During the year we welcomed the appointments of Miss E Carrulhers Imarkeling coordinator), Mr G Sulter (event operations coordinatorl and Miss F Hamilton Briscoe (Royal Norfolk Show coordinator). In January 2025 Miss C Kay assLJmed the post of assistant equine and livestock coordinator. A summary of the current charitable oulpuls strategy is promded here.. Page 5 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Icontinuedl The key lines of development of this strategy are.. Food, Famiing and Environment Forum Activities provide for a broad-based forum that enables access to an intelligence-led network of food and farming organisalions for the benefit of collaboration, knowledge exchange and problem solving. Bringing together practitioners, researchers, edLJcalors and consumers, the forum enhances the sharing of knowledge, and the ability to solve industry problems al a local level. Activities that have contributed to the forLJm include the Norfolk Farming Conference, RNAA membership activities, and partnership working wth, for example, organisalions part of the Nonmch Research Park, lo facililale farmer-researcher relationships. Food & Farming Discovery Trust Under the leadership of the Trust Manager, the FFDT has developed an effective programme of leaming activities for Key Stage 1-4 youngsters. Partnerships have been sustained wth the Clan Trust, John Innes Foundation, the Whery School, Norwich Science Festival, and the Papillon Project amongst others. The RNAA has continued to be the lead supporting organisation for the FFDT, securing funding for revenue and projects, and providing finance management and adminislralive support. Throughout the year the FFDT has directly engaged with over 13,000 school age children. A new event in 2024 was the first Food Security Conference held at the John Innes Conference Centre. Aimed at 6th form and college students the conference explored the challenges and opportunities posed to fo(Id security. Royal Norfolk Show A successful Show was held over 26-27 June. The overarching theme of Young Achievers sel the conditions for a diverse and varied showcase of young people taking part in the Show in many ways. The Young Diamonds Tribute, a sel piece event in the Grand Ring, encouraged neady 700 young people, nominated by community- based organisations for their achievements, to be aCkno￿edged by HRH The Duke of Edinburgh. Norfolk Music Hub's contribution lo the Show this year was their most extensive yel and enabled hundreds of young musicians lo give public performances. The Ballle of the Bands competition was a particular highlight. Participation in these inilialives by so many people, many of whom might not otherwise attend the Show, demonslrales the utility of the Show as a plafform for broad community involvement. AllhoLJgh the impact of the outbreak of Bluetongue disease earlier in the year resulted in fewer livestock entries for competitions overall rf( was pleasing to see that goal and pig entry numbers were the highest in recent years. The absence of avian influenza allowed poultry and small livestock to be shown for the first time since 2019. Another highlight was the education programme. The introduction of the STEMM Village alongside the highly regarded Discovery Zone and collocated with the Ag Demonslralion area has created an inspiring array of interactive and thought-provoking exhibits. The ability to make the Show relevant to the delivery of the national curriculum is allracling greater numbers of students and this year we welcomed 12,500 school age children. from 143 schools and colleges across the region, including 1,100 home-educated youngsters. The lead partner in the delivery of the education programme is the FFDT, the RNAA'S education delivery arm, which continues lo grow in confidence and reputation. It was particularly pleasing lo note the high levels of business participation in the Show. Sponsorship hil a record high, and corporate hospilalily options were fully booked in advance of the Show with a substantial wailing list. Business involvement is critical to the health of the Show, and il gives us renewed confidence that demand is strong. The launch of the inaugural Norfolk Rural Business Awards in partnership wth the County Council was well received. Overall, the Royal Norfolk Show continues lo be regarded as one of the UK'S premier agricultural shows attracting competitors and visitors from across the country. 11 is the RNAA'S primary fundraising activity lo support the delivery of our charitable outputs. Page 6 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Icontinuedl RNAA Opportunities Fund The RNAA Opportunities Fund has continued to enable an expansion of the support we are able lo offer lo those considering a career in farming or seeking lo develop their skills and experience. The aim is to help young people to achieve their potential and to open their eyes lo the breadth of opportunity a career in food and farming can offer. In the short to medium term, the Fund seeks lo 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 2024 the fund and the RNAA supported.. The award of a Nuffield Fam)ing Scholarship to Mr A Ruggles-Brise, Spains Hall Estate. Six oulstsnding aspiring farmers lo attend the Oxford Farming Conference Scholars programme. 15 bursaries for attendance al the annual Agri-TechE REAP conference. Three Commonwealth Scholars lo attend the bi-annual Conference of the Royal Agricultural Society of the Commonwealth held in Edinburgh. Norfolk Federation of Young Farmers Clubs with a grant for core funding. Norfolk International Scholarship, a new scholarship to help local farmers manage the challenges of climate change, which was announced at the Royal Norfolk Show- as part of a partnership between the RNAA, the Norwich Institute for Sustsinable Development, and the JC Mann Charitable Trust. Ms H Chole, a Masters sludenl in Agriculture and Rural Development at the UEA is the first recipient of the Scholarship. The success of the Opportunities Fund relies on the support of generous individuals and grant funding organisalions. Since the Fund's inception in 2022 the RNAA has been able to award over £110,000 of funding for grants, bursaries and scholarships. More wdely, working in partnership with the Bishop of Norwich and the John Innes Foundation, we have enabled an additional £67,000 lo be awarded for career development and university bursaries. In the longer term. we plan lo 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 Famiers Clubs headquarters is co-Ioc8ted with the RNAA office. Norfolk FWAG (Farming and Wildlife Advisory Group) has re-located ils office to Norfolk Showground. The development of a hub of like-minded organisalions will help enable further collaboration and idea sharing as we support the agricultu￿1 sector in Norfolk. Practical support Was provided to the Aylsham Show and the Wayland Show. Additionally, the RNAA continues lo provide support to the Norfolk Community Foundation's Nourishing Norfolk project, which aims to alleviate food poverty through the provision of Ioc81 food hubs. The RNAA has helped coordinate communication efforts with food producers. Knowledge Transfer This is a key activity as we try lo encourage the industry lo work more collaboratively. In 2024 we supported.. Agritech week - a partnership inilialive, founded in 2014 by Agri-TechE and the Royal Norfolk Agricultural Association. In November 2024 a visit for 35 RNAA members was conducted to the Broadland Food Innovation Centre and Fischer Vertical Farm located at the Norwich Food Enterprise Park. The YIELD network - this group of younger members now numbers over 300 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 tsken full advantage of a wealth of Page 7 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Icontinuedl knowledge sharing opportunities throughout the year. A particular highlight of the YIELD Group programme was an evening seminar on Supply Chain challenges and opportunities for 100 delegates, held in Nomich. YIELD continues lo be recognised as an influential group for those who are passionate about farming and want lo be part of a successful forward-thinking industry. Impact The RNAA published a seminal document, the Strategic Aims and Impact report, lo summarise the extent of the RNAA'S work and the impact of our activities. The report, in part funded by Norfolk County Council, has significant utility in furthering an understanding of our work. It dfftws together the impact of the RNAA'S work - highlighting the signific8nl convening role we play in local and regional affairs,. £20m+ economic impact of the Royal Norfolk Show lo Norfolk., 13,000+ school age children directly engaged in education 8Ctivilies and leaming about food production,. the strategic importance of Norfolk Showground as 8 venue for commercial, cultural and leisure aclivilies,. and £250K value of support given to young people and other charitable organisalions annually. Estate and Infrastructure A rolling programme of maintenance and investment in Showground facilities has continued during 2024. Norfolk Events Centre. A project to extend and refurbish the Norfolk Events Centre was completed in February 2024. The extension provides for ancillary accommodation including kitchen f8cililies, b8r space, breakout rooms, storage space, improved external lighting, and PV so18r power generation. The project has created a more versatile facility by providing useful spaces and to enable the main exhibition h811 lo be divided with a movable soundproof wall. The £1 m project was funded by the RNAA. the Garfield Weston Foundation and New Anglia Local Enterprise Partnership. Toilet blocks. A programme lo modernise our public toilet blocks continued in 2024. The programme will result in the remov81 of redundant water infrastructure and reduce the risk of water contsmination. Financial review a. Going concem The Trustees have considered the level of funds held at the year end. The Trustees have also considered the forecast income and expenditure lo twelve months from the signing date is sufficient with the level of reserves for the RNAA to be able to continue as 8 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 bul including the surplus investments over those secured by the bank. At 31 December 2024 free reserves lotalled £2,044,480 (2023 - £2,527,695). Totsl reserves of the Group al 31 December 2024 were £7,500.283 (2023 - £6,965,857) which includes reslricled funds of £63,403 (2023- £41,485) and unrestricted funds of £7.436,880 (2023- £6,924,372). Page 8 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investment policy Under its constitution, the RNAA has the power to invest funds not immediately required for its charitable purposes. The TrLJStees have considered the most appropriate policy for investing funds and concluded lo maintain a balanced portfolio of listed investrnenls to provide the maximum financial return to the RNAA and lo invest surplus cash funds on various deposits to receive the highest rale of interest whilst mitigating risk and ensuring all liabilities can be met within their due dates. The Trustees are satisfied wth 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 lo 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 wth UK farming. During 2024 the portfolio has seen a decline due to current international economic factors. As result the portfolio has fallen to just over £820,000 wth an estimated yield of 3.060/0. d. Financial overview On a consolidated basis, the RNAA'S nel surplus before gainslllossesl on investments tolalled £542,171 (2023 - £36,517). The results in the year have been influenced by the followng major factors= The Royal Norfolk Show raised funds of £1.889,210 12023 - 1, 703,231). This income was pleasingly higher than budget by over £50,000, principally due lo the adoption of Irealing admissions income as exempt from oulpul VAT as a result of the Great Yorkshire Show VAT case taken lo the first tier VAT lax tribunal in 2023. Royal Norfolk Show costs including staff costs were £1.567,309 (2023- 1,377,400). These costs were in line with the budget. Membership subscription income was £177,725 (2023- £1 T2,284). Norfolk Showground Limited made a profit of £99,459 (2023 £73,405) on income of £814,222 (2023 £747, 164) reflecting the confidence of the events industry following the improvements made to the Events Centre. Showground facilities maintenance costs of £352.657 (2023 £336,026) were in line with budgeted expenditure. Donations received during the year towards the construction of the Norfolk Food Hall amounted lo £593,250 [2023 - £Nil). Realised and unrealised losses on investments were £7,745 (2023 - gains of £34, 194)- The RNAA continues lo manage ils 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. The Trustees are very pleased lo have made a surplus for the past four years. Page 9 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure* governance and management Constitution Royal Norfolk Agricultural Association is registered as a charitable company limited by guarantee Icompany Number 1817702, Registered Charity number 2895811 and was set up by a Trust deed, and subsequently adopted memorandum and articles of association. b. Methods of appointment or election of Twstees 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 lo ensure that the interests of the RNAA, ils members, clients and customers are appropriately represented. TrLJStees are appointed after interview by the principal officers of the RNAA. Organisational structure and decision-making policies The Board of Trustees meets routinely seven limes 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 dLJties, 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 RemLJneration Committee provides assLJrance to the Trustees that the RNAA has an effective people strategy in place which supports the delivery of our overall strategy, promoting an effective, high performing and diverse workforce. 11 oversees issues relating lo the remuneration of staff, wth specific responsibility for making recommendations lo 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 of the Showground and to oversee the performance of Norfolk Showground Limited INSLI, the trading entity of the RNAA. 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 c( opted. The Council meets bmce a year and has supervisory control over both the property and the general policy of the RNAA. Council members may undertake representational duties al the Royal Norfolk Show. and at other events and activities. Page 10 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure* governance and management Icontinuedl 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 lincluding a full financial briefing and a detailed insight into the business of the RNAAI and provided wth 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,. Trustee induction process is led by the Managing Director. During the year Mr C Savory completed his tenure as a Iruslee and Finance Director. We thank him for his service to the Board over six years. Mr L Hill, already a trustee, assumed the role of Finance Director. Ms N Dulieu stood down as a Iruslee after three years, service and we thank her for her commitment. In January 2025 Mr M Harrowven DL joined the Board of Trustees. 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 and controlling the RNAA and running 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 RNAA is exposed, in particular those related to the operations and finances of the RNAA and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The RNAA has a risk assessment process consislenl with good management practice. This ensLJres 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 followng categories.. Governance Financial Strategic Operational Hazard Individual risks are sutFgrouped 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 staling 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 priorilisation and attention. The potential impact of a pandemic and other biosecurity hazards are incorporated into the RNAA'S Risk Register. Page11 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure* governance and management Icontinuedl Effective management evaluation of risk lo the RNAA has informed decisions regarding controls relating to event activities Ibiosecurily hazards, and health and safety compliance, for examplel, and how the RNAA'S resources are allocated to mitigate the potential impacts of risks concerning external threats Icyber-attack, for example). buildings, facilities and infrastructure. Plans for future periods Responding lo changing social and environmental trends, the RNAA will ensure that il implements measures lo attract new members, creating fLJrther diversity wthin the organisalion, and that the RNAA'S profile is enhanced as consumers become more conscious about food production and the impacts of climate change. In 2024 the Board of Trustees continued wth the implementation of a new strategy for the development of Norfolk Showground. The strategy is summarised as.. Any development of the Showground will provide a commerclally vlable. robust, and sustalnable flnanclal fooling for the RNA4 to pursue ils core aims and objectives. The development will grow out of the Royal Norfolk Show and reinforce the RNAA'S core objects by creating a unique Sgnsg of place reflecting the RNAA, reflecting ils ethos, purpose and connection with food, farming and the countryside. Development will support and prepare for the next evolution of the Show. The Showground will be a flagship destination for Norfolk, the region and beyond. It will have 8 Ioc81 impact and be linter-}nationally recognised. The Showground will be an open parkland. brought to life, used, and shaped by ils communities and visitors. The experience created by new development on the Showground will be a show of shows, a festival ground, rather than a single venue, which at ils heart celebrates agriculture and food. The Showground will become a place where people go for enjoyment and connect wlth food, familng and the countryslde. The principal activity undertaken in support of the strategy was to begin the build of the Norfolk Food Hall. The Norfolk Food Hall, using the vehicle of a large-scale farm shop and restaurant, will provide a showcase for the agri-food sector in Norfolk. Taking advantage of the Showground's location and the wealth of producers and processors in the county, the Norfolk Food Hall will give a high-profile shop window for producers, with interpretation and education activities. The RNAA Council voted in favour of the project al an extraordinary meeting held on 1 August 2024. The project cost for c8pilal works, opening stock and working capitsl is approximately £3m and is funded by an RNAA contribution, fundraising and commercial borrowing. By February 2025 the RNAA had raised over £800,000 towards the capital costs with generous donations from grant giving organisalions, Norfolk County Council, DEFRA Sharing Rural Prosperity Fund, business supporters, and members and friends of the RNAA. The business pl8n, also approved by the RNAA Council, has enabled Norfolk Food Hall Ltd to be established as 8 wholly owned trading subsidiary, lo manage the Norfolk Food Hall as a commercial operation. Surpluses produced by Norfolk Food Hall Ltd will be Gift-Aided to the RNAA for the delivery of charitable purposes. The Norfolk Food Hall is expected to open for tfftding in May 2025. Page 12 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Charity for the purposes of company lawl 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 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 slate 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 lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 102} have been followed, subject lo any materi81 departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any lime 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. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the website of the RNAA. Legislation in the United Kingdom governing the preparation and dissemination of financial slalements may differ from legislation in other jurisdictions. Page 13 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Disclosure of infomiation to auditors Each of the persons who are Trustees at the lime when this Trustees, Report is approved has confirmed that= so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and lo estsblish that the charitable group's auditors are aware of that information. Audltors The auditors, MA Partners Audit LLP, have indicated their willingness lo 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 R C Alston Trustee Dale.. Page 14 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ROYAL NORFOLK AGRICULTURAL ASSOCIATION Oplnlon We have audited the financial statements of Royal Norfolk Agricultural Association Ilhe 'parenl charitable companll and its subsidiaries Ilhe 'Group'l for the year ended 31 December 2024 which comprise the Consolidated Slalement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Slalement 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 A￿epted Accounting Practice}. In our opinion the financial slalements.. give a true and fair view of the stale of the Group's and of the parent charitsble companls affairs as at 31 December 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordan￿ with International Standards on Auditing IUK} IISAS IUKII 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 stslemenls 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 eviden￿ we have obtained is sufficient and appropriate lo 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 wlleclively, may cast significant doubt on the Group's or the parent charitable companls ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going con￿rn are described in the relevant sections of this report. Page 15 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ROYAL NORFOLK AGRICULTURAL ASSOCIATION ICONTINUEDI Other InformatSon 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 slalements does not cover the other information and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other infomalion 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 lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalements, we are required lo determine whether this gives rise to a material misstalemenl in the rinancial 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 lo report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing lo report in respect of the following mallers where the Charities {A¢counts and Reports} Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, Report is inconsislenl in any material respect with the financial statements., or the parent charitable company has not kept sufficient accounting records- or the parent charitable company financial stslements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Trustees, Responsibilities Slalement, the Trustees Iwho are also the directors of the charitable company for the purposes of Company lawl are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial slalements, the Trustees are responsible for assessing the Group's and the parent Charitsble company's ability lo continue as a going concern, disclosing, as applicable, mallers related to going concem and using the going con￿rn 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 lo do so. Page 16 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ROYAL NORFOLK AGRICULTURAL ASSOCIATION ICONTINUEDI Audltors. responslbllltles for the audlt of the flnanclal 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 lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an Auditors. Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslatemenl when it exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslatemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below. Explanatlon as to what extent the audlt was consldered capable of detectlng Irregularltles. Sncludlng fraud The objectives of our audit in respect of fraud, are,. lo identify and assess the risks of material misstalemenl of the financial statements due lo fraud,. lo obtain sufficient appropriate audit evidence regarding the assessed risks of material misslalement due lo fraud, through designing and implementing appropriate responses lo those assessed risks,. and lo 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.. We obtained an understsnding of the legal and regulatory requirements applicable to the parent charitsble company and the Group and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understsnding of how the parent charitable company and the Group comply with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstslemenl of the financial slalements, including the risk of material misslalement due lo fraud and how il might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures lo identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. Page 17 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ROYAL NORFOLK AGRICULTURAL ASSOCIATION ICONTINUEDI Because of the inherent limitations of an audit, there is a risk that we wll not detect all irregularities, including those leading to a material misstslemenl in the financial slalements 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 slalements, as we will be less likely lo 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 websf(e al.. ww.fr¢.or .uklauditorsres onsibililies. This description forms part of our Auditors, Report. Use of our report This report is made solely lo the charitable company's trustees, 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 stale lo the charitable companls Iruslees those matters we are required lo stsle lo them in an Auditors, Report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we have formed. MA Partners Audit LLP Chartered Accounlanls & Ststulory Auditors 7 The Close Norwich Norfolk NR140J Dale.. 9 April 2025 MA Partners Audit LLP are eligible lo act as auditors in terms of section 1212 of the Companies Act 2006. Page 18 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitsble activities Other trading activities Investrnenls Other income 124.390 2,110.774 1,068.220 68,084 22.502 618.250 742.640 2,110.774 1,068,220 68,084 22.502 95,304 1,883,261 983,131 65,996 8,721 Total income 3,393.970 618,250 4,012.220 3,036,413 Expenditure on- Raising funds Charitable activities 176,821 3,290.146 176,821 3,293.228 f67,367 2,832,535 3.082 Total expenditure 3,466.967 3.082 3,470.049 2,999,902 Net lexpenditurellincome before net {lossesllgains on investments Nel Ilosses}Igains on investments (72.9971 17.745) 615.168 542.171 17.745) 36,511 34, 794 Net lexpenditurellincomg Transfers be￿een funds 180,7421 593.250 615.168 {593.250) 534.426 71,305 21 Net movement in funds 512.508 21.918 534.426 71,305 Reconciliation of funds.. Total funds brought forward Nel movement in funds 6,924.372 512.508 41,485 21.918 6,965,857 534.426 6,894,552 71,305 Total funds carried forward 7,436.880 63.403 7,500.283 6,965,857 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 25 to 50 form part of these financial statements. Page 19 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) REGISTERED NUMBER: 01817702 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Intsngible assets Tangible assets Investments 14 65.659 5,804.133 847.106 60,453 4, 176,509 855,698 15 16 6,716,898 5,092,660 Current assets Stocks Debtors-. amounts falling due within one year Cash at bank and in hand 1,823 508,946 1.339,811 1, 107 1,030, T35 1, 795,980 18 24 1.850,580 2,827,822 Creditors.. amounts falling due within one year 19 1845,0591 (626,289) Net current assets 1,005.521 2,201,533 Total assets less current liabilities 7,722.419 7,294, 793 Creditors.. amounts falling due after more than one year 20 {222,1361 (328,336) Total net assets 7,500.283 6,965,857 Charity funds Restricted funds 21 63.403 41,485 Unrestricted funds Designated funds General funds 21 1.298,200 6.138,680 2,088,867 4,835,505 21 Total unrestricted funds 21 7,436.880 6,924,372 Total funds 7,500.283 6,965,857 Page 20 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) REGISTERED NUMBER: 01817702 CONSOLIDATED BALANCE SHEET ICONTINUEDI AS AT 31 DECEMBER 2024 The Charity was enlilled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity lo obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 151 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial slalements. The financial statements have been prepared in accordance with the provisions applicable to entities subject lo the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by- R C Alston LAJ PHill R C Alston Trustee LAJ P HIII ACA Trustee Dale.. 7 April 2025 The notes on pages 25 to 50 form part of these financial statements. Page 21 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) REGISTERED NUMBER: 01817702 CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Intsngible assets Tangible assets Investments 14 65.659 5,804.133 847.110 60,453 4, 176,509 855, 701 15 16 6,716,902 5,092,663 Current assets Debtors= amounts falling due within one year Cash at bank and in hand 18 418,791 1,310,034 965,874 1,775,624 1.728,825 2, 741,498 Creditors.. amounts falling due within one year 19 1730,8081 (557,468) Net current assets 998,017 2, 184,030 Total assets less Current liabilities 7,714.919 7,276,693 Creditors.. amounts falling due after more than one year 20 {214.636) (310,836) Total net assets 7,500,283 6,965,857 Charlty funds Restricted funds 21 63.403 41,485 Unrestricted funds Designated funds General funds 21 1.298,200 6.138,680 2,088,867 4,835,505 21 Total unrestricted funds 21 7,436.880 6,924,372 Total funds 7,500.283 6,965,857 The Charills nel movement in funds for the year was £534.426 (2023- £65,580). Page 22 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) REGISTERED NUMBER: 01817702 CHARITY BALANCE SHEET ICONTINUEDI AS AT 31 DECEMBER 2024 The Charity was enlilled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity lo obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 151 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial slalements. The financial statements have been prepared in accordance with the provisions applicable to entities subject lo the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by- R C Alston LAJ PHill R C Alston Trustee LAJ P HIII ACA Trustee Dale.. 7 April 2025 The notes on pages 25 to 50 form part of these financial statements. Page 23 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operating activities Nel cash used in operating activib'es {nole 231 462,449 437,639 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 68,084 65,996 431.051 785,907 111,9681 (44,523) 11,278,886) (1,018,805) 146,420 51,233 1124,2261 (69,027) 120,5521 12,464 Net cash used in investing activities 1790,0771 (216,755) Cash flows from flnanclng actlvltles Repayments of borrowing Interest paid 1102,4241 (109,352) 126.1171 (31,675) Net cash used In flnanclng actlvltles 1128,5411 {141.027) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 1456,1691 1.795,980 79.857 1, 716, 123 Cash and cash equlvalents at the end of the year 1.339,811 1, 795,980 The notes on pages 25 to 50 form part of these financial statements Page 24 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General InformatSon The RNAA is a private Company limited by guarantee, incorporated in England and Wales, and the registered office is as slated on page 1 of these accounts. Under Sections 60 of the Companies Act 2006 il is exempl from the requirement lo use the word "limited" after ils name. In the event of the company being wound up, the liability in respect of the guarantee is limited lo £1 per member of the company. Accountlng pollcles 2.1 Basis of preparation of financial statement$ The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK IFRS 1021 (effective 1 January 20191, the Financial Reporting Stsndard applicable in the UK {FRS 1021 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 ststed in the relevant accounting policy. The Consolidated Statement of Financial Activities ISOFAI 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 tsken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils 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 al the year end. The Trustees have also considered the forecast income and expenditure to twelve months from the signing dale is sufficient with the level of reserves for the Group lo be able to continue as a going concern. Page 25 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnuedl 2.3 Income All income is recognised once the Charity has entillemenl lo the income, il 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 IFRS 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, ils recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Capital grants are recognised in full when there is an unconditional entillemenl to the grant and are not deferred over the life of the asset on which they are expended. Unspent amounts of capitsl grants are reflected in the balance sheet in the restricted fund. Income from trading activities includes income earned from the trading subsidiary, Norfolk Showground Limited, land rental and lease income. Norfolk Showground Limiled'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 lo receive payment is established. Investment income from the RNAA'S investments in joint ventures is recognised as the Charills right to the profits is estsblished. Any profit allocations received are credited lo the Statement of Financial Activities. Investment income earned from the RNAA'S investment portfolio includes dividends and interest, and is recognised on an 8￿rual$ basis. Income lax recoverable in relation lo investment income is recognised at the lime the investment income is receivable. Page 26 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnuedl 2.4 Expendlture Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by activity. Expenditure on charitable activities is incurred on direcuy 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 recelvable 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 Glft Ald 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 lo be accrued unless a legal obligation to make the payment exists at the reporting date. A deed of covenant is in place be￿een Norfolk Showground Limited and Royal Norfolk Agricultural Association, therefore the gift aid payment is accrued al 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 lo the parent entity. The lax effects are tsken into account al 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 al the fair value receivable. which will normally be the transaction value. Where the right lo receive Gift Aid has been established, the amount receivable is recognised as investment income in the Consolidated Statement of Financial Aclivilies. 2.7 Taxatlon The Charity is considered lo pass the lesls sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation lax 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 exlenl that such income or gains are applied exclusively to charitable purposes. Page 27 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnuedl 2.8 Intanglble assets and amortlsatlon Intangible assets costing £500 or more are capilalised 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 al cost. After recognition, under the cost model, intangible assets are measured al cost less any accumulated amortisalion and any accumulated impairment losses. Amortisalion is provided on intangible assets al rates calculated to write off the cost of each asset on a straight-line basis over ils expected useful lrfe. Amortisalion is provided on the following basis.. Computer soknare 10 0/0 Straight line 2.9 Tanglble flxed assets and depreclatlon Tangible fixed assets costing £500 or more are capilalised 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 al cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Assets in the course of construction are included al costs incurred lo 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.. Buildings and improvements Plant and machinery 3 - 80 years straight line 30Qk reducing balance Depreciation is not charged on freehold land. 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 dale, unless the value Cannot be measured reliably in which case il is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLosses} on investments, in the Consolidated Statement of Financial Aclivilies. Investments in subsidiaries are valued at cost less provision for impaim)enl. Investments held as fixed assets are shown at cost less provision for impaimient. Page 28 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnuedl 2.11 Stocks Stocks are valued al 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 al the selllemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.13 Cash at bank and In hand Cash at bank and in hand includes cash and short-lerm 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 Llabllltles and provlslons Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in setllemenl, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anlicipales il will pay lo sellle the debt or the amount il has received as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the lime 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 lo the liability. The unwinding of the discount is recognised in the Consolidated Slalement of Financial Activities as a finance cost. 2.15 Loans and borrowlngs Loans and borrowings are initially recognised al the transaction price including transaction costs. Subsequently, they are measured al amortised cost using the effective interest rate method, less impairment. 2.16 Flnanclal Instruments The Group only has financial assets and financial liabilits'es of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.17 Operatlng leases Rentals paid under operating leases are charged lo the Consolidated Statement of Financial Activities on a slraighl-line basis over the lease term. Page 29 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnuedl 2.18 Penslons The RNAA provides a defined contribution pension scheme, whereby the RNAA 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 RNAA lo the fund in respect of the period. 2.19 Fund accountlng General funds are unreslricled funds which are available for use al 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 unreslricled funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes lo the financial slatemenls. Restricted funds are funds which are to be used in accordance with specific reslriclions 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 restn'cted fund is set out in the notes lo the financial stalemenls. Investment income, gains and losses are allocated to the appropriate fund. Crltlcal accountlng estlmates and areas of Judgment No judgements lapart 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 eslimalion uncertainly al 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.. Critical accounting eslimales and assumptions.. The estimation of the useful economic life of property, plant and equipment. Depreciation policies have been set according to management's experience of the useful economic lives of the assets in each category, something which is reviewed annually. Page 30 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donatlons and legacles Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations Grants 52,740 71,650 618,250 670.990 71,650 45,554 49, 750 Total 2024 124,390 618,250 742,640 95,304 Total 2023 95,304 95,304 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Admissions Trade stands Sponsorship and prize money contributions Membership subscriptions and guest badges Catering concessions Enlryfees Car parking other show income 743,730 557,352 228,909 194,612 106,772 95,049 43,100 141,250 743,730 557,352 228,909 194,612 106,772 95,049 43,100 141.250 716,699 480,231 276,073 193,896 94,349 82,332 27,220 72,461 Total 2024 2,110,774 2.110,774 1,883,261 Total 2023 1,883,261 1,883,261 Page 31 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from other tradlng actlvltles Income from non charltable tradlng actlvltles Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Land rental and lease income Income from trading SLJbsidiary for events 253,998 814,222 253,998 814,222 235,967 T47,764 Total 2024 1,068,220 1.068,220 983, 131 Total 2023 983,131 983,131 The wholly owned trading subsidiary, Norfolk Showground Limited, is incorporated in England and Wales {company number 028144581 and pays all of ils 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. Investment Income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Dividend income Bank interest receivable 23,656 44,428 23,656 44,428 24,488 41,508 Total 2024 68,084 68,084 65,996 Total 2023 65,996 65,996 Page 32 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Expendlture on ralslng funds Trading subsidiary expenditure Unrestricted funds 2024 Total funds 2024 Total fvnds 2023 Cost of sales Administration expenses Interest payable 136,449 39,811 561 136,449 39.811 561 132,808 33, 750 809 Total 2024 176,821 176,821 167,367 Total 2023 167,367 167,367 Analysis of expgnditurg on charitable activities Summary by fund type Unrgstrictgd funds 2024 Restri¢tgd funds 2024 Total 2024 Total 2023 Show Stsff Premises 1,127,589 799,095 389,926 973,536 1.127,589 799,095 389,926 976,618 1,017, 742 642,349 422,601 749,843 Other 3,082 Total 2024 3,290,146 3,082 3.293,228 2,832,535 Total 2023 2,829,453 3,082 2,832,535 Page 33 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Analysls of expendlture by actlvltles 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. This is achieved by the delivery of the annual Royal Norfolk Show. Support costs 2024 Total funds 2024 Total funds 2023 Dlrect costs 2024 Show Staff 1,127,589 319,638 389,926 649,267 1.127,589 799,095 389,926 976.618 1,017,742 642,349 422,601 749,843 479,457 Premises Other 327,351 Total 2024 2,486,420 806,808 3.293,228 2,832,535 Total 2023 2, 135,094 697,441 2,832,535 Page 34 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Analysls of expendlture by actlvltles (contlnuedl Analysls of dlrect costs Total funds 2024 Total funds 2023 Show 2024 Staff 2024 Premises 2024 Other 2024 Show costs Staff costs 1,014,146 1.014,146 319,638 302,037 162.811 911,837 256,939 249,563 135,420 319,638 Rates and ulililies Telephone and IT Irrecoverable VAT Repairs and maintenance 298,139 3,898 162,811 152,050 152,050 89,281 83,515 8,272 14,545 98,060 83,594 f24, 724 85,574 Cleaning Grants and donations Advertising Contract labour 75,322 86,321 18,711 49,717 17,413 31,217 86,321 55,018 49,717 17,413 31,217 34,303 54,534 48,245 12,074 26,531 36,307 Travel costs Finance costs Printing and postage Training and recruitment 12,348 12,348 7,632 9,350 9,350 23,835 other offi expenses Insurance 1,814 6,176 36,992 17,428 6,441 23,849 7,990 36,992 17,428 6,441 23,849 7,965 30,483 9,437 7,712 19,605 Professional fees Sundry Depreciation Total 2024 1,127,589 319,638 389,926 649,267 2.486,420 2, 135,094 Total 2023 1,017,742 256,939 422,601 437,812 2, 135,094 Page 35 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Analysls of expendlture by actlvltles (contlnuedl Analysls of support costs Total funds 2024 Total funds 2023 Staff 2024 Other 2024 Stsff costs Depreciation and amortisation Professional fees Finance costs Other office expenses Audit and accountancy Trustees. insurance and meetings Insurance Sundry Telephone and IT Printing and postage 479,457 479,457 210,734 32,293 25,556 7,990 12,000 385,410 202,553 18,118 30,809 7,966 17,7(X) 6,363 11,389 7,111 6,020 4,602 210,734 32,293 25,556 7,990 12,000 5,843 13,559 6,445 6,012 6,919 13,559 6,445 6,012 6,919 Total 2024 479,457 327,351 806,808 697,441 Total 2023 385,410 312,031 697,441 11. Auditors. remuneration 2024 2023 Fees payable lo the Charills auditor for the audit of the Charivs annual accounts 15.850 15,000 Fees payable to the Charills auditor in respect of.. All taxation advisory services not included above 1,405 1,350 Page 36 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Staff costs Group 2024 Group 2023 Charity 2024 Ch8rity 2023 Wages and salaries Social security costs Operating costs of defined benefit pension schemes 686,505 66,698 555, 765 50,976 686,505 66,698 555, 765 50,976 45,892 35,608 45,892 35,608 799,095 642,349 799,095 642,349 The average number of persons employed by the Charity during the year was as follows- Group 2024 No. Group 2023 No. Charlty 2024 No. Ch8rity 2023 No. Office administration Shows and events Showground maintenance 10 10 20 19 20 19 The number of employees whose employee benefits (excluding employer pension costs) eX￿eded £60,000 was.. Group 2024 No. Group 2023 No. In the band £80,001 - £90,000 In the band £100,001 - £110,000 In the band £110,001- £120,000 The key management personnel of the Group comprise the Trustees, the Managing Director, the Commercial Director and the Financial Controller. The lolal employee benefits of the key management personnel of the Charity were £293,361 (2023 - £205,357J. Royal Norfolk Agricultural Association is committed lo pawng a former employee a pension contribution of £2001month, 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 IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 December 2024, no Trustee expenses have been incurred (2023- £NIL). 14. Intanglble assets Group and Charlty Computer software Cost At 1 January 2024 Additions 63.635 11,968 At 31 December 2024 75.603 Amortisation At 1 January 2024 Charge for the year 3.182 6.762 At 31 December 2024 9.944 Net book value At 31 December 2024 65.659 At 31 December 2023 60,453 Page 38 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Tanglble flxed assets Group and Charlty Buildings Assets Freehold and under land imprfements Construct'n Plant and machinery Total Cost or valuation At 1 January 2024 Additions Disposals Transfers between classes 1,152,834 5,785,562 43,398 {79,4551 838,954 539,360 1.700,902 2,959,113 111,143 (357.030) 10,436,869 1,855.443 {436.485) 1838,9541 At 31 December 2024 1,152.834 6,588,459 1,401,308 2,713,226 11,855,827 Depreciation At 1 January 2024 Charge for the year On disposals 87.568 4,271,503 70,491 {79,4551 1,901,289 157.328 {357.030) 6,260.360 227.819 {436.485) At 31 December 2024 87,568 4,262,539 1,701,587 6,051.694 Net book value At 31 December 2024 1,065.266 2.325,920 1.401,308 1,011.639 5,804.133 At 31 December 2023 1,065,266 1,514,059 539,360 1,051,824 4, 176,509 Page 39 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Flxed asset Investments Cash with investment manager Listed investments Total Group Cost or valuation At 1 January 2024 Additions Disposals Revaluations 852,149 124,226 1146,4201 (6,9501 3,549 20.552 855,698 144.778 {146.420) 16.950) At 31 December 2024 823,005 24,101 847,106 Investments in subsidiary Listed companies investments Cash with investment manager Total Charity Cost or valuatlon At 1 January 2024 Additions Disposals Revaluations 852,149 124,226 1146,4201 (6,9501 3,549 20,552 855,701 144.779 {146.420) 16.950) At 31 December 2024 823,005 24,101 847,110 Page 40 ROYAL NORFOLK AGRICULTURAL ASSOCIATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Principal subsidiaries The following were subsidiary undertakings of the Charity.. Names Company number Registered office or principal Principal activity place of business Norfolk Showground Limited 02814458 Norfolk Showground, Dereham Road, Costessey, Notwich, NR5 OTT Norfolk Showground, Dereham Road, Costessey, Notwich, NR5 OTT Norfolk Showground, Dereham Road, Costessey, Notwich, NR5 OTT Events and rental Norfolk Showground Developments Limited 08977136 Property developm partner Norfolk Food Hall Limited 15910924 Retail sale of food The financial results of the subsidiaries for the year were.. Names Income Norfolk Showground Limited Norfolk Showground Developments Limited Norfolk Food Hall Limited 814.222 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Debtors Group 2024 Group 2023 Charity 2024 Charity 2023 Due within one year Trade debtors Amounts owed bygroup undertakings Other debtors 117.378 113,286 64,281 112,971 107,885 133,654 77,696 4,4f9 468,358 415,401 85,789 305,779 462,910 454,539 Prepayments and accrued income 508.946 1,030, 735 418.791 965,874 19. Creditors- Amounts falling due within one year Group 2024 Group 2023 Charity 2024 Charity 2023 Bank loans 106,157 72,450 102,381 71,909 96,157 55,495 28,135 18.814 28,322 503,885 92,381 70,721 10,253 16,360 40,657 327,096 Trade creditors Amounts owed lo group undertakings other laxalion and social security Other creditors Accruals and deferred income 18.814 28,322 619,316 16,360 40,657 394,982 845,059 626,289 730,808 557,468 Group 2024 Group 2023 Charlty 2024 Charity 2023 Deferred income at 1 January 2024 Resources deferred during the year Amounts released from previous periods 325,660 229,413 1325,6601 f39,999 325,660 (139,999) 264,786 124,459 1264,7861 41,906 264, 786 f41,906) 229,413 325,660 124,459 264, 786 Deferred income comprises income received in advance relating to membership, rent and show income planned for January 2025 onwards. Page 42 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20. Credltors: Amounts falllng due after more than one year Group 2024 Group 2023 Charity 2024 Ch8rity 2023 Bank loans Other loans 161,786 60,350 267,986 60,350 154,286 60,350 250,486 60,350 222,136 328,336 214,636 310,836 The Charity has two bank loans. The first loan is secured against the Charills fixed asset listed investment portfolio. The loan is repayable in 180 consecutive monthly inslallments over 15 years, ending in February 2028, after a 9 month capital repayrnenl holiday. Interest is payable al 2.75'/0 above the Bank of England base rale per annum. The second loan relates lo a Coronavirus Business Interruption Loan that the Charity look 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 inslallmenls, after a 12 month holiday period, over 6 years, ending in September 2026. The Charills 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 Charitys Members and others. Of these other loans £15,850 [2023 £70,850) are interest free and £44.500 (2023 - £49,500) are interest bearing. Interest is payable on the interest bearing loans al 2,/0 above the Bank of England base rate per annum. These loans are unsecured and are repayable on 12 months noti￿ given in writing by the loan note holder or at the discretion of the Charity. Page 43 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Statement offunds Statement of funds - current year Balance at 31 Gainsl December (Losses) 2024 Balance at 1 January 2024 Transfers Inlout Income Expendlture Unrestricted funds Deslgnated funds Infrastructure investrnenl fund 2,056,248 {788,653) 1,267,595 Opportunities fund 32.619 15.680 117.6941 30.605 2.088,867 15.680 117,6941 {788.653) 1,298.200 General funds Unrestricted general funds 4.835,505 3,378.290 13.449,2731 1,381.903 (7.7451 6,138.680 Total Unrestricted funds 6.924,372 3,393.970 13.466,9671 593.250 (7,7451 7,436.880 Page 44 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Statement of funds Icontlnuedl Balance at 31 Galnsl December (Losses) 2024 Balance at 1 January 2024 Transfers Inlout Income Expendlture Restricted funds Norfolk Showground NEC Project Norfolk Agricultural Association Norwich Plate Norfolk Food Hall Project Chaplaincy 40,065 (3,0821 36.983 1,420 1.420 593,250 25.000 {593,250) 25.000 41,485 618.250 (3,0821 {593.250) 63.403 Total of funds 6,965,857 4,012,220 13,470,049) (7,7451 7,500,283 Page 45 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Statement of funds Icontlnuedl Statement of funds - prlor year Balance al 31 December 2023 Balance at l January 2023 Transfgrs in/oul Gains/ (Losses) Income Expenditure Unrestricted funds Deslgnated funds Infrastructure investrnenl fund 2, 7 13,671 (57,423) 2,056,248 Opportunities fund 10,985 28,000 (6,366) 32,619 2, 124,656 28,000 (6,366) (57,423) 2,088,867 General funds Unrestricted general funds 4, 725,329 3,008,413 (2,990,454J 57,423 34, 794 4,835,505 Total Unrestricted funds 6,849,985 3,036,413 {2,9g6,820J 34, 794 6,924,372 Restrlcted fund Norfolk Showground NEC Project Norfolk Agricultural Association Notwich Plate 43,147 (3,082) 40,065 1,420 1,420 44,567 (3,082) 41,485 Total of funds 6,894,552 3,036,413 (2,999,902) 34, 794 6,965,857 Page 46 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Statement of funds Icontlnuedl The unreslricled designated Infrastructure Investment fund was created following the disposal of land lo 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 lo infraslruclure projects completed during the year. 22. Analysls of net assets between funds Analysls of net assets between funds - current perlod Unrestrlcted Restrlcted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Intsngible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 5,740,730 65,659 847,106 1,850,580 1845,0591 1222,1361 63,403 5,804.133 65.659 847,106 1,850.580 {845.059) {222.136) Total 7,436,880 63,403 7,500.283 Analysls of net assets between funds - prlor perlod Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Intangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 4, 135,024 60,453 855,698 2,827,822 (626,289) (328,336) 41,485 4, 176,509 60,453 855,698 2,827,822 (626,289) (328,336) Total 6,924,372 41,485 6,965,857 Page 47 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 23. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles Group 2024 Group 2023 Nel income for the period {as per Statement of Financial Aclivilies} 534,426 71,305 Adjustments for: Donations received Depreciation charges Amortisation charges Dividends, interests and rents from investments Decreasellincreasel in stocks Decrease in debtors 1340,0001 227,819 6,762 168.0841 17161 68,640 535 26,117 6,950 278,976 3,182 f65,996) 1,054 f44,923 62,229 31,675 (29, 709) Increase in creditors Interest paid Nel lossllgainl on investments Net cash provided by operating activities 462,449 437,639 24. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 1.339,811 1, 795,980 25. Analysis of changes in net debt At1 January 2024 Cash flows At31 December 2024 Cash at bank and in hand 1,795,980 {102.381) {328.336) 1456,1691 13,7761 106.200 1,339.811 {106.157) {222.136) Debt due within 1 year Debt due after 1 year 1,365.263 1353,7451 1,011.518 Page 48 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Capltal commltments Group 2024 Group 2023 Charity 2024 Ch8rity 2023 Contracted for but not provided in these financial statements Acquisition of tangible fixed assets 1.331,388 312,081 1.331,388 312,081 27. Penslon commltments 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 lo the fund and amounted lo £45,892 (2023- £35,608). 28. Operatlng lease commltments - as lessee At 31 December 2024 the Group and the Charity had commitments lo make future minimum lease payments under non-cancellable operating leases as follows.. Group 2024 Group 2023 Charlty 2024 Charity 2023 Not later than 1 year Later than 1 year and not later than 5 years 20,292 39.141 14,655 38,937 20,292 39.141 14,655 38,937 59,433 53,592 59,433 53,592 The following lease payments have been recognised as an expense in the Statement of Financial Activities.. Group 2024 Group 2023 Charity 2024 Charity 2023 Operating lease rentals 24,800 14,889 24,800 14,889 Page 49 ROYAL NORFOLK AGRICULTURAL ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 29. Operatlng lease commltments - as lessor At 31 December 2024 the Group and the Charity had commitments to receive future minimum lease receipts under non-cancellable operating leases as follows.. Group 2024 Group 2023 Company 2024 Company 2023 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 138,043 467,098 1.190,227 142,976 479,098 1,280,853 138,043 467,098 1.190,227 142,976 479,098 1,280,853 1.795,368 1,902,927 1.795,368 1,902,927 30. 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 Stslement of Recommended Practi￿ IFRS1021, disclosure of these transactions is not required if the Trustees do not have control over the other entities. Food and Farming Discovery Trust IFFDTI is a related paty as Dr C M Richards (Trusleel and M A Nicholas MBE DL (Managing Director of the RNAAI are Trustees of FFDT. During the year the RNAA recharged lo FFDT expenses lolalling £7.005 (2023 - £17, T96) and ils subsidiary charyed FFDT a trade sland fee for the Norfolk Farming Conference of £Nil (2023 - £NilJ. The RNA4 made a grant lo FFDT in the year of £20.000 (2023 £15,000) relating to staffing support. During the year the RNAA commissioned aclivity from FFDT amounting lo £Nil (2023 - £Nil). Included within other creditors as at 31 December 2024 is a balance of £27,742 (2023 - £32,299) owed lo FFDT. The RNA4 also acted as an agent on behalf of FFDT during the financial year, with income being received tolalling £57.185 12023 - £50,900) and expenditure being incurred tolalling £61,742 (2023 £84,005), through a designated bank account. At 31 December 2024 a cash balance was held on behalf of FFDT of £27.742 (2023- £32,299). No other related party transactions have occurred in the financial year 12023 - £NilJ. 31. Post balance sheet events After the reporting date, additional grant income of £240,000 has been secured from Norfolk County Council to support the development of the Norfolk Food Hall. The Charity also agreed lo a commercial borrowing agreement with ils lender. Page 50 Slgnature: EC Email: ra@silfieldltd.co.uk 04 Slgnature: Email: laurie.hill@larking-gowen.co.uk 2024 RNAA Financial Statements (1) Final Audit Report 2025-04-07 Created.. 2025￿4-03 By.. Jonathan Belt5 tionathan.betts@fflaa.org.ukl Status.. Signed Transaction 10.. CBJCHBCAABAA1VkAIPsxB48Ys4vP28s6h4iOJRfW7tU "2024 RNAA Financial Statements (1)" History Document created by Jonathan Betts 0.onalhan.bells@rnaa.org.ukl 2025-04-03- 10.01..31 AM GMT . Document emailed to Robert Alston (ra@silfieldltd.co.ukl for signature 2025-04-03- 10.04".23 AM GMT Email viewed by Robert Alston lra@silfieldlld.co.ukl 2025-N-07- 2..56..03 PM GMT èo Signer Robert Alston lra@silfieldlld.co.ukl entered name al signing as R C Alston 2025-04-07- 2..56..59 PM GMT Document e-signed by R C Alston Ira@silfieldltd.co.uk) Signature Date.. 202&04-07- 2".57'.01 PM GMT- Time Sourc&". server Document emailed lo laurie.hill@larking-gowen.co.uk for signature 2025-N-07- 2..57..03 PM GMT Email viewed by laurie.hill@larking-gowen.co.uk 2025-(M-07- 3..21."32 PM GMT Signer laurie.hil1@larking-gowen.co.uk entered name al signing as L A J P Hill 2025-04-07- 3.'23."24 PM GMT èo Document e-signed by L A J P Hill Ilaurie.hill@larking-gowen.co.ukl Signature Date.. 202>04-07- 3..23..26 PM GMT- Time Source.. server Agreement Completed. 2025-04-07- 3..23."26 PM GMT Adobe krobat Sign