Registered Charity Number: 511868
Company number: 01568571
Three Counties Agricultural Society
(a company limited by guarantee)
Annual Report and Financial Statements
For the year ended 30 November 2021

THREE COUNTIES AGRICULTURAL SOCIETY
REPORTS AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
Contents
Page
Annual Report of the Trustogs
Independent Auditor's Report
12-15
Consolidated Statement of Financial Activities
Charity and Consolidated Balance Sheets
17
Consolidated Cashflow Statement
18
Notes to the Financial Statements
19-36

THREE COUNTIES AGRICULTURAL SOCIETY
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 NOVEMBER 2021
THE 80ARD
The Board ofTrLJStees {who are the trustees of the Society forthe purposes of charity law and the directors
of the company for the purposes of company lawl of the Three Counties Agricultural Society I'lhe
Society") present their annual report for the year ended 30 November 2021 prepared in accordance with
section 415A of the Companies Act 2006 relating lo small entities, and the Charities Act 2011, together
with the audited financial slalements for that year.
REFERENCE AND ADMINISTRATIVE DETAILS
The Three Counties Agricultural Society is a registered Charity (No. 5118681 and a company {No.
015685711 limited by membership guarantee. Its principal address and registered office is shown on page
The members of the Board of Trustees, which includes the present Iruslees, and any past trustees who
served during the year. are given on page 9, together with the name ofthe Chief Executive. The President
and Vice-Presidents and external advisers of the Society are as sel out on pages 9 to 11.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Society is governed by ils Memorandum adopted on 12 May 1981 and last amended on 30 May 2008
and Articles of Association adopted on 28 October 1992 and last amended on 24 November 2005.
Under the amended Article5 of Association adopted on 24 November 2005, the number of trustees is
maximum of twelve and the number of Council members a maximum of forty-five. The Board is
responsible for the overall governance of the Society. Trustees are either elected or co-opted and the
lolal number of Iruslees may not exceed twelve. Nine trustees are elected directly by Council and three
may be co-opted by the Board of Trustees. Elected Iruslees may remain in office for three years bul may
not serve more than three consecutive full terms. Co-opted Iruslees are appointed by the Board of
Trustees and may serve for up to iwo terms of three years or on other terms determined by the Board al
the time of their co-option.
Effective partnership between trustees and staff continues to contribute significantly lo our success. To
increase the effectiveness of the Iruslees, roles and responsibilities, each has portfolio interests which
require an understanding and a responsibility for specific aspects of the Society's work. Trustees are
required lo meet al least five limes a year. Apart from the AGM, these meetings include four Board
meetings where trustees review strategy and operalionallinvestmenl performance and set operating plans
and budgets. New Iruslees receive an information pack containing everything they need to know about
the Society and ils work for effective and informed decision-making, and trustee training sessions are
held whenever a requirement is identified. Additional strategic reviews are held as and when needed for
any other purpose.
Key Management Personnel for the Society are outlined on page 10. Remuneration is set by the
Remuneration Committee, which is appointed by the Board of Trustees. The Remuneration Committee
meets annually and includes the Chairman of the Board of Trustees, Chairman of Council, and a County
Director. Its role is lo approve staff bonuses and remuneration for the forthcoming year, with the objective
of encouraging enhanced performance and rewarding fairly and responsibly individual contributions lo
the charity's success.
The Board delegates the exercise of certain powers in connection with the management and
administration of the Society as set out below. This is controlled by requiring regular reporting back to the
Board so that all decisions made under delegated powers can be ratified by the full Board in due course.
RISK AND AUDIT REVIEW COMMITTEE
The Risk and Audit Review Committee is a commillee of the Council whose purpose is to advise the
Board on risk management and internal control and act as an independent review mechanism for the
preparation and audit of the annual financial slatemènls. The committee is formed Df fwe individua19, al
least of whom shall be Council members and all ofwhom will be independent oflhe Board ofTrLJStees.
One of these shall be Chairman of the committee.

THREE COUNTIES AGRICULTURAL SOCIETY
ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI
FOR THE YEAR ENDED 30 NOVEMBER 2021
The committee has introduced a formal risk management process lo assess business risks and
implement risk management slralegies. This has involved identifying the types of risks the Society fa￿$.
priorilising them in terms of potential impact and likelihood of occurrence, and identifying means of
miligaling the risks. As part of this process the committee has reviewed the adequacy of the Society's
current internal controls and the costs of operating particular controls relative to the benefits obtained.
Procedures have been established for reporting failings immediately lo appropriate levels of management
and to the Board of Trustees.
The Board confirms that the major risks lo which the Society is exF)osed, as identified by the committee,
have been reviewed and systems have been established lo miligale those risks.
CHIEF EXECUTIVE
The Chief Executive is responsible for the day-to-day management of the Society'g affairs and for
implementing policies agreed by the Board of Trustees. The Chief Executive is assisted by a team of
senior managers.
GROUP STRUCTURE
The Society has a wholly owned subsidiary, T.C.A. Trading Limited. The subsidiary carries out trading
activities lo raise funds for donating to the Society under Gift Aid, and during the fi'nancial year made an
operating profil of £186k12020.' £5kl 811 of which has been donated lo the Society under gift aid rules.
STATEMENT OF TRUSTEES. RESPONSIBILITIES AND CORPORATE GOVERNANCE
The Iruslees (who are also directors for the purposes of company lawl are responsible for preparing the
Trustees, Annual Report and the financial slalements in accordance with applicable law and United
Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Stsndardsl.
Company law reqLJires the trustees lo prepare financial statements for each financial year. Under
company law the trustees must not 2pprove the financial statements unless they are satisfied that they
give a true and fair view ofthe slate of affairs ofthe charitable company and the group and of the incoming
resources and application of resources, including the income and expenditure. of the charitable
companylgroup for that period. In preparing these linancial st8lements, the Iruslees are required to..
select suitable accounting policies and then apply them Gonsislenlly",
obseNe the methods and principles in the Charities SORP.,
make judgments and estimates that are reasonable and prudent.,
slate whether applicable UK accounting standards have been followed. subject lo any material
departures disclosed and explained in the financial stalemenls,. and
prepare the financial slalemenls on the going concem basis unless it is inappropriate lo presume
that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and
explain the charitable company's transactions, disclose with reasonable accuracy at any lime the financial
position of the charitsble company and enable them lo ensure that the financial slalemenls comply with
the Companies Act 2006 and the provisions of the charity's constitution. They are also responsible for
safeguarding the assets of the charity and the group and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
So far as each of the Iruslees is aware at the lime the report is approved..
there is no relevant audit information of which the auditor is unaware. and
the Iruslees have taken all steps that they ought lo have taken lo make themselves aware of
any relevant audit information and lo establish that the auditor is aware of that information.

THREE COUNTIES AGRICULTURAL SOCIETY
ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI
FOR THE YEAR ENDED 30 NOVEMBER 2021
CORPORATE GOVERNANCE
During 2019 Three Counties Agricultural Society was subject to a ￿VIeW of ils govemance structure by
Crowe U.K. The Society's Council subsequently voted to accept the overall recommendations of the
review in principle after certain amendments in May 2022. Internal controls over all forms of commitment
and expenditure continue lo be refined lo improve efficiency. Processes are in place lo ensure that
performance is monitored, and that appropriate management information is prepared and reviewed
regularly by both the executive management and the Board.
The system5 of internal control are designed lo provide reasonable bul not absolute assurance against
material misstatement or loss. They include..
a strategic plan and annual budget approved by the trustees..
regular consideration by the Iruslees of financial results, variances from budgets, non-financial
performance indicators and benchmarking reviews.,
delegation of day-lo-day management authority and segregation of duties,. and
identif￿CaI10n and management of risks.
OBJECTS, OBJECTIVES AND PRINCIPAL ACTIVITIES OF THE SOCIETY
The Memorandum of Association reflects the activities of the Society and incorporates the Charity
Commission's GD1 model clause on Iruslees, benefits. The following is an extract from the Sooely s
Memorandum of Association..
"The Society's primary object is to promote agriculture, horticulture, arboricullure, apiculture, forestry,
rur21 crafts and skills and conservation for the public benefit,. and in particular, bul not exclusively, by..
holding demonslralions of modern agricultural methods and processes.,
holding shows for the exhibition of agriculture, livestock, pou51ry, animal husbandry, farm and
horticultural produce and forestry, and for the demonstration of agricultural and horticultural
methods and processes. rural crafts and skills, machinery, vehicles, domestic goods, implements,
tools and appliances, animal feed stuffs, fertilisefs, seeds. and other items appertaining or
ancillary lo agriculture, horticulture, or any allied industry.
Each year the Society sets objectives which not only address the strategic objectives contained in the
Memorandum but include laclical and operational obje¢lives. The obje¢live5 for 2021, the Society's
achievements against those objectives and the objectives for 2022 are discussed under the heading of
Achievements and Performan￿, sel out below.
Our vision is to be the regional centre within the Three Counties dedicated lo the promotion of agriculture.
horticulture. and arboricullure through public and trade shows and through direcvindirecl education
programmes.
PUBLIC BENEFIT
As a charitable Irusl, the Society seeks to benefit the public through ils slated aims whi¢h are shown in
the Objects. ObjeGtives and Principal Activities of the Society section of this report.
In furtherance of these aims the directors, as charity trustees, have complied with the duly in Section 17
of the Charities Act 2011 to have due regard lo the Charity Commission's published genefftl and relevant
subseclor guidance concerning the operation of the Public Benefit requirement under the Act.
GRANT-MAKING
The RHS Malvern Joint Show Committee makes annual grant awards lo show garden designers which
are a key feature of the RHS Malvern Spring Festival. The show gardens promote horticulture and
arboricullure and themes in recent years have been linked lo conservation. The Society also awards
educational bursaries in accordan￿ with its charitable objectives.

THREE COUNTIES AGRICULTURAL SOCIETY
ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI
FOR THE YEAR ENDED 30 NOVEMBER 2021
Decisions regarding grant awards and bursaries are made in advance bul are not communlcaled or
commilled until the financial period they relate lo, and payments are only made when achievements and
performance targets are mel. Due to the cancellation of the RHS Malvem Spring Festival in both 2020
and 2021, grant awards paid out in 2020 were deemed lo be mel over the years.
ACHIEVEMENTS AND PERFORMANCE
For the second successive year Covid-19 has impacted on our Society's performance. Two of our three
major shows were cancelled, the RHS Malvern Spring Festival and the Royal Three Counties Show
resulting in a huge loss of potential revenue. 11 is these shows in particular, plus CountryTaslic, thai
provide the platform for delivery of our charitable objectives. Furthermore. many lellings were also
cancelled for the same reason adding lo the challenge. The Society's focus for the year was to control
and manage ils resources as effectively as possible in order lo protect reserves and maintaln ils profile
ready for when Government reslriclions are removed.
The specific objectives which the Society sets itself for the year are shown below along with an
assessment of performance against those objectives..
OBJECTIVES FOR 2021
1. Secure the future of Three Countles Agricultural Society by mitigatlng against potential rlsk
The Society benefits from a very strong and active Risk and Audit Review Committee which functions
independent of the Board of Trustees and has power to scrulinise decisions and provide special support
to the Chief Executive. This committee has been invaluable in steering the Society through the impact
of Covid-19.
2. Always ensure posrtive cash flow
Due lo the events cancelled by Covid-19 and associated wrile-offs, positive cashflow was unable to be
maintained throughout the year however. through Careful management of its reserves, the Society was
always able lo ensure that there were no cashflow issues. For 2021 nel cash outflow from operating
activities was {£187kl (2Q20 net cash ir3flow was £190kJ and EBITDA learnings before interest, lax,
depreciation, and amortisalionl was1£188kl (2Q20 was (£805kJ). Brought forward cash reseNes, which
were boosted by the Coronavirus Btjsiness Interruption Loan ICBILI in 2020, enabled the Society lo
maintain a strong cash position at the year-end. A highly successful end lo the year in staging Malvern
Autumn Show, which was extended by an additional day, added lo the overall position. and the year
finished stronger than 8nti¢ipaled.
3. Stage high quality. profitable shows which deliver the Soclety's charltable objectlves whilst
promoting Brltish agriculture, horticulture, equine, and the rural economy.
Two of the Society's three most major shows plus the CounlryTaslic event, which pmvlde the platform
to deliver this objective, were cancelled due lo the Coronavirus. The Malvern Autumn Show, always a
family favourile was able lo run due to being held in September, and this pioduced the biggest
allendance since ils formation some 26 years ago.
4. Re-model the Royal Three Counties Show to create a pure livestock and equine show of high
quallty which malntains the reputation of the Three Counties Agricultural Society.
Due lo the uncertainly of regulations being imposed by Covid-19, a new formal of Royal Three Counties
Show was planned based on livestock being the predominant focus. For the second year in succession
the show was Can￿lled due lo Intelligen￿ from the regulatory services indicating further government
restrictions on major events.

THREE COUNTIES AGRICULTURAL SOCIETY
ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI
FOR THE YEAR ENDED 30 NOVEMBER 2021
5. Progress new business opportunltles and promote the showground as a venue for hlre.
During the second part of the year with restrictions lifting, Ihird-paty event bookings soared due lo penl-
up demand. The Society also staged a number of smaller shows lo comply with the regulations for
reduced allendance and events. A successful equine show and food fair proved very popular and
produced some welcomed financial return. Camping on a new scale for the Society also proved
popular and will form part of the regular calendar.
6. In line with the'objects, of the Society run an education and bursary programme of which the
Society can be proud.
For a major part of the year staff were furloughed and shows cancelled meaning that the education
programme was postponed. The Joe Henson Bursary did continue and received a number of attractive
applications.
7. Maintain the appearance and standard of the showground through a planned malntenance
programme.
Despite Society and Ihird-party events being cancelled and many staff being placed on furlough. il was
essential lo maintain the showground al a good standard in preparation for Covid-19 subsiding and large
gathering events being permilled, which they We￿ late in the year. A core number ofeslate staff remained
working lo ensure maintenance was upheld.
8. Retain a quality staffing compllment capable of dolivering activities to a high standard.
As experienced by many companies during pandemic limes, several staff decided to seek other
employment opportunities. Vvhilst the preference would have been not to lose a number of these staff an
effective recruitment programme has resulted in a strong workforce ready for a new challenge.
9. Develop good relationships wlth all stakeholders.
The Sctiely's web811e always provides a good flow of information and has proved essential in these
challenging times. We are extremely grateful to Worcestershire Regulatory Services for their assistance
in helping us through the difficult times caused by the pandemic.
10. Expand the Society's knowledge and good practices relating to the envlronment and
sustainability.
Our plans were deferred due lo the pandemio, but the Society did maintain its ISO 14001 accredilalion.

THREE COUNTIES AGRICULTURAL SOCIETY
ANNUAL REPORT OF THE TRUSTEES (CONTINUED}
FOR THE YEAR ENDED 30 NOVEMBER 2021
OBJECTIVES FOR 2022
The objectives for 2022, together with the strategies to achieve those objectives, are set out below..
stage the Royal Three Counties Show and re-eslablish ils reputation as one of the UK'S best
agricultural shows with emphasis on livestock and as an enjoyable 'family day out,.
Deliver the charitable objectives of the Society by promoting British agriculture, horticulture, equine,
and rural affairs through the staging of high-quality shows.
Identify and miligale against potential risk which may adversely affect the Society.
Maintain positive cash flow.
Progress new business opportunities.
Operate an education and bursary programme in line with the Society's charitable objectives.
Through recruitment and training develop a staffing structure capable of delivering the objectives of
the Society.
Maintain the good appearance of the showground.
Develop and maintain good relations with stakeholders.
Explore options and practices for sustainability.
STRATEGIES FOR ACHIEVING OBJECTIVES
The objectives will be developed through the use of the following slralegies..
A. The Society's shows shoukl provide best practice in agriculture, horticulture. equestrianism,
silvicullure, the countryside, and the rural economy and provide the platform for achieving our
charitable objectives.,
B. Commerciality opportunities will be realised through attendan￿ al shows, sponsorship, venue
hire, membership, and other related income streams.,
C. An effective Education Strategy lead by the Education Committee will focus our delivery of
agricultural and horticullurally based education programmes.,
D. A focus on maintaining showground standards will be achieved using agreed maintenance and
capital development budgets..
E. Communications with stakeholders, including the local community will continue through an
effective flow of information and engagement..
F. Staff are key lo delivering the Society's objectives. Good practice regarding the recruitment,
training, communication, and management of staff will maintain a motivated team.,
G. Consider overhead costs, identify new events, and progress the development of the L2ngdale
Woods Project.,
H. Progress a sustainability programme for the Sh()wground.

THREE COUNTIES AGRICULTURAL SOCIETY
ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI
FOR THE YEAR ENDED 30 NOVEMBER 2021
FINANCIAL REVIEW AND RESULTS FOR THE YEAR
Traditionally the main source of funding for the Society is ticket income from agricultural and horticultural
shows. Due to the ongoing Covid-19 pandemic, two of the Society's three main shows were cancelled in
2021 and all a(tvance tickets for these shows were either refunded in full or transferred to the following
yeals equivalent event dales. The Malvern Autumn Show went ahead in a new three-day formal which
proved suC￿8SfUl, along with live smaller shows which generated total lickel Income of £841 k12020.'
£115kl making up 24.90/012020.. 7. 60/0) of total income. During 2021 Government grant funding under the
Coronavirus Job Retention Scheme and other Discretionary Grant awards from Government received in
the year was £288k (2020.. £457kJ
The Slalement of Financial Activities ISOFAI, set out on page 16, shows that total incoming resources
increased by 121.70/010 £3.378k. Expenditure on charitable activities increased by 2.2¥0 10 £2, 103k whilst
total resources expended amounted lo £3,861 k12020.' £2,668k} resulting in a net loss for the year before
gainslllossesl on investments of £483k 12020." Loss of £1,145kl. This resulted in total funds carried
forward decreasing by £355k lo £4,508k12020.. decreasing by £1, 143k to £4.863k}.
T.C.A. Trading Limited
The wholly-owned trading subsidiary experienced a reslricled start to the year in terms of dales when the
showground could open. Inevitably with four of the first five months of the calendar unavailable due to a
national lockdown there were fewer events in total compared to normal years.
During 2021, revenue for the company increased by 249°h lo £1,232k 12020.. £353kl. The company
undertakes the trading activities of the Society and generated a profit of £186k which has been donated
to the Society under the provisions of Gift Aid (2020.. £5kl.
FINANCIAL MANAGEMENT POLICIES
Key Risks and Reserves Policy
Each year the Board considers the Society's exposure lo major risks in terms of their likely impact on it5
income sources and planned expenditure in the short term.
The ongoing Coronavirus ICovid-191 Pandemic and third lockdown announced in January 2021 resulted
in the can￿lIatIOn of the first half of the Society's 2021 show season. along with approximately four
months of Venue Hire events. This not only had an impact on the Society's activities and its ability to
generate funds, il also further reduced the Society's Carried forward reserves. The Society continued lo
miligale it5 losses by taking full advantage of available Government support schemes such as the
Coronavirus Job Retention Scheme, Local Authority Discretionary Grant Fund Scheme, Business Rates
Relief and reduced VAT rates for the leisLJre and hospitality sector. Vlthilsl the Society worked on smaller
shows through the summer, ils main focus was the Malvern Autumn Show, to which was added a third
day lo the usual weekend event. The Society was also able to support the NHS by offering il a site for a
major regional vaccination centre which, along with the Blackmore Park Campsite, helped the Society
diversify its income streams, which il will continue lo do in future years.
The Strategic Pathway which the Society implemented during the previous year continued to be relevant
throughout the year..
1) To 51abilise the cost base going forward and continually consider all options relating lo staff.
external advisors, contractor contracts and general overheads,.
21 To identify new events that can profitably be held on sile whilst complying with relevant safety
guidelines.,
31 To plan for events with the expectation that visitor numbers and lolal income could be lower than
in previous years., and
41 To continue to progress the Langdale Woods project as a significant new Sour￿ of all year-round
income.
As a matter of policy, the trustees review the value of the resetves retained in the form of investments.
The Iruslees believe the Society should continue to hold in the investment portfolio sufficient funds to
allow the Society to be run efficiently, lo provide a buffer against the short notice cancellation of a major
show, lo fund fixed Capital renewals and maintenance lo the Showground and to provide be￿een six and
elve months, reSOu￿e expended on adminislralion and governance costs of the Society.

THREE COUNTIES AGRICULTURAL SOCIETY
ANNUAL REPORT OF THE TRUSTEES (CONTINUED}
FOR THE YEAR ENDED 30 NOVEMBER 2021
Following the impacts of Covid-19, lolal f￿e reserves have fallen below those required to operate within
the outlined policy however cash reserves are ample due lo the Coronavirus Business Interruption Loan
Scheme which has enabled the Society lo meet ils ongoing costs, whilst being able lo plan and pay out
deposits for forthcoming shows. Total reserves al the year-end were £4,508k12020.' £4.863kl. Of these
£1,108k were reslricled at the year-end 12020.- £1, 102kl. This is disclosed in note 19. Unreslricled
reserves include amounts that could only be realised by disposing of fixed assets tolalling £3,229k,
therefore free reserves at the year-end tol81 £171 k (2020.. £327k). This situation is being closely monitored
by the Trustees al their regular Board meetings.
Investment Policy and performance
The Society's investments were valued at £1,242k at the start of the financial year. The investment
portfolio continues to be managed with a cautious to medium risk profile. As al the balance sheet dale,
the portfolio is now valued al £1,387k. The trustees remain satisfied that this remains an appropriate
vehicle for the Society. Through careful management the Society has been able lo stabilise its costs
during the Covid-19 Pandemic without needing lo sell any of its investments.
Going Concern
In light of the Covid-19 situation, the Iruslees believe that the Charity's financial resources and
ontingency planning is sufficient lo ensure the ability of the Charity to continue as a going concern for
the foreseeable future and therefore the financial slalemenls have been prepared on this basis. This also
applies to the trading subsidiary, T.C.A Trading Limited.
HEALTH AND SAFETY
In the pursuit of excellen￿ in all its activities the Society is committed lo the promotion and implementation
of health and safely measures to minimise both work-relaled accidents and ill health. The safely of visitors,
staff, volunteers, and the contractors who visit the showground is of primary importance and it is the
responsibility of the Chief Executive lo ensure that all operations are carried out in accordance with health,
safely and environmental legislation and standards to which the Society subscribes. Accountability for
health and safely mallers follows the acknowledged line management chain of authority lo the manager
or individuals specifically taskèd and trained lo exercise control.
EMPLOYEES
The Society aims to be an organisalion where employees enjoy a sense of fulfilmenl and where they feel
supported and developed. Employees are kept fully informed about ils strategy and objectives, as well as
day-to4ay news and events. Information about the organisalion is available through regular briefings
and post show meetings. All employees are encouraged lo give their suggestions and views on
performance and strategy. The Society continues to follow a policy of recruilmenl and promotion on the
basis of aptitude and ability wilhoul discrimination.
PENSIONS
The Society operates a conlribulory defined contribution pension scheme in which all permanent
employees are entitled lo participate, together with a workpla￿ Pension for the appropriate employees.
RELATED PARTY TRANSACTIONS
The related paty transactions are included in note 2110 these financial statements.
FUNDRAISING
The charity had no fundraising a¢llvilies requiring disclosure under S162A of the Charities Act.
DIRECTOR'S INDEMNITY INSURANCE
The Society has in place an annual Management Liability Insurance policy lo indemnify directors or
Offi￿[S against any claim first made against them to a linTril of £500,000 for any wrongful act covered by
the policy in their capacity as a director. offiTrr, or employee of the charity and ils trading subsidiary. The
premium for the year was £2,357 including insurance premium tsx (2020.. £t,008).

THREE COUNTIES AGRICULTURAL SOCIETY
ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI
FOR THE YEAR ENDED 30 NOVEMBER 2021
REFERENCE AND ADMINISTRATIVE INFORMATION..
PRINCIPAL ADDRESS AND REGISTERED OFFICE
The Showground
Malvern
wor￿SterShIre
VVR13 6NW
SECRETARY
Ken Nollage
PRESIDENT
Michael Blandford
(from 1 December 20211
VICE PRESIDENTS
Peter Dowle
John Harper
Graham Walkins
Ifrom 1 December 20211
CHIEF EXECUTIVE
Ken Notlage
MEMBERS OF THE BOARD OF TRUSTEES
Lindsey Craddock
Nicholas Dee
Peter Dowle
Patrick Downes
James Hawkins
Roger Head OBE DL
Adrian Hope
David Owens
Prof. Joanna Price
Clive Roads
David Smart
Michael Weaver
(County Director)
(from 1 December 2021)
(Chaimian and County DireGtor until 19 October 20211
(Chairman from 19 October 20211
(County Director}
(until 10 December 20201
{from 9 June 20221
RISK AND AUDIT REVIEW COMMITTEE
Ruth Goodman
Chris Lloyd
Tania Phillips
Mark Tufnell
Mary Walhen
(from 27 July 2021}
(Chairman)
MEMBERS OF COUNCIL
Penelope Bossom
Oliver Bruce
Philip Burford
Rachael Chamberlayne
Penny Corbell
Lindsey Craddock
Clive Davies
Nicholas Dee
Peter Dowle
Patrick Downes
Ruth Goodman
Robert Grinnall
Laura Hamilton
Francis Harcombe
John Harper
{from 10 December 20201
{from 27 Juty 20211
(resigned 26 July 2021}
(from 27 July 2021}
(resigned 19 October 2021}

THREE COUNTIES AGRICULTURAL SOCIETY
ANNUAL REPORT OF THE TRUSTEES (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
MEMBERS OF COUNCIL (Continued)
Maurice Hart
James Hawkins
Dene Hazelwood
Roger Head OBE DL
Adrian Hope
Richard Lutwyche
Russell Marchanl
Glyn Morgan MBE
Cate Morris
lain Morrison
David Owens
Roger Phillips
Tania Phillips
Andrew Powers
Prof. Joanna Price
Bill Quan
Clive Roads
Henry Robinson
Peter Rose
James Sage
Helen Smalley
David Smart
Kate Speke-Adams
Mark Tufnell
Mary Walhen
Graham Watkins
Dermol Weaver
Michael Weavei
Paul Westaway
Irelired 30 November 20211
(deceased 21 June 2021)
(from 27 July 20211
(from 27 July 20211
(resigned 10 December 20201
(Chairman)
Ifrom 27 July 20211
(resigned 20 January 20211
KEY MANAGEMENT PERSONNEL
Paul Butler- Head of Ticketing and Business Systems
Jane Edwards- Shows Manager
(from 7 June 20211
Chris Eldridge- Head of Shows & New Business Development lunlil 4 March 2022}
David Fenwick- Head of Finance
Ken Nollage- Chief Executive
Di Walton- Head of Shows
John Vwlesmilh - Head of Operations
(until 9 July 20211
10

THREE COUNTIES AGRICULTURAL SOCIETY
ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI
FOR THE YEAR ENDED 30 NOVEMBER 2021
PRINCIPAL PROFESSIONAL ADVISERS
Independent Auditor
Crowe U.K. LLP
statutory Auditor
4th Floor St James House
st James Square
Cheltenham
GL50 3PR
Princlpal Bankers
National Weslminsler Bank plc
1 The Cross
Wor￿Ster
VVR1 3PR
Solicitors
Harrison Clark Rickerbys
Ellenborough House
Wellinglon Street
Chellenham
Gloucestershire
GL50 1YO
Investment Managers
Rathbone Investment Management Limited
Port of Liverpool Building
Pier Head
Liverpool
L3 1NW
The report of the Iruslees has been prepared in accordance with section 415A of the Companies Act
2006 relating lo small companies.
This report was approve
-by the Board on 9th June 2022 and signed on their behalf.
R J Head OBE DL
Chairman

THREE COUNTIES AGRICULTURAL SOCIETY
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THREE COUNTIES
AGRICULTURAL SOCIETY
FOR THE YEAR ENDED 30 NOVEMBER 2021
Independent Auditor's Report to the Members and Trustees of Three Counties Agricultural Socioty
Opinion
We have audited the fi'nancial slalemenls of Three Counties Agrfcullural Society {'Ihe charitable company'l and
ils subsidiary I'lhe group'l for the year ended 30 November 2021 which comprise the consolidated Slalemenl of
Financial Aclivilies, the charity and consolidated Balance Sheets, the consolidated Cashflow Slalemenl, and
notes lo the financial slalemenls, inclLJding signifi'cant 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
Iuniled Kingdom Generally Accepted Accounting Praclicel.
In our opinion the financial stalemenls..
give a true and fair view of the slate of the group's and the charitable company's affairs as al 30 November
2021 and of the group's income and expenditure, for the year then ended.
have been propeHy prepared in accordance with United Kingdom Generally Accepted Accounting Ptaclice,.
and
have been prepared in accordance with the requirements of the Companies Act 2006
Basis for opinlon
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKI} and applicable
law. Our responsibilities under those standards are further described in the Auditorfs iesponsibililies for the audit
of the financial statements section of our report. We are independent of the group and charitable company in
accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK,
including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan￿ with
these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide
a basis for our opinion.
Conclusions relating to golng 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 slalemenls is appropriate.
Based on the work we have performed, we have not identified any material Un￿rtaIntieS relating lo events or
conditions that, individually or collectively, may cast significant doubt on the charitable company's or the group's
ability to continue as a going concern for a period of at least twelve months from when the financial statements
are authorised for issue.
Our responsibilities and the responsibilities of the Iruslees with respect to going concern are described In the
relevant sections of this report.
Other information
The trustees are responsible for the other information contained within the annual report. The other information
comprises the information included in the annual report, other than the financial slalemenls and our auditor's
report Ihereon. Our opinion on the financial statements does not cover the other information and. except lo the
exlenl othe￿iSe explicitly stated in our report, we do not express any form of assurance conclusion thereon.
12

THREE COUNTIES AGRICULTURAL SOCIETY
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THREE COUNTIES
AGRICULTURAL SOCIETY (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
Our responsibility is lo read the other information and, in doing so, consider whether the other information is
materially inconsislenl with the financial statements or our knowledge obtained in the audit OT olhenmise appears
lo be materially misstated. If we identify such material inconsistencies or apparent material misslalemenls, we
are required lo determine whether this gives rise lo a material misslalement in the financial statements
themselves. If, based on the work we have performed, we conclude that there is a material misslatemenl of this
other information, we are required lo report that fact.
We have nothing to report in this regard.
Oplnlons on other matters prescribed by the Companies Act 2006
In our opinion based on the work undertaken in the course of our audit
the information given in the trustees, report, which includes the directors, report prepared for the purposes of
ompany law, for the financial year for which the financial statements are prepared is consislenl with the
financial slatemenls., and
the directors, report included within the trustees, report has been prepared in accordance with applicable
legal requirements.
Matters on which we are requlred to report by exception
In Ilght of the knowledge and understanding of the group and charitable company and their environment obtained
in the course of the audit, we have not identified material misstalemenls in the directors, report included within
the Iruslees. report.
We have nothing lo report in respect of the following mallers in relation to which the Companies Act 2006
requires us lo report to you if. in our opinion..
adequate and proper accounting records have not been kept.. or
the financial statemènts are not in agreement with the accounting records and returns., or
certain disclosures of trustees, remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audit., or
the trustees were not enlilled to prepare the financial slalemenls in accordance with the small companies,
regime and lake advantage of the small companies, exemptions in preparing the Trustees, Annual Report
and from the requirement to prepare 8 Strategic report.
Responslbilities of trustees
As explained more fully in the trustees, responsibilities statement set out on page 2, the Iruslees (who are also
the directors of the charitable company for the purposes of company lawl are responsible for the preparation of
the financial statements and for being satisfied that they give a true and fair view, and for such internal control as
the trustees determine is necessary to enable the preparation of financial statements that are free from material
misslalemenl, whether due lo fraud or efror.
In prep8ring the financial slatemenls. the trustees are resFX)nsible for assessing the charitable Company's ability
to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going
concern basis of ac¢ounling unless the trustees either intend to liquidate the charitable company or lo cease
operations, or have no realistic alternative bul to do so.
Auditorfs responsibilities for the audit of the financial statements
We have been appointed as auditor under section 151 of the Charities Act 2011 and under the Companies Act
2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.
13

THREE COUNTIES AGRICULTURAL SOCIETY
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THREE COUNTIES
AGRICULTURAL SOCIETY (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free
from material misslalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in
accordance with ISAS (UK) will always delecl a material misslatemenl when il exists. Misslalemenls can arise
from fraud or error and 8re considered material if. individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial slalements.
Details of the exlenl lo which the audit was considered capable of detecting irregularities, including fraud and
non-compliance with laws and regulations are sel out below.
A further description of our responsibilities for the audit of the financial slalements is located on the Financial
Reporting Council's website al.. www.frc.org.uklauditorsresponsibililies. This description forms part of our
audilorfs report.
Extent to which the audit was considered capable of detectlng irregularlties, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and
assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or
error. and discussed these between our audit team members. We then designed and performed audit procedures
responsive to those risks. including obtaining audit evidence sufficient and appropriate lo provide a basis for our
opinion.
We obtained an understanding of the legal 2nd regulatory frameworks within which the charitable company and
group operates, focusing on those laws and regulations that have a direct effect on the determination of material
amounts and disclosures in the financial stalemenls. The laws and regulations we considered in this context were
the Companies Act 2006 and the Charities Act 2011, together with the Charities SORP IFRS 1021. We assessed
the required compliance with these laws and regulations as part of our audit procedures on the related financial
slalemenl items.
In addition. we Gonsidered provisions of other laws and regulations that do not have a direct effect on the
financial statements bul compliance with which might be fundamental lo the charitable company's and the
group's ability to operate or lo avoid a material penalty. We also considered the opportunities and inGentives that
may exist within the charitable company and the group for fraud.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations
lo enquiry of the Trustees and other management and inspection of regulatory and legal corlesponden￿, if any.
We identified the greatest risk of material impact on the financial slalemenls from irregularilie5, including fraud, lo
be within the liming of recognition of income, and the override of Controls by management. Our audit procedures
lo respond to these risks included enquiries of management, and the Finan￿ Committee about their ow
identification and assessment of the risks of irregularities, sample lesling on the posting of journals, reviewing
accounting eslimales for biases, reviewing regulatory correspondence with the Charity Commission, designing
testing around the timing and recognition of inGome. and reading minutes of meetings of those charged with
governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some
material misslatemenls in the financial stalemenls. even though we have properly planned and performed our
audit in accordance with auditing standards. For example, the further removed non-compliance with laws and
regulations (irregulariliesl is from the events and transactions reflected in the financial stalemenls, the less likely
the inherently limited procedures requirecj by auditing standards would identify it. In addition, as with any audit,
there remained a higher risk of non-deleclion of irregularities. as these may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-
compliance and Gannot be expected lo detect non-compliance with all laws and regulations.
14

**THREE COUNTIES AGRICULTURAL SOCIETY** 

## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THREE COUNTIES AGRICULTURAL SOCIETY (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2021** 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. 


Guy Biggin Senior Statutory Auditor For and on behalf of 

**Crowe U.K. LLP** 

Statutory Auditor 

4th Floor St James House St James Square Cheltenham GL50 3PR 

16 June 2022 

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 

15 



THREE COUNTIES AGRICULTURAL SOCIETY
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
Ilncorporating an Income and Expenditure Accounti
FOR THE YEAR ENDED 30 NOVEMBER 2021
Unrestrlcted
Funds
£000
Restricted
Funds
£000
Total Funds
2021
£000
Total Funds
2020
Note
£000
INCOME FROM
Donations and Legacies
Charitable actlvities
Agricultural and horticultural
shows
Other Income
Other trading activities
Fundraising events
Trading subsidiary income
Investments
19
19
320
1.359
288
1.359
288
293
457
453
1,232
27
453
76
1,232
27
353
24
Total
19
3,378
1.523
EXPENDITURE ON
Charitable activities
Agricultural and horticultural
shows
Educational Bursaries
Other
Fundraising events
Trading subsidiary
expenditure
Investment management
costs
9A
9B
2,090
2,090
13
2,017
42
13
9B
704
704
253
9B
1.046
1,046
349
9B
Total
3,848
13
Net gains on investments
Net (expenditure)
128
128
361
355
1, 143
RECONCILIATION OF
FUNDS
Total funds broughl forward
al l December 2020
19
3,761
1,102
4,863
6,006
TOTAL FUNDS CARRIED
FORWARD AT 30
NOVEMBER 2021
19
3.400
1,108
All amounts relate to continuing operations. The notes on pages 19 to 36 form parl of these financial statements.
16

THREE COUNTIES AGRICULTURAL SOCIETY
CHARITY AND CONSOLIDATED BALANCE SHEETS
AS AT 30 NOVEMBER 2021
COMPANY NUMBER.. 01568571
GROUP
CHARITY
2021
2020
Notes
2021
2020
£000
£000
£000
£000
FIXED ASSETS
Tangible assets
Intsngible assets
Investments
12
13
14
3,215
14
3,426
3,215
14
3,426
1,242
4,676
1,242
CURRENT ASSETS
Debtors
Cash 8t bank and in hand
15
412
1,820
380
2,229
373
1,804
366
2.206
2.609
2,572
CREDITORS: Amounts
falling due within one year
16
11,0101
(854)
19571
(819)
NET CURRENT ASSETS
1. 755
LONG TERM LIABILITIES
Bank Loans
18
11,331)
(1,568)
11,3311
(1,568)
NET ASSETS
4, 863
4,861
FUNDS
Reslricled funds
Unreslricled funds
19
1.108
3,400
1, 102
3.761
1,108
3,398
1,102
3,759
TOTAL FUNDS
4.508
4, 863
4,861
The Charity's nel outgoing resources for the period were £355k (2020.- outgoing resources of £1, 143k).
The Financial Statements are prepared in accordance with the special provisions of part 15 of the Companies Act
relating to small companies.
Approved and aulhorised for issue
e Iruslees on 91h June 2022 and signed on their behalf by
R J Head OBE DL
Chairman
The notes on pages 19 to 36 form part of these financial statements.
17

THREE COUNTIES AGRICULTURAL SOCIETY
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2021
2021
£000
2020
Note
Cash flows from operating activitles
Nel cash (used in} I provided by oper8ting activities
Cash flows from investing activltles
Dividends and interest fiom investments
Purchase of property, plant, and equipment
Purchase of intangible assets
Cash transferred from investment account
Proceeds from sale of investments
Purchase of investments
(1871
190
27
11051
112}
24
(881)
188
78
280
29
52
Net cash (used inl investing activities
107
871
Cash flows from financlng activities
Cash inflows from new borrowing
Repayments of borrowing
Interest paid
1, 662
1871
28
11
Net cash (used inl I provided by financing activltles
115
1, 651
Change in cash and cash equivalents in the reporting
period
14091
970
Cash and cash equivalents at 1 December 2020
1,259
Cash and cash equivalents al 30 November 2021
2.229
il Reconciliation of cash flows from operating activities..
2021
£000
2020
£000
Net lexpendilurel for the reporting period
Adjustments for:
Interest paid
Depreciation charge
Amortisalion charge
(Gains) on investments
Loss on sale of fixed assets
Dividends and interest from investments
Ilncreasel I decrease in debtors
Increase in creditors (excluding bank loans)
13551
(1, 143)
28
316
347
1128)
(2)
1271
1321
(24)
875
110
{1871
190
ill Analysis of cash and cash equivalenls..
2021
£000
2020
£000
Cash at bank
Deposits
1,820
2.229
1,820
2,229
18

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
CHARITY INFORMATION
Three Counties Agricultural Society I'the Society'l is a registered charity with the Charities Commission
England and Wales Icharity number.. 5118681 and is incorporated as a company limited by guarantee
(company number.. 01568571, England and Wales). The address of ils principal and registered office is
The Showground, Malvern, Worcestershire. WR13 6NW.
STATEMENT OF ACCOUNTING POLICIES
Basls of preparation
The financial statements have been prepared in accordan￿ with Accounting and Reporting by
Charities.. Statement of Recommended Practice applicable to charities preparing their accounts
in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
IFRS 1021 (effective 1 January 20191- (Charities SORP {FRS 102}l and the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 1021.
The financial statements have been prepared under the historical cost convention.
Three Counties Agricultural Society meets the definition of a public benefit entity under FRS 102.
The functional currency of the Society is considered to be GBP because that is the currency of
the primary economic environment in which the Charity operates.
b. Consolidated Financial Statements
These financial slalemenls consolidate the Society and its subsidiary undertaking, T.C.A. Trading
Limited. No separate SOFA has been presented for the Society alone, as permilled by Section
408 of the Companies Act 2006. Nel outgoing resources attributable lo the Charity totalled £355k
for the year12020.' outgoing resources of £1, 143k}. The Society has also taken advantage of the
exemption available to a qualifying entity in FRS 102 from the requirement to present a charity
only Cash Flow Statement with the consolidated financial statements.
Going Concern
The trustees have undertaken detailed planning and forecasting and continue to monitor the
situation with regards lo Covid-19. Please refer to page 8 of the Trustees Report where the
trustees have reflected on the CLJrrent situation and have outlined the impact for the Group.
Despite the Current circumstsnces the trustees believe that the Group's fi'nancial resources and
contingency planning is sufficient to ensure the ability of the Group to continue as a going concem
forthe foreseeable future, being al least ￿e1ve months from the dale of approval of these financial
statements and therefore have prepared the financial statements on a going concern basis.
d. Funds Structure
Unrestricted funds are those funds available ft)r use by the Society for any charitable purpose at
the discretion of the trustees.
Restricted funds are subject lo specific conditions by donors as lo how they may be used. The
purposes and uses of the restricted funds are set out in the notes to the financial stalemenls.
Incoming Resources
All incoming resources are included in the Statement of Financial Activities {"SOFA l as and when
enlillemenl arises, the amount can be reliably quantified and the economic benefit lo the Society
is considered probable.
Incoming resources from charitable activities comprises income from shows staged in accordance
with the Society's charitable activities.
Income from fundraising events represents entry fees and services provided and sponsorships
which relate to the current financial year.
Income from donations are recognised on receipt.
19

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
Income from legacies are recognised once the Society has enlillemenl, the 8rrK)unl is measurable,
and the gift is probable.
Government grants are credited lo the consolidated statement of financial activities as the related
expenditu￿ is incurred.
Resources Expended
Costs of raising funds include direct and indirect costs atlribuled to fundraising activities for the
Society. These include shows and other fundraising events.
Costs of charitable activities include direct and support costs attributed lo activities in furtherance
of the Society's educational aclivilies. These comprise of agiicullural and horticullufftl shows and
educational bursary awards.
Governance costs are included within support wsls and compri8e direct and indirect expenditure
involved in ensuring that the Society complies with ils charitable and slalulory obligations.
The allocation and apportionment of costs to T.C.A. Trading Limtted is based on management's
estimate of allributable costs incurred. The apportionment of costs for all shows and fundraising
is based on the turnover for each show.
g. Grants payable
Grant payments are recognised once there is an obligation to make a payment, the payment is
probable, and the payment can be measured reliably. Grant commitments are communicated lo
the recipient in the period the award is payable and are subject to performance-related conditions
being mel.
h. Penslon
The Society operates defined contribution schemes. Contributions are charged lo the
statement of Financial Activities as they become due.
Taxatlon
As a registered charity, Three Counties Agricultural Society is entitled lo tax exemptions on all its
income and gains, properly applied for ils charitable purposes.
Tanglble Fixed Assets and Depreciation
Fixed assets costing less than £500 are wrillen off lo the SOFA.
Tangible fixed assets are staled at cost less depreciation and impaim)enl. Depreciation is provided
at the following annu81 rates in order lo write off each asset over its estimated useful lite..
Permanent bLJildings
4￿￿ on cost
Propety improvements
10Vo to 25¥0 on cost
New wooden buildings
100k lo 250A on cost
Plant and machinery
1 OVO lo 250/0 on cost
Motor vehicles
330A on cost
Office and show equipment
25,10 lo 330/0 on cost
A5￿tS in the course of construction are included al cost and are not depreciated until they are
brought into use. Land is not depreciated.
k. Intangible Fixed Assets and Amorti$ation
Intangible fixed assets are stated al cost less amortisalion. Amortisalion is provided at the following
annual rale in order to write off each asset over its estimated useful life and charged lo the SOFA..
Company Website
25Yo on cost
Investments
Fixed asset investments are stated al market value al the balance sheet dale. Changes in the
valuation of investments during the year are shown as gains or losses in the SOFA.
20

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
m. Creditors
Creditors are recognised on an accrlials basis once there is a legal or constructive obligation that
commits the Society lo the obligation.
n. Debtors
Short term debtors are initially measured at transaction pri￿, less any impairment. Prepayments
are measured al the amount prepaid,
o. Financial Instruments
Three Counties Agricultural Society only has financial assets and financial li8bilities of a kind that
qualify as basic financial inslrumenls. Investments are held al fair value.
p. Temiination payments
Termination payments are accounted for as soon as the charitable company is aware of the
obligation lo make the payment.
q. Operating leases
Rentals payable under operating leases are charged to the SOFA as incurred over the term of
the lease.
Judgements in applying accounting policies and key sources of estimation of uncertalnty
Estimates and judgements are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
The items in the financial statements where these estimates and judgements have been made
include the following..
i) Useful economic lives of tanglble and intangible assets
The annual depreciation Charges for the tsngible assets and amortisation charges of intangible
assets are sensitive to changes in the estimate useful economic lives and residual values of the
assets. The useful economic lives and residual values are re-assessed annually. They are
amended when necessary to reflect current estimates, based on economic ulilisalion and the
physic81 condition of the assets. See notes 12 and 13 for the carrying amount of the tangible and
intangible assets and notes 21 and 2k for the useful lives for each class of asset.
ill Impaimient
Debtors
the Group makes an estimate of the recoverable value of trade and other debtors.
When assessing impairment of trade and other debtors, management considers factors including
the current credit rating of the debtor, the ageing profile of debtors and historical experience. See
note 15 for the nel carrying amount of the debtors.
Fixed assets - property. plant and equipment are slated al historical cost less accumulated
depreciation and any recognised impairment losses. The assets, residual values and useful lives
are reviewed, and adjusted if appropriate, al each balance sheet date. An asset's value is
impaired when the asset's carrying amount is greater than ils eslimaled recoverable amoLJnt.
21

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
INCOME FROM DONATIONS & LEGACIES
Unrestricted
£000
Restricted
£000
2021
£000
2020
£000
Donated Fam)
Educational Bursaries
Other Donations
308
10
10
10
19
19
320
INCOME FROM CHARITABLE ACTIVITIES
2021
£000
2020
£000
Show income
Other income
1,292
67
222
71
293
1,359
OTHER INCOME
2021
£000
2020
£000
Central & Local Government Grant funding
288
457
288
457
22

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
SUBSIDIARY RESULTS
Three Counties Agricultural Society owns 1000/0 of the share capital of T.C.A. Trading Limited Iregislered
company no.. 016383531, which was sel up lo carry out the trading activities ofthe group. The entity exists
lo undertake any non-primary purpose trading activity with any profits being donated back lo the Charity
under Gift Aid rules. These activities include income and expenditure relating lo commercial sponsorship
agreements and the renting out available showground space and facilities to third parties when these are
not being used by the Charity's primary aclwities. Its registered address is The Showground, Malvern.
Worcestershire, WR13 6NW.
Ils trading results, as extracted from the audited accounts, are summaii5ed below..
PROFIT AND LOSS ACCOUNT AND BALANCE SHEET FOR THE YEAR ENDED 30 NOVEMBER 2021
2021
2020
Turnover
Cost of sales
Gross profit
Adminislralive expenses
Operating profit
Gift aid payable lo Three Counties Agricultural Society
Retained {lossl for the year
1,231.687
1468,7801
762,907
1576,9521
185,955
1185,9551
353,435
(54,817)
298,618
(293, 758)
4,860
(4,860)
Total assets
Debtors.. amounts falling due within one year
Cash al bank and in hand
116.157
16,106
132.263
29,596
22,900
52.496
Total liabllities
Creditors.. amounts falling due within one year
Total assets less total liabllities
{130,576
1,687
(50,809)
1,687
Reserves
Profit and loss reserves
1,682
1,682
Share capital
Shareholders, Funds
1,687
1,687
Administration expense5 include £570,119 (2020.. £283. 789) for seNices supplied by the Charity which
are recharged lo the subsidiary.
The trading company made a gift aid donation of £185,955 (2020.. £4,860) to the Charity, with the result
that il has a £nil annual corporation lax liability. At the year-end £77,223 was due from Three Counties
Agrfcullural SoGiely to T.C.A. Trading Limited (2020. £15,506 due to T.C.A. Trading Ltd).
23

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
INVESTMENT INCOME
2021
£000
2020
£000
Bank interest receivable
Dividends
27
23
27
24
NET INCOMING RESOURCES
This is slated after charging the following..
2021
£000
2020
£000
Audilorfs remuneration..
For audit services
For other Se￿iceS
17
15
Assets owned by the Group..
Depreciation
Amortisalion
316
347
12
Operating Lease Costs
AI AGRICULTURAL AND HORTICULTURAL ACTIVITIES- Resources Expended
Activitigs
Undertaken
2021
Total
Directly
Costs
£000
£000
Activity
Support
Costs
2020
Total
Costs
£000
£000
Agricultural and Horbcullural shows
1,853
237
2,090
2,017
24

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
BI ANALYSIS OF TOTAL RESOURCES EXPENDED AND SUPPORT COSTS BREAKDOWN BY
ACTIVITY
ANALYSIS OF TOTAL RESOURCES EXPENDED
2021
2020
staff
costs
other
costs
Depreciation
and
Amortisation
Total
Total
£000
£000
£000
£000
£000
Agricultural and Horticultural shows
Educational bursaries
Costs of raising funds
Finan￿ costs
908
895
13
444
287
2,090
13
704
2017
42
253
225
35
Total for Charity
1,133
1,360
322
2,815
2.319
Trading costs of the Subsidiary
336
710
1,046
349
Total for Group
1,469
2,070
322
3,861
2,668
Ralsing
Funds
Charitablo
Activities
2021
Total
Group
£000
2020
Tot81
Group
£000
SUPPORT COSTS BREAKDOWN BY
ACTIVITY
£000
£000
Management
Finance
Information technology
Human resources
11
24
15
15
38
90
53
49
114
68
71
82
98
102
44
Total
65
237
302
326
Basis of allocation
Support costs are allocated between Agricultural and Horticultural shows and Fundraising events on the
basis of their respective income. For those shows which were cancelled after several months of
planning, support costs are allocated on the basis of 250kn of budgeted turnover.
GOVERNANCE COSTS
2021
2020
£000
£000
Auditors, remuneration for audit services
Legal and professional fees
staff costs
Other
17
15
26
32
21
27
70
80
25

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
10.
STAFF
a. Staff costs
2021
2020
£000
Wages and salaries
Social security costs
Pension contributions
1,318
87
64
f,268
95
6T
1,469
1.430
b. Staff numbers
The average number of full-lime equivalent employees during the year was..
2021
No.
2020
Offi'ce management
Permanent showground
Temporary office
Temporary showground
19
2t
27
30
The average headcounl of employees during the year was..
77
42
c. Higher pald staff
One ernployee of the charity earned between £120,000 and £130,000 during the year 12020.. one
employee earned belween £100,000 8nd £1 10,000 during th8 ygarl. Pension contributions in respect of
this employee were £39,00012020.' £39,000).
One employee of the charity earned between £60,000 and £70,000. Pension contributions in ￿Spect of
this employee were £Nil (2020.. £Ni4.
d. Remuneration of Key Management Personnel
Aggregate employee benefits of key management personnel (including employer NIC and pension costs)
lolalled £457.115 (2020.. £428,041).
e. Termination payments
During the year termination payments of £30,000 were made12020.' £38.505).
11. TRUSTEES REMUNERATION AND EXPENSES
Neither the Iruslees nor persons connected with them received any remuner8tion or other benefits from
the Society 01 any connected organisation.
No Iruslee expenses were reimbursed in 2021 or 2020.
No Iruslees waived any expenses in 2021 or 2020.
26

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
12. TANGIBLE FIXED ASSETS OF THE GROUP AND THE CHARITY
Offlcel
Show
Equipment
Freehold Assets Under
Land Construction
Plant and
Motor
Machinery Vehicles
Total
Bulldings
£000
£000
£000
£000
£000
£000
£000
Cost
Al l December
2020
Additions
Disposals
955
432
5,816
953
45
286 8,487
75
14
11)
5,829
11
105
{21
8,590
{11
957
955
507
45
297
Depreciation
At l December
2020
Disposals
Charge for the
year
3,990
795
45
231
5,061
11}
62
12)
316
226
28
4,215
856
45
259
5,375
Net Book Value
At30
November 2021
AI 30 November
2020
955
507
1,614
38
3.215
955
432
1,826
158
55 3,426
Included within tangible fixed assets above are perpetual cups and trophies with a cost of £53k. These have
been held for a number of years and are fully written down at the Balance Sheet date.
27

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
13.
INTANGIBLE FIXED ASSETS OF THE GROUP AND THE CHARITY
Website
£000
47
12
59
Total
£000
47
12
59
Cost
As al Isl Decemb8r 2020
Additions in year
Amortisatlon
As al Isl Decemb8r 2020
Charge for year
39
39
45
45
Net book value
At 30th November 2021
14
14
AÈ 30th November 2020
14. INVESTMENTS
Charlty
Listed Investments
2021
2020
£000
£000
At l December 2020
Additions
Disposals
Nel gains
At 30 November 2021
1,182
52
{29)
128
1,333
55
9T8
280
(18)
1. 182
Cash balances awaiting reinveslmenl
At 30 November 2021
60
Historical cost
The Society owns 100Yo of the five £1 ordinary share capital of T.C.A. Trading Limited. which carries
out the lelling of facilities and associated aclivilies.
The largest listed investment held represents 10.30/0 of the lolal portfolio however this investment is
p12ced with a tracker on the US Market rather than with a single company and so does not represent a
stock specific risk.
The market value of investments held outside of the UK was £532.908 (2020.. £423.393).
28

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
15.
DEBTORS
Group
Charity
2021
£000
2020
£000
2021
£000
2020
£000
Trade debtors
Prepayments and accrued income
Other debtors
242
170
46
274
60
209
164
34
272
60
16. CREDITORS
Group
Charity
2021
£000
2020
£000
2021
£000
2020
£000
Trade creditors
Amounts due to subsidiary company
Taxation and social security
Accruals
Pension costs
Deferred income (see note 171
Bank loans due within one year
Bank credit cards
Other creditors
39
39
77
73
105
91
16
26
80
73
105
26
80
538
245
466
94
413
245
420
94
90
85
17. DEFERRED INCOME
Group
Charity
2021
£000
2021
£000
2020
£000
2020
£000
Balance at l D8C8mber 2020
330
420
315
Released during the year
Income re￿iVed in the year
Deferred income at 30 November 2021
{466}
538
(330J
466
14201
413
(315)
420
Deferred income at 30 November 2021 represents income invol￿d and advance tickets sold in respect of
the shows tr) be held in 2022.
29

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATENIENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
18.
BANK LOANS
Group
Charity
2021
£000
2020
£000
2021
£000
2020
£000
Due within one year
Due be￿een one and two years
Due be￿een two and five years
DLJe in more than five years
Total secured loans
245
94
245
94
242
1,089
242
1, 193
133
242
1,089
242
1, 193
133
1.576
1, 662
1,576
1.662
Less due within one year (see note 161
Total loans due in more than one year
245
94
245
94
The Society entered into a loan agreement with Nalwesl Bank in 2020 to purchase agricultural land
adjacent lo the showground. Al the balance sheet dale £639k remains oulslanding, repayable over
5 years al the bank's vaiiable rate.
The Society also entered into a low interest CBILS loan agreement with Natwesl Bank in 2020 10
borrow funds during the Coronavirus Covid-19 Pandemic. Al the balance sheet dale £937k remains
outstanding, repayable over 6 years at the bank's variable rate.
The two loans are secured over certain of the Society's assets.
30

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
19. AI STATEMENT OF FUNDS
Balance
atf
December
2020
£000
Balance
Gains I
at30
Income Expendlture Transfers (losses) November
2021
£000
£000
£000
£000
£000
Restrictod funds
Donated fami
{81
Educational bursaries
1,102
10
15}
1,108
Total restricted funds
1, 102
19
(13}
1,108
Unrestricted funds
Charity
3, 759
2,313
12,8021
128
3,398
Trading subsidiary
1.232
11,2321
Eliminated on Gonsolidalion
11861
186
Total unrestricted funds
3, 761
3.359
13,8481
128
3.400
TOTAL FUNDS
4,863
3.378
{3,8611
128
4.508
During the year a donation of £10.000 (2020.- £10.000) was made from an anonymous donor towards
an educational bursary. A lolal of £5,000 (2920.. £7.000) was expended during the year on the bursary
and £14,000 (2020.. £9,000) has been cariied forward al the year-end.
31

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
19. BI COMPARATIVE STATEMENT OF FUNDS
Balance
at I Income ExpendStur9 Transfers
December
2019
£000
Balance
Gains I
at30
(losses) November
2020
£000
£000
£000
£000
£000
Restricted funds
Donated farm
820
308
(35)
{1093)
Educallonal bursaries
10
(7)
1093
1,102
Total restricted funds
826
318
{421
1,102
Unrestricted funds
Charity
5,178
857
12,278)
3,759
Trading subsidiary
353
13531
Eliminated on consolidation
Total unrestricted funds
5.180
1,205
12.626)
3,761
TOTAL FUNDS
6,006
1,523
12,6681
4,863
20. NET ASSETS BY FUND
2021
Restricted Unrestricted
funds
funds
2020
Unrestricted
funds
£000
Total
Restricted
funds
Total
£000
£000
£000
£000
£000
Fixed assets
Current assets
Current liabilities
Long term liabilities
4,617
4,617
1,124
2,232
11,0101 11,010}
{1,331} (1,3311
4,676
1.507
(T60)
(7, 662)
4,676
2.609
(760)
(1,662)
1,108
1. 102
Net assets
1,108
3,400
4.508
1, 102
3, 761
4,863
32

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
21. RELATED PARTY TRANSACTIONS
During the current year forestry services to the value of £Nil12020'. £1,245} were provided by Adrian
Hope Tree Services, a business jointly owned by Adrian Hope who is a150 a trustee of Three Counties
Agricultural Society. As at the year-end £Nil was outstanding (2020.. £Nill.
During the current year professional fees to the value of £Nil 12020.. £22,937> were provided by
Mccartneys LLP, a business of which Clive Roads is a Partner and Chairman who is also a trustee of
Three Counties Agricultural Society. As at the year-end £Nil was oulslanding12020.. £Nill.
During the current year lelecommunicalion services lo the value of £77912020.. £7671 were provided
by RHM Telecommunications Ltd, a business of which Roger Head is a director and also a trustee of
Three Counties Agricultural Society. As at the year-end £65 was oulstanding12020'. £641.
During the current year a payment lo the value of £9,00012020.' £10,000) was provided lo Howle Hill
Nursery Ltd, a business of which Peter tk)wle is a director who is also a trustee of Three Counties
Agricultural Society. As al the year-end £Nil was oulstanding12020'. £Nill.
During the current year a payment to the value of £1,25012020'. £Nill was provided to Leaf Creative
Design Ltd, a business of which Peter Dowle is a director who is also a trustee of Three Counties
Agricultural Society. As al the year-end £Nil was oulstanding12020' £Nill.
Al payments shown are nel of V.A.T.
There are no further related party transactions requiring disclosu￿.
22. CAPITAL COMMITMENTS
At the year-end there were no Gapital commilments12020.- £Nil).
23. PENSION COMMITMENTS
The Society operates defined contribution schemes. Contributions are charged lo the Statement
ol Financial Activities as they become due. The assets are held separately from those of the charity in
independently administered funds. The amount charged to the SOFA for the year was £64,272 (2020."
£67, 017). At the yearend £888 (2020.. £5,084) remained outstanding.
33

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
24. GROUP FINANCIAL INSTRUMENTS
2021
2020
£000
£000
Financial assets measured at fair value
Financial assets measured al amortised cost
Financial liabilities measured al amortised cost
1.388
2,060
(1541
1,242
2,333
(263)
Financial assets measured at fair value comprise of inveslmenls.
Financial assets measured al amortised cost comprise of cash, trade debtors, accrued income and other
debtors.
Financial liabilities measured al amortised cost comprise of trade creditors, accruals, bank credit cards and
other creditors.
Impairment losses charged to non-financial assets measured al settlement value in the year amounted lo
£Nil12020. £Nil).
25. ANALYSIS OF CHANGES IN NET DEBT
Balance at I
December
2020
£000
Cash-
flows
New
finance
leases
Fair valug
movemgnts
other
non-cash
changes
£000
Balance at 30
November
2021
£000
£000
£000
£000
Cash
2,229
2.229
{4091
{4091
1,820
1,820
Loans falling due
within one year
Loans falling due
after more than
one year
Total
(94)
94
1245)
(2451
1,568
567
237
18}
1315)
244
34

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEP41BER 2021
26. GRANTS PAYABLE
During the current year the Society made no further grant awards however grant awards tolalling £43k
{2020.' £34k} were brought forward from the previous year towards show gardens for the RHS Malvern
Spring Festival which was subsequently cancelled.
£38k was paid out lo 5 small businesses12020.' £13k, 2 businesses).,
£5k was paid out lo 4 individuals {2020.. £19k, 6 individuals).,
Nothing was paid out lo any schools12020." £2k, 10 schools},' and
Nothing was paid out to any flower societies12020.' £Nil)
The Society also paid out educational bursary awards in the year tolalling £5k (2020.. £7k).
There were no grants commilled to bul outstanding for payment at the yearend (2020.. £Nil).
Of these..
27. OPERATING LEASES
As al 30 November 2021 the group had future minimum lease payments under non-C8ncellable operating
leases as follows-.
2021
£000
2020
£000
Expiry Dale..
Less than 1 year
Within 1 5 years
35

THREE COUNTIES AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
28. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Funds 2020
£000
Restricted
Funds 2020
£000
Total Funds
2020
£000
Note
INCOME FROM
Donations and Legacles
Charitable activities
AgricullLJral and horticultural
shows
Other Income
Other trading activities
Fundraising events
Trading subsidiary income
Investments
318
320
293
457
293
457
76
353
76
353
24
24
Total
318
1,523
EXPENDITURE ON
Charitable activities
Agricultural and horticultural
shows
Educational Bursaries
Other
Fundraising evenl$
Trading subsidiary
expenditure
Investment management
costs
9A
2,017
2,017
42
9B
42
98
253
253
349
349
9B
Totsl
2,626
42
Nel gains I Ilossesl on
investments
Net income
276
RECONCILIATION OF
FUNDS
Total funds brought fonvard
at l Decemb8r 2019
TOTAL FUNDS CARRIED
FORWARD AT 30
NOVEMBER 2020
5,180
826
6,006
19
1,102
4,863
36