2022-11-30-accounts

Reglsterod Charlty 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 2022

THREE COUNTIES AGRICULTURAL SOCIETY REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 Contents Page Annual Report of the Tru8t•g¥ Ind•pendent Audltor's Report 12.15 Con801idated Ststement of Flnancial Actfvltle 16 Charlty and Consolldated Balance Shèets 17 Consolldatsd Cashflow Stat¢ment Notes to the Flnanclal Statements 19-36

THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2022 THE BOARD The Board ofTruslees Iwho arethe Iruslees of the Society for the purposes ol charity law and the directors ol the company for Ihe purposes of company lawl of the Three Counties Agricultural Society I'the Society") present their annual report for the year ended 30 November 2022 prepared in accordance with 8e¢lion 415A of the Companies Act 2006 relating to small enlilles. and the Charities Act 2011. together with the audited flnancial slalemènts for that year. REFERENCE AND ADMINISTRATIVE DETAILS The Thrtse Counties Agricultural Soelety is a registored Charily If40. 5118681 and a compary {No. 015685711 limited by mèmbership gu8ranlee. Its principal address and registered office is shown on page The members of the Board of Trustees, which ineludes the prgsent trustees, and any pa81 trustees who served during the year, are given on page 9, logelherwith the narne of Ihe Chief Executive. Th• President and Vice-Presidenls and external advisers ol the Society are as sel out on pages 9 to 11. STRUCTURE. GOVERNANCE AND MANAGEMENT The Society is governed by its Memorandum adopted on 12 May 1981 and last amended on 30 May 2008 and Arlicles of Association adopted on 28 October 1992 and18st amended on 24 November 2005. Under the amended Articles of Association adopted on 24 November 2005, th number of Iru5tees is a maximum of Iwelve and the number of Council members a rn8ximum of ftsrty-five. The Board is responsible for the overall governanee ol Ihe Society. Truslees are either elected or co-opted and the total numbei of trustees may not exceed twelve. Nine trustees are eleded directly by Council and three may be co-opted by the Board of Tru8lees. Elected trustees may remain in office for three years bul May not serve more than three eonseculive lull terms. Co-opted trustees are appointed by the Board of Trustees and may serve for up to terms of three ye815 or on other terms determined by the BoaTd at the time of Ih$lr co-oplion. Effeclivo partnership belween Irusloes and staff confjnues lo conlrlbute significantly to our success. To increase the effectiveness of the Iru8tÈes' roles and responsibilities, each has portfolio interests whlch require an understanding and a responsibility for Specific aspects ol the Society's work. Trustees are required to meet al least five lime8 a year. Apart from the AGM. these meetings include four Board meetings wheretruslees reV￿W strategy and operalionavinvestment performance and set operating plans and budgets. New trustees receive an information pack containing everything they need to know about the Society and its work foi effective and informed decision-making, and truslee training session8 Ore held whenever a lgquiremenl is identified. Addilignal strategic réviews are held as and when needed for any other purposé. Key Management Personnel for Ihe Stsciety are oullined on pagè 10. Rernun&r8tion is sel by the Remuneratlon Committée, which is appointed by the Board ol Tru8lees. The Remuneration Committee meets annu&lly and includès the Ch8lTrnan of the Board ol Trustees, Chairman of Council. and a Cgunty D1￿ctOr. Ils role is lo approve staff bonuses and remuneratlon for the forthcoming y88r. with the objective ol encouraging enhanced performanoo and rewarding fairly and re8ponsibly individual contributions to Ihg charity's success. The Board delegates Ihg exercise of eertain pow8rs in connection with the management and dministralion ()f the Society as set out below. This is controlled by requiring regular reportlng back lo th Bo8rd so that all decisions made under delegated powers can be ratified by the full Bo8rd In due course. RISK AND AUDIT REVIEW COMMITTEE The Rlsk and Audil Review Committee is a committee of thè Council whose purpose is lo advise the BoaTd on risk management and internal control and act as an Independent review mechanism for the preparallon and audit of the annual financial slalements. The committee is formed of five individuals. al least iwo of whom shall be Council members and all ofwhom will bè independentof the Board of Trustees. One of these shall be Chalfman of the ctsmmittee.

THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES {CONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2022 The committè8 has introdU￿d a formal risk management process to 88sess business risks and mplement risk management strategies. This hhs involved idenlrfying the types ol risks the Society faces, prioritising them in teims of potential impact and likelihood of occurrence, and identifying means of mitigating the risks. As parl of this process the committe8 has reviewed the adèquacy of thè Sociely's current internal control8 and the costs of optrraling particular controls relative to the benefits obtained. Procedur85 have been established for reporting failings Immediately to 8pproprialg levels of m¥nagement and to the Board of TIu81ees. The Board ¢onfirms that the major risks lo which the Society 1$ exposed, 88 idenbfied by the committee. have been reviewed on p8ge 7 and $y3lems hav8 been established to mitlgale thosè risks. CHIEF EXECUTIVE The Chl8f Executlve is responsible for Ihe day-to-day management of the Society's aff8ir8 and for implerrenling policies agreed by the Board of Trustee8. The Chief Executive 18 assisted by a leam of senlor managers. GROUP STRUCTURE The Sociely has a wholly owned subsidiary, T.C.A. Trading Limited. Thè subsidiary carries out trading activities lo raise funds for donating lo the Society under Gift Aid, and during the financial year made an operating profil of £580k12021.' £186kl all of which has been donated to the Society under glft aid rules. STATEMENT OF TRUSTEES, RESPONSIBILITIES AND CORPORATE GOVERNANCE The trustees Iwho are also directors for the purposes of company lawl arè responsiblè for preparlng the Trustees, Annual Report and the financial slalernents in ￿￿ordance with appllcable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Aecounling Slandardsl. Company law ￿qUireS the trustees lo prepare financi818lalements for each financial year. Under ompany law the Iruste9s must not 8pprove the financial slalemenls unle85 they ale satisfied that they give a true and fair view of the slate of affairs olthe charitable company and the Group 8nd of the Incoming resources and application ol reSoUr￿s, including the income and expenditure, of the charitable companylgroup for that period. In preparing these financial slalements. the Irusleès are requlrgd lo.. selecl suitable accounting policies and then apply them consistèntly.. • observe the melhods and principles in the Charllie$ SORP. make judgments and 69limales that are reasonable and prudent., state whether applicable UK accounting standards h8ve been followed. sublacl lo any material departures disclosed and explained in the financial slalemenls., and prépare the financial stalemènls on the golng concem b88is unless tt is inappropriate to prèsume that the charitsble company will continue in busin6ss. The trust6è8 are responsible for keeping adequ81g accounting records that are sufflclent to show and explain Ihe charitable etstnpany's transactions, dlsclose with r&a8onable accuracy atany lime the financial positlon of the charitab18 company and enable Ihem to ensure that the fin8ncial st8t8menls comply with Ihe Cornpanies Act 2006 and the provisions of the charity'$ conslilution. They ar6 81s0 responsible for safeguarding the assèts of the charity and thè Group and hence for taking reasc>nable steps for the prèvention and detection of fraud and olher Irregularities. So far as each of the trustee$ 18 aware al the time th6 report is approved.. there is no relevant &udil informatlon of which the auditor is unaware, and Ihe trust665 have taken all steps that they ou9hl lo have taken lo make themselves aware of any relevant audit information and to establish that Ihe audittsr 18 aware of that information.

THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2022 CORPORATE GOVERNANCE During 2019 the Three Counties Agricuttural Society was subject lo a r8vSew of ils governance slruclure by Crowe U.K. The Society'8 Council subsequently voted to accept Ihe overall recomrn8ndations of the review in principle after certain amendmen18 in May 2022. Updated draft Artlcles of As$ociatson ha b@en prepared and submitted lo the Charity Commission for approval. Internal conlrols over all forms of commitment and expenditure continue lo bo refined lo Improve efficiency. Processes are in place lo ensure Ihal performance is monitored, and that appropriate management information 18 prepared and reviewed regularly by both the 8xeculive management and the Board. The systems of internal control are designed lo provlde reasonable but not absolute assurance against material misstatement or loss. They include.. slrategic p18n And annual budget approvèd by the Irusteès.. regular consideration by the Iruslèes of finan¢l81 results, vari8nces from budgets, no¢Ffinancial performance indicaloi$ and benchmarking reviews; delegation of day-to-day managemenl authorily and Segregation of duties.. and idenlifi&qtion and managèment of risk$. OBJECTS. OBJECTIVES AND PRINCIPAL ACTIVITIES OF THE SOCIETY The Memorandum ol Association ieflects the 8clivities of the Society and incorporates tha Charity Cornmission's GD1 Model clause on trkjslees, benefits. The following is an extract from tho Society's Memorandum of Association.. 'The Society's primary object Is to promote agriculture, horticulture, arboriculture, apleulture. lore$lry, ruT81 crafts and skills and conservation for the public benefit,. and Sn particu18r. but nol exclusively. by.. holding demonstrations of modem agricullural methods and processes.. holding show8 foi the exhibition of agriculture, livestock, poultry, animal husbandry, fam and horticultural produce and forestry, and lor the demonstration of agricultural and horticultural mèthods and proc8sses. rural crafts and skills, machinery, vehicles, domestic goods, implèments, tools and appliances. anim81 faed stuffs, fertilisers. seed$. and olhei items appertaining OT an¢illary to agriculture, horticullurÈ, or any allied industry. Ea¢h yeaT Ihe Soclety sets objectives which not only addiess the straleglc objectives contained in the Memorandum bul include tactical and operation81 objectives. The objectives for 2022, tha Sociely, achievements again81 those objectives and the oblectives for 2023 are discussed under tha heading of Achiovements and Parformance, 8èt out below. Ourvision is Its bethe regional eentre within the Threg Counties dedic8led to the promotion ol agriculture. h(trrticullure, and arboriculture through publle and trade shows and through direcvindired education programmes. PUBLIC BENEFIT As a charitable trust. the Socigty seeks lo b$nelit the publlc through 118 slated aims whSch are shown in the Objeds, Objectives and Principal Activities Of the Society seclion of Ihis reporl. In lurtherance of Ihgse aims the direelors, as ch8rily Iruslees. have complied with the duty In Section 17 of the Charities Act 2011 to have due regard lo the Charity Commission's published gen8ral and relevant subseclor guidance concèrning the operation ol the Public Benetit requiTernenl under the Act.

THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2022 GRANT-MAKING The RHS Malv&rn Joint Show Committee makes annual grant awards 10 Show garden designers which are a key feature of the RHS Malvern Spring Fèstival. The shtsw gardens promote horticullure and arboriculture and themes in recent years have been linked to conservation. Thè Society also awards educalional bursaries in accordance with its charitable objectives. Decisions regarding grant aw8rds and bursaries are made in advance but arè not communicatèd or committed until the financial period they relate to. and payments are only made when achievements and performance targets are met. ACHIEVEMENTS AND PERFORMANCE 2022 Saw the return lo our full calendar of Society and venue hire events for Ihe first tlmè since 2019. CounlryTastic, the RHS Malvern Spring Festival, and thg Royal Three Counties Show all made a welcome return and some memorable days al the showground were shared by visitors and staff olong wilh all thè businesses and volunteers who look part. Togetherwilh the Malvern Autumn Show, Ihe Society was able lo return to doing what it does b8$1 which is to foeus on delivering its charitable objectives. During the two pandemic affected years ono of the Society's main objectives wss lo control and m8nage ils resources a8 effeclniely as possible in tsrder lo protect reservgs, and during a lime of rising eosls, il was import8nl lo continue lo rnanage reserves closely throughoul 2022. The specific objeetiVè5 which the Soclety sets itself for Ihg year are shown below along with an asse88ment of performance against those objectives.. OBJECTIVES FOR 2022 1. Stage tha Royal Three Countl•s Show and re-•stabll8h Its reputation as one of the UK'S best agrlcullural Jhows wlth *mphasls on1Svostock and as an •njoyable 'famlly day out., The Royal Three Counties Show was cancelled the previous years due lo Covi&19 bul 2022 was a huge succes5, returning lo an &ven18rger allendance cornpared to 2019 when the show was last staged. Livestock is always a key feature of this show and whilst overall number3 were slighlty down on 2019. they werè one of the highest in the UK. Many pos11ive comments were received frtsm visitors. competitors, and trade-sland holders. Also, thi8 Show is a key platform for oureducalion programme and 3,500 children attended free of charge and roceived an education pack related to the 8how. 2. D•liver the charltable objectives of th• Society by promoting Brltlsh agTi¢ulture. hortlculturg, èquine, and rural affairs through thè staging of hlgh-quality shows. Everyone at the Soelety was excited but lalher nervous about staging a full season of shows following almost years with no shows. Only the Malvem Autumn Show and a couple of much smaller shows werè able lo run in 2021. Also, that year several staff left the Society resuming in a considerable loss ol knowledge and talent, a side effect of Covi&19 which pul additional pressure on the Shows Team. Despite this, a full $eason of exce118nl shows were delivered, returnln9 the Society to pre-Covid-19 performanc& and delivering all show related charitable objectives and tsrgels. 3. Identlfy and mltigate agalnst pot8nlial risk whleh may adversely affect the Socl•ty. The Society runs a Risk and Audit Committee, which proactively monitors potential risks through its Risk Register. applying milig&lion where necessary. The Risk Reglster is periodically monitored and updated. Covid-19 wa8 a particular focu8, together with succession planning for key siaff. 4. Malntain posltlve cash flow Positive cashflow was maintained throughout Ihe year. For 2022 nel cash inflow fr¢)m operating actlvilies was £446k (2021 nel eAsh oulflow was £18Tk).

THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES ICONfiNUEDI FOR THE YEAR ENDED 30 NOVEMBER 2022 S, Progress new buslness opportunltles. Thg main focus of new business in 2022 was related to our venue hire business. Third pat1y event bookings were more popu18r than ever with very few dates remaining available. Almost all evènts which covld not run during the previous years returned plus Imnter Glow, which this year was run by a sole oper8lorand the Ilghttrail eKperlencewa$ ènhanced lo include an obsoNalion wh881, ice rink and Santa's grotto. 6. Operat8 an edu¢atlon and bursary programme in Iln• wlth the Socl8ty's charltable objectlve6. The John Tedstone bursary was launched by HRH The Princess Royal althls yearfs RHS Malvern Spring Féstival on 6th May 2022. The late John Tedstone of Leominster was a renowned Orchardlst and Farmer. He bequ8alhed his farm to the Three Counties Agricvllural Society and the proceeds from the sale are to be used in 8ecordance with hls will to provide bursarles for agri¢ultural and horticultural 8tudents, which fits perfectly within the objects of the Society and its tharilable alms. 7. Through recruhtment and tralnlng devolop a 8tsfflng structuro ¢apable of dollverlng thè oblg¢tlves of tho Soclety. During th8 year over 20QA ol the workforce left the Society, leaving a rather depleted Shows Team and considerable loss of expertise. A rapid programme of s18ff recruilmenl resulted in the appoinlrnent of oxceplionally talented staff. creating a new enlhusiaslic atmosphere Ihroughoul. 'Fast trac￿, training of these quality new staff and guidance from existing and experienced members produced a magnificent outturn of one of the best show seasons on record. 8. Malntain th• good app•arance of thè showground. A programme of continued malntenance and reporting is delwered by the highly skilled Estate Team, which was bolsleied by the 8ddition of three new apprentices in 2022. This, combined wilh a substantial year-on-ygar capital budget. has contributed lo the high 3landard of the showground. This is a key fador for long standing hireis deciding to retum lo the show9round. 9. Develop and maintaln good r•latlons with stakeholdèrs. Re9ular conl8Ct with our neighbours. continuous updates on our website and an effective enquiry and Complaints system all contribute lo maintaining good relallons. In 2023 we will resume scheduled meetings with our local Parlsh Coun¢ils. which ceased during the height of Covid-19. 10. Explore optlons and pra¢tlces for sustalnablllty. Remote electricity meters have been installed at four locations across the showground during the year lo provide instant and accuralg moniloring of electricity usage and lo identify excessive consumption levels whilst enabling th8 accurate re-charge of over-consumption lo the Society's venue hire dients. Option have also been explored for introducing photovoltaic cells on to varfous roof lops of the buildlngs around the showground lo generate renowable electricity. Thè Society continues lo maintain its ISO 14001 oecredilation.

THREE COUNTIES AGRICULTURAL SOCIETY ANNLIAL REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2022 OBJECTIVES FOR 2023 The objectives for 2023, togelher wlh the strateg198 lo achi6v8 those objectlves, are set out below.. To deliver the Socioly's charilable objects and maintain 519 good imago through the $18ging of high quality, profitable shows which promote British agri¢ullure, horti¢ullure, equlne pursuits, and the rural economy. To daliver expanded eilucalion and bursary programmes In lino with the objects of the Soclety. To ensure positive cash flow, al all timo$. To 8natyse overheads lo ensure they are n6cè8sary for dèlwering the Sociely's objects. To retain and develop a quality staffing team capablo of constantly delivering hlgh slanda¥ds whilst nsidering thè need for succg58ion plannlng. To explore new busine$s opportunities for the longevity of the Society. To identify and miligale against potential rlsk8 that threatén the Society'8 reputation 8nd existence. To contlnue io develop the standard of the showgiound through planned m8inlenance and ￿pital projects. To consider new pr8clices relatlng to the environment and suslainabilily. To maintaln 9god relations with stakeholders and the local communlly. STRATEGIES FOR ACHIEVING OBJECTIVES These objectives will be developed through the use of the following strategies.. A. Best pi8clice in agiicullure, horlieullure, equestrian, the counlryside and rui81 economy arè lo continuè to be displayed al the Society'8 8hows. B. A newly formèd and highly qualified EdU￿tion Commlttee will give direction and priority whilst fow5ing on the Society's objeets. C. In order lo alleviate th& potential thrèat of fiscal uncertainty in 2023 a meticulous internal focus will be glven lo analysin9 the overheads. The Soeiely's Risk and Audit Review Committee will then consider thè findings in order to ensure the necesslly of overhead costs in dellvering the Sociely's objeels. D. Commercial opportunities through the Socloty's shows are now elosg lo capacity 80 new opportunitie8 will be developed to continue lo divei$ify the Socièty's revenue opportunities. E. Good practks in HR management. re¢ruilmenl, tralning and communication w511 continue lo maintain a mollvated team. F. An established Eslale Team. In¢luding recently qualified apprentices, and agreed budgals for malnlgnance and c8pStal developmènt will ensurè $howground standards are maintained. G. An affective flow of Information and face-to-faca engagement wlh the 10¢81 community will maintain good relations wlth stakeholders.

THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2022 FINANCIAL REVIEWAND RESULTS FOR THE YEAR The main source of funding for the Society is lickel incomè from agricultural and horticultural shows. Total ticket income for the year was £2,558k12021.' £847k} making up 39.6/ 12021.. 24.9%) of total income. In the cornparalive year a national lockdown during the fir31 hall of th9 year resulted in the eancellalion of four of the Stsciety's five shows along with one Ihird of venue hire events. This explains the significant varlance from the comparalive figures. The Statement of Financlal Activilies ISOFAI, sèt out on page 16, shows that total incoming resour￿$ increased by 91.3°/0 10 £6,461 k12021.' £3,378kl. Expenditure on charitable activities increased by 135Q to £4,941k (2021.. £2,103k? whilst total resources expended amounted lo £6.304k {2021.' £3,861kl resulting in a net surplus for the yèar before gains I Ilossesl on investments of £157k12021.' Loss of £483kl. This ie5ulted in total funds carriad fomiard increasing by £104k to £4,612k12021.' decreasing by £355k to £4,508kl. T.C.A. Tradlng Llmlted During 2022, revenue for the Company increased by 45.10 10 £1,791 k12021.' £1,232kl. The company undertakes the Ir8ding activities of the Society and generated a profil of £580k which has bèen donated lo the sO￿etY under the provisions ol Gift Aid12021.' £186kl. FINANCIAL MANAGEMENT POLICIES Key Rlsks and Reserv98 Pollcy Each yeor the Board consider8 thè Society's exposurg lo major risks in lemis of Ihelr likely impact on Its income sources and planned expenditure in the short term. Thg risks to the Sooiely whlch came with the Covid-19 Pandemic abated durlng the year and no further events were cancelled as a result of government restrictions relating lo Covid-19 during Ihe year. Instead rising fuel prices put pressure on visitors, particularly those who compete al canine, equine and livestock events around the country, whilsl indirectly affecting suppliers, and conlradors, costs. Fuelling rislng inflation this eventually led lo rising wage costs, inor88sing both the Society's payroll costs, and the prices charged by its suppliers and wntractors. Nolwilhs18nding, the Society wa8 able to finally return lo a succes8lul shows programme during the year. As a matter of policy. the trustees r8vlew the value of the reserves retained in the ftsrm of inveslmenl$. The Iruslees beliove the Soaely should continue lo hold in thè investment portfolio sufficient funds 10 allow the Society to be run efficiently, lo provide a buffer against the short noti￿ cancellation ol a major show, lo fund fixed capital renewals and maintenance to the Showground and lo provide bèiween six. and twelve-monlh8' resource expended on admlnistralion and governance cosls of the So¢iety. To181 reserves al the year-ènd were £4,612k12021.' £4,508kl. Of Ihe¥è, £1.110k were re81ricted at the year-gnd {2021.' £1, 108kl. This is disclosed in note 19. Unrestricted reservès include amount$ that could only be realised by disposing of fixed assets lotalling £3,027k, Ihefefore free reserves al the yéar-end total £475k (2021.. £171kJ. Th1$ sltuation is being ¢l(>sety monitored by the Trustees at their regular Board meetings. Invèstment Policy and p•rformance The Socièty's Investments wgro valued at £1.388k at the start of the finanual year. The investment portfolio continues to be managed with a cautious lo m&dlum risk profile. A8 81 the balance sheet date. the portfolio is nowvalued at £1,354k. Through careful management Ihe Society h85 been ablelo stabili88 Its cosls during the two Covid.19 affected years without needing to withdraw funds from the investmènt portfolio. The Iruslèes remain salisfigd that the investment porlfolio remains an appropriate vehicle forlhe Soeiety. Going Concern The trustees believe that the Charity'8 finanelal resources and eontlngency planning is sufflclent lo ensure the ability of the Ch8rSty to continu8 as a going concerll for the foreseeable future and therefore the financial statements have beon prepared on thi$ basis. This a180 appliès to the trading 8ub$idlary, T.C.A Trading Limited.

THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2022 HEALTH AND SAFETY In the pursLJit of excellence in all its activities the Society Ss committed lo the promotlon and implementatEon of heallh and safety measures lo minimise both work-relaled accidents and ill he811h. The safety ofvisilors, staff, volunteers. and the contractors who visit thè showground is of prlm8ry importance and it Is the rèsponsibility of the Chi8f Executive lo ensure th31 all operations are conducted in accordance with health, safely and environmental legislation and stand8rd8 lo which the Soeièty subscribes. Accountability for health and safety mallers follows the acknowledged line management chain of authority to the manager or individuals spo¢lfi￿lty tasked and trained lo exercise control. EMPLOYEES The Soeiety aims lo be an organisalion where employees enjoy a sense of fulfilmenl and where they feel supported 8nd developed. Employees are kept fully informed about the Society'$ 51ralegy and obj'ectivès, as well 88 day-to-day news and events. Information about the organisation 18 available through regLJlar briefings and post show meètings as well as a new rnonlhly digital slaff newsletter. All employees 8re encouraged to give thelr suggestions and views on performance and strategy. The Society continues lo follow a policy of reuuilmenl and promotion on the basis of aptitude ond ability wiihoul discrimln$lion. PENSIONS The Society operates a contributory defined contribution pension scheme in whlch all permanent employees are enlilled lo particip8le, logelher with a workplace pension for the appropriate employees. RELATED PARTY TRANSACTIONS The relalèd party transactions are included in note 2110 these financial statements. FUNDRAISING The eharily had no fundralslng 8divilies requiring dSsclosure under S162A ol Ihg Charities Aci. DIRECTOR'S INDEMNITY INSURANCE The Society has in plac6 an annual Management Liability Insurance policy lo indemnify direetor5 or officers against any claim first made against them lo a limit of £500,000 for any wrongful act COVts19d by IhÈ policy in their capaclly 8$ a direclor. officer. or Èrnployee ol the charlly and 118 trading subsidiary. The premium for the year was £2,357 including insurance prernium tax (2021.. £2,357). FUTURE PLANS David Prescottwlll st8rt his role as the new Chièf Executive in March 2023 replacing retiring Ken Nottage. David enjoyed a 27-ye8r career with the Oxford based Bookseller Blackwell's, where he held a variety of roles across the company before becoming Chief Executive in 2013. David has also taken an active role in the UK Booksellers Association sotving a8 Chair of the Ac8demi¢ and Professional Bookselling Group and as Vice Prèsident of the Association from 2011-17. He is currently 8 Truslee of the Wodd Book Day Charity. Kèn Nottage will relire in July 2023. Following a Su￿$￿1u1 handover in January and February, Ken wlll concentrate on dellvèring the final stage of the Governance review, which is the revised Articles of Association, as well a5 agreeing contractual terms with third partles to Commen￿ the next stage of the Society's strategiepl8n within both Langdale Wood and the 6howground'$ Link Building. During thi$ periocl Ken will also act a8 consultant to the Chief Executive.

THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2022 REFERENCE AND ADMINISTRATIVE INFORMATION: PRINCIPALADDRESS AND REGISTERED OFFICE The Showground Mafvern Wor¢eslèrshire R136NW SECRETARY Ken Nottage Davld Prescott {to 2 March 20231 (from 2 March 2023} PRESIDENT Michael Blandford The Rl Revd. Raehel Treweek (from 1 December 2021 to 30 November 2022) Ilrom 1 December 2022) VICE PRESIDENTS Peter Dowle John Harper Graham Walkin8 Laura Hamilton Fr8ncis Harcombe Penny Corbett {from 1 December 2021 to 30 November 20221 (from 1 December 2021 to 30 November 20221 (from 1 December 2021 to 30 Novemb9r 20221 (from 1 Decernbol 20221 (from 1 December 2022) Iffom 1 December 2022} CHIEF EXECUTIVE Ken Nottage MEMBERS OF THE BOARD OF TRUSTEES Lindsey Craddock Nicholas Dee Peter Dowle Laura Hamilton James Hawkins Roger Head OBE DL Adrian Hope Glyn Morgan MBE David Owen8 Clive Roads David Smart Tamar Thompson OBE Michael Weaver (County Director) (from 1 December 2021) (from 8 December 20221 {Chairmanl {Retired 1 December 20221 {County Director) (from 10 January 20231 (Retired 30 November 20221 (Chairman from 1 Dècember 20221 (from 8 December 2022} (from 9 June 2022., County Director} RISK AND ALIDIT REVIEWCOMMITTEE Rulh Goodm8n Chris Lloyd Tania Phillips Mark Tufnell Mary Wathen (Chairman) MEMBERS OF COUNCIL Penelope Bossom Oliver Bruce Philip Burford Rachael Chambertayne Penny Corbett Lsndsey Craddock Rtchard Davies Nicholas D9$ James Dillon Ifrom 17 March 20221 {frorn 17 March 2022 to 21 October 2022}

THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2022 MEMBERS OF COUNCIL IContinu&dl Peter Dowle Ruth Goodman Robert Grinnall Laura Hamilton Francis H8rcombe John Harper Maurice Hart James Hawkins Dene Hazelwood Adrian Hope Russell Marchant Glyn Morgan MBE Cate Morris lain Morrlson David Owens Roger Phillips Tania Phillip8 Andrew Powers Geoff Probert Bill Quan Clwe Roads Henry Robinson Peter Rose James Sage Helen Smallèy David Smart Kate Speke-Adam8 Mark Tufnell Garelh Wall Mary Walhen Graham Walkins Dermol Weaver Michael Weaver Paul Weslaway Iresigned 31 August 20221 (from 17 Mar¢h 20221 {Chairmanl {resigned 8 Dè¢ember 2022} (rèsigned 3 October 20221 117 March 2022 to 23 January 20231 Ifrom 8 Decemb&r 20221 KEY MANAGEMENT PERSONNEL Paul Butler- Head of Ticketing and Business Systèms Jane Edwards- Head of Shows (from 4 Maioh 2022} Chris Eldridge- Head tsf Shows & New Business Development (until 4 March 2022) David Fenwick- Head of Finance Ken Nottage- Chief Executive David Pro$¢011- Chief Executive John WilesmTrlh- Head of Operations {Consullanl from 2 March 20231 Ifrotn 2 Ma￿h 20231 10

THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2022 PRINCIPAL PROFESSIONAL ADVISERS Independent Auditor Crowè U.K. LLP Slalulory Auditor 41h Floor Sl James House St James Squ8r Chellenham GLSO 3PR Prlncipal Bankers National Weslrninsler Bank pl¢ 1 The Cross Worcester WR13PR Sollcltor$ Harrison Clark Rlckerbys Ellenborough House Wellinglon Street Cheltenham Glou¢8stershire GL50 1YD Investment Managers Rathbone Inveslrnenl Management Limilad Port of Liverpool Building Pier Head Liverpool L31NW The report ol the trustees has been Prepared in aceordance with 8e¢tion 415A of the Companies Act 2006 relating to small companies. This report was approved by the Board on 2nd March 2023 and slgned on their behalf. DPSm#rt Chalrman 11

THREE COUNTIES AGRICULTURAL SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THREE COUNTIES AGRICULTURAL SOCIETY FOR THE YEAR ENDED 30 NOVEMBER 2022 Indèpgndent AudStor's R•port to the Members and Trustees of Thr•0 Countle6 Agrlcultural Soclety OplnSon We have 8udTrled Ihe financial statements of Three Counties Agricultural Society {'Ihe charitable company'l and 118 subsidiary I'lhe group'} for the yeaT ended 30 Nov6tnber 2022 which eompiise the consolidated S181emenl of Flnancial Aclivilies, the eharity 8nd consolidated Balance Sheets. the consolidated Cashflow Statement, and notes to the financial statements, including significant aeeounling policies. Thè financial reporting framework that has bèen applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Raporting Standard 102 The Financial Reporting Standard applicablè In the UK and Republic of Ireland (United Kingdom Generally Aceepl&d Accounting Practlc81. In our opinion the financial 8lalemenls'. give a true and fair view of the slate of the group'$ and the charilabla eompariy's affairs as at 30 November 2022 and of the group's income and expenditure, lor the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practice., and have been prepared in accordance with the requlwmen18 of the Companitr$ Act 2006 Basls for oplnion We conducted our audit in accordance with International Standards on Auditing IUK} IISAS {UKII and appli¢able law. Our re8pon8ibililies under those standards are furthei de8cribed in the Auditoi's responsibilities lor the 8udil of the financial statements section of our report. W8 are independent ol the group and charitable company in accordance wilh the ethical requirernenls that are relevant lo our audit of the financial 8lalements In the UK, induding the FRC'S Elhical Standard, and we have fulfilled our other elhieal responsibilities in accordance with thèso requirements. We believe that the audit evidence we have obtained Is $uifi¢ienl and approprl810 to Provide a basls for our opinion. Concluslons r•latlrty to going concern In auditlng the financial statements, we have concluded that the Iruslees, usè of the going concern b8$i$ ol accounting in the preparation ol Ihe financial statements 18 appropriate. Based on the work we have performed, we have not Id&ntilied any materrdl un¢srtainlies relating to ev$n18 or conditions that, individually or collectlV8ly, may cast significant doubt on the charitable company's or the group, ability to continue as a going concern for a period of at lea51 twelve monlhs from when the financial statemerils are aulhorl$ed for issue. Our r8$F>onsibilities and the respon8ibililies of the trustèes with respect to golng concern are describgd in the relevant sections of this reporL other Informatlon The trustees are responsible for the other information contsined within the annual report. The other inform81ion comprises tha inlormalion included in the annual report, otherthan the fin8ncial statements and our auditorfs report thereon. Our opinion on the financial statemen18 does not eovar the other information and. except to the exient otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. 12

THREE COUNTIES AGRICULTURAL SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THREE COUNTIES AGRICULTURAL SOCIETY (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022 Our responsibility is lo read the other information hnd. in doing 80. conslder whether the other information is materially inconsislenl wlth the financial slalernenls or our knowledge oblalned in the audit or otherwise appears lo be malerially misstaled.11 we identify such materi81 ineonsistencies or apparent material miss18tements, we are required lo determine whether Ihls gSves rise to a material misstatement in the linaneial slalemenls IhÈmselves.11, based on the work we have performed, we conclude that there is a material misstatement of this other information, wa are required to report that fact. We have nothing to report in Ihis regard. Oplnlons on oth•r matters prescribed by th• Companies Act 2006 In our opinion based on the work undertakèn in the course of our audil the information given in the Iruslees, report. which ineludes the directors, report prepared for the purposes of comp8ny law, for the financial year for which the financial statements are prepared is consistent with the financial $tatements,' and the directs>rs' report included within the trLtslee6' report has been prepared in accordance with appli¢able legal requirements. Matter$ on whlch wg ar• roqulred to report by exeèptlon In light of th& knowledge and understanding of the group and charitable cornpany and their environment obtained In the cour89 of the audit. we have nol Identified material misstatements in the directors, report includod within the trustees, report. We have nothing to report in rg8p&ct of the following mattèrs in relation lo whi¢h the Companies Act 2006 requires u$ to report lo you if, in our opinion.. adequate and proper accounting records have not been kept., or tho financial slalements are not in agreement with the accounting records and returns,. or Ortain disclosures of trustees, remuneration specified by law ale not made.. or we have not re¢ÈSved all the information and explanations w& requlre lor our audit., or the Iruslees were not entitled lo prepare the financi81 statements in accoidance with the small companies, regime and tskÈ advantage of the $m811 companies, exempllons in preparing tho Trustees. Annual Rgport and from the requirement to prepare a 81rategie report. Rèsponslbilitlès of trustees AS èxplained rnOTe fully in the truslee8' responsibilities statement set out on page 2, the trustees (who are also the directors of the charitable company for the purposes of cornp8ny lawl are responsible for the preparation of the fin8nual statements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine is nècessary lo enable th8 preparation of financial slalements that are free from material mi$8tatement, whether due to fraud or erroT. In preparing the finan¢i81 statements, the ITusl8as are responsible for assessing the charitable company's ability lo continue as a going cOn￿rn, disclosing, as appltcable, matters related to going concern and using th8 golng concern basis ol accounting unless the Iruslees either intend lo liquidata the charitable company or lo cease operations. or have no realistic allernative bul lo do so. Audltor's responslbllltles for thg gudlt of the flnanclal statèments We have been appointed as auditor undeT $èCtlon 151 of the Charlties Act 2011 and und&r the Companies A¢t 20CE and report in accordance with the Acts and rélevant regulations made or having effect Ihereunder. 13

THREE COUNTIES AGRICULTURAL SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THREE COUNTIES AGRICULTURAL SOCIETY ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2022 Our objectives are lo obtain reasonable assurance aboLltwhethbi the financial stalements as a whole are free from material misslat6menl, whether duè lo fraud or error. and to Issuè an auditor's report that includes our opinion. Reasonab16 assurance is a high lavel of assurance but is ntsl a guarantee that an aud51 conducted in accordanco with ISAS IUKI will always detèct 8 material misstalemenl when il exists. Misstatem8nl3 can arise from fraud or error and considered material if, individually or in the aggregate, they could reasonably be expected to inftuenc8 the eeonomi¢ decisions of us6rs taken on the basis of these financial slalements. Details of the extent Its which the audit Was considered capable of dètecting irregularities. including fraud and non- compliance with laws and regulations Org sel out below. A further descripllon of our responslbllilies for the audit of the financial slalemenls is loc8t8d on the Financial Reporting Council's wèb811e at.. wvM.fre.or9.uklaudilorsresponsibilities. This description forms part of our auditor's report. Extent to whlch the audlt was conslderad capable of detectlng Irregularltl¢s, Includlng fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material mis8talement of the financial statements from irregularities, whether due to fr8ud or error, and dis¢u8sed these belween our audit team memb&r8. We then designed and p9rformed audit procedu18S responsive lo those risks. including obtaining audit evidence sufficient and appropriate lo provide a basis for our opinion. We obtained an understanding of the legal and regulatory fram￿orkS within which the eharitable company and group operales, locusing on Ihose13ws and regulations that havè 8 direct effect on the delgrrninalion of materlal amounts and disclosures in thè fin8ncial statements. The laws and regulations wè considered in this context were thè Companies Act 2006 and the Charities Act 2011. together with the Charities SORP IFRS 1021. We 8s8essed thè rèqLJired Compliance with these laws and regulations as part of our audit prts¢8dure8 on the related financial 81alemenl items. In addition. we considered provisions of other laws and regulatlons that do not have a direct èffect on the financial statements but compliance wtrlh which might be lundamenlal to the charitable company's and the group's ability lo oper81e or lo avoid a material penalty. We also eonsldèred the opportunities and incentives that may exist within the charitable company and the group for fraud. Auditing standards limit the requlred audit procedures lo Identify non-compliance wlth thè$e18ws and regulatlons lo enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of mal6rial impact on the finandal statements from irregularille$, including fraud, to be with th6 timing 8nd recognition of tlckel and trade stand income. and the override ol controls by management. Our audit procedures to respond lo these risks included 6nquiries of management, ond the Finance Committèe about their own idenlificalion and a$sessrnenl of the risks ol iriegularilies, sample testlng on the posting oljournal$, reviewing accounting estimates for biases, reviewing regvl8lory correspondenca with the Charity Commission, designing lesling around the timing and recognition of lickel and trade stand incorne, and reading minulgs of meglings of those charged with governance. Owing lo the inherent limitations of an audil. there is an unavoldablg ii8k Ihal we may not have detected some material misstalèmènls in the financial stal&menls, even Ihough we have property planned and parformed our audit in accordance with auditing standard8. For example, the furthar removed non-compliancewith laws and regu18tion8 lirregulariliesl is from the events and transactions refiected Sn the financial statements, th&1èss likely Ihe inherently limited procedures required by 8udiling standards would iilenlify it. In addition, as with any audil, there remained a higher risk of non-deteclion of irregularities, as these may involve collusion, forgery, intentional omissions, rnisrepresentalions, or the override of internal controls. We are not responsible for preventing non.compliance and cannot be expected lo d618cI non.¢ompliance 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 2022

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

Date: 14 March 2023

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 Expanditur8 Accounti FOR THE YEAR ENDED 30 NOVEMBER 2022 Unr•strl¢tsd Funds £000 Restrlcted Funds £000 Total Funds 2022 £000 Tolal Funds 2021 £000 Note INCOME FROM Donations and LegAelè$ Charltablè activiti93 Agrieulluial and ho￿.cUltUral shows 10 10 19 4,465 11 4,465 1.359 288 Other Ineom Othèr trading actlvltl&s Fundraising evenl8 Trading subsidiary Income Inv6slmenls 153 1,791 31 153 453 1,232 27 1,791 31 Total 10 3.378 EXPENDITURE ON Charltable activities Agricultural and horticultural show8 Educational Bursaries Other Fundralsing events Trading subsidiary expendllure Inveslmenl management costs 9A 9B 4,933 4,933 2,090 13 9B 143 143 704 9B 1,212 1,212 7.046 9B Totsl 6,296 6,304 3,861 Nel Ilossesl I galns on investments N•t income lexpendlturel 53 102 53 104 128 355 RECONCILIATION OF FUNDS Totalfunds broughl fO￿ard 811 December 2021 19 3,400 1,108 4.508 4,863 TOTAL FUNDS CARRIED FORWARD AT 30 NOVEMBER 2022 19 3,502 4,612 All amounts relate to contlnulng operations. The noles on pag6$ 1910 36 form part of these financi818latements. 16

THREE COUNTIES AGRICULTURAL SOCIETY CHARITY AND CONSOLIDATED BALANCE SHEETS AS AT 30 NOVEMBER 2022 COMPANY NUMBER: 01568571 GROUP CHARITY 2022 2021 Notes 2022 2021 £000 £0( £000 £000 FIXED ASSETS Tangiblo assets Intangible assets Investments 12 13 14 2,996 31 3,215 14 2.996 31 3,215 14 1,388 4,617 4,381 CURRENT ASSETS Debtors Cash at bank and In hand 15 373 1,669 412 1.820 281 1.669 373 1,804 CREDITORS: Amounts falling due within one year 16 l964} (1,070) 18741 (957) NET CURRENT ASSETS 1,222 1,076 1,220 LONG TERM LIABILITIES Bank Loans 18 18471 (1,331) 18471 (1,331J NET ASSETS 4,612 4,5Q8 FUNDS Reslricled funds Uniesliicted funds 19 19 1,110 3,502 1,108 3,400 1,110 3,500 1, 108 3,398 TOTAL FUNDS 4.612 4,508 4.610 4,506 The Charity's net in¢oming resources for the period were £104k (2027.. outgoing r8sourees of £355kJ. The Financial Slalements are prepared in accordance with the special provisions of part 15 of the Companie$ Act relating to small companies. Approved and aulhorlsed for issue by the trustees on 2nd March 2023 and signed on their behalf by Oaf. ga DPSmart Chaimian The notes on pa9es 19 10 36 form part ofthese financSal slalemenls. 17

THREE COUNTIES AGRICULTURAL SOCIETY CONSOLIDATED CASH FLOWSTATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2022 2022 £000 2021 Note Cash flows from op•ratlng actlvltl•s Net Cash provided by I (used in} operating activities Co¥h flows from investlng activitles Dividénds and interest from investments Purchase of property, plant, And equipment Purchase of intangible assets Cash transferred from investment account Proceeds fr()rn sale of investments Purchase of investments 451 (187) 31 {641 1291 1301 173 162 27 (105) (12) 29 52 Net cash lu$•d inl investlng 8Ctlvltles 81 IOT Cash flows from financlng aetlvltles Repayments gf borrowing Interest pald 1484 37 f87) 28 Net cash inl flnaneing actlvltlo$ 521 115 Change In c8$h and cash equivalents in the 18pgrting period 11511 (409) Cash and cash equNalenl$ al 1 Deeember 2021 Cash and cash equivalent$ 8130 November 2022 Reconeilialion of cash fltsws from oper81ing aclivilies.. 2022 £000 2021 £000 Nel income I18xpendilure) for the reporting perlod Adjustments for.. Inleresl paid Depreciation charge Amortisation charge Losses I (gain81 on investments Loss on salè of fixed assets Dividends and interest from investments Decrease l {increasel in debtors {Decreas81 l increase in créditors (excluding bank loans) 104 (355) 37 280 11 28 316 1728J 1311 39 46 (27J (32) 451 (187) 111 Analysis of cAsh and cash equlvalgnt8'. 2022 £000 2021 £000 Ca8h al bank 1,669 1,820 1,669 1.820 18

THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 CHARITY INFORMATION Three Counties Agriculluial Society {'Ihe Sociely'l is a registered charity with the Charities Commission England and Wales Ich8rity number.. 511868) and is incorporated as a company limited by guarantee leompany number.. 01568571, England and Wale81. The address of its principal and re9lStered office is Thè Showground, Malvern, Woreeslershire, IfvR13 8NW. STATEMENT OF ACCOUNTING POLICIES a. Basis of pr•paration The financial statements have been prepared in accordance with AccounliTIg and Reporting by Charilie$.' Statement (Trf Rècommended Praclice applicable lo charities preparing Iheir accounts in 8ccordance with the Financial Reporting Standard applicable in thè UK and Republic of Ireland IFRS 1021 {effective l January 20191- (Charities SORP IFRS 102118nd the Financial Reportin9 St&ndard applicable in the UK and Republic of Ireland IFRS 1021. The ffinanaal statements havg been prepared under the hlstorical cost convention. Thfee Counties Agricultural Society meets the definition of a public benefit entily under FRS 102. The functional currency of the Socièty is considered to be GBP because th* is the currency of the prim8ry economic environment In which the Charity operates. b. Consolidated Flnanclal Statèments These financial statements consolidat& the Society and ils subsidiary undertaking. T.C.A. Trading Llmited I'the Group l. No separate SOFA has been piesenled forlhe Society alone, as perrnitted by Section 408 01 the Companies Act 2006. Nel incoming resources attribut8ble to the Charrty 1013lled £104k for the year12021.' outgoing resoU￿S of £355kl. The Society has also taken advantage of the exemption available lo a qualifying entity in FRS 102 from the requirement lo present a charity onty Cash Flow Statement with the con801idaled financial slalemenls. c. Golng Concern The risks relating lo Covid-19 dimlnished durin9 the current year to be replaced by growing risks associated with economic uncÈrtainly. The truslees continue lo monitor the 511ualion and undertaka detailed planning, forecasting and sÈnsitivity analysis. Please refer to page 7 01 the Trustees Report wherè the Iruslees have reflected on the current situation and have outlined the impact for the Group. D6spile the currenl circumstances th8 trustees belleve that IhÈ Group's nancial r950urces and contingen¢y planning is sufficient to 8nsure the abillty of the Group to continue as a going concern for Ihg foreseeable future, being at least twelve months from the d81È of approval of these financial 81atemenls and therefore hove prepared the financial statements on a going coneern basis. d. Funds Structur• Unrestricted funds are those funds available for use by the Sociely for any charitable puipo8e 81 the discretion of th8 trustees. Reslrirted funds are subject lo specific conditions by donors as lo how they may be used. The purposès and uses of Ihe reslrirted funds are set out in th& notes lo Ihg financial sl8lements. è. Incoming Resour¢e¥ All incoming resour¢os are included in the Statement ol Financial Activities I'SOFA l as and when enlillement arises, the amount can be reliably quantified and the economie benefit to the Society is considered probable. Incoming rèsources from charitable activitie8 comprises income from shows staged in a¢cordance with the Society's charitable aeiivilies. Ineome from fundraising èvents repiosents entry fees and ¥ervlces provided and spon¥orships whi¢h relate lo Ihe current finanual ye8r. Income from donations are recognised on recelpt. 19

THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 Income frorn legacies are recognised once Ihg soC￿Y has entit￿Ment. tho amount is measurable, and thè gift 18 probable. Governmènl grants are uedited lo the consolidated statèment of financlal activities as the re18tod expènditure is incurred. f. R•sources Expfrnd•d Costs of raising funds include direct and indirect CO518 allributed tr) fundraising activitiè$ for the Soclely. These include 8hows and othèr fundraising events. Costs of charitable activities include direet and support eo$ls allributed to 8elivilies in furtheran¢e of the Society'8 educational 8¢tivilies. Thes& comprise of 8gricullural and hortlcuttural shows and educational bursary aw8rd8. Governance eos13 are included wilhin support c¢)sls and comprise direct and Indlr6d expenditure involved in ensuring that the So¢iely complies with ils charitable and slalutory obligations. The allocation and apportionment of costs lo T.C.A. Trading Limlted is based on management's esllmale of allribulable costs incurred. The apportionment of costs for all Shows and fundraising Is ba8ed on the tuinover for each show. g. Grahts payable Grant payments are recognised once there is an obligation to n18ke a payment, the payment Is probable, and the payment can be measured reliably. Grant commitments are communicated to the recipient In ¢he period the Award is payable and are subject lo performance-relalod conditions being mel. h. Penslon The Society operates two defined contribution schem*¥. Conlributlons are charged to the Statemonl of FinaneSal Activities as they become du8. Taxatlon As a registered eharlty, Three Count16s Agricuttural Society IB entitled lo tax exemptions on all its incomg and gains, prtsper￿ appl￿d for St$ charitable purp08es. Tangible Flxed A¥¥gts and Deprèeiation Fixed assets costing less than £500 arewrilten off lo the SOFA. Tangible fixed assets are stated at eosl less depreciation and impalrrnenl. Depreciation Is provided al the followlng annual rates In older lo write off each asset over its estimated uséful life. Permanent buildings 4% on cost Propetty improvements 100/0 19 25/0 on cost New wooden buildings 10 10 lo 250/0 on eo31 Plant and machinery 10Vo lo 25Yo on eosl olor vehicles 33Q/o on ¢031 Off￿& and Show equipm8nl 250/0 10 33.kn on cost Assets in Ihe course of construction are included at C¢K81 and are not depreclaled until they are brought into us&. Land is not deprecio1¥d. k. Intangible Flx•d A8sels and Amorti¥ation Intangible fixed assets are slated al co81 less amorti$ation. Amortlsatlon 18 Provided at the following annual rate in order lo write off each asset over its gslimaled useful life and charged to the SOFA.. Society Website 25Yo on cost Inv•stmènts Fixod asset investments are 81ated at market value al the balance sheèt date. 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 2022 m. Creditors Creditors aro recognIs￿ on an Accruals ba$ls once there Is a legal or constructNe obligallon that commits the Society lo the obligation. n. Dgbto Short term dÈbtors are initially measured al transact￿￿ PTlC&. less any impaimienl. Prepaymenls arg measured al th6 amount prepaid. o. Flnancial Instruments Three Counties Agricultural Society only has financial assets and financial liabilities of a kind that qualify as basic financi81 instruments. Investments are held al fair v8luo. p. Temilnation payments Termination payments are accounted for as soon as tha charitable company is awarn of the obllgation lo rnake the payment. q. Operatlng lease8 Rentals payable under operating leases are charged to Ihg SOFA as incvrred over the term of thelgase. Judgemènts In apptyihg accountin9 pollcles and kèy sources of èstlmation of uncertainty Eslimales and judgements are continually evaluated 8nd are based on historical experience and other lactois, including 8xpectation8 of future events that are believed to be reasonable under Ihe circumstances. The items in th9 financial slalomenls where these eslimalès and judgemgnts have been made include the followlng.. il Us•ful economlc Ilves of tanglble and irttanglble a8¥•ts Th¢ annual depreciation charges for the tangible assets and amortisation eharges of intangible assets are sensitive to changes in the estimate useful economic Iwes and residual values of the assets. The useful economic livès and residual values are re-assessed annually. They are amended when ne￿S5ory to reflecl eurrent eslimales, based on 9conomic ulili58tion and the physical ¢ondition of the assets. Seg ntstes 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. 111 Impalrmgnt D6btors the Group mak95 an estimate of the recoverable value of trade and other debtors. When assessing impairmeril oltrade and olh9r debtors, m8nagemenl considers factors including th9 current credit rating of th& debtor, the ageing profile of debtors and hi8lorical experien¢¢. See nole 15 for the n9t carrying amount ol the debltsrs. Fixed assets property, plant and equipment are staled at historical cost less accumulated depreciation and any recognised impairmenl1055os. The as¥els' residual values and useful livès are reviewed, and adjusted if appropriate, al each balance sheet date. An asset's value is impaired when the asset's carryin9 amount is greater than ils estlmated recovèrable amount. 21

THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 INCOME FROM DONATIONS & LEGACIES Unrestricted £000 Restricted £000 2022 £000 2027 £000 Donated Farm Educational Bursariès 10 10 io 10 10 19 INCOME FROM CHARITABLE ACTIVITIES 2022 £000 2021 £000 Show income Membershlp income Other income 4,319 69 77 4.465 1.292 67 1,359 OTHER INCOME 2022 £000 2021 £000 Central & Local Government Grant funding 11 288 288 11 22

THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 SUBSIDIARY RESULTS Three Countie8 Agricultural Society owns 100% of the share capital of T.C.A. Trading Limi16d {registered company no: 016383531, which was set up lo carry outthe trading activities of the Group. The enlily exi$18 lo undertake any non-primary purpose trading activity with any profits being donated back lo the Charity under Gift Aid rijles. These activities include income and expenditure relating tts commerci81 sponsorship agreemenls and the renting out available showground 8P8ce and facilities lo third parties whèn these are not being used by the Charily's primary ¥C￿VItIeS. Ils regi$l918d address is The Showground, Malvern, Worce$lershire, WR13 6NW. Its trading results. as extracted from the auditsd aecounts. are Summarised below.. PROFIT ANO LOSS ACCOUNT AND BALANCE SHEET FOR THE YEAR ENDED 30 NOVEMBER 2022 2022 2021 Turnover Cost of $ales Gross profit Administrative èxpenses Opgratlng profit Gift aid payab￿ to Three Counties Agricultural Society Retained Ilossl for the year 1,791,413 1535,1541 1,256,259 1676.7171 579,542 1579,5421 1,231,687 (468, 780) 762,907 (576,952) 185.955 (785,955) Total assets Debtors.. amounts falllng due within one year Cash al bank 8nd in hand 109,944 11 109,955 116,157 16.106 132.263 Totsl Ilabllltle8 Creditors.. amounts falling due within ono year Total assets leas total liabllltl•s 1108,268} 1,687 (13Q,576) 1,687 Re$eTV•S Profil and loss reserves Share capital Shareholders, Funds 1.682 1,682 1,687 1,687 Adminislralion ¥xpenses includg £872,058 (2Q21.' £570, 119) for services supplied by the Charity which are recharged lo thè subsidiary. The trading company made a gitt 8id donation of £579,542 (2021.. £185,955) to Ihe Charity. with the result that it has a £nil annual corporation lax liability. Al thè year-end £18,210 was due from T.C.A. Trading Limited lo Three Counties AgTicullural Society (2027.. £77.223 due from Three Countie$ Agncullural Society lo T.C.A. Tr8dlfw Ltd). 23

THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 NOVEMBER 2022 INVESTMENT INCOME 2022 £000 2021 £000 Bank interg81 receivable Dividends 28 31 27 27 NET INCOMING RESOURCES This is slated after charging the following.. 2022 2021 £000 £000 Audito¢s remuneration.. For audit seNlce8 For other services 17 17 A$$¥ls owned by the Group.. D6precialion Amortisation 280 316 Operating Lease Costs AI AGRICULTURAL AND HORTICULTURAL ACTIVITIES- Resources Expended Actlvltl•$ Und•rtaken Directly £000 Actlvlty Support Costs 2022 Total Costs £000 2021 Total Costs £000 £000 Agricultural and Horticultural sh¢)w8 4,580 353 4.933 2.090 24

THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 BI ANALYSIS OF TOTAL RESOURCES EXPENDED AND SUPPORT COSTS BREAKDOWN BY ACTIVITY ANALYSIS OF TOTAL RESOURCES EXPENDED 2022 2021 staff costs Other cost6 Depreciation and Amortlsatlon Totsl Tolèl £000 £000 £000 £000 £Ot Agricultural and Horti¢ultural shows Edu¢atlonal burs8ries Costs of raising funds Finance costs 1,297 3,360 286 4,933 2,090 13 704 41 143 Total for Charlty 1,338 3,463 291 5.092 2,815 Trading cosls of the Subsidiary 352 860 1,212 1,046 Totsl for Group 1,690 4,323 291 6,304 3,861 2022 Total Group £000 2021 Total Group £000 Raising Funds Charltable A¢tlvltle8 SUPPORT COSTS BREAKDOWN BY ACTIVITY £000 Éooo Management Financè Information technology Human re$ources 57 120 125 51 59 124 129 53 49 174 68 71 Total 12 353 365 302 Basls of allocatlon Support ¢o$ls are alloc81ed be￿een Agricultural and Horti¢ullural shows and Fundraising events on the basis of their respective income. Any Shows which 8rè eancelled after sever81 months ol planning have upport costs allocated on thè basis of 8 percentage of budgelgd turnover. GOVERNANCE COSTS 2022 £000 2021 £000 Audilor$' remuner81ion for audit services Leg81 and profe8s1onal fee Staff costs 17 17 21 27 33 29 Other 87 70 25

THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 10. STAFF a. Staff eo¥t6 2022 £000 2Q21 £000 Wages and salaries Social security costs Pension contribution 1.526 112 52 1,318 8T 1.690 1.469 b. Staff numbè Tha average number of full-timè equivalent employees during the year was.. 2022 No. 2021 No. Office managèment Permanent showground 23 10 33 19 27 The average headcounl of employees during the year was.. 123 77 c. Hlyher pald staff One employee of the charity earned between £160,000 and £170,000 during the year 12021.. one &mployee eam&dbehveen £120,000 and £130,0(W during th&yearl. Pension contributions in respect of th18 employee were £21.14012Q21.' £39,000). No employee of the charity earned between £eO,000 and £70,000 durfng the year12021.' one employe& ofihe charity eamed bolween £60,000 8nd £7Q,000. Pensffon contribtJlNons in respect olthis employ6e were £Nil). d. Remunaration of Key Management Pèrsonnel Aggregate employee benefits of key matYdg6menl personnel (including employer NIC and pensB)n costs) lotalled £465,793 (2021.. £457, 175). e. Tormlnation paym•nts During th6 year lermin*ion payments of £15,300 were m4de12021.' £30,OQOJ. 11. TRUSTEES REMUNERATION AND EXPENSES Neilherth6 Iruslee5 nor persons connect6d with them rec&Ngd any remuneration or other benefits from the Soelaty or any conn8cled organisallon. No Iruslee exp&nse3 were reimbur$ed in 2022 or 2021. No truste$$ waived any expenses in 2022 or2021. 26

THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 12. TANGIBLE FIXED ASSETS OF THE GROUP AND THE CHARITY Offlcel Show Equipment Freèhold Assets Under Land Constructlon Plant and Motor Maehlnery Vghlclas Total Bulldlngs £000 £000 £000 £000 £000 £000 £000 Al l Dee&mber 2021 Additions Disp088ls 955 507 5.829 957 45 297 8,590 22 121 5,849 13 1171 953 24 64 1461 1651 275 8,589 95S 512 45 Depreciation Al 1 D8ttÈmber 2021 Oisposa18 Charge for Ihe year 4.215 856 45 259 5,375 1141 49 1461 24 1621 280 207 4,420 891 237 5.593 Net Book Volu• At30 Nov•mbor 2022 AI 30 November 2021 955 512 1429 62 38 2,998 955 507 1,614 101 38 3,215 Included within tangible fixed assets above are perpetual cups and trophiès with a co81 of £S3k. The8e hava beèn held for a number of years and are lully written down al the Balance Sheet date. 27

THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 13. INTANGIBLE FIXED ASSETS OF THE GROUPAND THE CHARITY Webslte £000 59 29 1471 41 Total £000 59 29 1471 41 Cost As al Isl Decèmber2021 Additions Disposals Amortlsatlon As At 1s1 DeGember2021 Charge on dispo8a18 Charge for the ye8r 45 1461 11 45 1461 11 10 10 Net book value At 30th November 2022 31 31 Al 30th Novembor 2021 14 14 14. INVESTMENTS Charlty Lr8ted Investments 2022 2027 £000 £000 At l Dec&mber2021 Additions Disposals Net gain At 30 Novgmber 2022 1,333 162 11731 53 1,269 1, 382 52 (29) 128 1.333 Cash balances awailing reinvestment At 30 November 2022 Historical cost Thè So¢iely owns 1000/9 of the five £1 ordlnary share capital of T.C.A. Trading Limited, which carriè$ out the lelling of facilities and a8s0cialed activities. The largest lisled investment held represents 8.93°/D of the tot81 portfolio howev6r this investment 1$ placed with a tracker on the US Market rather than with a single company and so does not represent a $lock specific risk. The markèt value of investments held outside of thè UK was £475.896 (2021.. £532,908J. 28

THREE COUNTIES AGRICULTURALSOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 16. DEBTORS Group Charlty 2022 £000 2021 2022 £000 2021 £000 Trade debtors Amounts due from 8ubsSdiary cornpany Prepayments and ocerued income 231 242 121 18 142 209 142 770 164 16. CRED5TORS Group Charity 2022 £000 2022 £000 2021 £000 2021 Trade creditors Amounts due lo subsidiary Company T8x8tion and social security Aecruals Pension costs Defer￿d income Isèe note 17) Bank loans due within one year Bank credit cards Olher Creditors 34 39 34 39 77 73 105 133 167 12 361 245 73 105 133 167 12 276 245 538 245 413 245 17. DEFERRED INCOME Group 2022 £000 Charfty 2022 £000 2Q21 £000 2021 £000 Balance 81 f December2021 538 466 413 420 Released during the year Incomè received in Ihe yèar Dèferred Incoma at 30 Novemb•r 2022 15381 361 1466) 14131 27 (420) 413 Deferred income al 30 Novgmber 2022 reprgsènls income invoicad and advance li¢kets sold in resped of the shows lo bè held in 2023. 29

THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEM8ER 2022 18. BANK LOANS Group Charity 2022 £000 2021 £000 2022 £000 2027 £000 Due within one yèar Due between one and two year$ Due between two and live years Due in more than five y&8r8 Total securod loans 245 245 245 245 242 1,089 246 601 242 1,089 601 1,092 1.576 1,092 1.576 Less due within one year (see not6 161 Totsl loans due In mom than one year 24 245 245 245 The Society 6nlèred into a loan agreomenl with NatW6$1 Bank in 2020 to purcha$o agricultural land adjacent to th8 showground. At the balan￿ sheet dÈtÈ £598k remains outslandlng, repayable ovèr 5 years at the bank'3 variable rate. The Society also entered Into a low interest CBILS loan agreement with NalWe81 Bank in 202010 borrow funds during the Coronavirus Covid-19 Pandemic. At the balance Sheet dale £494k r&main8 oulslanding, repayable over 6 ygar8 at the bank'$ variable rate. The loans are secured over certain of the Societ￿$ assets. 30

THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 30 NOVEMBER 2022 19. AI STATEMENT OF FUNDS 88lance atq December 2021 Balance Galns I at30 Iloss•sl November 2022 £000 Ineomo Expendlturg Transfers £000 £000 £000 £000 RgStrlct•d funds Edu¢atlonal bursarie8 1, 108 10 181 1,110 Totsl restrfctsd fund8 1, 108 qo 181 1.110 Unr•strlcted fund¥ Charity 3.398 5,239 15.0841 153 3.500 Trading subsidiary 1,791 11,7911 Eliminated on consolidation 1580 580 Total unreBtri¢t•d funds 3,400 6,450 16,2951 3,502 TOTAL FUNDS 4,508 6N60 16,3031 1531 4,612 31

THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEM8ER 2022 19. BI COMPARATIVE STATEMENT OF FUNDS 8glanGe 911 Income Expendlture Transfers December 2020 £000 Balance Gains I at30 110s¥esl Novembar 2021 £000 £000 £000 £000 £000 Restricted funds Donated lam) 181 Educational bursaries 7, 102 10 151 1,108 Total restrlct•d funds 1, 102 19 1131 1.108 Vnrestrlcted fund¥ Charity 3. 759 2.313 12,8021 128 3,398 Trading subsidSary 1.232 11,2321 Eliminated on con801idation (1861 186 Total unr•$tTicted funds 3,761 3,359 13.8481 128 3,400 TOTAL FUNDS 4,863 3,378 13,8611 128 4,508 20. NET ASSETS BY FUND 2022 Restrlcted Unre8tri¢ted funds funds 2021 Un￿SInGled fund$ Total R8stlFcled funds £000 Tolal £000 £000 £000 £000 Fixed assets Current assets Current liabilities Long term liabilities 4,381 932 9641 1847) 4,381 2,042 19641 18471 4,61T 7, 124 fl,QlO) {1.331) 4,617 2,232 (I,oioJ (1,331J 1,110 1.108 Net assets 1.110 3,502 4,612 1, 108 3,4QO 4,508 32

THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 21. RELATED PARTY TRANSACTIONS During Ihe Current year forestry sèrvices lo the value of £1,12512021'. £Nill were providèd by Adrian Hope Tree Services. a busine85 jtsintly owned by Adrian Hope who Is also a Iruslee of Three Countie3 Agricultural Society. As al the yoar-end £Nil was OUtstanding12021.' £Nil}. During the current year professional fees lo the value of £100 12021.. £Nill were provided by McCartney6 LLP, a business ofwhich Clwe Roads 18 a Partner and Chairman who is also a tr￿stee of Three Counties Agrieultural Society. A$ at the year-end £Nil was outstanding {2021'. £Nill. During the current year 18lecommunicalion services lo the value of £81612021.. £7791 were provided by RHM Telecommunic8llons Ltd, a businèss of which Roger Head is a director and also a trustee of Three Countiès Agricultural Socièty. As al the yaar-end £68 w88 OUtstanding12021.. £651. During the current year a paymènt to Ihe valu& of £Nil12021.. £9.000) was provided to Howle Hill Nursery Ltd, a business of which Peter Dowle is a direclor who is also a trustee of Thr6e Counties Agricultural Society. As at the year-ond £Nil was outstanding {2021.. £Nil). During the current year payments lo the value of £38,950 12021.. £1,25(11 were provided lo Leaf Cre8live Design Ltd, a business ol which Peter Dowle is a director who is also a trustee of Three Counties Agricultural Society. As al th& year-end £Nil was outstanding12021'. £Nill. All payments shown are nel of V.A.T. All related party transactions are underlaken at arm's len9lh and in accordance wllh the Society's procuTern*nt policy. There are no further related party Ifangaclions requirlng disclosure. 22. CAPITAL COMMITMENTS At th8 year.end Iherg were no capital commitmenl812021.' £NilJ. 23. PENSION COMMITMENTS The Sociéty operates two dèfined contribution schemes. Conlrfbutions are char9od to the Slalemant of Finanoial Activities as they become due. The assels are held separately from those of the ¢harily in independently adminislered funds. The amount charged to the SOFA for the year was £52,41012021.- £64,272). Al the year-end £11,516 {2021.' £888J remalned oulslanding. 33

THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 24. GROUP FINANCIAL INSTRUMENTS 2022 2021 £000 Financi81853els measured at fair value Financial asso18 measured at amortised cost Flnanelal liabililies measured al amortised cost 1,354 1,987 12131 1,388 2,060 (154) Financial assets measured at fair value comprise of inve$lmenls. Financial assèts measured at amortised cost comprisè of cash. trade dobtors, accrued incorne and other debtors. Financial liabilities measured at amorti$ed cost comprise of trade creditors, accwals, bank credit cards and olher creditOFS. Impairment Ios$gs charged to non-financial assets measured al settlement value in the year amounted lo £Nil12021.' £Nil). 25. ANALYSIS OF CHANGES IN NET DEBT Balance Bl I December 2021 Cash- flows Nèw flnan¢g 18a¥es £000 Falr valu• movèm•nts Other non.¢ash changè$ £000 Balance at 30 November 2022 £000 £000 £000 C8sh 1,820 1,820 11511 11511 1,669 1,669 Loans lalling due wlthin one year Loans falling due after more than one year Total (245) 245 12451 12451 1.331 244 239 333 24S 847 577

THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 26. GRANTS PAYABLE During the current year, the Society made grant awards totalling £54k12021.- £43kl towards Show 9ardèns for Ihe RHS Malvern Spring Festival. Of these.. £8k w89 pald out to 1 small bu8ine8812021.' £38k, 5 businesses)., £41k was pald out to 5 individu81s12021.' £5k, 4 individuals)., £1k wa5 paid out to 5 schools12027.. £NN4,' and £4k w89 pald out to 4 flower socielK8512021.' £NilJ The SOci￿Y also paid out educational bursary awards in the year l018lllng £8k (2021.. £W. There were no 9ranls eommitled lo bul oulsl8ndiny for payment al the year-end (2021.. £M￿). 27. OPERATING LEASES A8 8130 November 2022 Ihtt Group had future minimumloasè payments under non-¢ancellable operating lea8es as lollows.. 2022 £000 2021 £000 Expiry Dale.. Less than 1 year Imthin 1- 5 years 35

THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 28. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Unrestrlcted Funds 2021 £000 Rostrict•d Funds 2021 £000 Total Funds 2021 £000 Note INCOME FROM Donation5 and Legacles Charitable actSvltlas Agriculiural and horticultural shows 19 19 1,359 288 1,359 other Income Othor tradlng activities Fundraising events Trading subsidiary income Investments 453 453 1,232 27 1,232 27 Total 19 EXPENDITURE ON Charltable actlvltlas Agricultural and horucullural shows Educational Bursaries Oth*r Fundraising events Trading subsidiary expenditure Investment management costs 9A 9B 2.090 2,090 13 13 9B 704 704 9B 1,046 98 Totsl 13 Not gains on inveslrnenls Netlgxpenditurel 128 361 128 355 RECONCIUATION OF FUNDS Total funds brought foMBrd I l December202Q 3,761 1,102 4,863 TOTAL FUNDS CARRIED FORWARD AT 30 NOVEMBER 2021 19 1,108 36