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