Registered Charity Number: 511868 Company number: 01568571 Three Counties Agricultural Society (a company limited by guarantee) Annual Report and Financial Statements For the year ended 30 November 2023
THREE COUNTIES AGRICULTURAL SOCIETY REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 Contents Page Annual Report of the Trust8 Independent Audltor's Report 12-15 conso11dat Statement of Flnan¢l*l Actlvmjes 16 Chartty and Con801Sdatod Balance Shoet• 17 Consolldated Ca$hflow Staternont NoteB to th• Flnan¢Sal Statemgnt• 19-38
THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2023 THE BOARD The Board of Trustees Iwho are the trustees olthe Society for the purposes ol charity law and the direclois of the company for the purposes of company lawl of the Thfee Counties Agricultural Society I'the Society.) present their annual report for the year ended 30 NOVemr 2023 prepared in accordance with section 415A of the Companies Act 2006 relaling lo small entities, and the Charities Act 2011, together with the audited financial statements lor that year. REFERENCE AND ADMINISTRATIVE DETAILS The Three Counties Agricultural Society is a fegistered Charity INO. 5118681 and 8 company INO. 015685711 limited by membership guarantee. Ils principal address and registered office is shown on page The members ol the Board of Trustees, which includes the present trustees, and any past trustees who served durin9 the year, are given on page 9, logetherwilh the name ol the Chief Executive. The President and Vice-Presidenls and extemal advisers of the SocAety are as sel out on pages 9 to 11. STRUCTURE. GOVERNANCE AND MANAGEMENT The Soclety is governed by ils Memorandum adopled on 12 May 1981 and last amended on 30 May 2008 and 11¢1$ of Association adopled on 28 October 1992 and last amended on 16 June 2023. Under the Articles ol Association amendment adopted on 24 November 2[5, the number ol Iruslees is a maximum of twelve and the number ol Council members a maximum of foty-ftve. The Board is responsible for the overall goveinance ol Ihe Society. Truslees are either elecled or co-opted and the total number of Iruslees may not exceed 1Ve. Nine Irvslees are elected directly by Council and Ihrae may be co.opted by the Board ol Twslees. Elected liuslees may remain In office foT three years bul may not serve more than three consecutive full terms. C(>opted Irusiees are appointed by the Board of Trustees and may serve for up lo temis of three years or on other lemis delemiined by the Board al the lime ol their CC0p11ofi. Effecllve partnership been Iruslees and staff continues lo conlribule sNJnific8nlty lo our success. To increase Ihe effectiveness ol Ihe Iruslees, roles and responsibililies. each has portfolio interests which require an understsnding and a responsibility for specific asp8Cts of the Society's work. Trustees are reqylred lo meet al least live limes a year. Apart from the AGM, these meetings include four Board meeting5 where Iruslees review strategy and opeialionavinvesirnenl performance and sel operallng plans and budgets. New Iruslees receive an information pack containing everything they Theed lo know about the Society and its work lor effective and informed de¢ision-making, and Iruslee training $8ssions are held whenever a requirement is Klenlrfied. Addits"onal strategic reviews are hekl as and when needed for any other purpose. Key Management Personnel for the knlety are ouU1r on page 10. Remuneration is sel by the Remuneration Committee, which is apFK)inled by the Board of Tnjstees. The Remuneration Committee rneels annually and includes the Chaiman ol the Board of Trustees, Chaim)an of Council, a County Director, and a Co-opted Director whose role is lo benchmark proposed rèmuneration for key management personnel against similar organisalions. The role of the Remuneration Committee is lo approve staff bonuses and remuneration for the forthcoming year for all staff, with the objective of encouraging enhanced perf0m)ae and rerIJing fairty and responsibty individual contributions lo the charity's su¢¢8SS. The Board delegates the exercise ol certain powe in connection with the management and adminislralion of the Swiety as sel out below. This is controlled by requiring regular reporting back lo the Board so that all decisions made under delegated powers can be ratifi by the full Board in due coijrse.
THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2023 RISK AND AUDIT REVIEW COMMIThEE The Risk and Audit Review Committee is a committee ol the Council whose purpose is lo advise the Board on risk management and inlemal control and act as an independenl review mechanism for the preparation and audit of the annual financial statements. The ¢ommillee is fom)ed ol five individuals, al least olwhom shall be Council members and all ofwhom will be independent oflhe Board ol Trustees. One of these shall be Chalrman ol the committee. The cornmiltee has introduced a formal risk rnanagemenl process lo assess business risks and implement risk management slralegies. This has involved identifying the types of risks the Society faces, priorflising them in terms of potential impact and likelihood ol occurien¢e, identifying means of miligaling the risks. As part of this process the committee has reviewed the adequacy of the ScKiely's current internal controls and the costs ol operating particular conlrols relative to the benefits obtained. Proceduies have been established lor reporting failings immediately to appropriate levels of management and lo the Board ol Trustee5. The Board confirms that the malor risks lo which the Society is exposed, as identified by the committee, have been reviewed on page 7 and systems have been established lo miligale those risks. CHIEF EXECUTIVE The Chief Execulwe is responsible for the day-l¢>day managem8nt of the Sty's affairs and for Implementing policies agreed by the Bo8rd of Trustees. The Chief Executive is assisted by a team of senior managers. GROUP STRUCTURE The Society has a wholty owned subsldSary. T.C A. Tradlng Llmlled. The subsidiary carries out trading activities lo ralse funds for donating lo the Society undw Grft Aid, and during the financial year made an operallng prol51 of £552k12022.. £580kl all of whKh has been donated to the Society under gift rules. STATEMENT OF TRUSTEES. RESPONSIBILITIES AND CORPORATE GOVERNANCE The trustees {who are also directors for the Purpo of company lawl ale rasponsible for preparbng the Trustees. Annual Report and the financial slalemenls in 8ccordan¢e with applicable law and United Kingdom Generalty AcpIed Accounting Practice Iuniled Kingdom Accounting Slandardsl. Company law requires the Iruslees lo prepare financial slalements for each financial yèar, Under company law the trustees must not approve the financial statements unless they are satisfd th81 they give a true and lair view ol the stale ol affairs ol the chaiilable company and the Group and ol the incoming resources and application ol resources. including the Income and expenditure, ol the charilab companylgroup for that peiiod. In preparing these financial StatenIS, the Iruslees are required lo.. select suitable accounllng Foli¢i9s and then appty them consislenlly., obseive the methods and principles in the Chartties SORP.. make judgments and eslimales that are reaSonae and prudent slate whether appliable UK accounting slandards have been followed, sublecl lo any material departure5 disclosed and explained in the financial s¢atemenls.' and prepare the financial statements on the going coneem basrs unless11 is inappropiiale lo presume that the charitable company will ¢onlinue in business. The Iruslees are responsibpe for keeping adequate accounting re¢ord5 that are sufficient lo show and explain the charitable company's transacb"ons. disclose with reasonable accuracy at any lime the financial posili(>n of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006 arFd the provisK)n5 of the charity's conslilution. They are also responsible for
THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 safeguarding the as5els of the charity and the Group and hence for taking reasonable steps for thè preventson and deleclioll of fraud and other irregularities. So far as each of the trustees is aware al Ihe time the r&port is approved.. there is no relevant audit information of whh the auditor is unaware. and the Iruslees have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and lo establish that the auditor is aware ol that information. CORPORATE GOVERNANCE The Soci8ly's updated Arlicles of Associakn'on We formally adopted al the AGM on the 161h June arnd were subsequently submilled and approved by the Charity Commission. Internal controls over all forms ol Commitment and expenditure continue lo be refined io improve efficiency. Processes are in place to ensure that performance is monstored, and that appropriate management information 1$ prepared and reviewed regulady by both the executive management and the Board. The systems ol internal control are deslgned lo provide reasonable bul not absolute assurance against rnalerial misslalement or loss. They in¢lvde'. a stralegic plan and annual budget apwoved by the trustees.. regular consideration by the Injskes of financial Tesults, variances from budgets, non-linanoial pgrforman¢e IndilOrS and Ixn¢hmarking reviews., delegation of day-lo-day management authority and segregab'on of duties., and idenlificalion and management ol risks. OBJECTS, OBJECTIVES AND PRINCIPAL ACTIVITIES OF THE SOCIETY The Memorandum of Association reflects the activities ol the sIety and Incorporates the Charity Cornmission's GD1 model clause on Iruslees, benefits. The following is an extract from the Society's Memr8ndum ol Associauon.. 'The Society's primary object is lo prornole agriculture. horticulture. arboricullure, apiculture, forestry. rural crafts and skills and conservation lor the public benefrt", and in particular, but not exclusively, by.. holding d¢mon51rallons of rrK)dern 8gricullur81 method$ and prc¢esses; holding shows lor the oxhibition ol agriculture, livestock. poultry, animal husbandry. farm and horticultural produce and loreslry, and for Ihe demonslratK>n ol agricultural and hortlcullural melhods and processes. rural Crafts and skills, machinery, vehicles, domestic goods, implements, tools and appliances, animal feed stuff5, lertilisers. seeds, and other items appertaining or ancillary lo agrVIlUre, horticullure, or any allied industry." Each year the So¢iely sets objectives whh not onty add$$ the strategic objective5 contained in the Memorandum bLJI include tsclical and operalional objectives. The obje¢lives for 2023, the Society's achievements against those oty'ectives and Ihe objeclives for 2024 aTe discussed under Ihe heading of A¢hievernents and Perfomance, sel out below. Our vision is lo be the regKJnal centre within the Three Counties dedicated lo the promotion ol agrultUre, horticulture, and artrIcUltUre through public and Irade shows and through direcVindire¢l e(lueation programmes. PUBLIC BENEFIT As a charitable Irusl, the &xiety seeks lo benefit the publ through ils staled sims which are shown in the Objects, Objectives and Principal Activitie5 of the Society 5e¢lion of this reKK>rt. In furtheran ol Ihtrse aims the directors, as Charity Iiuslee5. have complied with the duty in Section 17 ol the Charities Act 2011 to have dLJe regard lo the Chanty Commission's published general and revant subseclor guidance concerning Ihe operation of the Pubiie Benefit requirement under the Act.
THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 GRANT-MAKING The RHS hnalvern Joint Show Commillee makes annual grant awards lo show garden designers which are a key feature ol the RHS Maern Spring Festival. The show gardens promote horti¢ullure and arbDricullure and themes in recent years have been linked to conseNalion. The Society a150 awards educational bursaries in accordance with its charitable obieclives. Decisions regarding grant awards and bursaries are made in advance bul are not Cornmunicaled or commilled until the financial period they relate lo. and payments are only made when achievements and performance targets are mel. ACHIEVEMENTS AND PERFORMANCE The speclllc objeclwes which the Society sets itself for the year are sh¢)wn below along with an assessment of performance against those objectNes'. 08JECTIVES FOR 2023 1. To d8llvgr th• So¢l•ty's charltable objects and maintsln Its good Image through tho 8taglng ol hlgh quallty, profltable shows wh5ch promote Brltl$h agrfculture, hortS¢ulturo, oquln• pursuits, and the rural economy. Despite the threat of disruption Ifom various weather events in the build-up lo all three major shows, only the final day of Malvem Autumn Show was adversely affected by weather due lo high wlnds. As a result, all three shows were well allended with lickel revenue in line with 2022. Visitor feedback has been universally positive about the quality of the conlenl ol the show5 programme. with high profile celebrlty visitors and excellent media coverage on n8lional lelevisKJn lor all shows bringing an additional bgnefi'l in helping the Society lo promote our charIlab obltIVeS to a wide and diverse audten¢e well beyond the Three Counties. 2. To dellver oxpand•d •ducatlon and bursary programmes In Iln•wlth th• objects of the Soclety. The John Ted51one bursary was launched by HRH The Princess Royal al RHS Malvein Spring Festival In May 2022. The late John Tedslone of Leominster was a renowned Orchardisl and Farmer. He bequeathed his farm lo the Three Counties Agricultural Society with the pr¢)ceeds from the sale being used In accordance with his will lo provide bursaries lor agrultUral and horb'cullural students. which fits perfectly within the objects of the Society and its charilable aims. In 2023 seven applications for funding support were receNed from students lo help with luillon legs, accommodation costs and educa14onal resources. Five requests were approved and are in progress al Ihg current lime. 3. To en$ure posltlvg operatlng ¢ash flow at all times Posillve operating cashflow wa5 maintaine(I throughout the year. For 2023 nel cash inknv from operating activities was £1,109k (2022 £451kJ. 4. To analyse ov8rheads to ensure they are necessary for deliverlng the Soclety's obJeet$. Overhead expenditure is regularly reviewed duiing internal meetings ol the executive management team al Board Trustee rneelings a5 part ol the Finance UKxlale sianding agenda item and during the Budget selling process for the following financial year. Additionally in 2023 a delailed exercise was undertaken to review, analyse and apportion all head offe costs across shows and venue hire to give a view as lo the 'lrue' PTolitabilty of the SrKiety's shows and T.C.A. Trading Ltd activities.
THREE COUNTIES AGRICULTURAL SOCIE ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2023 5. To r•tain and develop a quality staffing toam capable of constantly d•livering hlgh standards whllst consld•riny the neèd for succession planning. During 2023 Ihe existing staff structure was reviewed to identify any areas which were under Te50urced or where there was a potential over reliance on particular individua15 wilhin the team, which could pose a risk lo the smooth running of the Society. As a resur(. the team wa5 fe-siructured into three departments.. Finance, Shows & Markeling, and Operations. This was to ensure better continuity, co-operation, and support lor all roles across and beeen departrnents. The ScKiety continues to support the use of apprenticeship schemes with ils first apprentices graduating in 2023 and taking on new rdes within the estates industry. 6. To oxplore new buslnes¥ opportunttles for the longevlty of the Soclgty. Showground venue hire continued to be a primary focus ol new business in 2023, with the departm8nl generating record revenues, despite the being very few dates in the calendar available for additional business. New events included a Three Counties Food and Orink Festival, Kil Car event and Chamber ol Commerce Expos. Heads of Terms for the bngslanding development of a hge park in Langdale Wood were agreed during the year with a Ihird-party developer. with work expected lo commence In 2024. 7. To Id•ntlfy and mltlgato agalnsl potentSal rlsks that throaten the Socltrty'$ roputatlon and exlstenco. The Society runs a Risk and Audit Review Committee. whh proaclNely monitors potential risks through ils Rlsk Register. applying miligalion where necessary. The existing Risk Register document was updated In 2023 to include a risk scoring matrix lo identify key areas of concem The Risk Register is reviewed and updated as a standing agenda item al both the Risk and Audit Revlew Committee and al each Board ol Trustees meeting. B. To contlnue to dev•lop the $tsndard of the showground through planngd malntenance and capltal project8. A programme of continued maintenance and p0.n9 is delivered by the highly skilled Estate Team. This. combined with a subslanlial yearon-year capital budget, has contributed lo the high standard of the showground. This is a key factor for long standin9 hirers deciding lo retum to the showground. 9. To consider n•w practlces rolatlng to th• envlronment and 8ustalnab511ty. In 2023 the Society beg8n work on calculating its Co21e emissions 8s part of 8 Co2 reductkjn strategy. As part of ils commilmenl lo sustsinability, the Society already operates a no plastic bollle poSi¢y for all Shows and Irade stands on the Showground. AddilK>nalty. the Swiety changed electricity vendor in the year lo agree a contract for 100% renewable energy from renewable eneTgy 98neralor5 as an important parl of Ihal strategy. Remote electricity melers al four locations across the showground provide insl8nl and accurate monitoring of eleGlricity usage, helping lo identify excesswe consurnpllon levels whilst enabling the accurate re-charge of over-consumption lo the Society's venue hire clients. OplKJns are currently being explored for introducing pholovollaic cells on a number of buildings around the showground to generate renewable electricity. In addition. the Society continues lo mainiain its ISO 14001 accredilalion. 10. To malntain good relations wlth stakehold•rs and the local communlty. Regular contact with Ouf neighbours, continuous updates on our website and an effethThie enquiry and corHplainis system all contribute lo maintaining good Telalions. The new Chief Executive has Iocu55ed on building relationships with all ol the Showground's neighbours, attending scheduled meetings with local Parish Councils, which ceased during the height of Covid-19, as well as liaising with stakeholders such as local government. National Landscapes Ifoimerty AONBI. community groups and partners.
THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 OBJECTIVES FOR 2024 The obje¢lives for 2024. together with the strategies to ¥hieve those objectives, are sel out below.. To deliver the Society's charitable objects through the slaging of high44uality shows, surtable lor all ages, which promote British agriculture. hOrtVIlure. equine pursuits, and the rural economy. To dellver expanded educab.on and bursary programmes administered by the Charitable Objectsves and Education Commillees in line with the objecis of the Society. To focus on devel¢)ping strategies lo calculate and reduce ihe environmental impact of the Society's shows and venue hire programme. To explore new business opportunliies and income streams lo further aid the Society In achthing Its oblects. To relaln and develop a quality staffing team capable of ¢XJnstantty delivering hkjh standard8 with locus on Iralning anil successK)n plannin9. To malnlaln positive operating cash Ilow al all b'ff5. To m8n8ge overheads to ensur6 they are relevant and propOrt3t8 in delivering Ihe Society's objects. To identify and mlligale potential risks that threaten the Society's reputation and continued operation. To continue lo malnlaln and enhance the standard of the showground through maintenance and capital projects. To contlnue to malntain good relatlons with stakehoklers and the k¢al community. STRATEGIES FOR ACHIEVING OBJECTIVES These objecllves will be developed Ihrough the use of the lolk)wing sIralegS.' A. Best practice in agriculture, horticulture, equestrian, the countyside. and nJral econorny are lo continue lo be displayed al the so¢ty,$ show$. B. A newly f0md Charitable Objectives Committee lo work alongside the Society's Education Committee lo give sttalegic direcb'on and support to deliver the Slxiety's objects. C, A locus on new opportunities lo continue lo diversify the Swiety's revonue opportunilw. D. Best practice in HR management, recruilmenl. training and open communulion lo maintaln a molwated hlghty skilled team. E. A review of finance systems and processes with a view lo streamlining existing workflows, allowing more lime to locus on anaty5ing income and overheaLIs. F. A maintenance programrne supported by capital investment, delivered by an established Eslale Team and the continued use ol apprenticeships, ensuring showground standards are maintained. G. Ongoing engagemenl with the I1 community to maintain good relab.ons and lines of communicakn'on with stakeholfjers.
THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2023 FINANCIAL REVIEWAND RESULTS FOR THE YEAR The main source of funding for the Swiety is tsckel income from agricultural and horticultural shows. Total ticket income for the year was £2,515k12022.' £2.558kl making up 32%12022.' 39.6%1 of total income. During the year the Society received a commitment from Ihe Kildare Trust lo donate a lolal of £1,500k (2022, £Nil) towards the construction ola new exhibition hall whh was underconslruclion al the yearend. A lolal of £605k ol the amount committed had been expended by the year end (2022, £Nil). The Slal8ment of Financial Aclwilies ISOFAI, sel out on page 16. shows that total incorning r&sour¢es includlng the amount commilled by the Kildafe Trust increased by 21.7% 10 £7,863k 12022.. £6,46tk>. Expenditure on charitable activities Increased by 6.3% 10 £5.251k (2022.. £4,941k) whilst lolal rosources expended amounted lo £6.378k12022.' £6,304kl re5LFlling in a nel suiplus for the year before gains I Ilossesl on inveslmenis of £1,485k12022.' £157kl. This resulled in total funds cafried lotward in¢reasin9 by £1,508k lo £6,120k12022.' increasing by £104k to £4,612k}. T.C.A. Tradlng Llmlted Wlhoul the NHS Vaccination Centre income. revenue lor the company during the year decreased by 16% 10 £1,498k12022.' £1. 791kl. The company undertakes the trading activities of the Society and generated a profil of £552k which has been donated lo the Society under the provisions ol Gift Aid12022.' £580kl. FINANCIAL MANAGEMENT POLICIES Koy Rlsk$ and R¢s•rye$ Pollcy Each year the Board considers the Society's exposure to major risks in terms of their likety impacl on ils income sources and planned expendilure in the short lerm. The malor rlsks lo the SLKiety are a decline in revenues from the major shows through inclemenlwealher. an economic downturn. or an outbreak ol either a viru5 such as COV-19 or diseases affecllng either plants or Iweslock. The trading subsidiary is also vulnerable lo these risks. Short-lerm cashflow continues lo be an area of risk. Tho Society's main source of Incomg is dertved from lick81 sales, most ol which are now paid in advance, however most ol the associated income from Ilckel sales is received after the shows have taken place. Rising costs particularly ele¢lri¢ity and lenlage continue lo reduce profil margins and pul additional pressure on cashflow in the run up to the Society's main shows. The Society has en miligaling againsl these risks by maintaining ils excellent credit rating in order lo renegoliale the release of lickel income sooner. by conslrucling a new exhibition hall lo reduce the requlremenl for lenlage, and by crealing a new paTI-time fund-raising positK)n to access granl-based support for investment in renewabk energy and low energy solutions. During 2020 the SletY look advantage of low inlefesl rates lo borrow £1m under the Government's Coronavirus Business Interruption Loan Scheme ICBILSI. however rising interest rates during 2022 and 2023 subsequently increased the ¢osl of the SIety's borrowing with an adverse effect on the profil contribution lor the year. Long leim exposuie lo high in(eresl rates on its borrowing was identified as 8 risk lo the Society's ability lo return its reserves to pre-covid levels. Al Ihe yearend meeting the Board ol Trustees look the decision lo de4isk the Sc¢iety's balance sheet by dearing the remaining balance of the CBILS loan al the earliest opportunity. As a matter of poly, the Iruslees review the value of the reserves retained in the form of investments. The Iruslees believe the Society should continue lo hold in the inveslment portfolio sufficient funds lo allow the Society lo be run efficiently, to provide a buffer against the short notice cancellation ol a major show, to funcl fixed capital renewals and maintenance to the Showground and to provide up ID hYelve- months, resource expended on admintstration and governan ¢x)sts ol the Souety. Total reserves at the year-enij were £6.120k {2022.. £4.612kl. 01 these, £2.625k were reslricled al the year-end12022.' £1, 1 Iokl. This is disclose(l in note 19. unrestrted resevves include amounts that ¢ou only be realised by disposing ol fixed assets totalling £2,958k, the1el0 free reserves al the year-end IDlal £537k (2022.. £475k). This remains the amount outlin1 in the reserve poli and whilst situation continues 11 is being closely nK>nitored by the Tfustees al their gUlar Board meetings.
THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2023 Investment Policy and performance The Society's investments were valued at £1.354k at the start of the financial year. A second investment fund was sel up during the year lo invest £1m of the So¢iety's reslricled funds. Both inveslTrnl funds are managed with a cautious to medium risk profile. As al the balance sheet dale, the iwo fvnds are now valued al £2,399k. Al the yearend Mling the Society's Board look the decIsn lo temporarily draw down sufficient funds from investmen15 to repay the balance of the CBILS loan. Monthly repayments would Ihen commence to return the inveslTnenl portfolio back lo its November 2023 yearend levels. Having reviewed the portfolio durtng the year and compared ils long-lerm Performan against mulli-assel funds and the market benchmark, the trustees remain satisfied that the Society's investments continue lo perform adequately enough lo service its reseNes policy. Going Concern The Iruslees believe that the Charity's financial resoues and contingency planning is sufficient to ensure the abllily of the Charity lo continue as a going ¢oncern for the foreseeable lulure and therefore the rinancial slalements have been prepared on this basis. This also applies lo the tiading subsidiary, T.C.A Trading Limitsd. HEALTH AND SAFETY In the pursuit of excellence in all 118 activities the Socrety is committed lo the prorwllon and implemantatlon ol health and safgly measures lo minimise both work-relaled accidents and ill health. The safely of visitors, staff, volunteers, and the conlractois who visit the showground is ol primary importance and il is the responsibillly of the Chief Executive lo ensure that all operation5 are conducted in accordanc6 with health, safely and environrnenlal legislation and standards lo whh the Society subscribes. Accountability lor health and safely matters lollows the aCknOwge line management chain ol authority lo the mana9er or Indivlduals SFrt1la1IY tasked and trained lo exerclse wnlrol. EMPLOYEES The Soci&ly aims lo be an organis81ion where employees enjoy a sense of fulfilmenl and where they feel supported and developed. Employees are kept ful infmed about Ihe sty's strategy and objeclivey, as well as day-lo-day news and events. Information about the organisats'on is available through regular brlelings and posl-show meetings as well as a monthly digital stafl newsleller. All ernployees are encouraged lo give their suggestions and views on performance and strategy. The Society continues to follow a pollcy of recrullmenl and promlion on the basis of aplilude and ability wilhoul discrimination. PENSIONS The Society operates a conlribulory defined conlribulk)n pension scheme in which all permanenl employees a enlilled lo participate, together with a workplace nSIOn for the appropriate employees. RELATED PARTY TRANSACTIONS The related party transactions are included in note 2110 these financial stalefrEnts. FUNDRAISING The charity had no fundialsing acltvilie5 requiring dk%closure under S162A of the Charities Act. DIRECTOR'S INDEMNITY INSURANCE The Society has in place an annual managenI Liability Insuran policy lo indemnify directors or officers against any claim first made against them lo a limil of £500,000 for any wrongful act covered by the policy in their capacily as a director. officei, or employee of the charity and its trading subsidiary. The premium for the year was £2,357 including insurance premium lax (2022.. £2.357J.
THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2023 REFERENCE AND ADMINISTRATIVE INFORMATION: PRINCIPAL ADDRESS AND REGISTERED OFFICE The Showground Malvein Worcestershire WR13 6NW SECRETARY Ken Noltage David Prescott 110 2 March 2023} (from 2 March 20231 PRESIDENT The Rt Revd. Rachel Treweek Henry 8erkelgy lfrom 1 December 2022 10 30 November 20231 lfrom 1 December 20231 VICE PRESIDENTS Laura Hamilton Francis Harcombe Penny Corb811 Mark Tufnell Penelope Bossom Andrew Powers {from 1 Decemb8r 2022 to 30 November 20231 (from 1 December 2022 10 30 November 20231 (from 1 De¢embeT 2022 10 30 November 20231 (from 1 December 20231 (from 1 December 20231 (from l December 20231 CHIEF EXECUTIVE Ken Nollage David Prescott {10 2 March 20231 {trom 2 March 20231 MEMBERS OF THE BOARD OF TRUSTEES Lindsey Craddock Nlcholas Dee Pelei Dowle Laura Hamilton James Hawkins Adrlan Hope Glyn Morgan MBE Roger Phillips Clive Roads DBvid Smart Tamar Thornpson OBE Michael Weaver (County Dlrectorl IreswJnetl 6 November 20231 (from 8 Dember 20221 {County Director} (from 10 January 20231 ltrom 7 Dmber 20231 {to 7 December 20231 (Chairman from 1 December 2022) (from 8 December 2022 (County Directrff) RISK AND AUDIT REVIEW COMMlffEE Ruth Goodman Chris Lloyd Tania Phillips Mark Tufnell Mary Walhen {Chaimian) MEMBERS OF COUNCIL Penelope Bossom Oliver Bruce Philip Burford Rachael Chamberfayne Emma Coales Penny Corbett Lindsey Craddock Richard Davies Nicholas Dee 110 30 November 2023} (from 23 March 20231
THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2023 MEMBERS OF COUNCIL {Continuedl Peter Oowle Ruth Goodman Robert Grinnall Laura Hamilton Francis Harcombe John Harper Maurice Hart James Hawklns Dene Hazelwood Adrian Hope Andrew Lloyd Glyn Morgan MBE Tracey Morgan Cale Morris lain Morrlson David Owen5 Roger Philllps Tania Phillips Andrew Powers Geoff Probert Bill Quan Clive Roads Hgnry Roblnson Peter Rose James Sage Helen Smalley David Srnart Mark Tufnell Garelh Wall Mary Walhen Graham Walkins Richard Walkins Derml Weaver Michael Weaver Paul Weslaway {resigned 6 November 20231 {from 23 March 2023) (from 7 Decembèr 20231 {reswJned 13 October 20231 (Chaimn from 7 December 20231 (Chaimian lo 7 December 20231 {resigned 8 December 20221 (roslgned 23 January 20231 {trom 23 March 20231 (from 8 December 2022) KEY MANAGEMENT PERSONNEL Paul Butler- Head ol IT and Ticketing Jane Edwards- Head of Shows and Markefing David Fenwick- Head ol Finance Ken Nollage- Chief Executive Davi(J Pse011- Chief Executiv8 Ben Russell- Head of Opeialions John Wilesmilh - Head of operatn5 110 2 March 20231 (from 2 March 20231 (from 25 September 20231 {to 25 septeMr 20231 10
THREE COUNTIES AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2023 PRINCIPAL PROFESSIONALADVISERS Independ$nt Auditor Crowe U.K. LLP Stalulory Auditor 4th Floor Sl Jaffles House Sl James Square Cheltenham GL50 3PR Prlnclpal Banker8 N81ional Weslmlnsler Bank pl 1 Tho Cross Worcester WR1 3PR Sollc5tors MFG Solicitors LLP 20-21 The Tylhlng Worcester R1 1HD Investrnent T41anagern Ralhbome Inveslmenl Management Limited Port of LlverpoDI Bulkling Pler Head Liverpool L31NW The report of the Iruslees has been prepared In accordance with sectlon 415A ol the Companies Act 2006 relating lo small companies. This report Was approved by the Board on 6th March 2024 arKI skjned on their behalf. DPSmart Chaimian
THREE COUNTIES AGRICULTURAL SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THREE COUNTIES AGRICULTURAL SOCIETY FOR THE YEAR ENDED 30 NOVEMBER 2023 Independont Auditorfs Report to the Membern and Trustoes of Three Countlos Agricultural Socièty Oplnion We have audited the financial slalemenls of Thiee Counties Agricultural Society {'the charitable company'l and ils subsidiary I'lhe group'l lor the year ended 30 NOVemr 2023 which corllprise the eonsolidaled Statement of Financial Aclivilies, the charty and consolidated Balance Sheets. the consolidated Cashflow Statement. and notes lo the financial stalemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢¢ounlin9 Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable the UK and Republlc of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinion the financial StatenIs.. give a true 8nd fair view of the stale of the group's antl the charitable eompany's affairs as a130 Novembèr 2023 and of the group's incorne and expenditure. for the year then ended. have b8en properly prepared In accoidance wtth United Kingdom Gener81ty kcepled Ac¢ounling Practice,. and have been wepared in accordance with the fequlrements ol the Companies Act 2006 Ba$ls lor oplnlon We conducted our audit in accordance with Inlèmalion81 Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilllies under those standards are lurlher described in the Auditor's responsibilities for the audit ol the financial stslemenls section ol our report. We are independent of the group and charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK Including the FRC'S Ethical Standard, an¢J we have fulfilled our other ¢lhieal responsibilities in accordance with these requirements. We believe that Ihe audit evidence we have obtained is suificienl ané appropriate lo provide a basls lor our oplnlon. Concluslon8 r•l*tlng to golng conc•m In audlllng the financial stalemenls, we have concluded that the trustees, use of the goSng concern basis of counllng in the preparation of the financial stalemènls is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or colldilions that. individually or collectively, may cast significant doubl on the charitable company's or the group's ability lo continue as a going concern for a period ol al least 1ve mnths from when the financial slalemenls are aulhorised foi Issue. Our respon5ibililies and the reswnsibililies of ihe Iruslees with respect to going concern are described in the relevant sections ol this report. other Infomiation The Injslees are responsible lor Ihe other inlormalion contained within the annual report. The other information comprises the inforTllalion included in the annual report, other Ihan the financial slalemenls and our auditor's report Ihereon. Our opinion on the financial slalemenls does not cover the other information and. except lo the exlenl olhemise eXPl111Y slated in our report, we do nol express any fomi of assurance condusion Ihèreon. 12
THREE COUNTIES AGRICULTURAL SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THREE COUNTIES AGRICULTURAL SOCIETY (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Our responsibility is to read the other information and, in doing $0, considei whether the other information is materially inconsislenl with the financial slalemenls, or our knowledge obtained in the audit or otherwise appears lo be materially missialed. If we identify such material inconsistencies or apparent material misstalemenls, we are required lo determine whether this gives rise lo a material mi5Stalemenl in the financial stalemenis themselves. If. based on the work we have performed, we conclude that there is a material misslatemenl of this olhei information. we are required lo report that fact. We have nolhlng lo report In this regard. Oplnlons on other rnatt•rs prescrIb by the Companlos Act 2006 In our opinion based on the work undertaken in the course of our audit the Information given in the Iruslees. report. which includes the diwlors, ieport prepared lor Ihe purposes of company law. for the finanual year for whKh Ihe financial staiements a prepared is consislenl with the financial slalemenls., and the directors, rewrt included within the trustees, report has been prepared in accordance with applicable legal requiremènts. Matters on whlch we are requlr•d to report by oxceptlon In liohl of the knowledge and understanding ol Ihe group and charitable Company and Iheii environm&nl obtained In the Coursè of the audit, we have not identified material misstatements in the diTeclors' report included wilhin the Iruslees, report. We have nothing to report In respect of the foll¢y•ving matters In relatlon lo which the Compan188 Aol 20Ce requires us to report lo you il. In our opinlon.. adequate and proper accounting records have nol been kept. or the financial slalements are nol in agreement with the accounting records and relum5'. or certain disclosures ol Iruslees, femuneralion specified by law are not made. or we have not received all the information and explanations wo require lor our audit.. or the Iruslees were not enlilled lo prepare th8 financial slalemenls in accordance with the small companles, regime and lake advantage of the small companie5, exemption5 in preparing the Truslges, Annual Report and from the requirement lo prepaie a 51rateg report. Responslbllltle6 of trustees As explained more fulty in the Iwslees, responsibilitS statement sel out on page 2. the Irvslees (who are also the dlreclors ol the charitable company lor the purposes of company lawl are responsible for the prepaialion of the financial slalemenis and for being satisfied Ihal they give a true and fair view, and for such internal control as the Iruslees determine is neSsary lo enable ihe preparatiorb of financial statements that 8re free from material misslalemenl, whether due lo fraud or errof. In preparing the financial slalemenls, the trustees are resFKJnsible for assessing the charitable company'5 ability lo continue as a going concern. disclosing, a5 applicable, matters related lo going concern and using the going conGern basis of accounting unless the trustees either intend to liquldale the charitable company or to cease operations. or have no realislic allemalive but lo do so. Audltor's responsibilities for the audit of the financl¥l statements We have been appointed as auditor under sects.on 151 of the Gharilies Acl 2011 and under the Companies Act 20C6 and report in accordance with the Acts and relevant regulations made OT having effect Ihereunder 13
THREE COUNTIES AGRICULTURAL SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THREE COUNTIES AGRICULTURAL SOCIETY (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Our objectives are lo obiain reasonable assurance aboutwhether the financial staternents as a whole are free from material misslalemenl. whether due lo fraud or error. and to issue an audilor's report that includes our opinion. Reasonable assLJrance is a high level ol assurance bul is not a guarantee that an audit conducted in accordance with ISAS (UK} will avaYS dele¢l a mater1 MISStatenI when il exists. Misstalemenls can arise from fraud or error and are Considered material if. individually or in the aggregate, they coukl reasonably be exp&cled lo influence the econom1¢ decisions of users taken on the basis ol these financial sialernenls. Details ol the exlenl lo whKh the audit was considered capable ol detecting irregularities. including fraud and non- compliance with Lqws and regulations are sel out below. A further description ol our responsibilities foi the audit ol the financial 51alemenls is located on the Financial Reporting Council's website al.. wvA¥.frc.org.ukl8udilorsresponsibililies. This description forms part of our audilols report. Extent to whlch th• audlt was ¢onsldered Capable of d•te¢tlng Irr•gularftlo8, Includlng fraud Irregularities, including Iraud, are instances of nOn-MplI8nce with laws and regulallons, We Identified and assessed the risks of material misslalemenl of the financial statements from irregularities, whether due lo fraud or error, and discussed these befvleen our audit team members. We then degigned and performed audll procedures responsive to those risks. Including obtaining audit evidence sufficient and appropriate lo provide a basis for oui opinion. We obtained an understanding of the legal and regulalory frameworks wilhln whh the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the delerminalion of material amounts and dlsclosures in the financial stalemenls. The laws and regulalions we considered in this context were the Companies Act 2006 and Ihe Charities Acl 2011. together with the Charili8s SORP IFRS 1021. We assessed the required compllance with these laws arKf regulatn$ as part of our audit procedures on the related financial 8tslem8nl items, In addition, we considered provislons ol olher laws and regulalh)ns that do not have a direct effect on the financial slalemenls bul compliance with which mKJhl be fundamental lo the charitable company's and the group's abillty to operate or lo avoid a material penally. We also considered the opportunities and Incentives that may exist within the Charitable company and the group for fraud. Audlling standards lirnil Ihe required audit PTocedures lo Klenlfy non4omplianee wllh these laws and regulations to enquiry ol the Trustees and other manage1 and inspeclKJn of regulatory and legal correspondence. if any. We identified the greatest rfsk ol material Impact on the financial statements from irregularities, includlng fraud, lo be with the liming and recognition of ticket and trade sland income. and the override of ¢onlrols by management, Our audit procedures lo respond lo these rrsks included enquiries of management, and the Finance Commillèe about their own idenliftcalion and assessment ol Ihe risks ol irregularities, sample lesling on the posting oljournals, reviewing accounting estimates lor biases. reviewing regulalory correspondence with Ihe Charity Commission designing lesling around the liming and recognilion of lickel and trade stand income, and reading minute5 of meellngs of those charged with governance. Owing lo the inherent limitations ol an audit. there is an unavoidable risk Ihal we may nol have detect some rnalerial misslatemenls in the finan¢ial slalements. even though we have properly planned and performed our 8udil in a¢¢ordance with auditing standards. For example. the further removed non-complian¢e with laws and regulation5 lirregularilies) is from the events and Iran5aclions reflected in the financial slalemenls, the less likèly the inherently limited procedures required by auditing standards would identify it. In addition, as wilh any audit, there remained a higher risk of non-dete¢lion of irregularities. as these may involve collusioT7, ft)rgery, inlenlional omissions misrepresenlalions, or the override ol internal controls. We are not responsible for preventing non-compliance an(1 cannot be expected to delecl non-compliance with all laws and regulations. 14
THREE COUNTIES AGRICULTURAL SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THREE COUNTIES AGRICULTURAL SOCIETY (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Uso of our report This report is made solely lo the charitsble company's members. as a body, in a¢¢ordan¢e with Chapter 3 of Part 16 of the Companies Act 20 Our audit work has been undertaken so Ihal we might slate lo the charitable company's members Ihose mallers we are required lo siale lo them in an auditor's report and for no other PLJrpose. To the fullest exlent permitled by law, we th) nol accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit work, lor this report, or for the opinions we have formed. Tara Weslcoll Senior Sialulory Auditor For and on behalf ol Crowo U.K. LLP Slalulory Auditor 4tn Floor Sl James House Sl James Squafe Chellenham GL50 3PR 19 March 2024 Crowe U.K. LLP 1$ eNglb for 8ppoinlrnent 85 8ud#or dlhedwrtty ¥iilue 01115 oilbilKy for app)inimnl a6 8udllor of 8 company und sectlon 1212 of the Ccryanies Aci 2CQ6. 15
THREE COUNTIES AGRICULTURAL SOCIETY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating an Incomè and Expenditure Accountl FOR THE YEAR ENDED 30 NOVEMBER 2023 Unrestricted Funds £000 Restrictsd Funds £000 Total Fund$ 2023 £000 Total Funds 2022 Note INCOME FROM Donations and L•gacies Charitable a¢tlviti•$ Agri¢ullural and horticullural shows Other Income Other tradlng acllvltles Fundraising events Trading subsidiary income Investments 1,510 1,511 io 4.618 4.618 4,465 185 1.498 51 185 1,498 51 153 l.T91 31 Total EXPENDITURE ON Charltable a¢tlvllles Agricultural and horticullural shows Education81 bursaries Oth•r Fundraising events Trading subsidiary experTrdilure Investment management costs 9A 98 6,241 5,241 10 4,933 9B 172 172 143 9B 1,212 98 Total Nel gains I lJosse8} on investments Net incomg I lexpendlturel 11 12 23 104 RECONCILIATION OF FUNDS Total funds bmughl foard at I D8C9mb8r2022 TOTAL FUNDS CARRIED FORWARD AT 30 NOVEMBER 2023 19 3,502 1.110 4,612 4,508 19 2.625 4,612 All amounts relate lo continuing operations. The notes on pages 19 to 36 forni part of these Ilnancial slalemenls. 16
THREE COUNTIES AGRICULTURAL SOCIETY CHARITY AND CONSOLIDATED BALANCE SHEETS AS AT 30 NOVEMBER 2023 COMPANY NUMBER: 01568S71 GROUP CHARITY 2023 2022 2023 2022 Notes £000 £000 £000 FIXED ASSETS Tan9ible assets Intangible assets Investments 12 13 14 3,522 41 2,996 31 3.522 41 2,996 31 1,354 4,381 CURRENT ASSETS Debtors Cash al bank and in hand 15 804 734 373 1,669 714 734 281 1,669 2,042 CREDITORS: Amounts falling due wilhln one year 18 18681 (964) 1780} (874) NET CURRENT ASSETS 670 1078 668 LONG TERM LIABILITIES Bank loans 18 {512} (84T) 15121 f847) NET ASSETS 4.612 FUNDS Reslricled funds Unreslricled funds 19 19 2,625 3.495 q,iio 3.502 2.62S 3,493 1,110 3,500 TOTAL FUNDS The Ch8rily's nel incoming resources for the rIOd were £1.508k (2022.. £104k). The Financial Stslements are prepared in ¢01anCe wlh the speckgl provisions of part 15 ol the Companies Act relating lo sm851 companEs. Approved and aulhorised for issue by the trustees on March 2024 and signed on their behalf by DPSmart Chairman The notes on pages 19 10 36 form part of these financial statements_ 17
THREE COUNTIES AGRICULTURAL SOCIErY CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2023 2023 £000 2022 £000 Not• Cash flows from op&rating activitl&s Net cash provided by 0rating activities 1,109 451 Cash flows from Investlng activities DldendS and interest from investments Purchase of propety. plant, and equipment Purchase of intangible assets Cash transferred from investment account Prcreeds from sale ol investments Purchase of investments 51 {7511 1211 20 138 31 (64) (29) (30) 173 162 Not ¢ash lus&d Inl Inve8tlng attlvllles 81 Cash flow8 trom flnanclng actlvltltr$ Repayments of borrowing Interest paid 12451 (484) Not cash lu$•d In) flnanclng actlvJtl88 301 521 Change In cash and cash equwalents In the reporting period 19351 (151) Cash and cash equivalents al l December 2022 Cash and Cash equivalents al 30 November 2023 734 Reconclli81ion of cash flows from operating activilie8'. 2023 £000 2022 £000 Nel income lor the ieporting period Adlu51ments for: Interest paid Depreciation charge Amortisalbon charge Impairment chargo (Gains) I losses on investments Los5 on sale ol fixed assets Dividends and interest from investments Ilncreasel I de¢rease in debtors (Decrease) l increase in credilvrs lexduding bank h)ans) 1,508 56 224 11 37 280 1231 53 (31) 39 46 {4311 1,109 451 ill Anatysis of cash 8nd cash equNalenls.' 2023 £000 2022 Cash al bank 734 1,669 734 1.669 18
THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 CHARITY INFORMATION Three Counties Agricultural Society I'the sty.> is a registered charity with the Charities Commission England and Wales Icharily number.. 5118681 and is incotporaled as a company limited by guarantee Icornpany number.. 01568571. England and Wales). The address of ils principal and iegisiered office is The Showground. Mae[n, Worcesler5hire. WR13 6NW. STATEMENT OF ACCOUNTING POLICIES a. Basis of preparation The financial statements have been prepared in accofdance with Accounting and Roporting by Charities.. Stalemenl ol Recommended Practice appli¢able lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffeclive 1 January 20191- (Charitie5 SORP IFRS 10211 and the Flnancial Reporbng Standard applicable in the UK and Republic of Ireland IFRS 1021. The financial statements have been prepared under the historical wst convention. Three Counties Agricultural Sociely meets the definition of a publlc benefit entity Urer FRS 102, The lunctsonal currency ol the Society is considered lo be GBP because that is the curioncy of the prlmary economlc envirOnnnI in whi¢h the Chaiily operates. b. Consolldated Flnanclal Statements These financial 51alemenls consolidate the Soclety and 115 subsNllary undertaking, T,C.A. Trading Limited I'lhe Group'l. No separate SOFA has been presented for Ihe Society alone, as permilled by Section 408 of the Companies Act 2006. Nel incoming resources allilbutable lo the Charity lolalled £1.508k for the year 12022.. £1(Mkl. The SO¢ty has also taken advantage of the exemption available lo a qualifying entity in FRS 102 from the requlrement lo present a charity only Cash Flow Sialemenl wilh Ihe consolKlaled financial slalemenls. c. Golng Concem High inflation and high interest rates conlinve lo negatively impact the Society's costs whilst the ongoing cosl-of-living crisis limits our abilily lo raise lickel price5 without adversely affecting attendance numbers. The Iruslee5 continue to mnilor the situation and undertake detailed planning, forecasting and sensilwity analysis. Despite the cufrenl circumstances the Iruslees believe that the Group's financial resources and contingency planning is sufficienl lo ensure the abillly ol the Group lo continue as a going concern lor the foreseeable future. being at least twelve rnonlhs frorn the dale ol approv81 of these financial statements and therefore have prepared the financial slalemenls on a going concgm bas1S. d. Funds Structuro Unreslricled lunds are those funds available for use by Ihe Society for any charitable purpose al Ile discretion of the Iruslees. Reslricled funds are subjecl lo specific conditions by donors as to how they may us8d. The purposes and use5 of the reslricled funds are sel oul in the notes to the financial slalernenis. •. Incoming Resources l incoming resource5 arg included in the Slalemenl of Financial Activities I'SOFA'I as and when enlillement ari5e5, the amount can be reliably quantird and the economic benefit lo the Soclety Is considered probable. Inwming resources from charttable actwitie5 fA)mprises i10m0 from shows stsged in accordance with the Sccw's charitable aclwities. lllcome from lundrai5ing events rewesenis entry fees and seNKes provKled arKI sponsorships which reIe lo the curTenl financial year. Incon trom dOnatiS are reccwJni5ed on receipl. 19
THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 Income from legacies are rec(yJni5ed ortt the Society has enbllenpnt, the amunl Is rr*asurable, and the gift is probab. Government grants are credited to the c0nsolx1al StatenI of financial aclNilies as the related expenditure is incurred. Resource5 Expended Costs of raising funds include direct and Indirect costs allribuled lo fvndraising activities for th8 Society. These include shows and other fundraising events. Costs of charilabje aclivilies include dired and support costs attributed lo activit$ In lurlherance of Ihtr Society's educational aclNlties. These comprise of agricultural and hOrtUl1ral shows and educational bursary awards. Govemance costs are included wlthin supportcosls and comprise dlrect, and Indiiecl expenditure Invoed in ensuiing that the SLKlety complies wilh ils charilabie and stalulory obligations. The allocation and apportionment ol costs lo T.C.A. Tiading Limited is based on management's estimate of attributab costs incurred. The apportionment of costs fot all show5 and fundraising Is based on the turnover foi each show. g. Gr•nt8 payabl• Grant payments are recognised once there is an obligation lo make a payment, the payment Is probable. and the paymenl c8n be measured reliabty. Grant commitments are cornmunicaled lo the CIpient in the period the award is payab and are subject lo performance-relaled conditions being mel. h. P•n8lon The Society operates defined contribuiion schemes. contributn8 are charged lo the Slalemenl of Flnancial Activities as they bewme due. Taxatlon As a registered charity, Three Counties Agrltural Society ks enlilled lo tax exemptions on all Its income and gains, wopety appl fot its chanlable purposes. Tanglble Flxed Assets and D&pre¢latlon Fixed assels costing less than £500 are written off to the SOFA. Tangible fixed assets are slated al cost 55 depreckqlion and ImpalmnI. DepreCiatn is provlded al the following annual rates in order lo write off each asset over 115 eslimaled useful life.. Permanent buiklings Propety improvemenls 4% on cost 10% to 25% on cost New wooden buildings 10% 10 25% on cost Plant and Mhinery 10% 10 25% on cosl Motor v8hleS 33% on c05t and show equipThnt 25% to 33% on cost Assets in the course ol construction are incIled al ¢051 and are not dewecialed unlll they arg biought into use. Land is not depreciated. k. Intangiblè Fixed Asset$ and Amortlsatlon Inlangible fixed assets are staled al cost less anThNbsalion. AtTh)rtisation ¢s provided al the following annual rale in order to lIe olf each asset over its estimated useful life and charged to the SOFA.. Society Websrte 25% on cost Investments Fixed assel investments afe stsled at market value at the balance sheet dale. Changes in the valuation of inveslrnents during the year are shown as gains or k)sses in the SOFA. 20
THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 m. Creditors Creditors are rec(¥Jnised on an CrUalS basts once there is a legal or constructive oblvJatiorn that cornmits the &ety to the oblwJalk)n. n. Debtors Short term debiors are inthalty measured at tran$tion pyice, $S any impairment. Prepaymen15 are rrEasured al the a1Unt prepaKI. o. Financial Instruments Three Counties Agri¢ulluial Society onty has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Investments are held at fair value. p. Ternilnatlon payments Terminalion payments are accounted for as SOC as the charitabl8 company Is aware ol the obligation to make the paymgnL q. Opgratlng lea$05 Rentals payable under operating leases are charged to the SOFA as incurred over the term ol the lease. r. Jud9em•nts In apptylny accountlng pollcl•$ and key 8ourcg8 of •8tlmatlon of un¢grtalnty Eslimales and judgements are continualty evaluated and are based on historical experience and olher laclors, Including expectations ol future events that are believed lo be reasonable under the circumstances. The itoms In the financial statements where these estimates and judgements have b8en made Include the lo11ng.. 11 Useful oconomlc Ilv•s of tanglbl• and Intanglble ass•t$ The annual depreciatn charges IOT the tangible assets and amorlisalk)n charges of Intangiblè assets are sensitive lo change5 in the estimate usefijl economic lives and residual values ol the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary lo reflect current estimates, based on economic ulilisalion and the physlcal condilion of the a55ets. See notes 12 and 13 lor the carrying amount of the tsngible and intangible assets and notes 21 and 2k for the useful lives lor each class ol asset. 11) Impalrment Debtors the Group makes an estimate of the rewverable value of trade and olhef debtors. When assessing impaim)enl of trade and other debtors, management considers factors including the current ¢redit rating of the debtor. the ageing profile of debtors and historical exp&ri&nc?. See note 15 lor the nel carrying amunl of the debtors. Flxed assets - property, plant and equipment are slated at historical cost less accumulated deprecialion and any recognise<l impaimienl losses. The assets. residual values and useful Ilves are reviewed. and adjusled il appropriate, at each balance sheet dale. An asset'5 value is impaired when the asseV5 carrying amount 1$ greater than its eslimaled recoverable amount. 21
THREE COUNTIES AGRICULTIJRAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 INCOME FROM DONATIONS & LEGACIES Unrestrl¢ted £000 Restricted £000 2023 £000 2022 £000 Educational bursaries Other donations 10 1,500 1.510 10 1,S01 1.511 10 10 During the year the Society received 8 commitment from the Kilda Trust lo donate a total of £1500k (2022.. £Nil) toward5 the construction of a new exhibition hall. Of the lolal anK)unl commilled, £1,050k had been received by the year end and £450k is included in prepayments and accrued income. INCOME FROM CHARITABLE ACTIVITIES 2023 eooo 2022 Show income Membershlp income Other income 4A67 74 77 4.319 69 77 4,465 4.618 OTHER INCOME 2023 £000 2022 £000 Central & Lc¢al Govemmenl Grant funding 11 li 22
THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 SUBSIDIARY RESULTS Three Covnlie5 AgrKulluial Soc*ty owns 100% of the share ¢apilal ol T.C.A. Trading Limited Iregislered company no.. 016383531, which was sel up to cary out the trading activities of the GroLJP. The entily exists lo undertake any non-primary purpose trading actsvity with any profits being donated back to the Charity under Gift Aid njles. These activities include income and expendilure relating lo Commercial sponsorship agreements and Ihe renting out available showground space and facilities lo third parbe5 when these are not being used by the Charity's primary activities. Ils registered address 15 The Showground, Malvern, Worce5tefshire, WR13 6NW. its trading results. as exlracled from the audited accoun15. are svmmarfsed below.. PROFIT AND LOSS ACCOUNT AND BALANCE SHEET FOR THE YEAR ENDED 30 NOVEMBER 2023 2023 2022 Turnovèr Cost ol salès Gross proflt Adminislralive expenses Operatlng proflt Gift aid payable lo Three Countles Agriculbjral SoGiety Retalned110881 for the year 1,498,097 1263,1501 1,234,947 1682,5111 552,436 {S52,436 1. 791,413 (535, 154) 1.256,259 (676, 717) 579,542 (579,542) Total as8•ts Debtors.. amounts falllng due wblhin one year Cash al bank and in hand 96,827 30 96,B57 109.944 709,955 Total Ilabllltl•s Credllors.. amounts falling due within one year Total a8sets1•8S total Ilabllltle8 195.1701 1,687 (108,268) 1,687 Re$etves Profil and loss reserves Share capital Shareholders, Funds 1,682 1.682 1,687 1,687 Adminislralion expenses Include £676,871 (2022.. £672,058) for services supplied by the ChaTily which are recharged lo the subsidiary. The trading company made a gift aKI donation of £552,436 (2022.. £5T9.542) lo the Charity, with the result Ihal il has a £nil annual corporation lax liability. Al the yearend £6,927 was due from Three Counties Agricultural Society lo T.C.A. Trading Limiled (2022." £18.210 due from T.C.A. Trading Ltd lo Three Counti8s AgrFcultural stY). 23
THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 INVESTMENT INCOME 2023 £000 2022 £000 Bank interest receivable Dividends 18 33 28 S1 31 NET INCOMING RESOURCES This is staled after charging the following.. 2023 £000 2022 £000 Audilols rernuneralion.. For audit services For other 8ervi¢es 24 17 Assets owned by the Group.. Depreciation Amortisalion Impairment 224 11 280 11 Operating lease costs AI AGRICULTURAL AND HORTICULTURAL ACTNITIES- Re8ource$ Exp•nd•d Activitles 2023 Undertaken Total Dlrectly Costs £000 £000 Activlty 2022 Tol81 Cosls £000 Support Costs £000 Agricultural and hortlcullural shows 4,863 378 5,241 4,933 24
THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 BI ANALYSIS OF TOTAL RESOURCES EXPENDED AND SUPPORT COSTS BREAKDOWN BY ACTIVITY ANALYSIS OF TOTAL RESOURCES EXPENDED 2023 2022 Staff costs Othèr ¢o$ts Depreciatlon and Amortisatlon Total Tolal £000 £000 £000 £000 £000 Agiicullural and hortJ'cuNural ShS Educational bursaries Cosls of raising funds Financè costs 1,388 3.623 10 115 230 5,241 io 172 4,933 52 143 Total for Charlty 1,440 3.757 235 5,432 5,092 Trading costs of the subsldiary 376 570 946 1,212 Total for Group 1.816 4.327 235 8,378 6.304 Ralslng Fund8 ChArltabl• A¢tlvltle8 2023 Total Group £000 2022 Tot81 Group £000 SUPPORT COSTS BREAKDOWN B Y ACTIVITY £000 £000 Management Finance Informallon technology Human resources 81 147 113 57 63 153 118 59 59 124 129 Total 15 378 393 365 Basis of allocation Support ¢osls ale allocaled beeen Agriculiural and HortKullural shows and Fundraising events on the basis of their re5pe¢live income. Any show5 which are cancelled arter 5eve¥al rbK)nihs ol planning have support C051s allocated on Ihe basis of a percentage of budgeled turnover. GOVERNANCE COSTS 2023 £000 2022 £000 Audilors, remuneration for audit services Legal and professional lees Staff costs Other 17 33 29 17 34 10 85 87 25
THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 10. STAFF a. Staff costs 2023 £000 2022 Wages and sal8ries Social security costs Pension contributions 1,556 114 146 1,526 112 52 1,816 1,690 b. Staff numbgrs The average numtrw of fiJll-lime equivalent èmpknyees during the year was.. 2023 No. 2022 No. Olfice management Permanent showground 23 10 33 23 io 33 The average headcounl of empbyees during the year was= 119 123 c. Hlgher pald staff One employee ol the charity earned beeen £110.000 and £120,000 during the year 12022.. on8 employee earn8d b6tWgen £160.000 and £I70,C49O during the yeart. Pgnsion contributions in respect of this employee were £9.16712022.' £21, 1401. One employee of the charity earned betsveen £60,CK]O and £70,CW during the year12022.' no lymployee ol Ihg charily e8med belween £60.000 and £70.000 during the yea¢. Pension conlrlbulbns In respect of this employee were £3,339. d. Remunoratlon of Key Management Personn•l Aggregate employee benefi15 01 key management personnol (including employer NIC and penslon costs) tolalled £485,639 (2022.. £465.793). o. T•rminalion payments There were no lerminalion paymen15 during the year {2022.- £15,3CQ). 11. TRUSTEES REMUNERATION AND EXPENSES Neither the Iruslees nor rSOnS connected with Ihem received any iemuneration or other benefits from the Society or ally connected organisalion. No Iru51ee expenses were reimbursed in 2023 or 2022. No Iru51ees waived any expenses in 2023 or 2022. 26
THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 12. TANGIBLE FIXED ASSETS OF THE GROUP AND THE CHARrrY Offic¥1 Show Equipment Fretshold Assets Under Land Construction Buildlngs Plant and Motor Machinery Vehicles Total £000 £000 £000 £000 £000 £000 £000 Cost Al l December 2022 Additions Transfers Disposals Impaimient 955 512 5,849 953 45 2T5 8,589 650 121 41 55 751 Isi 171 9SS 1,159 5,891 957 4$ 325 9,332 Deprgclatlon Al l December 2022 Oisposals Charge fof the year 4.420 891 45 237 5,593 171 224 173 31 20 4,$92 921 45 252 5,810 Not Book Valu• At30 November 2023 AI 30 Novemb&r 2022 965 1,159 1.299 36 73 3,522 955 512 1,429 62 38 2,996 Included within langlbl8 lixed assets above are per1Val cups and trophies wth a cost of £53k. These have b8en held lor a number of years and are fully written down al the Balance Sheet dale. Included wilhln assets under construction are £605k that have been expended from rgslricled funds donated during the year by the Kiklare Trust. 27
THREE COUNTIES AGRICULTURAL SOCIFrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 13. INTANGIBLE FIXED ASSETS OF THE GROUP AND THE CHARITY Website £000 41 21 Total £000 41 21 Cost As at 1st D8c6mber 2022 Additions Disposals 62 62 Amortisallon As at Isl December 2022 Charge on disposals Charge for the year io io 11 21 11 21 Net book value At 30th November 2023 41 41 At 30th Novgmber 2022 31 31 14. INVESTMENTS Charlty L18ted Investment8 Reslncled 2023 Total £000 Unrestricted 2022 £0 £000 £000 At l December 2022 Additions Disposals Nel gains At 30 Nov&mber2023 Cash balances awailing reinve51m8nl 1,269 207 11381 1,269 1,180 11381 1,333 162 {173J 53 1,269 973 12 1,349 2,334 27 65 85 At 30 Novembor 2023 Hlslorical cost The Society owns 100% of the five £1 ordinary share capital ol T.C.A. Tradlng Limited. which carries out the lelling 01 la¢ililies and associated a¢lNilies. The largest listed investment held represents 9.45% 01 the total portfolio however this investment is placed with a tracker on the US Market rather than wtth a single company and so does not represent stock specific risk. The market value of inv&slm2nls held outside of Ihe UK was £512.057 (2022,. £475,896). 28
THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE Y&4R ENDED 30 NOVEMBER 2023 15. DEBTORS Group Ch¥rlty 2023 £000 2022 £000 2023 £000 2022 £000 Trade debtors Arnounts due from subskliary CL)mpany Prepayments and a¢cJued income other debtors 139 231 S7 121 18 142 602 63 142 594 63 16. CREDITORS Group 2023 £000 Charlty 2023 £000 2022 2022 Trade creditors Pension cosis Taxab'on and social se¢urlly Amounts due lo subsldlary company Other creditors Accruals Bank credit card8 Bank loans due wllhin one year Deferred income (see note 171 S8 14 32 34 12 133 58 14 32 34 12 133 85 167 85 167 335 337 245 361 335 247 zjo 245 76 17. DEFERRED INCOME Group Charlty 2023 £000 2023 £000 2022 £000 2022 £000 Balance 81 l December 2022 Released during the year Income received in the year D•f9rred Sncomo at 30 Nov•mb8r 2023 361 538 276 413 {3611 337 (538) 361 12761 247 f413) 276 Deferred income al 30 November 2023 represents income Invoiced and advance Ilckels sold in respect of the shows to be held in 2024. 29
THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 18. BANK LOANS Group Charlty 2023 £000 2022 2023 £000 2022 £000 Due within one year Due been one and two years Due beeen two and live years Due in more than five years Total secured loan8 335 245 335 245 512 246 601 512 246 601 847 1.092 1,092 Less due wilhln one year (see note 16} Totsl loans due In morè than one y•ar 335 245 335 245 The Society entered into a loan agreemenl wilh Natwesl Bank in 2020 to purchase agri¢ullural land adjacent lo the showground. At the balance sheet date £557k remains oulslanding. repayable over 5 years al the bank's vallab rate. The Society also entered into a knw interest CBILS loan agreement wrth Nalwesl 88nk In 2020 10 borrow funds during the Coronavirus Covid-19 Pandemic. At Ihe balance sheet dale £290k remains outstanding, repayable over 6 years al the bank's variable rale Since intwesl rates have increased during 2022 and 2023 this is no longer a low interest loan, and the Board ol Trustees look the decision al their November eting lo repay this loan in fvll al the eadiesl opportunity, The 0108n8 are secured over certain ol the Sttiety's assets. 30
THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 19. AI STATEMENT OF FUNDS 8alan atl December 2022 Balance Galns I at30 {los$es} November 2023 £000 Incomè Expenditure Transfers £000 £000 £000 £000 Restricted fundB Educatlonal bursaries 10 {71 12 1,125 Kildare Hall buildlng proie¢l 1.500 1,500 Total rg$trlcted lund8 1.110 1.510 17} 12 2,625 Unrestrlct¢d funds Charity 3500 5,407 15,4251 11 3,493 Trading subsidiary 1898 11,4981 Elimlnale(l on consolklallon 15521 552 Total unr•strlcted funds 3,502 6,353 16.3711 11 3,495 TOTAL FUNDS 4.612 7,883 18.3781 23 6,120 Durtng the year a don8lx)n of £10,000 (2022.. £10.OOOJ was made from an anonymous donor towards an educational bursary. A total of £6,000 (2022.. £8,OOOJ was expended durlng the year on the bursary and £20.000 (2022.. £16,000) remains lo expended at the year end. During the year the Kildare Trust made a commitment lo pay the Society donations lotalling £1,500k f2022." £Nil) towards the conslruclion of a new exhibition hall. A lolal of £605k (2022.. £Nil) was expended during the year on assets under construction and £895k (2022.. £Nil) remains to be expended at the year end. 31
THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 19. BI COMPARATIVE STATEfvIENT OF FUNDS Balance at I Income Expendlture Transfers De¢ember 2021 Balance Galns I at30 Ilossesl November 2022 £000 £0( £000 £000 £000 Re8trl¢ted fund$ Educational bursaries 1, 108 10 {81 1,110 Total restrlct•d funds 1. 108 10 181 1,110 UnrtrIcted funds Charity 3.398 6.239 {5.0841 1531 3,500 Trading subsidrary 1.791 {1,791) Ellmlnaled on consolidation 1580) 580 Total unr•8trlct•d lund$ 3,400 6,450 16,2951 1531 3,602 TOTAL FUNDS 4.508 6.460 {6.303) {531 4,612 20. NET ASSETS BY FUND 2023 Unre8trl¢led Total funds £000 2022 slt?c18d Unrestricted nds funds R•8trlcted funds Tot81 £000 £000 £000 Tangible and intangible fixed a55els Investments Current assets Crn1 liabililTes Long term liabilities 605 2,958 3,563 3,027 3,027 1,012 I.IM)8 1.387 530 18681 15121 2,399 1.538 18681 15121 1,354 932 (964) (841) 1,354 2,042 (964) {847) I,tio Net assets 2,625 3.495 6,120 1.110 3,502 4,612 32
THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 21. RELATED PARTY TRANSACTIONS DuriHg the current year forestry services to the value of £66012022.. £1.1251 were provided by Adrian Hope Tree Services, a business joinlty owned by Adrian Hope who is also a Iruslee of Three Counties Agriculluial Society. As al Ihe yeaT-end £Nil was outslanding12022". £Nill. During the cvfrenl year professional fees lo the value of £287 12022.. £1001 were provided by Mccartneys LLP, a business ofwhich Clive Roads is a Partner and Chaimian who was also 3 Irusle& ol Three Counties Agricultural Siety. As al Ihe year-end £Nil was outstanding12022." £Nill. During the current year a water slorage lank and related seryices lo the value of £25,59012022'. £Nill were provided by Agri Management Solulions Ltd. a busine55 of which James Hawkins is a director who is also a Iruslee of Three Counties Agricultur81 Society. As al the year-end £Nil was oulslanding 12022. £Nill During the Cufrenl year payments lo the value of £43.00012022.. £Nill were provmled lo Howk Hill Nursery Ltd, a business of which Peler Dowle is a director who was also a trustee of Three Counties Agricultur81 Society. As al the year-end £NII was outstsnding12022'. £Nill. During the current ye8r a payment to the value of £3.000 12022.. £38,950) was provided lo Leaf Creative Deswn Ltd, a business ol which Peler Dowle is a director who w8s also a Iruslee ol Three Counties A9ricullural Society. As al the yearond £Nil was oulstanding12022.' £NIII. All payments shown are nel of V.A.T. All related party IransaclSons are underlaken at ami's length and In accordance with the Society's procurement policy. There are no further relalod paty Iransaclions requirlng dw105ure. 22. CAPITAL COMMITMENTS In October 2023 the Socbety entered into an agreennI lo pay for the conslruclbn ol a new buildlng al a ¢osl of £1.7m. Al the year-end the Society had paid £605k for assets under eonstruclion costs to dale and the balance of £1.095k was scheduled for paymenl after the yearend12022.' £NilJ. 23. PENSION COMMITMENTS The Soclety operates hvo defined wnlribution schèmes. Contributions are charged io the Sialemet)I ol Financial Aclivilies ISoFA} as they become due. The assets a held separately from those ol the charity in independently administered funds The amount charged lo the SOFA for the year was £146,477 (2022." £52,410). Al the year*nd £14.400 (2022.. £11,516) remained oulslanding. 33
THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 24. GROUP FINANCIAL INSTRUMENTS 2023 2022 £000 Flnan¢ial assets measured al fair value Financial assets measured al amortised cost Financial liabilities me85ured al arIrtIsed cost 2.399 1,473 19971 1,354 1,987 (1.305) Financial assets measured al fair value Comprise of investments. Financial assets measUd at amortised cost comprise of Cash. trade debtors, accrued income, and other deblois. Financlal liabilities measured al amortised cost COtse of trade creditors, accruals, bank credit cards. bank loans. and other creditors. Impairment losses charged to non-financial assets measured al seluemènl value In the year amounted lo £1k12022.' £NilJ. 25. ANALYSIS OF CHANGES IN NET DEBT Balance 811 December 2022 Ca8h- flows New flnan¢e leases £000 Falr value mov•ments Other non-¢a8h chang•$ £000 Balance at 30 Novgmber 2023 £000 £000 £000 Cash 1,669 1,669 {9351 19351 734 734 Loans falling due wllhln one year Loans falling due after more than one year (245) 245 1335) 13351 (847) 57T 335 {5121 11141 Total {6901 34
THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 26. GRANTS PAYABLE During the current year. the S(tiety made grant awards lotslling £58k12022.. £54kl towards show gardens for the RHS Mafvem Spring Festival. Of these.. £18k was paid out to 3 small businesses12022." £8k, I busin8ss}; £37k was paid out to 3 indivhJuals12022.' £41k, 5 individuals)., £3k was paid out lo 10 h0o1$12022.' £lk, 5 schoolsl,. and There were no payments to any flower soGieties12022.' £4k, 4 fk)w8rso¢ietiesJ The Society also pald out educational bursary awards in the year lotalling £6k (2022.. £8k). There were no grants commiited lo bul outstanding for payment al the yearond (2022.. £Nil). 27. OPERATING LEASES As al 30 November 2023 the Group had luluie minimum ae paymènts under non-cancellablè op8raling leases a5 follows. 2023 2022 £000 Expiry dale.. Less than 1 year thin 1 5 years 35
THREE COUNTIES AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 28. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Unr•stricted Funds 2022 £000 Rèstricted Funds 2022 £000 Total Funds 2022 £000 Not• INCOME FROM Donatlon$ and Legacl8S Charitable actlvltlès Agricultural and horticultural shows Other Income Other trading a¢tlvltle8 Fundraising events Trading subsidiary Income Investments 10 10 4A65 11 4.465 11 153 1,791 31 153 1,791 31 Total 10 EXPENDITURE ON Chorltable acllvltlgs Agri¢ullur81 and horticultural shows Educalronal bursarie8 Oth•r Fundraising events Trading subsidiary expenditure Investment management costs 9A 4,933 4,933 9B 143 143 9B 1,212 1,212 Total Nel Ilossesl on investments Nèt Income S3 102 104 RECONCILIATION OF FUNDS Tolal funds brought fonvard al l December 2021 3JOO 1,108 4,508 TOTAL FUNOS CARR5ED FORWARD AT 30 NOVEMBER 2022 19 1.110 4.612 36