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2021-12-31-accounts

Report and financial statements for the year ended 31 December 2021

ANNUAL REPORT 2021

Registered Company Number 01666751

Registered Charity Number 513238

Yorkshire Agricultural Society

Report and financial statements for the year ended 31 December 2021

Contents

Legal and administrative information .................................................................................................. 1 Members of Council, Trustees, Committees and Subsidiaries ........................................................ 2-4 Trustees' Report .................................................................................................. …. .. …….. 5-17 Independent auditors’ report …………………………………………………………………………… 18-21 Consolidated statement of financial activities ................................................................................ 22 Consolidated and Society balance sheets .......................................................................................... 23 Consolidated Statement of cashflows ................................................................................................. 24 Accounting policies......................................................................................................................... 25-29 Notes to the financial statements ................................................................................................... 29-46

Yorkshire Agricultural Society (Reg. no. 01666751)

Legal and administrative information

Constitution

The Yorkshire Agricultural Society is a company limited by guarantee and a charity governed by its Articles of Association.

Charity number 513238

Company Registration Number 01666751

Chief Executive

N D Pulling

Registered Office

Regional Agricultural Centre Great Yorkshire Showground Harrogate HG2 8NZ

Auditors

Azets Audit Services Ltd Triune Court Monks Cross Drive York YO32 9GZ

Solicitors: McCormicks

Wharfedale House 35- 37 East Parade Harrogate HG1 5LQ

Raworths

89 Station Parade Harrogate HG1 1HF

Bankers

Barclays Bank 25 James Street Harrogate HG1 1ZT

Investment advisors:

abrdn plc Bow Bells House 1 Bread Street London, EC4M 9HH

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Members of Council, Trustees, Committees and Subsidiaries

Members of Council

President

Sir William Worsley, Hovingham, York (16th July 2020 – 16th July 2021) Margaret Chapman, Bishopthorpe, York (16[th] July 2021 – 15[th] July 2022)

President Elect

Margaret Chapman, Bishopthorpe, York (16[th] July 2020 – 15[th] July 2021) Simon Theakston, Farnham (16[th] July 2021 – 15[th] July 2022)

Show Director

Charles Mills, Appleton Roebuck, York

North Yorkshire
Margaret Chapman, York
James Cooper, Dacre, Harrogate
Guy Cowling, Pannal, Harrogate
Steven Crabtree, Bolton Abbey, Skipton
Frederick Fairburn, Rievaulx, York
Malcolm Gill, Crakehall, Bedale
Stuart Goldie, Maunby, Thirsk
James Hopwood, Deighton, York
Peter Molyneaux, Topcliffe
Christine Ryder, Blubberhouses, Harrogate
Michael Smith, Ripley, Harrogate
Christine Thompson, Helmsley, York
East Yorkshire
Henry Chadwick, Hull
John Fields, Pickering (retired May 2021)
Divina Fillingham, Driffield
Ian Gilliat, Gembling, Driffield
Fay Grace, Sledmere, Driffield
Richard Morley, York
Geoff Riby, Fraisthorpe, Bridlington
West Yorkshire
Rob Copley, Purston, Pontefract
Nick Fawcett, Clifford, Wetherby
David Green, Oakworth, Keighley
Andrew Hughes, Emley, Huddersfield (retired May 2021)
Nick Lane Fox, Bramham, Wetherby
Tom Rawson, Thornhill, Dewsbury
Bob Richmond, Aberford, Leeds
South Yorkshire
Richard Hinchliffe, Thorne, Doncaster
Robin Metcalfe, Edale, Hope Valley
Chloe Palmer, Foolow, Hope Valley
Co-opted Members
Geoff Brown, Ripon (retired May 2021)
Tim Easby, Grewelthorpe, Ripon
Neil Eastham, Ripon
Andrew Fallows, York
John Fenton, Elmswell
Martin Fish, Thirsk
Charlie Forbes Adam, Skipwith, York		 End of current
3 year term
2022
2022
2024
2023
2023
2022
2024
2024
2024
2023
2023
2022
2022
2021
2024
2023
2023
2022
2024
2023
2024
2022
2021
2023
2022
2024
2022
2023
2024
2021
2024
2022
2022
2023
2022
2022

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Leanne Forde, York 2023
Angus Gowthorpe, Escrick 2023
Nick Grayson, Rotherham 2024
Alice Liddle, Otley 2022
John North, Giggleswick 2024
Richard Rusby, Harrogate (retired May 2021) 2021
Paul Russell, Malton -
Molly Sadler, Halsham, Hull 2024
Hugh Shedden, Shipton by Beningbrough, York 2023
Tim Whitaker, Askham Bryan College ex-officio
Bill Meredith, Bishop Burton College ex-officio
Rob Edwards, Newcastle upon Tyne ex-officio
Harrogate Borough Council representatives
Margaret Atkinson, Kirkby Malzeard, Ripon HBC
Victoria Oldham, Otley HBC
North Yorkshire County Council representative
Vacancy NYCC
Yorkshire Federation of Young Farmers Clubs
Tim Weatherhead, Galphay, Ripon 2024

Yorkshire Federation of Young Farmers Clubs Tim Weatherhead, Galphay, Ripon

Trustees

Chair

Members

Committees and Subsidiaries

Audit and Investment Committee

Helen Collin (Chair) * Steven Crabtree (retired May 2021)

Charitable Activities Committee

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Vicky Scott * Michael Smith

Nomination and Governance Committee

President’s Working Party

Remuneration Committee

YAS (Enterprises) Limited

Directors

Yorkshire Event Centre Limited

Directors

*** denotes Member of Council**

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Trustees Report for Year Ended 31 December 2021

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, submit their Annual Report and audited consolidated accounts for the Yorkshire Agricultural Society (the Company) for the year ended 31 December 2021. The Trustees confirm that the Annual Report (which also meets the requirements of a Directors report) and financial statements comply with current statutory requirements.

These accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) as detailed in the accounting policies. The aim is to link income and expenditure of each area of the Society’s activities to give a clearer picture of what the Society does and the financial consequences of these actions.

Reference and Administrative information

The Legal and Administrative Information pages form part of this report.

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Constitution

The Company is registered in England and Wales as a charitable company limited by guarantee, registered charity number 513238 and was set up by a Trust Deed and is now governed by Articles of Association.

The objects of the Society are:

  1. To support and promote agriculture, rural and allied industries throughout the North of England including championing the role of farmers as providers of high-quality produce and encouraging consumers to choose healthy and local produce;

  2. To advance and encourage agricultural research and greater understanding and empathy with farming and the countryside amongst the general public and particularly children;

  3. To advance and encourage the protection and sustainability of the environment;

  4. To hold in pursuance of its main objectives an annual agricultural show;

  5. For such charitable purposes as the Trustees in their absolute discretion see fit.

b. Organisational Structure

The Yorkshire Agricultural Society is owned and run by its members who devolve the running of the Society initially to the Council by electing the majority of Council Members, who then elect the Trustees.

Council consists of the following positions:

President – commences office at the close of the Great Yorkshire Show for a term of one year.

President Elect – serves one year as President Elect then becomes President.

East Yorkshire Members elect 6 representatives

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North Yorkshire Members elect 12 representatives

South Yorkshire Members elect 3 representatives

West Yorkshire Members elect 6 representatives

One third of these representatives are elected each year and the term of office is three years. Representatives may stand for re-election when their term of office ends.

In addition, Council can co-opt up to 20 members.

Members are co-opted to Council for their skills and experience to ensure that, by combining with other members of Council, there is a comprehensive range of skills and experience to run the Society efficiently and effectively.

There are currently fifteen co-opted members who are appointed annually.

Two members of council are appointed by Harrogate Borough Council (HBC) and one member appointed by North Yorkshire County Council (NYCC) who hold office while they remain councillors. Their appointment improves communication between HBC, NYCC and the Society and is part of our engagement with the local community. The Principals of Askham Bryan College and Bishop Burton College are also co-opted on to Council.

One member of Council is nominated by the Yorkshire Federation of Young Farmers Clubs for a period of three years.

In recent years we have co-opted members of Future Farmers and stewards of the Great Yorkshire Show for a period of three years to increase their knowledge of the Society. This has been successful with a number continuing their involvement with the Society after this initial term.

Council Responsibilities

The Society’s Council is principally consultative and forms an important line of communication between members and the Trustees enabling a wide representation to be involved in the running of the Society. Council meets four times a year.

The Council elects up to seven Trustees who must be members of Council.

The Council considers and comments on the longer-term strategy of the Society. Council comments on Society activities during the year, including a detailed review of the Great Yorkshire Show.

Trustees

In addition to the members elected by Council, the Show Director is an ex-officio Trustee. A further three Trustees can be appointed by co-option. The majority of Trustees must be Council members and there are currently 8 Trustees, 7 who are members of Council and one co-opted.

Current membership is as follows: Meeting Attendance 2021 End of current
Possible
Actual		 3-year term
Rob Copley (Chair) 9 8 2022
Henry Chadwick 6 6 2024
Steven Crabtree 3 3 2021
Charlie Forbes Adam 9 6 2022

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Nick Lane Fox 3 3 2021
Peter Molyneux 6 4 2024
Richard Rusby 6 6 2024
Paul Russell 9 8 2023
Christine Thompson 9 8 2023
Ex-Officio:
Charles Mills – Show Director 9 9 N/A

Trustees are elected for a three-year term and can serve for a maximum of nine years. Each year one third of the elected Trustees must retire and stand for re-election. The Chairman of Trustees can remain a Trustee after his term expires, for up to three more years. Co-opted Trustees are appointed for three years and may serve up to three terms.

The President and President-Elect are both invited to attend Trustee meetings and subcommittee meetings in order to increase their knowledge of the Society to assist with their time in office.

The Trustees are the key body with the legal responsibility for the strategic direction and policy of the charity and meet as often as required. Normally meetings are every two months but in 2021 there were 9 meetings, some via video due to Covid restrictions.

Trustee Induction and Training

With the increasing size and complexity of the Society it is important that the Trustees have the necessary skills and experience to both fulfil their legal duties and ensure that the appropriate management and internal controls are in place for its efficient running. The Trustees review both their membership and their performance regularly and training or professional advice is used as appropriate.

When a new Trustee or member of Council is appointed, they have an induction meeting with the Chief Executive. This covers all the activities of the Society, future strategy and also their legal responsibilities and duties. Training is available for Trustees and Council members as required.

Trustees’ Responsibilities

Company and charity law require the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of the Society’s affairs and the group at the end of the period, and of the surplus or deficit for that period.

The Trustees confirm that suitable accounting policies have been used and applied consistently and that reasonable and prudent judgements and estimates have been made in the preparation of the financial statements for the year ended 31 December 2021. The Trustees also confirm that applicable UK accounting standards have been followed and that the financial statements have been prepared on a going concern basis.

The Trustees have overall responsibility for ensuring that the charity has an appropriate system of controls, financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity, ensuring that the financial statements comply with the Companies Act 2006 and Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the charity and hence

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for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that:

Day to day responsibility for the management of the Society rests with the Chief Executive and his staff.

The Trustees are also responsible for the integrity of the corporate and financial information included on the Society’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees have the following sub-committees to assist their operation:

Charitable Activities Committee

Audit & Investment Committee

Remuneration Committee

Nomination and Governance Committee

All committees have Terms of Reference which are reviewed regularly.

Subsidiary Companies

The Society has two subsidiary companies:

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YEC is also the managing agent of the Farm Retail Association (FRA) and the British Christmas Tree Growers Association (BCTGA).

The net income of the trading subsidiaries is paid to the Society by way of gift aid.

The Society operates in two areas which are not mutually exclusive:

Some of our activities combine both commercial and charitable activities, notably the Great Yorkshire Show and Fodder. We also make all our customers aware that they are supporting a charity and can deliver their corporate and social responsibility goals by supporting us.

OBJECTIVES AND ACTIVITIES

Yorkshire Agricultural Society – Review of 2021

The Yorkshire Agricultural Society is an agricultural charity and has a straightforward business model.

The trading surplus from our shows and other commercial activities is allocated to either:

Public Benefit and Charitable Activities

The Trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Society’s aims and objectives and in planning future activities.

The Society is here to deliver its Charitable Objects contained in our Articles of Association (see page 5). We have produced some new guidelines to prioritise the areas we support, and these are used to prepare detailed delivery plans.

Effect of Pandemic on our activities

Our operations continued to be affected by the Covid restrictions although to a much lesser extent than the previous year.

For several months events were significantly curtailed although we were able to hold the Great Yorkshire Show our flagship event, albeit with a number of significant changes including a cap on attendance. The Harrogate Caravan Park was closed at the beginning of the season and although Fodder shop traded more or less normally, the café was closed for several weeks and had reduced capacity for most of the year.

The financial results were a huge improvement on 2020, but the trading outlook remained uncertain throughout the year with the threat of more lockdowns. We therefore continued to take a cautious approach, but it is pleasing to report that there was significant progress back to normal levels of activity, although this was not as fast as we would have liked or anticipated. We continued to manage our business carefully to deal with these challenges. For example:

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Following a review of our activities we now deliver our public benefit in five main strands:

1. Organising Educational Events for children and families

We aim to improve understanding of farming and food and the important role farmers have not only in producing our food but in managing the countryside for the benefit of everyone.

We split our educational events into the following main categories:

All our educational events are designed to be interesting and entertaining as well as improving and widening the understanding of the food and farming sector.

The number of events we held in 2021 was still restricted due to coronavirus although there was an increase over 2020 mainly in the second half of the year.

2. Supporting other organisations and individuals working in the sectors:

We do this mainly by:

Much of the sector is under resourced and YAS can give both financial and marketing support to events. This ‘enabling finance’ is aimed at helping and promoting food and farming. There is a formal application process overseen by the Charitable Activities committee.

The number of applications improved in 2021 after a significant decline in 2020. Details of the grants are in note 6.

3. Personal Development of Individuals in the Agricultural Industry

With the pressure on farmers to adapt to changing funding schemes and produce more with less inputs, the sector needs well trained, high-quality people.

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The Society has a role in encouraging further training and personal development within the agricultural sector as this will be required to cope with the significant changes in farming. We also encourage young people to consider careers in farming and related industries.

We do this by:

We now offer opportunities for personal development for those in the industry by encouraging attendance and participation in a wide range of events and courses. For example :-

We also organise training events on topics such as negotiation skills, dealing with the media and understanding your business.

4. Knowledge Transfer

Many of the Society’s activities have an element of informal knowledge transfer and networking. For example, the Future Farmers group which is primarily about bringing the industry together and personal development is also an opportunity for members to learn from their peers.

Formal and informal knowledge transfer is growing in importance as the profitability of the sector comes under increasing pressure. It is important that farmers keep up to date with technological advances and consider new techniques in their business.

The Farmer Scientist Network (FSN) is run by the Society and chaired by Professor Rob Edwards, Head of School Natural and Environmental Sciences at the University of Newcastle. FSN brings together academics and leading farmers from different sectors to identify problems and then promote practical solutions for farmers using scientific advances and research.

Currently the main projects are:

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5. Supporting the agricultural industry

This includes a wide range of activities to help those in the industry in practical ways with issues affecting them and their businesses.

Yorkshire Rural Support Network (YRSN) is funded by the Society and has continued to support farming in the region.

During the pandemic much of the support had to be virtual such as the ‘Talking Heads’ series of videos by some of the leading women working in farming and ‘healthcheck’ videos. In the latter part of 2022 in person events and support resumed – the Women in Farming group held their annual conference in October, there have also been networking events and the Plough service went ahead in January at Ripon Cathedral.

Women in Farming continues to provide support and networking opportunities as well as acting as a hub to help members through this difficult period of change.

Future Farmers of Yorkshire (FFY) - this group now has over 1,000 members including farmers, vets and others working in allied industries and is run by a management committee drawn from the membership. The Society provides funding and support for the group.

Events restarted in the Autumn including an evening debate on succession planning and courses on financial planning and leadership were held. A number of bursaries were awarded, and members met at the Great Yorkshire Show where speakers included Minette Batters, President of the NFU. Members now write regularly in the Yorkshire Post and the Farmers Guardian, giving a realistic but positive message about farming.

FFY are now recognised as an influential group for those who are passionate about farming and want to be part of a successful, forward-thinking industry and have ambitious plans for 2022.

Dialogue with DEFRA continued, and meetings were held with both ministers and officials to make sure that ELMS was fair, reasonable and works for all types of farms. There remain frustrations that information about the new schemes is still not available making it difficult for farmers to plan for the future, meanwhile the reductions in Business Payments have commenced.

ACHIEVEMENTS AND PERFORMANCE

Grants and Donations

There were two major sources of grants and donations in 2021 and 2020.

Government grants to help cover the cost of staff on furlough, the CJRS scheme contributed £190k in 2021 and £580k in 2020.

We received legacy income of £1,031k in 2021 and £200k in 2020 from the estate of Miss Mary Goodall of Newsome Green Farm. We are extremely grateful to receive this bequest and we intend to use the income from this legacy to fund more training and assistance for farmers during the agricultural transition.

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Agricultural Show

The Great Yorkshire Show was held under level 3 Covid restrictions after detailed discussions with Public Health, Harrogate Borough Council and North Yorkshire County Council. This resulted in numerous changes to the overall format and operations which included moving to four days, capping attendance, and holding as much of the show as possible outside.

We were delighted to be able to hold the Show after the cancellation the previous year and the feedback from exhibitors and visitors was overwhelmingly positive. Many of the changes introduced in 2021, such as the move to four days, have been retained for 2022.

To aid social distancing we capped the capacity at 26,000 people on the showground each day and we are pleased to report that with the measures we had in place the event proved to be both successful and safe. Holding the Show was a great boost for the farming industry and for many it was an important indicator that we were returning to normal. Financially the Show made a significant contribution with gross income of £2,564k but this compares with £4,113k in 2019 (there was a virtual Show in 2020). We are planning to improve the financial performance in 2022 to return to that achieved in 2019. Numbers attending will be capped, but at a higher level, to ensure a high-quality experience for all.

The Great Yorkshire Show was one of the first large events to be held since the pandemic began and the interest from the media was huge and was again featured on television in ‘Live at the Great Yorkshire’ on Channel 5. We were also honoured to have a royal visit from TRH Prince of Wales and the Duchess of Cornwall.

Membership Subscriptions

The Yorkshire Agricultural Society is a charity owned and run by its members and their support is the foundation stone of the Society. The cancellation of the Great Yorkshire Show in 2020 led to a drop in membership income but this recovered to £332k in 2021 from £237k in 2020. To improve social distancing both within the Showground and member areas, membership numbers were also capped in 2021. In 2022 we are planning to increase the number of memberships available although these will not return to pre-pandemic levels.

Our membership gives us an important voice in the industry and underlines the support the Society and the Great Yorkshire Show has throughout the region.

Investment Income

We have a stock market portfolio, which is managed by professional fund managers, and their mandate includes a requirement to generate investment income. In 2021 this income totalled £323k (2020: £265k) and represents a return of approximately 3% on capital. This income, mainly dividends, returned to normal levels as the economy recovered from 2020.

Income from Trading Activities

Our commercial trading operations are an important part of our finances and were affected again in 2021 as events were postponed or cancelled. While progress was good in 2021 it is clear it will take some time to return to the levels of income we enjoyed before the pandemic. Overall income was £5,670k (2020 £3,885k) but this was still about 16% below 2019.

There are now five main strands to our activities:

1. Yorkshire Event Centre

This covers the letting of the two main exhibition halls and surrounding areas. Turnover was £1,307k in 2021, £559k in 2020 and £2,132k in 2019. We continued to support the NHS with

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a vaccination centre on site as well as some additional storage and this has continued into 2022.

Conferences and exhibitions continue to be badly affected by the pandemic with the uncertainty and frequent changes in regulations undermining confidence in the sector. It was good to see solid, if unspectacular, progress but we need this to continue into 2022.

2.

Pavilions of Harrogate

Pavilions of Harrogate operates 14 function rooms ranging from 20 sq. m to 4,000 sq.m which were originally built for the Great Yorkshire Show. Activity has recovered well, particularly social events such as weddings, but the corporate market remains subdued. Total income was £829k up from £334k in 2020. The prospects for 2022 look promising if there are no more Covid restrictions

3.

Fodder

Fodder provides both an important source of income for the Society but also a great opportunity to promote the best of food and farming in Yorkshire. There is growing recognition of the importance of high-quality local produce and despite a competitive environment Fodder turnover was a record at £3,205k (2020 £2,791k).

The café was shut for part of the year and the number of covers was reduced but overall had a good year and Fodder on the Hoof continued to trade well above the levels of 2020 and 2019.

Fodder stocks over 350 local suppliers which helps to promote the role farmers and producers play in producing high quality, nutritious food.

4. Managing Agents

We manage the Farm Retail Association (FRA) and the British Christmas Tree Growers Association (BCTGA) on behalf of their members . FRA had a successful year with an increase in membership and the interest in farm shops and local food has never been higher. Fodder is a member of the FRA. Total income increased to £138k from £105k in 2020.

We completed the first full year as managing agent for the BCTGA and good progress has been made.

5. Harrogate Caravan Park

Harrogate Caravan Park had its most successful year despite restrictions affecting the early part of the season. The popularity of holidaying in the UK grew and turnover increased to £241k, well above last year and 2019.

Other Showground Income

Other Showground Income represents rents from a range of tenants on the Showground. The Society owns the Showground and surrounding areas totalling approximately 260 acres. Our aim is to generate income in a way that complements our other operations.

Income was £221k in 2021 down from £297k in 2020 which benefited from a Yorkshire Water project.

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Financial Review

The financial results in 2021 were much better than we anticipated. Holding the Great Yorkshire Show plus the return of other events and strong trading from Fodder and the Caravan Park meant in our unrestricted activities we had a net surplus of £1,417k total, a strong turnaround from 2020 when there was a deficit of £1,403k. This was obviously helped by the legacy income of £1,031k but even without this it would have been a remarkable achievement. All figures relate to unrestricted activities unless otherwise stated

This performance was after unrestricted charitable expenditure of £245k in 2021 up from £198k in 2020.

Capital expenditure was £124k in 2021 (2020: £219k) and with a depreciation charge of £1,039k this contributed to a very strong cash inflow which enabled us to make loan repayments of £1,063k.

A combination of better trading performance, the legacy income plus a surplus on revaluation of our portfolio and investment properties of £1,610k meant that total balance sheet funds increased by £3,010k to £34,566k.

The Trustees are very satisfied with this financial performance which gives us a solid platform to increase our support to farming and invest in our Showground facilities.

Fundraising

Details of our fundraising activities are provided within the accounting policies section of the accounts on page 26.

Plans for 2022

The prospects for 2022 look much better than a year ago when there was a great deal of uncertainty due to the ongoing pandemic. We are optimistic that not only will the Great Yorkshire Show be held but that other events will now return as we learn to live with Covid. We still have some ground to make up to achieve the trading performance achieved in 2019.

Investment Policy and Returns

The Society has a portfolio of investments which are held in support of its charitable activities.

Our portfolio is invested in Aberdeen Standard Capital (Offshore) Income Fund.

Our investment aims are:

  1. A significant level of cash income

  2. Capital growth

  3. To generate a total return of CPI +3% without taking undue risks

The performance of our investments and our investment fund managers is closely monitored by our Audit and Investment Committee. Nearly all markets had a good year, and this resulted in a revaluation surplus on our investments of £1,330k (2020 - £556k). We invested a further £1,701k during the year and investments at the year-end, including cash, were £14,273k (2020: £11,242k), an increase of £3,031k.

There are detailed investment objectives for our fund managers which are reviewed regularly.

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Reserves Note

The Trustees continually review the Society’s Reserves Policy considering the Society’s current activities, future plans and the overall economic climate.

The Group has total tangible fixed assets of £22,440k (2020: £23,361k) and investment properties of £1,100k (2020 - £820k) and stock market investments of £14,273k (2020: £11,242k). Most of these investments were funded by a property sale but their capital growth and income have enabled us to continue to expand our charitable work and invest in our Showground facilities. The investments generate an important stream of income.

The Trustees believe the current level of reserves is satisfactory. The Society is in a strong financial position, but the pandemic has underlined the necessity for having solid financial foundations in place. The Society has been run prudently for many years and at 31 December 2021 the Society had free reserves of £10,672k (2020: £7,005k).

Unrestricted funds total £34,213k (2020: £31,185k) and in addition there are restricted funds of £354k (2020: £371k), the majority of this relates to a grant received towards the cost of building the Regional Agricultural Centre and Fodder and is released in line with depreciation on this building (see note 18).

Freehold property, excluding the investment properties, is included in the financial statements at cost and this has not been revalued as the Society does not intend to dispose of the Showground.

Employees and Volunteers

Early in the year we had staff on furlough and flexi-furlough and others worked their normal hours throughout the year. The Trustees would like to thank all staff for their commitment, enthusiasm and understanding through this challenging period. Our staff are key to our success allowing us to deliver a high level of customer service across our diverse activities.

The Society is run by volunteers who willingly give their time to support the Society and we would not be able to function without their experience and commitment. The Trustees would like to express their sincere thanks to all the volunteers and staff.

It is reassuring to the Trustees that they can rely on this knowledge and enthusiasm throughout the year to help deliver the Society’s objectives.

Pay Policy for Senior Staff

Our approach to remuneration is designed to ensure we can attract and retain talented and motivated people to run our operations efficiently and deliver our strategic goals.

We aim to treat staff fairly and consistently across the organisation. Salaries are competitive and bench marked with both the private and not for profit sectors. Our Remuneration Committee oversees both salaries and benefits to ensure we are competitive and in line with current employment practices. There is a system of staff appraisals to monitor performance.

Risk Management

The Trustees have a risk management strategy which comprises an annual review of key risks to the Society. The strategy identifies and establishes systems and actions to mitigate those risks and implement procedures designed to minimise any potential impact on the Society should those risks materialise. A register has been prepared covering significant risks using the accepted criteria of likelihood of occurrence and potential impact on Society activities.

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This is kept under review with a formal update being performed on an annual basis. Key risks are documented and where necessary, plans to mitigate them have been introduced.

A great deal of time is spent to ensure our Health and Safety standards are among the highest in the industry. We have a Health and Safety Committee made up of representatives from all sections of the business. Health and Safety is discussed at every Trustee meeting and other meetings where relevant. All staff are given appropriate training and consultants are used to assist with this process and add an alternative perspective.

The number of accidents to either staff or visitors is very low, and our objective is to maintain this record. All accidents and near misses are investigated by an independent member of staff and these reports are used to try and ensure we learn from them.

Related Parties

The charity, as noted earlier, has two wholly owned subsidiaries, YAS (Enterprises) Limited and Yorkshire Event Centre Limited. The relationship with the subsidiary companies is by legal agreements and included within these is that any available surplus is paid by Deed of Covenant to the Society.

The Yorkshire Agricultural Society works with many bodies within the rural sector, but on an independent basis and would not consider these as related party transactions. With the wide-ranging interests of members of Council, one would expect an interaction with the individuals and organisations they represent. These are carried out at arm’s length and note 21 discloses any such transactions.

Statement of disclosure of information to auditors

The Trustees confirm that, at the date of the approval of these financial statements, so far as they are aware:

Auditors

Azets Audit Services Limited were appointed auditor to the Charity and Group following their acquisition of the trade of Garbutt & Elliott Audit Limited on 1 December 2021. Azets Audit Services Limited have indicated their willingness to stand for reappointment at the forthcoming Annual General Meeting.

Strategic Report

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, the company has prepared the Trustees’ Report to incorporate a Strategic Report, which includes information that would have previously been included in the Trustees’ Report. The Trustees authorise both the Strategic Report and the Trustees’ Report below.

By order of the Trustees

N D Pulling Chief Executive

Dated 25 February 2022

17

Yorkshire Agricultural Society (Reg. no. 01666751)

Independent Auditors’ Report to the Members of the Yorkshire Agricultural Society

Opinion

We have audited the financial statements of the Yorkshire Agricultural Society (the “charitable company” and its subsidaries (the ”group”) for the year ended 31 December 2021. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

18

Yorkshire Agricultural Society (Reg. no. 01666751)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report, which incorporates the strategic report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of identifying irregularities, including fraud We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the trustees and other management, and from inspection of the charitable company's and the group’s regulatory and legal correspondence. We discussed with the trustees and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance during the audit.

19

Yorkshire Agricultural Society (Reg. no. 01666751)

The charitable company and the group are subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies and charities legislation), pensions legislation, taxation legislation and further laws and regulations that could indirectly affect the financial statements, comprising employment, environmental and health and safety legislation and, in the current climate, covid regulations. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any. These procedures did not identify any potentially material actual or suspected non-compliance.

To identify risks of material misstatement due to fraud we considered the opportunities and incentives and pressures that may exist within the charitable company and the group to commit fraud. Our risk assessment procedures included: enquiry of trustees and other management to understand the highlevel policies and procedures in place to prevent and detect fraud, reading Board minutes and considering performance targets and incentive schemes in place for management. We communicated identified fraud risks throughout our team and remained alert to any indications of fraud during the audit.

As a result of these procedures, we identified the greatest potential for fraud in the following areas: - - income recognition and in particular the risk that income is recognised in the wrong reporting period; - that retail cash takings may not be recorded due to misappropriation; and - subjective accounting estimates;

These fraud risks arise due to a desire to present results in a differing light to meet management objectives.

As required by auditing standards we also identified and addressed the risk of management override of controls.

We performed the following procedures to address the risks of fraud identified:

Owing to the inherent limitations of an audit there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

20

Yorkshire Agricultural Society (Reg. no. 01666751)

Use of our report

This report is made solely to the Charity’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 Charity’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 Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Alan Sidebottom (Senior Statutory Auditor) For and on behalf of Azets Audit Services Limited Chartered Accountants Statutory Auditor Triune Court Monks Cross Drive York, YO32 9GZ

…………………………………….

21

Yorkshire Agricultural Society (Reg. no. 01666751)

Consolidated statement of financial activities (incorporating consolidated income and expenditure account) for the year ended 31 December 2021

Consolidated statement of financial activities (incorporating consolidated income
and expenditure account) for the year ended 31 December 2021		 Consolidated statement of financial activities (incorporating consolidated income
and expenditure account) for the year ended 31 December 2021
2021
2020
Notes
Unrestricted
funds
£
Restricted
funds
£
Total
£		 Unrestricted
funds
£
Restricted
funds
£
Total
£
Income from:
Donations, legacies and grants
1,221,550
24,860
1,246,410
Income from other trading
Activities:
Commercial trading operations
5,669,585
-
5,669,585
Other showground income
220,698
-
220,698
Income from Charitable
Activities:
Income from Agricultural Shows
2,564,349
-
2,564,349
Membership Subscriptions
331,894
-
331,894
Income from Investments
323,396
-
323,396		 780,247
26,217
806,464
3,885,316
-
3,885,316
296,615
-
296,615
10,813
-
10,813
237,336
-
237,336
264,798
-
264,798
Total income
2
10,331,472
24,860
10,356,332		 5,475,125
26,217
5,501,342
Expenditure on:
Commercial trading operations
5,228,845
-
5,228,845
Other showground expenses
109,522
-
109,522
Investment management costs
76,307
-
76,307
Expenditure on Charitable activities:
Expenditure for agricultural
shows
3,068,372
-
3,068,372
Membership services
186,187
-
186,187
Other Charitable activities
4,6
245,268
42,073
287,341		 4,729,538
-
4,729,538
111,079
-
111,079
70,892
-
70,892
1,593,485
-
1,593,485
175,050
-
175,050
198,018
54,771
252,789
Total expenditure
3
8,914,501
42,073
8,956,574		 6,878,062
54,771
6,932,833
Net Income / (Expenditure) before
investment gains
9
1,416,971
(17,213)
1,399,758
Net gains on Investments
12
1,610,210
-
1,610,210		 (1,402,937)
(28,554)
(1,431,491)
555,582
-
555,582
Net Income / (Expenditure) for the
year
3,027,181
(17,213)
3,009,968
Reconciliation of funds
Total funds brought forward
31,185,490
371,027
31,556,517		 (847,355)
(28,554)
(875,909)
32,032,845
399,581
32,432,426
Total funds carried forward
18,
19
34,212,671
353,814
34,566,485		 31,185,490
371,027
31,556,517

The Statement of Financial Activities includes all gains and losses recognised in the year, and also complies with the requirement for an income and expenditure account under the Companies Act 2006.

22

Yorkshire Agricultural Society (Reg. no. 01666751)

Consolidated and Society balance sheets as at 31 December 2021

Notes Group
2021		 Group
2020		 Society
2021		 Society
2020
£ £ £ £
Fixed assets
Tangible fixed assets 11 22,440,291 23,360,801 22,360,635 23,278,860
Investments 12 14,272,871 11,241,967 14,322,871 11,291,968
Investment Property 12 1,100,000 820,000 1,100,000 820,000
37,813,162 35,422,768 37,783,506 35,390,828
Current assets
Stocks 13 156,263 82,936 3,012 1,651
Debtors 14 567,336 232,560 1,191,873 414,912
Cash at bank and in hand 2,109,676 2,070,348 435,536 1,266,417
2,833,275 2,385,844 1,630,421 1,682,980
Creditors - amounts 15 (2,528,752) (5,064,595) (1,305,500) (4,338,987)
falling due within one
year
Net current assets/(liabilities) 304,523 (2,678,751) 324,921 (2,656,007)
Creditors - amounts 16 (3,551,200) (1,187,500) (3,551,200) (1,187,500)
falling due after one year
Net assets 34,566,485 31,556,517 34,557,227 31,547,321
Funds
Unrestricted funds 19 34,212,671 31,185,490 34,203,413 31,176,294
(includes revaluation
reserve of £4,761,204)
Restricted funds 18/19 353,814 371,027 353,814 371,027
Total funds 34,566,485 31,556,517 34,557,227 31,547,321

The financial statements on pages 22 to 46 were approved by the Trustees on ……………………….. and were signed on its behalf by:

R Copley P Russell

Members of the Trustees

23

Yorkshire Agricultural Society (Reg. no. 01666751)

Consolidated Statement of Cash Flows for the year ended 31 December 2021

Note 2021 2021 2020 2020
£ £ £ £
Cash Provided by / (used In) 23 2,584,340 (1,306,208)
operating activities
Cash flows from investing
activities:
Dividends and interest received 323,396 264,798
Purchase of plant, property and (124,053) (219,496)
equipment
Sale of Fixed assets 18,839 -
Purchase of investments (2,138,038) (2,045,719)
Proceeds from sale of investments 437,344 1,838,386
Cash Provided by / (used in) (1,482,512) (162,031)
investing activities
Cash Flows from financing
activities:
Repayment of Bank Loans (1,062,500) (305,000)
New Loan - 1,500,000
Cash (used in) financing (1,062,500) 1,195,000
activities
Increase in cash and cash 39,328 (273,239)
equivalents in the year
Cash and cash equivalents at the 2,070,348 2,343,587
beginning of the year
Total cash and cash equivalents 2,109,676 2,070,348
at the end of the year
Analysis of changes in net debt -
group
Cash at bank and in hand 2,109,676 2,070,348
Borrowing excluding overdrafts (4,192,500) (5,255,000)
(2,082,824) (3,184,652)

24

Yorkshire Agricultural Society (Reg. no. 01666751)

Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Company Information

Yorkshire Agricultural Society is a company limited by guarantee and is a registered charity with the Charity Commission in England & Wales. The registered office is The Regional Agricultural Centre, Great Yorkshire Showground, Harrogate, HG2 8NZ.

Accounting Convention

The financial statements have been prepared on a going concern basis in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) (Charities SORP(FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011.

On the grounds that the charitable company’s results are consolidated into the charitable company’s group accounts the charitable company has taken advantage of certain exemptions conferred by section 1.11 of FRS102 as follows:

The charitable company has also taken advantage of the exemption conferred by section 33.11 of FRS 102 allowing it to not disclose transactions and balances within its group, on the grounds that those entities are related by virtue of having the same control as defined in 33.11(b).

Yorkshire Agricultural Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are prepared in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going Concern

The trustees are constantly monitoring the financial position of the Society and the ongoing uncertain situation in respect of Covid-19. The trustees have prepared various cash flow scenarios and are therefore confident that, at the time of approving the financial statements, the charity has adequate resources to continue in operational existence for the foreseeable future, and not less than one year from the date of approval of the financial statements.

Group Financial Statements

These financial statements consolidate the results of the charitable company and its wholly-owned subsidiaries, Yorkshire Event Centre Limited and YAS (Enterprises) Limited. The results of the subsidiaries are consolidated on a line-by-line basis. A Separate Statement of Financial Activities, or Income and Expenditure Account, for the charity itself is not presented as the charity has taken advantage of the exemptions afforded by Section 408 of the Companies Act 2006. The amount of the surplus or deficit for the year shown within the charitable company’s financial statements is disclosed in note 7.

Income

Income represents all resources which become available to the charity but excludes gains on investments.

25

Yorkshire Agricultural Society (Reg. no. 01666751)

Fundraising

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. The legislation defines fundraising as “soliciting or otherwise procuring money or other property for charitable purposes”. Such amounts are presented in our financial statements within charitable activities which includes show day admissions, memberships, donations from individual supporters, corporate donations and legacies.

Yorkshire Agricultural Society does not use any agents to solicit donations and during the year ending 31[st] December 2021, we received no complaints relating to the fundraising activities of the charity.

Grants and Donations

Grants and donations, including government grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised in when the charity becomes unconditionally entitled to the funds, when it is probable that they will be received, and they can be measured with sufficient accuracy.

Commercial Trading Operations and other Showground Income

Income from commercial trading operations and other showground income is included in the period in which the group supplies the goods or services.

Other Showground Income

Rents receivable are accounted for on an accruals basis.

Income from Investments

Investment income is recognised on an accruals basis and comprises of dividends declared and interest receivable during the accounting period.

Income from Agricultural Shows

Income from agricultural shows is included in incoming resources in the period in which the show takes place.

Membership Subscriptions

Income from membership subscriptions is included in incoming resources in the calendar year to which it relates.

Expenditure

Expenditure represents all costs incurred in the course of the group’s activities but exclude gains/(losses) on investments. Expenditure is included in the Statement of Financial Activities on an accruals basis inclusive of any VAT that cannot be recovered and has been classified under headings that aggregate all costs related to the category.

All direct costs have been allocated across the functional categories of expenditure in the Statement of Financial Activities.

Other Charitable Activities

This includes grants to rural organisations, educational events and agricultural research together with appropriate overheads. Expenditure is accounted for where Trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive it.

Support Costs

Support costs comprise of all non-attributable costs including Finance, Human Resources, Information Technology, Marketing, Depreciation and Site Maintenance. These costs have been allocated across the functional categories of expenditure on the basis of time spent and income and expenditure.

Pensions

The Society operates a defined contribution scheme for the employees of both the Society and its subsidiary companies. Contributions are charged as an expense to the Statement of Financial Activities in the period in which they fall due.

Staff Costs

The costs of short-term employee benefits are recognised as a liability and an expense where settlement of obligations does not fall within the same period.

26

Yorkshire Agricultural Society (Reg. no. 01666751)

Investments

Investments (other than investments in subsidiaries) are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

The long term investment fund is intended to be retained and only income from it used in pursuit of the Society’s charitable objectives, including further Showground improvements, unless varied by the Trustees’ consent for specific major projects. This fund is treated as a fixed asset for accounting purposes and carried at market value.

The investment portfolio, as detailed further in note 12, is held to generate returns and gains for the group and accordingly is designated as fair value through profit and loss (“FVTPL”). Under this designation the portfolio is revalued at each period end to its fair value, as determined by reference to quoted market prices and values determined by independent fund managers, with any gains or losses going through the Statement of Financial Activities.

For the purposes of the cash flow statement, the short term cash deposits held for reinvestment within the long term investment fund have not been treated as cash as they are a permanent part of this fund held specifically for reinvesting in listed investments.

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are measured using the fair value model and are stated at their fair value at the reporting date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities.

Investments in subsidiaries are stated at cost and the Trustees review the carrying value annually for indications of impairment.

Fixed Assets and Depreciation

Tangible fixed assets, costing more than £1,500, are initially recognised at cost and are subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised to write off the cost less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows:

Freehold buildings Plant, vehicles and equipment

25 to 50 years straight line 4 to 10 years straight line

No depreciation is provided on land and assets under construction.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value and is recognised in the Statement of Financial Activities.

Stocks

Stocks of purchased goods are valued at the lower of cost and net realisable value.

Financial Instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Cash at Bank and in Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity held for working capital. Bank overdrafts are shown within borrowing in current liabilities.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid.

27

Yorkshire Agricultural Society (Reg. no. 01666751)

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the income and expenditure account.

Creditors, Loans and Provisions

Creditors, loans and provisions are recognised where the group has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors, loans and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial Liabilities are only derecognised when, and only when, the group’s obligations are discharged, cancelled or they expire.

Amounts recognised as provisions are best estimates of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Fund Accounting

Funds held by the Society are either:

Unrestricted funds – these funds can be used in accordance with the charitable objects at the discretion of the Trustees.

Restricted funds – these funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each restricted fund is included in note 18.

Operating Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the Statement of Financial Activities on a straight line basis over the lease term.

Critical Accounting Estimates and Judgements

In the application of the group’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined as follows:

Critical Judgements

Depreciation of Tangible Assets

Depreciation policies have been set according to management’s experience of the useful lives of the assets in each category, something which is reviewed annually.

The charity incurs expenditure on creating tangible fixed assets for use in the charity with costs being incurred over a number of months. Management believe it is possible to segregate these costs into identifiable projects, and as such no depreciation is charged on that project until it is brought into use.

28

Yorkshire Agricultural Society (Reg. no. 01666751)

Legacy Income

Legacies are recognised as income when probate has been granted, the charity has established its entitlement to the funds and where sufficient information is available to allow it to measure its entitlement.

Notes to the financial statements for the year ended 31 December 2021

1. Taxation

The Society is a registered charity and as such is a charity within the meaning of schedule 6 of the Finance Act 2010. Accordingly, the Society is potentially entitled to tax exemption under part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 in respect of income and gains arising.

The trading subsidiaries are liable to corporation tax on their chargeable profits. Current tax, comprising UK Corporation Tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantially enacted at the balance sheet date. As all profits arising in the subsidiaries were gift aided to the parent charitable company under a deed of covenant, no corporation tax arises.

29

Yorkshire Agricultural Society (Reg. no. 01666751)

2. Analysis of income

2021
Unrestricted
funds
£
Restricted
funds
£
Total
£		 2020
Unrestricted
funds
£
Restricted
funds
£
Total
£
Income from generated funds:
Donations, legacies and grants
1,031,270
24,860
1,056,130
Coronavirus Job Retention Scheme
190,280
-
190,280		 200,000
26,217
226,217
580,247
-
580,247
1,221,550
24,860
1,246,410		 780,247
26,217
806,464
Income from trading activities:
Yorkshire Event Centre Limited
income
5,669,585
-
5,669,585
Other showground income
220,698
-
220,698
Income from charitable activities:
Show admissions
1,262,365
-
1,262,365
Show livestock income
176,395
-
176,395
Show trade stand income
739,472
-
739,472
Show sponsorship and
advertising
166,591
-
166,591
Show catering premiums
171,918
-
171,918
Other show income
47,608
-
47,608		 3,885,316
-
3,885,31
6
296,615
-
296,615
395
-
395
-
-
-
(1,692)
-
(1,692)
12,110
-
12,110
-
-
-
-
-
-
2,564,349
-
2,564,349		 10,813
-
10,813
Membership Subscriptions
331,894
-
331,894
Income from investments
323,396
-
323,396		 237,336
-
237,336
264,798
-
264,798
10,331,472
24,860
10,356,332
5,475,125
26,217
5,501,342

30

Yorkshire Agricultural Society (Reg. no. 01666751)

3. Analysis of total expenditure

3.
Analysis of total expenditure
2021 2020
Unrestricted
funds
£
Restricted
funds
£
Total
£		 Unrestricted
funds
£
Restricted
funds
£
Total
£
Expenditure on trading
activities:
Yorkshire Events Centre Limited
expenditure, (Note 8)
4,187,325
-
4,187,325
Expenditure on charitable
activities:
Show site costs
476,018
-
476,018
Show personnel costs
684,277
-
684,277
Show displays
132,597
-
132,597
Show prize money
177,861
-
177,861
Show printing and publicity
110,282
-
110,282
Show permanent staff costs
179,255
-
165,482
Show sundries
60,410
-
60,410		 3,715,983
-
3,715,983
47,191
-
47,191
15,176
-
15,176
13,765
-
13,765
26
-
26
42,434
-
42,434
178,825
-
178,825
13,865
-
13,865
6,008,025
-
6,008,025		 4,027,265
-
4,027,265
Other Charitable Activities
165,340
42,073
207,413		 121,292
54,771
176,063
Direct costs
6,173,365
42,073
6,215,438
Support costs (Note 4)
2,741,136
-
2,741,136		 4,148,557
54,771
4,203,328
2,729,505
-
2,729,505
Total expenditure
8,914,501
42,073
8,956,574		 6,878,062
54,771
6,932,833

31

Yorkshire Agricultural Society (Reg. no. 01666751)

4. Analysis of Activities 2021 2020

Income
Allocate
CJRS
Direct
Costs
Support
Costs
Total
Costs
Surplus/
(Deficit)		 Income
Allocate
CJRS
Direct
Costs
Support
Costs
Total
Costs
Surplus/
(Deficit)
Unrestricted Funds
£
£
£
£
£
£		 £
£
£
£
£
Grants and donations
1,221,550
(190,280)
-
-
-
1,031,270
Commercial trading
5,669,585
107,157
(4,187,325)
(1,041,520)
(5,228,845)
547,897
Other showground activities
220,698
-
-
(109,522)
(109,522)
111,176
Investments
323,396
-
-
(76,307)
(76,307)
247,089
Agricultural shows
2,564,349
83,123
(1,820,700)
(1,247,672)
(3,068,372)
(420,900)
Membership
331,894
-
-
(186,187)
(186,187)
145,707
Other Charitable activities
-
-
(165,340)
(79,928)
(245,268)
(245,268)		 780,247
(580,247)
-
-
-
200,000
3,885,316
343,023
(3,715,983)
(1,013,555)
(4,729,538)
(501,199)
296,615
-
-
(111,079)
(111,079)
185,536
264,798
-
-
(70,892)
(70,892)
193,906
10,813
237,224
(311,282)
(1,282,203)
(1,593,485)
(1,345,448
)
237,336
-
-
(175,050)
(175,050)
62,286
-
-
(121,292)
(76,726)
(198,018)
(198,018)
10,331,472
-
(6,173,365)
(2,741,136)
(8,914,501)
1,416,971		 5,475,125
-
(4,148,557)
(2,729,505)
(6,878,062)
(1,402,937
)
Restricted Funds
Income
Direct Costs
(Deficit)		 Income
Direct Costs
Surplus/ (Deficit)
Garfield Weston
-
(2,436)
(2,436)
Yorkshire Rural Support Network
18,312
(18,406)
(94)
Education Activities -
Countryside Days
5,000
(5,000)
-
Regional Agricultural Centre
-
(15,816)
(15,816)
Yorkshire Bee Pavilion
-
(399)
(399)
Yorkshire Federation of
Show Societies
1,548
(16)
1,532		 -
(16,516)
(16,516)
19,811
(16,036)
6,000
(6,000)
-
-
(15,816)
-
(399)
(399)
406
(4)
402
24,860
(42,073)
(17,213)		 26,217
(54,771)
(28,554)

32

Yorkshire Agricultural Society (Reg. no. 01666751)

5. Analysis of total expenditure – unrestricted funds

2021
Other Charitable Trading Showground Investments Agricultural Membership Total
activities operations income . Shows £
£ £ £ £ £ £
Direct Expenditure(note 4) 165,340 4,187,325 - - 1,820,700 - 6,173,365
Support Costs
Showground expenses (facilities)
29,850		 417,487 22,954 - 307,045 39,085 816,421
Salaries and wages 16,910 84,552 16,910 16,910 221,545 50,731 407,558
Legal and professional 531 7,964 8,761 - 6,637 2,655 26,548
Office and IT costs 4,868 80,458 1,403 59,397 135,048 20,962 302,136
Depreciation and P/L on disposal
19,420		 368,972 48,549 - 485,489 48,549 970,979
Marketing costs 6,665 39,989 - - 66,649 19,995 133,298
Finance costs 1,684 42,098 10,945 - 25,259 4,210 84,196
79,928 1,041,520 109,522 76,307 1,247,672 186,187 2,741,136
Total expenditure 245,268 5,228,845 109,522 76,307 3,068,372 186,187 8,914,501
2020
Direct Expenditure(note 4) 121,292 3,715,983 - - 311,282 - 4,148,557
Support Costs
Showground expenses (facilities)
30,553		 427,712 24,349 - 324,077 40,131 846,822
Salaries and wages 16,298 81,492 16,298 16,298 299,676 48,895 478,957
Legal and professional 680 10,204 11,225 - 8,504 3,401 34,014
Office and IT costs 2,741 47,493 693 54,594 71,867 14,082 191,470
Depreciation and P/L on disposal
20,535		 390,167 51,338 - 513,378 51,338 1,026,756
Marketing costs 4,814 28,884 - - 48,140 14,443 96,281
Finance costs 1,105 27,603 7,176 - 16,561 2,760 55,205
76,726 1,013,555 111,079 70,892 1,282,203 175,050 2,729,505
Total expenditure 198,018 4,729,538 111,079 70,892 1,593,485 175,050 6,878,062
33

Yorkshire Agricultural Society (Reg. no. 01666751)

6. Analysis of Other Charitable Activities (unrestricted funds )

2021 2020
£ £
1. Organising Educational Events
•
Events		 74,930 37,876
•
Primary		 50,886 45,802
•
Secondary/Apprentice		 12,519 8,231
2. Supporting Other Organisations and Individuals 11,109 10,814
3. Personal Development of Individuals 43,516 18,876
4. Knowledge Transfer 13,020 42,790
5. Supporting the Agricultural Industry 39,288 33,629
**Total ** 245,268 198,018

Grants Payable

Other Charitable Activities includes the following grants payable

2021 2020
£ £
Institutional grants
Nuffield Farming Scholarship Trust 13,000 -
Yorkshire Rural Support Network 13,000 -
Read School 1,000 -
Wellburn Hall School 1,000 -
Kings Mill School 1,000 -
Chillingham Wild Cattle Association 1,000 -
Ingleby Manor School 2,000 -
Open Country 2,000 -
Worshipful Company of Farmers – delegate 2,000 -
Whirlow Hall Farm Trust 2,000
Little Crickets Nursery 1,000
Yorkshire Federation of Young Farmers Clubs - 1,750
Other grants payable (10 paid in 2021) (17 in 2020) 4,850 13,122
Total Grants Payable 43,850 14,872

34

Yorkshire Agricultural Society (Reg. no. 01666751)

7. Financial activities of the charity

The financial activities shown in the consolidated Statement of Financial Activities on page 22 includes those of the subsidiary undertakings.

A summary of the financial activities undertaken by the charity alone is set out below:

2021 2020
£ £
Gross income 5,609,817 1,790,077
Gross expenditure (4,210,121) (3,221,636)
Net income / (expenditure) 1,399,696 (1,431,559)
Gains on investments 1,610,210 555,582
Net movement of funds in year 3,009,906 (875,977)
Total funds brought forward 31,547,321 32,423,298
Total funds carried forward 34,557,227 31,547,321
Represented By:
Restricted funds 353,814 371,027
Unrestricted funds 34,203,413 31,176,294
Total funds 34,557,227 31,547,321

8. Commercial trading operations and investment in trading subsidiaries

The wholly owned trading subsidiaries, Yorkshire Event Centre Limited and YAS (Enterprises) Limited which are incorporated in the United Kingdom, pay all of their taxable profits to the Society by way of Gift Aid after deduction of amounts for future working capital requirements. The principal activities of Yorkshire Event Centre Limited comprise the commercial operations carried on at the Great Yorkshire Showground. The principal activities of YAS (Enterprises) Limited comprise the commercial activities carried out during the Great Yorkshire Show and Countryside Live. The Charity owns the entire issued share capital of both companies. Yorkshire Event Centre Limited has issued share capital consisting of 50,000 ordinary shares of £1 each and YAS (Enterprises) Limited of 1 ordinary share of £1.

35

Yorkshire Agricultural Society (Reg. no. 01666751)

8. Commercial trading operations and investment in trading subsidiaries (continued)

Yorkshire Event Centre Limited

Summary of profit and loss account 2021 2020
£ £
Turnover 5,719,630 3,892,695
Coronavirus Job Retention Scheme 107,157 343,023
Cost of sales and administrative expenses (5,009,321) (4,122,051)
Net profit 817,466 113,667
Gift Aid donation to Yorkshire Agricultural Society (817,400) (113,600)
Profit for the financialyear 66 67
The assets and liabilities of the subsidiary were
Fixed assets 79,672 81,957
Current assets 1,749,914 679,209
Current liabilities (1,778,913) (710,559)
Total net assets 50,673 50,607
Aggregate share capital and reserves 50,673 50,607

The total contribution made by Yorkshire Event Centre Limited to the Society during the year amounted to £1,639,400 (2020: £519,666). This comprises the amount paid to the Society by way of Gift Aid and Services paid in respect of the company’s use of the Society’s premises.

36

Yorkshire Agricultural Society (Reg. no. 01666751)

8 Commercial trading operations and investment in trading subsidiaries (continued)

YAS (Enterprises) Limited

YAS (Enterprises) Limited
2021 2020
Summary of profit and loss account £ £
Turnover 1,124,232 10,419
Cost of sales (538,028) (2,592)
Gross profit 586,204 7,827
Administrative expenses (71,145) -
Net profit 515,059 7,827
Gift Aid donation to Yorkshire Agricultural Society (515,059) (7,827)
Profit for the financialyear - -
The assets and liabilities of the subsidiary were
Current assets 536,355 326,787
Current liabilities (527,755) (318,187)
Total net assets 8,600 8,600
Aggregate share capital and reserves 8,600 8,600

The total contribution made by YAS (Enterprises) Limited to the Society during the year amounted to £515,059 (2020: £7,827). This comprises the amount paid to the Society by way of Gift Aid.

9. Net movements in funds outstanding

2021 2020
£ £
The net movement in funds for the year is stated after charging
Depreciation of tangible fixed assets 1,039,101 1,086,504
Auditors’ remuneration for
- Audit 16,100 13,800
- Other services (Taxation) 1,700 1,650
Value of interest paid (included within support costs) 84,196 55,205
Operating lease charges 21,396 21,396
Of the total audit fee £8,360 (2020: £6,430) related to the Society.

37

Yorkshire Agricultural Society (Reg. no. 01666751)

10. Staff numbers, costs and Remuneration Policy

2021 2020
Number Number
The average number of persons employed by the group (inclusive of
part time employees) during the year was as follows
Administration 37 42
Manual 44 54
Total employed 81 96
Casual employees, averaged over the year, numbered 42 (2020:11).
2021 2020
£ £
The aggregate payroll costs of both full time and casual employees
were as follows
Wages and salaries 2,271,962 2,193,251
Social security costs 192,226 185,702
Pension contributions 316,285 345,925
2,780,473 2,724,878

The earnings of three employees, exceeded £60,000 as follows:

2021 2020
Number Number
£ 60,000 - £70,000 1 1
£110,000 - £120,000 1 1
£130,000 - £140,000 1 -
£140,000 - £150,000 - 1

The key management personnel of the parent charity and the group comprise the Chief Executive, the Managing Director of Yorkshire Event Centre Ltd, and the Financial Controller. The total employee benefits of the key management personnel of the charity and the Group were £375,526 (2020: £397,531). Other than as disclosed in note 21, no trustees received any remuneration, expenses or benefits (2020: nil).

38

Yorkshire Agricultural Society (Reg. no. 01666751)

11. Tangible fixed assets

Freehold land
Showground
facilities
Vehicles and
equipment
Regional
Agricultural
Centre
Total
£
£
£
£
£
Group
Cost
At 1 January
2021
814,794
28,908,067
1,515,962
4,733,988
35,972,811
Additions
-
48,464
75,589
-
124,053
Disposals
-
(42,886)
(103,260)
(9,386)
(155,532)
At 31
December 2021
814,794
28,913,645
1,488,291
4,724,602
35,941,332
Depreciation
At 1 January
2021
-
9,961,012
1,321,135
1,329,863
12,612,010
Charge for the
year
-
855,905
91,400
91,796
1,039,101
Disposals
-
(42,886)
(97,798)
(9,386)
(150,070)
At 31
December 2021
-
10,774,031
1,314,737
1,412,273
13,501,041
Net book value
At 31
December 2021
814,794
18,139,614
173,554
3,312,329
22,440,291
At 1 January
2021
814,794
18,947,055
194,827
3,404,125
23,360,801

39

Yorkshire Agricultural Society (Reg. no. 01666751)

11 Tangible Fixed Assets (continued)

Freehold
land
Showground
facilities
Vehicles and
equipment
Regional
Agricultural
Centre
Total
£
£
£
£
£
Society
Cost
At 1 January 2021
814,794
28,908,068
1,043,029
4,733,990
35,499,881
Additions
-
48,464
39,366
-
87,830
Disposals
-
(42,886)
(53,773)
(9,386)
(106,045)
At 31 December
2021
814,794
28,913,646
1,028,622
4,724,604
35,481,666
Depreciation
At 1 January 2021
-
9,961,012
930,158
1,329,851
12,221,021
Charge for the
year
-
855,905
52,892
91,796
1,000,593
Disposals
-
(42,886)
(48,311)
(9,386)
(100,583)
At 31 December
2021
-
10,774,031
934,739
1,412,261
13,121,031
Net book value
At 31 December
2021
814,794
18,139,615
93,883
3,312,343
22,360,635
At 1 January 2021
814,794
18,947,056
112,871
3,404,139
23,278,860

The Showground is included in the financial statements at cost. The Trustees have not revalued the Showground as they do not intend to dispose of the property.

40

Yorkshire Agricultural Society (Reg. no. 01666751)

12. Fixed asset investments

2021 2020
£ £
Group
Listed investments
Market value as at 1 January 2021 11,212,689 10,370,289
Additions 2,120,053 2,125,204
Disposal proceeds (409,344) (1,838,386)
Net investment gains 1,330,210 555,582
Market value at 31 December 2021 14,253,608 11,212,689
Historical cost at 31 December 2021 10,573,141 8,836,491
Listed investments are represented by
Listed investments 14,253,608 11,212,689
Total listed investments 14,253,608 11,212,689
Cash deposits 19,263 29,278
Investment Property (see below) 1,100,000 820,000
15,372,871 12,061,967
UK Investment Property
The Society and the Group
2021 2020
£ £
Market Value at 31 December 2021 1,100,000 820,000

The investment properties comprise two cottages which sit on the perimeter of the showground and these were re-valued by a local estate agent in November 2021.

Society

Investments held by the Society comprise the above plus an amount of £50,001 (2020: £50,001) being its investment in the wholly owned subsidiary companies (Yorkshire Event Centre Limited and YAS (Enterprises) Limted at cost.

13. Stocks

Group Group Society Society
2021 2020 2021 2020
£ £ £ £
Goods for resale, bar and fuel stock 156,263 82,936 3,012 1,651

41

Yorkshire Agricultural Society (Reg. no. 01666751)

14. Debtors

Group Group Society Society
2021 2020 2021 2020
£ £ £ £
Trade debtors 463,472 124,946 21,622 20,970
VAT - - 60,164 25,351
Prepayments and accrued income 102,536 60,772 78,552 50,666
Amounts due from group undertakings - - 1,030,207 277,786
Other debtors 1,328 46,842 1,328 40,139
567,336 232,560 1,191,873 414,912

15. Creditors – Amounts falling due within one year

Group Group Society Society
2021 2020 2021 2020
£ £ £ £
Trade creditors 326,254 143,074 82,041 32,935
Other taxation and social security 65,403 46,448 65,403 46,448
VAT 124,775 2,698 - -
Accruals 407,057 288,714 292,363 175,446
Receipts in advance
- Show 287,566 305,519 - -
- Subscriptions 224,393 16,658 224,393 16,658
- Commercial operations 452,004 193,984 - -
Bank loan (Note 17) 641,300 4,067,500 641,300 4,067,500
2,528,752 5,064,595 1,305,500 4,338,987

42

Yorkshire Agricultural Society (Reg. no. 01666751)

16 Creditors – Amounts falling due after one year

Group Group Society Society
2021 2020 2021 2020
Bank loan due after oneyear 3,551,200 1,187,500 3,551,200 1,187,500

The Charity has two loans; one which funded Hall One and was due to be repaid in full in October 2020 but a new agreement was taken out in April 2021. The term of the new loan is 5 years, payable in 47 Instalments of principal and interest of £31,801, commencing in May 2022, there will be a lump sum repayment on the final repayment date of April 2026. The margin rate is 1.95% above base rate.

The balance outstanding at 31 December 2021 was £3,755k (2020: £3,755k)

The other loan is a Coronavirus Business Interruption Loan of £1,500,000 drawn down on the 1[st] August 2020, which had an initial 12 Month capital and interest free period and is then repayable over 24 Instalments with an interest rate of 3.39 % per annum. During 2021 the interest rate was reduced to 2.53% and an overpayment of £750,000 was made. The balance outstanding at 31 December 2021 is £437k (2020: £1,500).

Both loans are secured against the investment portfolio which is managed by abrdn plc, a multilateral guarantee and debenture against the charity and its subsidiaries, an unlimited CAS 2000 guarantee between YAS (Enterprises) Limited, Yorkshire Agricultural Society, and Yorkshire Event Centre Limited and a charge against the land and buildings at the Great Yorkshire Showground, Harrogate.

17 Maturity of borrowings – bank loan

Group Group Society Society
2021 2020 2021 2020
£ £ £ £
In one year or less 641,300 4,067,500 641,300 4,067,500
Between one and two years 305,700 750,000 305,700 750,000
Between two and five years 3,245,500 437,500 3,245,500 437,500
4,192,500 5,255,000 4,192,500 5,255,000

43

Yorkshire Agricultural Society (Reg. no. 01666751)

18 Restricted funds

Group and Society 1 January Income Expenditure Depreciation
31		 December 2021
2021 2021
£		 £ £ £ £
Yorkshire Rural Support 8,626 18,312 (18,406) - 8,532
Network
Education activities - 5,000 (5,000) - -
Garfield Weston Foundation 3,725 - (2,436) - 1,289
Funding for Regional 327,104 - - (15,816) 311,288
Agricultural Centre
Yorkshire Bee Pavilion 15,914 - - (399) 15,515
Yorkshire Federation of Show 15,658 1,548 (16) - 17,190
Societies
371,027 24,860 (25,858) (16,215) 353,814
Group and Society 1 January Income Expenditure Depreciation
31 December
2020 2020
£		 £ £ £ 2020
£
Yorkshire Rural Support 4,851 19,811 (16,036) - 8,626
Network
Education activities - 6,000 (6,000) - -
Weston Foundation 20,241 - (16,516) - 3,725
Funding for Regional 342,920 - - (15,816) 327,104
Agricultural Centre
Yorkshire Bee Pavilion 16,313 - - (399) 15,914
Yorkshire Federation of Show 15,256 406 (4) - 15,658
Societies
399,581 26,217 (38,556) (16,215) 371,027

Restricted Funds

Funding for the Regional Agricultural Centre (RAC) relates to amounts received specifically for the development of the RAC. Owing to conditions around the use of the funds and ongoing restrictions around the use of the RAC these funds are classified within restricted funds and released in line with depreciation on the underlying assets.

Garfield Weston Foundation is a family-founded grant-making trust which has been supporting charities across the UK for over 50 years. It has given money to support an initiative to encourage young people to set up their own innovative businesses in rural areas, the countryside, villages or market towns.

The Yorkshire Federation of Show Societies exists to maintain contact, exchange ideas and information, and to deal with any problems and matters of mutual interest in the running of agricultural shows throughout Yorkshire.

44

Yorkshire Agricultural Society (Reg. no. 01666751)

Note 18 Restricted funds (Continued)

The Yorkshire Rural Support Network is an organisation aimed at bringing together a wide variety of organisations involved in helping relieve stress and anxiety within the rural community.

19 Analysis of Net Assets by Funds

As at 31 December 2021 Unrestricted Restricted Total
£ £ £
Tangible Fixed assets 22,440,291 - 22,440,291
Investments 14,272,871 - 14,272,871
Investment Property 1,100,000 - 1,100,000
Net Current Assets (49,241) 353,814 304,523
Long Term Creditors (3,551,200) - (3,551,200)
34,212,671 353,814 34,566,485
As at 31 December 2020 Unrestricted Restricted Total
£ £ £
Tangible Fixed assets 23,360,801 - 23,360,801
Investments 11,241,967 - 11,241,967
Investment Property 820,000 - 820,000
Net current assets (3,049,778) 371,027 (2,678,751)
Long Term Creditors (1,187,500) - (1,187,500)
31,185,490 371,027 31,556,517

20 Commitments

Capital Commitments

The Society had capital commitments authorised and contracted as at 31 December 2021 in respect of the development of showground facilities of £Nil (2020: £Nil). These commitments are all payable within one year. No provision has been made in the financial statements in respect of these amounts.

Financial Commitments

At the reporting date the charity had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

2021 2020
£ £
Due within 1 Year 41,063 21,396
Due between 2 – 5 Years 20,741 18,810
Due after 5 years 2,290 -
Total 64,634 40,206

45

Yorkshire Agricultural Society (Reg. no. 01666751)

21 Related Party Transactions

P Russell, a Trustee of Yorkshire Agricultural Society, is CEO of Russells (Kirkbymoorside) Ltd, from whom Yorkshire Agricultural Society purchased goods to the value of £Nil (2020: £151). Russells (Kirkbymoorside) Ltd also had a trade stand at the Great Yorkshire Show at a cost of £3,513, (2020: £Nil) payable to YAS (Enterprises) Limited.

C E Mills, Show Director and Trustee received an Honorarium of £12,000 (2020: £Nil) and expenses of £383 (2020: £Nil).

R Copley, a Trustee of Yorkshire Agricultural Society, is Chair of The National Farmers’ Retail & Markets Association Limited (Farm Retail Association). YEC charged the Farm Retail Association £78,460 (2020: £70,118) for acting as managing agent, and YAS charged £Nil (2020: £6,402) for website redesign and PR costs.

M Stoddart, a senior member of staff, purchased surplus arena sand for £2,000 (2020- £nil).

All transactions were in the normal course of business and on an arm’s length basis.

22 Pension Fund

The Society operates defined contribution pension schemes for the employees of both the Society and its subsidiary companies. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the schemes. A salary exchange option is provided to employees whereby existing salary amounts can be exchanged for additional employer pension contributions. This has the impact of increasing employer contributions into the pension schemes.

The pension cost represents contributions payable by the Society and amounted to £316,285 (2020: £345,925). There were no contributions outstanding at the year-end (2020: £nil).

23 Reconciliation of net movement in funds to net cash flow from operating activities

2021 2020
£ £
Net movement in funds 3,009,968 (875,909)
Adjustments for:
Income from investments (323,396) (264,798)
Depreciation charges 1,039,101 1,086,504
(Gains) on revaluation of investments (1,610,210) (555,582)
Loss/(Profit) on sale of tangible Asset (13,377) -
(Increase)/Decrease in stocks (73,327) 11,952
(Increase)/Decrease in debtors (334,776) 357,986
Increase/(Decrease) in creditors 890,357 (1,066,361)
Net cashprovided by /(used in) operating activities 2,584,340 (1,306,208)

46