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2023-12-31-accounts

YORKSHIRE AGRICULTURAL SOCIETY

Report and financial statements for the year ended 31 December 2023

ANNUAL REPORT 2023

Registered Company Number 01666751 Registered Charity Number 513238

Yorkshire Agricultural Society

Report and financial statements for the year ended 31 December 2023

Contents

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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 AL Nixon

Registered Office Regional Agricultural Centre Great Yorkshire Showground Harrogate HG2 8NZ

Auditors Azets Audit Services Ltd 12 King Street Leeds LS1 2HL

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 1QX

Investment advisors: LGT Wealth Management UK LLP 14 Cornhill London EC3V 3NR

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Yorkshire Agricultural Society (Reg. no. 01666751)

Members of Council, Trustees, Committees and Subsidiaries

Members of Council

President

Martin Cockerill, York (14th July 2023 — 12th July 2024) Simon Theakston, Farnham (15th July 2022 — 14th July 2023)

President Elect

Geoff Brown, Ripon (14th July 2023 — 12th July 2024) Martin Cockerill, York (15th July 2022 — 14th July 2023)

Show Director

Charles Mills, Appleton Roebuck, York

Show Director
Charles Mills, Appleton Roebuck, York
End of current
3-year term
North Yorkshire
Michael Atkinson, Kirkby Malzeard, Ripon 2026
James Cooper, Dacre, Harrogate 2025
Guy Cowling, Pannal, Harrogate 2024
Steven Crabtree, Bolton Abbey, Skipton (retired May 2023) 2023
Neil Eastham, Studley, Ripon 2025
Frederick Fairburn, Rievaulx, York 2026
Stuart Goldie, Maunby, Thirsk 2024
James Hopwood, Deighton, York 2024
Alice Liddle, Stainburn, Otley 2025
Peter Molyneux, Topcliffe 2024
Christine Ryder, Blubberhouses, Harrogate 2026
Michael Smith, Ripley, Harrogate 2026
Christine Thompson, Helmsley, York (retired December 2023) 2023
East Yorkshire
Divina Fillingham, Driffield 2024
lan Gilliat, Gembling, Driffield 2026
Fay Grace, Sledmere, Driffield 2026
Jonathan Hodgson, South Frodingham, Hull 2025
Richard Morley, York 2025
Geoff Riby, Fraisthorpe, Bridlington 2024
West Yorkshire
Rob Copley, Purston, Pontefract 2026
Nick Fawcett, Clifford, Wetherby 2024
David Green, Oakworth, Keighley 2025
Nick Lane Fox, Bramham, Wetherby (retired May 2023) 2023
Tom Rawson, Thornhill, Dewsbury 2025
Bob Richmond, Aberford, Leeds 2024
Martin Preston, Bingley, West Yorkshire 2026
South Yorkshire
Richard Hinchliffe, Thorne, Doncaster 2025
Robin Metcalfe, Edale, Hope Valley (retired May 2023) 2023
Chloe Palmer, Foolow, Hope Valley 2024
Nick Grayson, Rawmarsh, Rotherham 2026
Co-opted Members
Geoff Brown, Ripon 2025
Rachel Coates, Baildon, Shipley 2025
Ellie Durdy, West Carr, Epworth 2025
Tim Easby, Grewelthorpe, Ripon 2024
Martin Fish, Thirsk 2025
LeanneForde,York 2024

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Yorkshire Agricultural Society (Reg. no. 01666751)

Angus Gowthorpe, Escrick (retired May 2023) 2023 James Johnson, Ripon 2025 John North, Giggleswick 2024 Paul Russell, Malton - Molly Sadler, Halsham, Hull 2024 Hugh Shedden, Shipton by Beningbrough, York (retired May 2023) 2023 Bradley Sykes, Pontefract 2024 Duncan Berkshire, Ripon 2026 Kate Moore, Driffield 2026 Elizabeth Nelson, York 2026

Tim Whitaker, Askham Bryan College Bill Meredith, Bishop Burton College Harrogate Borough Council representatives Victoria Oldham, Otley (retired May 2023) North Yorkshire County Council representative Cllr Carl Les, Bedale

ex-Officio ex-officio

ex-officio

ex-officio

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

2024

Trustees

Chair

Members

Henry Chadwick (Co-opted) (retired May 2023) Richard Rusby (Co-opted)

Committees and Subsidiaries

Audit and Investment Committee

Helen Collin (Chair) Andrew Fallows * Peter Molyneux (appointed May 2023) * Paul Russell Rebecca Scott Christy York Antonio Consett (appointed May 2023)

Charitable Activities Committee

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Yorkshire Agricultural Society (Reg. no. 01666751)

Martin Redfearn

Nomination and Governance Committee

President’s Working Party

Remuneration Committee

YAS (Enterprises) Limited

Directors

Yorkshire Event Centre Limited

Directors *Christine Ryder (Chair) Tom Mellor Rob Whitehead (retired May 2023) Mark Farnsworth (appointed May 2023) Allister Nixon Mark Stoddart Heather Parry — Managing Director (retired September 2023) Richard Moorhouse (appointed November 2023)

* Denotes Member of Council

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Yorkshire Agricultural Society (Reg. no. 01666751)

Trustees Report for Year Ended 31 December 2023

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 2023. The Trustees confirm that the Annual Report (which also meets the requirements of a Director's 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

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.

  6. 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.

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Yorkshire Agricultural Society (Reg. no. 01666751)

East Yorkshire Members elect 6 representatives.

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. 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.

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

As a result of the York and North Yorkshire Combined Authority and the move to a ‘unitary’ local government in April 2023, there are no longer any members of Harrogate Borough Council on the council. One member of council is appointed by North Yorkshire County Council (NYCC), who holds office while they remain a councillor. Their appointment improves communication between NYCC and the Society. 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.

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 7 Trustees, 6 who are members of Council and 1 co-opted.

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Yorkshire Agricultural Society (Reg. no. 01666751)

Current membership is as follows: - Meeting Attendance 2023:

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End of current 3-year term:
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|||||||| |---|---|---|---|---|---|---| |Possible|Actual| |Rob|Copley|(Chair)|5|5|2025| |James|Cooper|5|5|2025| |Peter|Molyneux|5|5|2024| |John|North|5|4|2026| |Richard|Rusby|(Co-opted)|5|5|2024| |Michael|Smith|3|3|2026| |Ex-Officio:| |Charles|Mills|— Show|Director|5|5|N/A|

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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 and 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, however normally meetings are every two months.

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 2023. 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.

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Yorkshire Agricultural Society (Reg. no. 01666751)

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 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.

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Yorkshire Agricultural Society (Reg. no. 01666751)

Subsidiary Companies

The Society has two subsidiary companies:

The net income of the trading subsidiaries is paid to the Society by way of Gift Aid.

Some of our activities combine both commercial and charitable activities, notably the Great Yorkshire Show, Fodder and The Managing Agents Work. 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 2023

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

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 guidelines to prioritise the areas we support, and these are used to prepare detailed delivery plans.

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Yorkshire Agricultural Society (Reg. no. 01666751)

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:

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. Details of the grants are in note 6.

  1. | 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.

The Society has a role in encouraging further training and personal development within the agricultural sector, as this is 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 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 financial management, negotiation skills, dealing with the media and understanding your business.

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Yorkshire Agricultural Society (Reg. no. 01666751)

  1. 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 consists of a management board of farmers, scientists and academics. FSN brings together this expertise to identify problems and then promote practical solutions for farmers using scientific advances and research.

The main activities in 2023 were:

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

YRSN is a partnership of farming organisations, charities and voluntary agencies that together promote and provide sources of help — whether practical, financial, medical or emotional — to those who live in farming and rural communities.

The Network holds farming community lunches, farming memories events and supports the delivery of free farmer health checks at events.

The Network's Women In Farming group holds an annual Autumn Gathering in October with support from sponsors, and in the last year held social events such as a summer social and a wreath making session before Christmas.

Women !|n Farming maintains a digital presence to keep its members connected all-year round, including a private Facebook community and a series of Talking Heads video episodes.

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Yorkshire Agricultural Society (Reg. no. 01666751)

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

Events include evening debates, most recently hosting a question time to discuss topical agricultural issues, as well as a Harvest Dinner Dance by which it raises funds for rural charities. A number of bursaries are awarded to members to attend high-profile industry events and a mentorship scheme matches younger agricultural professionals with more experienced mentors to help guide their professional development. In 2023, members also attended a roundtable discussion to raise pressing supply chain issues with the Defra Secretary of State.

Members write regularly in The Yorkshire Post and various training courses are offered, most recently focused on direct selling, mental health and social media filming.

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

Yorkshire Food, Farming and Rural Network (YFFRN) - Network members include industry bodies such as the NFU, CLA as well as private sector organisations and the public sector. The Network is the Defra network in Yorkshire and feeds back local issues and concerns to Defra’s farming and rural team at a local and national level.

The Network meets regularly bringing together food, farming and rural stake holders in Yorkshire and issues monthly newsletters providing relevant and valuable content to help ensure a joined up holistic approach for rural Yorkshire.

The Network secured funding fortraining for farmers through the Partnership Investment Fund Legacy. This Programme aims to support businesses by enhancing knowledge in basic business skills. To date the courses funded include carbon audit training, first aid training, business skills training and CEVAS (the Countryside Educational Visits Accreditation Scheme) training, as well as funding support for rural food businesses with SALSA (Safe and Local Supplier Approval) assessment and accreditation.

The Network also hosted senior regional officials as well the Director of the Farming and Countryside Programme at DEFRA at the Great Yorkshire Show

ACHIEVEMENTS AND PERFORMANCE

Agricultural Show

Following on from the success in 2022, the Great Yorkshire Show was again held over four days with a capped attendance of 35,000 people on the showground each day, ensuring a high-quality experience for all.

Financially the Show made a significant contribution with gross income of £4,356k, (2022 £4,180k). The show remains one of the premier agricultural shows in the UK welcoming top level industry leaders including: the Environment, Food and Rural Affairs Committee (EFRA); Defra's Secretary of State Thérése Coffey; Farming Minister Mark Spencer; Director of Defra’s Farming and Countryside Programme, Janet Hughes; as well as Shadow Defra Secretary, Jim McMahon; NFU President Minette Batters and senior figures from the AHDB, CLA, RPA. We were also extremely honoured to have a royal visit from HRH The Duke of Gloucester

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Yorkshire Agricultural Society (Reg. no. 01666751)

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. Membership income was £555k in 2023 (2022 £460k), having recovered from the effects of the Covid Pandemic in 2020 and 2021. Membership numbers were again capped in 2023 to ensure a high-quality experience for our members.

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 havea stock market portfolio, which is managed by professional fund managers, and their mandate includes a requirement to generate investment income. In 2023 this income totalled £414k (2022 £401k) and represents a return of approximately 3% on capital.

VAT

The Society is currently in dispute with The Commissioners for Her Majesty’s Revenue and Customs (HMRC) over whether the supply of admission tickets to the Great Yorkshire Show qualifies for exemption, on the basis that that this is a fund-raising event for the Charity.

The Society has successfully sought repayment of overpaid output VAT of £202k in relation to admission tickets for the 2016 Great Yorkshire Show.

HMRC had rejected this claim, taking the view that the Society owed £813k in relation to unpaid output VAT on admission tickets for the 2017 Great Yorkshire Show onwards. The Society appealed HMRC’s view. The case went to tribunal in January 2023. The First-tier tribunal and subsequent HMRC appeal to the Upper Tribunal both ruled in favour of the Society. As a result of these rulings, HMRC have repaid to the Society the overpaid output VAT of £202k. However, the HMRC have made one final appeal to the Upper Tribunal and this amount will be due back to HMRC if this final appeal finds in favour of HMRC.

The Society however continues to feel that it is in a very strong position with the legislation as itis drafted, from the case law, and from the position with other Societies.

Income from Trading Activities

Our commercial trading operations are an important part of our finances. Progress since 2021 has been extremely pleasing with overall income of £7,821k (2022 £6,336k), as a number of new events made use of our award winning facilities in 2023.

There are 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 £2,305k in 2023 (2022 £1,441k). This turnover is the highest ever for YEC and reflects conferences and exhibitions returning post the pandemic, as well as a growing number of new events making use of these facilities.

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Yorkshire Agricultural Society (Reg. no. 01666751)

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. Bookings for social events including funerals, weddings, parties and dinners remain strong, as well as corporate bookings following the effects of the COVID pandemic in 2021 and 2020. Total income was £1,450k up from 1,435k in 2022. The prospects for 2024 continue to look just as promising.

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 in a competitive environment. Fodder turnover was £3,514k (2022 £3,173k) which is Fodder’s highest ever annual turnover and particularly pleasing given the overall economic impact of the current cost of living increases.

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 are managing agents of the National Farm Attractions Network (NFAN), the Farm Retail Association (FRA) and the British Christmas Tree Growers Association (BCTGA) where we manage these associations on behalf of their members. In 2023 we were also appointed managing agents for the running of the Great Holiday Home Show hosted at the Society's showground. Total income for Managing Agents increased to £404k from £168k in 2022.

  1. Harrogate Caravan Park

Harrogate Caravan Park had its most successful year improving on last year’s most successful year, the popularity of holidaying at our caravan park in Harrogate continues to grow and turnover increased to £284k (2022 £262k),.

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 £207k in 2023 down from £269k in 2022. In 2022 we received one off income for the Yorkshire Water project.

Financial Review

The financial results in 2023 were better than we anticipated. Holding another very successful Great Yorkshire Show, as well as Yorkshire Event Centre, Fodder, Managing Agents and Harrogate Caravan Park having their most successful years ever in terms of turnover, meant that the Society was able to manage cost of living increases, invest more in our showground facilities and in our charitable activities. Unrestricted charitable expenditure was £533k in 2023 up from £427k in 2022. This additional expenditure meant that overall, in our unrestricted activities we had a net surplus of £372k (2022 £534k).

Capital expenditure was £570k in 2023 (2021 420k) and with a depreciation charge of £1,078k this contributed to a very strong cash inflow which enabled us to make loan repayments the year of £1,192k.

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Yorkshire Agricultural Society (Reg. no. 01666751)

There was a surplus on revaluation of our portfolio and investment properties of £641k, which with the pleasing trading performance meant that total balance sheet funds increased by £972k to £34,454k.

The Trustees are satisfied with this financial performance which maintains our solid platform to support farming and invest in our Showground facilities.

Fundraising

Details of ourfundraising[activities] are provided within the accounting policies section of the accounts.

Plans for 2024

With a number of fixed term utility contracts coming to an end in January, energy cost increases will make 2024 a more challenging year financially for the Society. However the prospects for 2024 look promising on the back of another very successful Great Yorkshire Show in 2023 and strong event bookings. 2024 will see the launch of the Society Values, and as the Society looks at ways to ensure its charitable activities remain relevant and impactful the launch of the Goodall Agri-Development Pathway, a new fully funded training programme to support the development of farming’s next generation and the launch of the Yorkshire Farmer’s Club, a new initiative aimed at farmers to reduce rural isolation.

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 LGT Wealth Management's Standard Capital (Offshore) Income Fund.

Our investment aims are:

  1. Asignificant 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 another challenging and volatile year, and this resulted in a revaluation surplus on our investments of £641k (2021 - £1,683k deficit). Investments at the year-end, were £13,116k (2022: £12,532k), an overall increase of £584k.

There are detailed investment objectives for our fund managers which are reviewed regularly by the Audit and Investment Committee.

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 £21,324k (2022: £21,831k). Investment properties of £1,100k (2022 - £1,100k) and stock market investments of £13,116k (2022: £12,531k). 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 underlined the necessity for having solid financial foundations in place.

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Yorkshire Agricultural Society (Reg. no. 01666751)

The Society has been run prudently for many years and on 31 December 2023 the Society had free reserves of £11,653k (2022: £10,132k).

Unrestricted funds total £34,077k (2022: £33,063k) and in addition there are restricted funds of £377k Agricultural(2022: £419k). The majority ofthis relates to a grant received towards the cost of building the Regional 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

The Society had an average number of 101 (2022: 89) permanent staff (see note 10), both full and part-time. This is supplemented by many temporary and sub-contracted staff throughout the year as we manage the peaks and troughs in activity levels. Our staff are key to our success allowing us to deliver a high level of customer service across our diverse activities.

. The Society is also supported by many volunteers who willingly give their time and 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.

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.

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Yorkshire Agricultural Society (Reg. no. 01666751)

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 22 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: .

The auditors Azets Audit Services Limited, are deemed re-appointed under section 487(2) of the Companies Act 2006.

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

----- Start of picture text -----
A L Nixon
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Chief Executive

Dated 22 February 2024

|

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 subsidiaries (the ‘Group’) for the year ended 31 December 2023. 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 Group and 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 Group and 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 mis-stated. 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

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.

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 where 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 Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

19

7

|

Yorkshire Agricultural Society (Reg. no. 01666751)

We obtain and update our understanding of the group, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the group is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,

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. ‘

Jessica Lawrence (Senior Statutory Auditor) For and on behalf of Azets Audit Services Limited Chartered Accountants Statutory Auditor 12 King Street Leeds LS1 2HL

osceteereneh & | AZO...

20

Yorkshire Agricultural Society (Reg. no. 01666751)

Consolidated statement of financial activities (incorporating consolidated income and expenditure account) for the year ended 31 December 2023

2023 2022 2022
Notes Unrestricted
funds		 _— Restricted
funds		 Total Unrestricted
funds		 Restricted
funds
£ £ £ £ £ £
Income from:
Donations, legacies and grants - 25,181 25,181 356 107,609 107,965
Income from other trading
Activities:
Commercial trading operations 7,821,245 - 7,821,245 6,335,773 -
Other showground income 206,722 * 206,722 269,399 - 269,399
Income from Charitable
Activities:
Income from Agricultural Shows 4,355,651 - 4,355,651 4,179,577 -
Membership Subscriptions 554,568 : 554,568 460,571 - 460,571
Incomefrom Investments 414,010 = 414,010 401,081 - 401,081
Total income 2 13,352,196 25,181 13,377,377 11,646,757 107,609
Expenditure on:
Commercial trading operations 8,186,098 - 8,186,098} 6,257,309 - 6,257,309
Other showground expenses 62,021 - 62,021 141,573 = 141,573
Investment management costs 87,222 : 87,222 80,692 - 80,692
Expenditure on Charitable activities:
Expenditure for agricultural 3,958,351 - 3,958,351) 3,972,162 - 3,972,162
shows
Membership services 153,518 - 153,518 234,280 7 234,280
Other Charitable activities 4,6 532,612 67,109 599,721 426,826 42,383 469,209
Total expenditure 3 12,979,822 67,109 13,046,931 11,112,842 42,383
Net Income /(Expenditure) before 9 372,374 (41,928) 330,446 533,915 65,226 599,141
investment gains
Netgains / (losses) on 12 641,378 a 641,378 (1,683,400) -
nvestmen
iture) for
ve emiiened. omsiete
year		 th
sain		 4,013,752 (41,928) 974,824 (1,149,485) 65,226
Reconciliation offunds
Total funds brought forward 33,063,186 419,040 33,482,226 34,212,671 353,814
Total funds carried forward 18, 34,076,938 377,112 34,454,050 33,063,186 419,040
19

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.

21

1

Yorkshire Agricultural Society (Reg. no. 01666751)

Consolidated and Society balance sheets as at 31 December 2023

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Nate|Group|Group|Society|Society| |2023|2022|2023|2022| |£|a|£|£| |inBerr|IS| |Fixed|assets| |Tangible|fixed|assets|11|21,324,286|21,831,365|21,229,875|21,745,081| |Investments|12|13,115,946|12,531,850|13,165,947|12,581,851| |Investment|Property|12|1,100,000|1,100,000|1,100,000|1,100,000| |35,540,232|35,463,215|35,495,822|35,426,932| |Current|assets| |Stocks|13|159,950|150,614|4,373|3,151| |Debtors|14|517,185|578,994|1,097,699|1,163,041| |Cash|at|bank|and|in|hand|2,019,233|2,244,208|393,779|532,786| |2,696,368|2,973,816|1,495,851|1,698,978| |Creditors|-|amounts|15|(2,371,764)|(2,429,090)|(1,136,147)|(1,127,254)| |falling|due|within|one| |year| |Net|current|assets/(liabilities)|324,604|544,726|359,704|571,724| |Creditors|- amounts|16|(1,410,786)|(2,525,715)|(1,410,786)|(2,525,715)| |falling|due|after one|year| |Net|assets|34,454,050|33,482,226|34,444,740|33,472,941| |Funds| |Unrestricted|funds|19|34,076,938|33,063,186|34,067,628|33,053,901| |(includes|revaluation| |reserve|of £3,090,754)| |Restricted|funds|18/19|377,112|419,040|377,112|419,040| |Total funds|34,454,050|33,482,226|34,444,740|33,472,941|

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The financial statements on pages 21 to 45 were approved by the Trustees On ............................. and were signed on its behalf by:

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(C laple
R Copley
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P Molyneux

Members of the Trustees

22

Yorkshire Agricultural Society (Reg. no. 01666751)

Consolidated Statement of Cash Flows for the year ended 31 December 2023

Note 2023 2023 2022 2022
£ £ £ £
Cash Provided by operating 24 1,051,717 1,465,067
activities
Cash flows from investing
activities:
Dividends and interest received 414,010 401,081
Purchase ofplant, property and (570,019) (420,184)
equipment
Sale of Fixed assets 14,000 -
Decrease in cash within 887 18,221
Investments.
Purchase of investments z ¢
Proceeds from sale ofinvestments 56,395 39,400
Cash Provided by /(used in) (84,727) 38,518
investing activities
Cash Flows from financing
activities:
Repayment ofBank Loans (1,191,965) (1,369,053)
Cash (used in)financing (1,191,965) (1,369,053)
activities
Increase in cash and cash (224,975) 134,532
equivalents in the year
Cash and cash equivalents at the 2,244,208 2,109,676
beginning ofthe year
Total cash and cash equivalents 2,019,233 2,244,208
at the end of the year
Analysis ofchanges in net debt -
group
Cash at bank and in hand 2,019,233 2,244,208
Borrowing excluding overdrafts
(1,631,482)
(2,823,447)
Ne
ae
387,751
(579,239)
a
I,

23

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 Group and Society. The Trustees have prepared budgets and cash flow projections which show continued profits and cash generation and are therefore confident that, at the time of approving the financial statements, the Group and Charity have 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.

24

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% December 2023, 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 is comprised 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 excludes 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.

25

Yorkshire Agricultural Society (Reg. no. 01666751)

Staff Costs

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

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 longterm 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 25 to 50 years straight line Plant, vehicles and equipment 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 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.

26

Yorkshire Agricultural Society (Reg. no. 01666751)

Debtors

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

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 Group 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 havea significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined as follows:

Critical Accounting Estimates

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.

27

Yorkshire Agricultural Society (Reg. no. 01666751)

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.

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.

Critical Judgements

VAT Dispute

The Society is currently in dispute with The Commissioners for Her Majesty’s Revenue and Customs (HMRC) over whether the supply of admission tickets to the Great Yorkshire Show qualifies for exemption, on the basis that that this is a fund-raising event for the Charity.

The Society has successfully sought repayment of overpaid output VAT of £202k in relation to admission tickets for the 2016 Great Yorkshire Show.

HMRC had rejected this claim, taking the view that the Society owed £813k in relation to unpaid output VAT on admission tickets for the 2017 Great Yorkshire Show onwards. The Society appealed HMRC’s view. The case went to tribunal in January 2023. The First-tier tribunal and subsequent HMRC appeal to the Upper Tribunal both ruled in favour of the Society. As a result of these rulings, HMRC have repaid to the Society the overpaid output VAT of £202k. However, the HMRC have made one final appeal to the Upper Tribunal and this amount will be due back to HMRC if this final appeal finds in favour of HMRC.

The Society however continues to feel that it is in a very strong position with the legislation as it is drafted, from the case law, and from the position with other Societies..

We have included a contingent liability note (note 20) to reflect this situation.

Notes to the financial statements for the year ended 31 December 2023

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.

28

Yorkshire Agricultural Society (Reg. no. 01666751)

2. Analysis of income

2023 2022
Unrestricted
funds		 Restricted
funds		 Total Unrestricted
funds		 Restricted
funds		 Total
£ £ £ £ £ £
Income from generated funds:
Donations, legacies and grants - 25,181 25,181 356 107,609 107,965
- 25,181 25,181 356 107,609 107,965
Income from trading activities:
Yorkshire Event Centre Limited 7,821,245 - 7,821,245 6,335,773 - 6,335,773
income
Other showground income 206,722 2 206,722 269,399 - 269,399
Income from charitable activities:
Show admissions 2,213,392 - 2,213,392 2,101,144 - 2,101,144
Show livestock income 252,032 - 252,032 246,486 - 246,486
Show trade stand income 1,139,443 - 1,139,443 1,069,359 - 1,069,359
Show sponsorship and 271,308 i 271,308 334,998 - 334,998
advertising
Show catering premiums 284,727 - 284,727 245,759 - 245,759
Othershow income 194,749 = 194,749 181,831 - 181,831
4,355,651 - 4,355,651 4,179,577 - 4,179,577
Membership Subscriptions 554,568 554,568 460,571 - 460,571
Incomefrom investments 414,010 - 414,010 401,081 - 401,081
13,352,196 25,181 13,377,377 11,646,757 107,609 11,754,366

29

Yorkshire Agricultural Society (Reg. no. 01666751)

3. Analysis of total expenditure

2023 2022
Unrestricted
funds		 Restricted
funds		 Total Unrestricted
funds		 Restricted
funds		 Total
£ £ £ £ £ £
Expenditure on trading
activities:
Yorkshire Events Centre Limited 5,904,484 - 5,904,484 4,954,714 -
expenditure, (Note 8)
Expenditure on charitable
activities:
Show site costs 694,953 - 694,953 643,792 = 643,792
Show personnel costs 875,587 - 875,587 768,961 - 768,961
Show displays 307,787 - 307,787 264,482 a 264,482
Show prize money 251,657 - 251,657 245 ,222 - 245,222
Show printing and publicity 231,925 - 231,925 229,159 “ 229,159
Show permanent staffcosts 214,389 - 214,389 205,256 a 205,256
Show sundries 74,269 - 74,269 134,861 = 134,861
8,555,051 - 8,555,051 7,446,447 - 7,446,447
Other Charitable Activities 386,350 67,109 453,459 324,087 42,383 366,470
Direct costs 8,941,401 67,109 9,008,510 7,770,534 42,383 7,812,917
Support costs (Note 4) 4,038,421 - 4,038,421 3,342,308 -
Totalexpenditure 12,979,822 67,109 13,046,931 11,112,842 42,383

30

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Yorkshire Agricultural Society (Reg. no. 01666751)

6. Analysis of Other Charitable Activities (unrestricted funds)

2023 2022
£ £
1. Organising Educational Events
e
Events		 107,075 104,245
e
Primary		 184,337 141,509
e
Secondary/Apprentice		 19,398 15,973
2. Supporting Other Organisations and Individuals 12,559 11,911
3. Personal Development of Individuals 64,918 59,476
4. Knowledge Transfer 49,239 24,786
5. Supporting the Agricultural Industry 95,086 68,926
Total
82,612
426,826
Grants Payable
Other Charitable Activities includes the following grants payable: 2023 2022
£ £
Institutional grants
Nuffield Farming Scholarship Trust 15,000 16,500
Yorkshire Rural Support Network 20,000 15,000
Heeley City Farm 1,000 1,000
Caring For Life 1,500 1,500
Country Trust 3,000 3,490
Yorkshire Federation ofYoung Farmers Clubs - 12,257
Saint Matthews School - 1,000
Westfield Primary = 1,454
Carr Junior School - 1,417
RobertWilkinson Primary - 1,000
ManorCEAcademy - 1,000
Oldfield Primary - 1,550
Bessacarr Primary 1,000 =
Nafferton Primary 1,000 -
Manston St James PTFA 1,000 -
Spilman Bros Trailer 1,000 =
Yorkshire Hedgelaying 1,000 -
Five Acres 1,000 -
Ballifield Primary 1,000 -
Isobel Eames 1,500 =
Rose Riby 1,500 Ss
Farmer Network 1,725 -
Atlas Community Grant 1,800 -
Whirlow Hall Education 2,000 -
Countryside Learning 2,000 Ss
Yorkshire Food Farming & Rural Network 3,000 -
Othergrants payable (14 paid in 2023) (11 in 2022) 6,080 4,334
TotalGrantsPayable 67,105 61,502

33

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 21 includes those of the subsidiary undertakings.

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

2023 2022
a
res
Gross income 6,800,184 6,136,530
Gross expenditure (6,469,763) (5,537,416)
Net income 330,421 599,114
Gains/(Losses) on investments 641,378 (1,683,400)
Net movement offunds in year 971,799 (1,084,286)
Total funds brought forward 33,472,941 34,557,227
Total funds carried forward 34,444,740 33,472,941
Represented By:
Restricted funds 377,112 419,040
Unrestricted funds 34,067,628 33,053,901
Totalfunds 34,444,740 33,472,941

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 England and Wales, 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. The Charity owns the entire issued share capital of both companies. Yorkshire Event Centre Limited has issuedshare ofshare£1. capital consisting of 50,000 ordinary shares of£1 each and YAS (Enterprises) Limited of 1 ordinary

34

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 2023 2022
£ £
Turnover 7,984,636 6,477,981
Cost ofsales and administrative expenses (7,235,913) (6,014,258)
Net profit 748,723 463,723
GiftAid donation to Yorkshire Agricultural Society (748,700) (463,700)
Profit forthe financial year 23 23
The assets and liabilities ofthe subsidiarywere
Fixed assets 94,412 86,280
Current assets 1,690,185 1,421,122
Current liabilities (1,733,872) (1,456,706)
Total netassets 50,725 50,696
Aggregatesharecapitalandreserves 50,725 50,696

The total contribution made by Yorkshire Event Centre Limited to the Society during the year amounted to £1,331,996 (2022: £1,523,239). 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.

35

Yorkshire Agricultural Society (Reg. no. 01666751)

YAS (Enterprises) Limited

----- Start of picture text -----
||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |Summary|of|profit and|loss account|£|¢| |Turnover|1,898,892|1,834,380| |Cost|of sales|(753,032)|(724,119)| |Gross|profit|1,145,860|1,110,261| |Administrative|expenses|(83,044)|(81,182)| |Net|profit|1,062,816|1,029,079| |Gift Aid|donation|to|Yorkshire|Agricultural|Society|(1,062,816)|(1,029,079)| |Profit|for the|financial|year|-|-| |The|assets|and|liabilities|of the|subsidiary|were| |Current|assets|496,840|926,503| |Current|liabilities|(488,240)|(917,903)| |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 £1,062,816| |(2022:|£1,029,079).|This|comprises|the|amount|paid|to|the|Society|by way|of|Gift|Aid.| |9.|Net|movements|in|funds|outstanding| |2023|2022| |£|£| |The|net|movement|in|funds|for the|year|is|stated|after|charging| |Depreciation|of tangible|fixed|assets|1,077,085|1,029,110| |Auditors’|remuneration|for| |-|Audit|20,800|18,900| |-|Other|services|(Taxation)|2,010|1,900| |Value|of interest|paid|(included|within|support|costs)|176,849|120,387| |Operating|lease|charges|18,590|19,505| |Of the|total|audit|fee|£10,500|(2022:|£9,900)|related|to|the|Society.|

----- End of picture text -----

36

Yorkshire Agricultural Society (Reg. no. 01666751)

10. Staff numbers, costs and Remuneration Policy

2023 2022
Number Number
The average number of persons employed bythe Group (inclusive of
part time employees) during the yearwas as follows
Administration 40 38
Manual 61 51
ee
Total employed
101
89
Paii
ee
ee
Casual employees, averaged overthe year, numbered 46 (2022:41).
2023 2022
£ £
ee
The aggregate payroll costs of both full time and casual employees
were as follows
Wages and salaries 3,216,461 2,710,373
Social security costs 281,107 243,843
Pension contributions
421,065
346,023
es
RE
3,918,633
3,300,239
———I
E_ SI
The earnings of three employees, exceeded £60,000 as follows:
2023 2022
Number Number
£ 70,000 - £80,000 1 1
£ 80,000 - £90,000 1 1
£120,000 - £130,000 1 =
£130,000-£140,000 - 1

The key management personnel of the parent Charity and the Group comprise the Chief Executive, the Event Director, the Society Manager and People & Culture Manager. They also include the YEC Managing Director, a role that ceased from September 2023.

The total employee benefits of the key management personnel of the Charity and the Group were £516,847 (2022: £375,120).

Other than as disclosed in note 22, no Trustees received any remuneration, expenses or benefits (2022: nil).

37

Yorkshire Agricultural Society (Reg. no. 01666751)

11.
Tangible		 fixed assets
Freehold land Showground
facilities		 Vehicles and
equipment		 Regional
Agricultural		 Total
Centre
£
£
E
£
£
a
Group
Cost
At1January 814,794 29,051,222 1,716,079 4,700,952 36,283,047
2023
Additions - 235,103 317,565 17,351 570,019
Disposals
-
(72,761)
(112,225)
(18,160)
(203,146)
ee
ici:
i
ial
At 31 814,794 29,213,564 1,921,419 4,700,143 36,649,920
December 2023
Depreciation
At1January - 11,589,609 1,384,449 1,477,624 14,451,682
2023
Charge forthe - 833,667 150,818 92,600 1,077,085
year
Disposals - (72,761) (112,225) (18,147) (203,133)
At 31 - 12,350,515 1,423,042 1,552,077 15,325,634
December 2023
Net book value
At 31 814,794 16,863,049 498,377 3,148,066 21,324,286
December 2023
eaa
At 1 January 814,794 17,461,613 331,630 3,223,328 21,831,365
2023eee

38

Yorkshire Agricultural Society (Reg. no. 01666751)

11
Tangible		 Fixed Assets (continued) Fixed Assets (continued) Fixed Assets (continued)
Freehold
land		 Showground
facilities		 Vehicles and
equipment		 Regional
Agricultural		 Total
Centre
£ £ £ £ £
Ee
Society
Cost
At 1 January 2023 814,794 29,051,222 1,209,471 4,700,947 35,776,434
Additions - 235,103 270,305 17,351 522,759
Disposals
-
(72,761)
(87,661)
(18,160)
(178,582)
tn
RB
At 31 December 814,794 29,213,564 1,392,115 4,700,138 36,120,611
2023
St",
Depreciation
At 1 January 2023 - 11,589,609 964,120 1,477,624 14,031,353
Charge forthe - 833,667 111,686 92,600 1,037,953
year
Disposals
-
(72,761)
(87,661)
(18,148)
(178,570)
pm
At 31 December - 12,350,515 988,145 1,552,076 14,890,736
2023a ee ee ee
Net book value
At 31 December 814,794 16,863,049 403,970 3,148,062 21,229,875
2023
a
ee		 ee er nnnere ee
At1January2023 814,794 17,461,613 245,351 3,223,323 21,745,081

sosoeoeoeoeoeoeaeseaseaeaean

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.

39

Yorkshire Agricultural Society (Reg. no. 01666751)

12. Fixed asset investments

2023 2022
£ £
$e
Group
Listed investments
Market value as at 1 January 2023 12,530,808 14,253,608
Additions - m
Disposal proceeds (56,395) (39,400)
Net investment gains / (losses)
641,378
(1,683,400)
paa
OEY
Market value at 31 December2023
13,115,791
12,530,808
a
I
a
Historical cost at 31 December2023
10,491,753
10,539,012
ee
ILE
Listed investments are represented by
Listed investments
13,115,791
12,530,808
EE
SIE
Total listed investments 13,115,791 12,530,808
Cash deposits 155 1,042
Investment Property (see below)
——		 1,100,000 1,100,000
14,215,946
13,631,850
—}_?$$ SIO
UK Investment Property
The Societyand and the Group
2023 2022
£ £
MarketValueat31December2023 1,100,000 1,100,000

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, resulting in the recognition of a gain totalling £280,000.

Society

Investments held by the Society comprise of the above plus an amount of £50,001 (2022: £50,001) being its investment in the wholly owned subsidiary companies (Yorkshire Event Centre Limited and YAS (Enterprises) Limited at cost).

13. Stocks

Group
2023		 Group
2022		 Society
2023		 Society
2022
£ £ £ e
re
Goods for resale, bar and fuel stock
——————		 159,950 150,614 4,373 3,151

40

Yorkshire Agricultural Society (Reg. no. 01666751)

14. Debtors

Group
2023		 Group
Society
Society
2022
2023
2022
£
£
£
£
i
i
Trade debtors 404,772 475,923
20,832
13,509
VAT : a
-
422,313
Prepayments and accrued income 112,413 103,071
90,372
76,762
Amounts due from group undertakings
-
-
986,495
950,457
a
IY
——$——S
Eee		 517,185 578,994
1,097,699
1,163,041
EE
TD
15.
Creditors —Amounts falling due within one year
Group
2023		 Group
Society
Society
2022
2023
2022
£ £
£
£
es
Trade creditors 346,464 312,825
177,063
177,399
Other taxation and social security 87,132 65,084
87,132
65,084
VAT 287,460 121,200
61,874
-
Accruals 449,686 438,713
315,763
328,595
Receipts in advance
-Show 327,818 316,660
-
ss
- Tickets & Subscriptions 273,619 258,444
273,619
258,444
- Commercial operations 378,889 618,432
-
5
Bank loan (Note 17)
220,696
297,732
220,696
297,732
a,
rl
te
2,371,764
2,429,090
1,136,147
1,127,254
EE
OE
EEE

4

Yorkshire Agricultural Society (Reg. no. 01666751)

16 Creditors —- Amounts falling due after one year

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Group|Group|Society|Society| |2023|2022|2023|2022| |i| |Bank|loan|due|after one|year|1,410,786|2,525,715|1,410,786|2:525.715| |pantON I|eit|EO!|

----- End of picture text -----

The Charity has one loan which funded Hall One that was taken out in April 2021. The term of the new loan is 5 years, payable in 47 Instalments of principal and interest 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 2023 was £1,631k (2022: £2,823k).

The loan is secured against the investment portfolio which is managed by LGT Wealth Management UK LLP, 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

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Group|Group|Society|Society| |2023|2022|2023|2022| |£|2|£|£| |ee| |In|one|year or|less|220,696|297,732|220,696|297,732| |Between|one|and|two|years|220,696|297,732|220,696|297,732| |Between|two|and|five|years|1,190,090|2,227,983|1,190,090|2,227,983| |aI‘aR| |1,631,482|2,823,447|1,631,482|2,823,447| |EE|

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42

Yorkshire Agricultural Society (Reg. no. 01666751)

18 Restricted funds

Group and Society 1 January 2023 Income Expenditure Depreciation 31 December2023
2023 £ £ £ £ £
Meeeeeereece eee ee
ee
Yorkshire Rural Support 11,955 22,736 (23,329) - 11,362
Network
PIF 79,160 900 (27,115) - 52,945
Funding for Regional 295,472 - - (15,816) 279,656
Agricultural Centre
Yorkshire Bee Pavilion 15,116 - - (399) 14,717
Yorkshire Federation of 17,337 1,545 (450) “ 18,432
Show Societies
a
ee
le,
419,040
25,181
(50,894)
(16,215)
377,112
pH
INL INS eA De
ee
Group and Society 1 January 2022 Income Expenditure Depreciation 31 December 2022
2022 ‘ ‘ é ‘ .
4
,
Yorkshire Rural Support 8,532 21,781 (18,358) - 11,955
Network
PIF - 80,000 (840) - 79,160
Education activities - 5,000 (5,000) -
Weston Foundation 1,289 - (1,289) - “
Funding for Regional 311,288 - - (15,816) 295,472
Agricultural Centre
Yorkshire Bee Pavilion 15,515 - - (399) 15,116
Yorkshire Federation of 17,190 828 (681) - 17,337
Show Societies
ss
353,814
107,609
(26,168)
(16,215)
419,040
ner
ereBreen

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.

43

Yorkshire Agricultural Society (Reg. no. 01666751)

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.

The Yorkshire Food Farming and Rural Network secured legacy funding of up to £80,000 from the Partnership Investment Fund Limited (PIF), to offer a training support programme for the benefit of rural and farming SMEs in North Yorkshire.

19 Analysis of Net Assets by Funds

As at 31 December2023 Unrestricted
Restricted
Total
£
£
£
————
a
ee
Tangible Fixed assets 21,324,286
-
21,324,286
Investments 13,115,946
-
13,115,946
Investment Property 1,100,000
-
1,100,000
Net CurrentAssets (52,508)
377,112
324,604
LongTerm Creditors
(1,410,786)
-
(1,410,786)
NE
EO
34,076,938
377,112
34,454,050
NS
Eee
As at 31 December 2022 Unrestricted
Restricted
Total
£
£
£
a
_..,
Tangible Fixed assets 21,831,365
-
21,831;365
Investments 12,531,850
-
12,531,850
Investment Property 1,100,000
-
1,100,000
Net current assets 125,686
419,040
544,726
Long Term Creditors
(2,525,715)
-
(2,525,715)
i
Ia
NIE OY
33,063,186
419,040
33,482,226
ss
EN
EE

20 Contingent Liabilities

The Society is currently awaiting the outcome of a final HMRC upper tribunal appeal in relation to a dispute between the Society and HMRC on outstanding VAT due. Should the tribunal decide in favour of HMRC then £813k in VAT would be payable, however as theFirst-tier tribunal and the subsequent HMRC appeal to the Upper Tribunal both ruled in favour of the Society, the Society feels that it is in a very strong position with the legislation as it is drafted, from the case law and from the position with other Societies.

21 Commitments

Capital Commitments

The Society had capital commitments authorised and contracted as at 31 December 2023 in respect of the development of Showground facilities of £70k (2022: £Nil). These commitments are all payable within one year. No provision has been made in the financial statements in respect of these amounts.

44

Yorkshire Agricultural Society (Reg. no. 01666751)

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:

cancellable operating leases, which fall due as follows:
2023 2022
Ee £
Due within 1 Year 18,590 18,590
Due between 2— 5 Years 38,405 56,995
Due after 5 years . -
Total 56,995 75,585

22 Related Party Transactions

P Russell, a Trustee of Yorkshire Agricultural Society (retired May23), is CEO of Russells (Kirkbymoorside) Ltd, from whom Yorkshire Agricultural Society purchased goods to the value of £Nil (2022: £1,598). Russells (Kirkbymoorside) Ltd also had a trade stand at the Great Yorkshire Show at a cost of £4,057, (2022: £3,756) payable to YAS (Enterprises) Limited.

CE Mills, Show Director and Trustee received an Honorarium of £12,000 (2022: £12,000) and expenses of £1,002 (2022: £912).

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

23 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 £421,065 (2022: £346,023). There were no contributions outstanding at the year-end (2022: Enil).

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

2023 2022
£ a
rs
Netmovement in funds 971,824 (1,084,259)
Adjustments for:
Incomefrom investments (414,010) (401,081)
Depreciation charges 1,077,085 1,029,110
Losses /(Gains) on revaluation ofinvestments (641,378) 1,683,400
Loss/(Profit) on sale oftangible tangible Asset (13,987) .
(Increase)/Decrease in stocks (9,336) 5,649
(Increase)/Decrease in debtors 61,809 (11,658)
Increase/(Decrease) in creditors 19,710 243,906
Netcash
providedby		 /(usedin)operating activities 1,051,717 1,465,067

45