6FICUL 7837 Report and financial statements for the year ended 31 December 2024 Registered Company Number 01666751 Registered Charlty Number 513238 Yorkshire Agricultural Society Report and financial statements for the year ended 31 December 2024 Contents Legal and admir)istrative information Members of Council. Trustees, Committees and Subsidiaries....................................... 24 Trustees, Report &18 Independent auditors, report 19-21 Consolidated statement of financial activities 22 Consolidated and Society balance sheels..........................................................................................23 Consolidated Statement of cashflows................. .24 Accounting policies..............-..........................................................................................................25-29 Notes to the financial statements.....-................................................................. .29-47 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 A L Nixon Registered Office Regional Agricultural Centre Great Yorkshire Showground Harrogate HG2 8NZ Auditors A2ets Audit Services Ltd 12 King Street Leeds LS1 2HL Solicitors: Mccormicks Vvharfedale House 35- 37 East Parade Harrogate HG15LQ 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 Yorkshire Agricultural Society (Reg. no. 01666751) Members of Council, Trustees, Committees and Subsidiaries Members of Council President Geoff Brown MBE, Ripon113th July 2024 - 12th July 20251 Marbn Cockerill, York {14th July 2023- 12th July 20241 President Elect Geoff Brown MBE, Ripon1141h July 2023- 12th July 20241 Nick Lane Fox, Bramham113th July 2024- 12th July 20251 Show Director Rachel Coates, Baildon, Shipley lappoinled July 20241 Charles Mills, Appleton Roebuck, York (retired July 20241 End of current ear term North Yorkshire Michael Atkinson, Kirkby Malzeard, Ripon James Cooper, Dacre, Harrogale Guy Cowling, Pannal, Harrogale (retired May 2024} Neil Easlham, Studley, Ripon Frederick Fairburn, Rievaulx, York stuart Goldie, MaLJnby, Thirsk Irelired May 2024} James Hopwood, Deighton, York Alice Liddle, Stainburn. Otley Peter MolyneLJX. Topcliffe Christine Ryder, Blubberhouses, Harrogate Michael Smith. Ripley, Harrogate Tim Easby, Grewellhorpe, Ripon John North, Giggleswick Liz Hudson Flaxlon, York 2026 2025 2024 2025 2026 2024 2027 2025 2025 2026 2026 2027 2027 2027 East Yorkshire Divina Fillingham, Driffield lan Gillial. Gembling, Driffield Fay Grace. Sledmere, Driffield Jonathan Hodgson, South Frodingham, Hull Richard Morley, York Geoff Riby, Fraisthorpe, Bridlinglon West Yorkshire Rob Copley, Purston, Pontefract Nick Fawcetl, Clifford, Wetherby David Green, Oakworth, Keighley Tom Rawson, Thornhill, Dewsbury Bob Richmond, Aberford, Leeds Martin Preston, Bingley, West Yorkshire South Yorkshire Richard Hinchliffe. Thorne, Doncaster Chloe Palmer, Foolow, Hope Valley Nick Grayson, Rawmarsh, Rolherham Co-opted Members Geoff Brown MBE, Ripon Rachel Coales. Baildon. Shipley Ellie Durdy, Wesl Carr. Epworth Martin Fish, Thirsk Leanne Forde. York Ireb'red May 2024) James Johnson, Ripon 2027 2026 2028 2025 2025 2027 2026 2027 2025 2025 2027 2026 2025 2027 2026 2025 2025 2025 2025 2024 2025 Yorkshire Agricultural Society (Reg. no. 01666751) Paul Russell, Malton Molly Sadler, Halsham, Hull {retired May 20241 Bradley Sykes. Pontefract {retired May 20241 Duncan Berkshire, Ripon Kate Moore, Driffield Elizabeth Nelson, York Dr Dave George (Newcastle University) Anna Longthorp, Burland, Howden Philip Rowbottom, Wakefield Blair Wallace, Boroughbridge 2027 2024 2024 2026 2026 2026 2027 2027 2027 2027 Tim INhitaker, Askham Bryan College Danny Melters, Bishop Burton College ex-officio ex-officio North Yorkshire County Council representative Cllr Carl Les, Bedale ex-officio Yorkshlre Federatlon ofyoung Farmers Clubs Tim Weatherhead, Galphay, Ripon 2027 Trustees Chair Rob Copley Members Richard Rusby ICowOPtedl Paul Russell (appointed May 20241 Michael Smith James Cooper Charles Mills {relired July 20241 Peter Molyneux John North David Green {appointed May 20241 Rachel Coates (appointed July 20241 Committees and Subsidiaries Audit and Investment Committee Helen Collin {Chair) Andrew Fallows Peter Molyneux Rebecca Scott Christy York Antonia Consett Charitable Activities Committee Fay Grace {Chairl Steven Crabtree Annie Croft David Green . James Hopwood Martin Redfearn Christine Ryder (retired April 20241 Michael Smith Iretired April 2024 Alice Liddle (appointed May 20241 Nick Fawcett lappoinled May 20241 Yorkshire Agricultural Society (Reg. no. 01666751) Nomination and Governance Committee Rob Copley {Chair) Charles Mills (retired July 20241 Allisler Nixon Rachel Coales (appointed July 20241 President's Working Party Rob Copley (Chairl Nick Lane Fox John Stoddart-scott Simon Theakston Remuneration Committee Michael Smith {Chairl James Cooper Allister Nixon Patricia Mullen YAS (Enterprises) Limited Directors Rob Copley (Chairl Charles Mills (retired July 20241 Allister Nixon Rachel Coates (appointed July 2024) Yorkshire Event Centre Limited Dlrectors 'Christine Ryder {Chairl Tom Mellor Mark Farnsworth Allisler Nixon Mark Stoddart Iresigned July 20241 Richard Moorhouse James Mason (appointed November 2024) Denotes Member of Councll Yorkshire Agricultural Society (Reg. no. 01666751) Trustees Report for Year Ended 31 December 2024 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 2024. 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 Slandard applicable in the UK and Republic of Ireland {FRS1021 (effective 1 January 20191 as detailed in the accounting policies. The aim is lo 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 Administrativo infomiation The Legal and Adminislrative Information pages form part of this report. STRUCTURE, GOVERNANCE AND MANAGEMENT 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 ofAssociation. The objects of the Society are.. 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. To advance and encourage agricultural research and greater understanding and empathy with farming and the countryside amongst the general public and particularly children. To advance and encourage the protection and sustainability of the environment. To hold in pursuance of its main objectives an annual agricultural show. For such charitable purposes as the Trustees in their absolute discretion see fit. Organisational Structura 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 ofone year. President Elect- serves one year as Presidenl Elect then becomes President. Yorkshire Agricultural Society (Reg. no. 01666751) East Yorf(shire Members elect 6 representalives. North Yorkshire Members elect 12 representative5. South Yorkshire Members elect 3 representatives. West Yorkshire Members elect 6 representalives. 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 recenl years we have co-opted members of Future Farmers and Stewards of the Great Yorkshire Show for a period of three years to increase th&ir knowledge of the Society. This has been successful with a number continuing their involvement with the Society after this initial temi. There are currently sixteen co-opted members who are appointed annualw. As a result of the York and North Yorkshire Combined Authority and the move to a 'unitary' local government in April 2023, Ihere 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 OfTl￿ while they remain a councillor. Their appointment improves communication between NYCC and the Sociely. 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 communicalion between members and the Trustees enabling a wide representation to be involved in the running of the Society. Council meets four limes a year. The Council elecls 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 currenlly 9 Trustees, 8 who are members of Council and 2 co-opted. Yorkshire Agricultural Society (Reg. no. 01666751) Current membership is as follows: _ Meetin Attendance 2024.. End of current 3- ear term.. Possible Actual Rob Copley (Chairl James Cooper John North 2025 2025 2025 Michael Smith 2026 Peter Molyneux Richard Rusby (Co-opted) David Green 2027 2027 2027 Paul Russell {Co-OPtedl Ex-OffiGio: 2027 Rachel Coates- Show Director Ex-officio 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 lerm expires, for up to three more years. Co-opted Trustees are appointed for three years and may Serve up to three tenns. The President and President-Elect are both invited to attend Trustee meetings and sub- committee 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 Ihe Charity and meet as often as required, however nomally there are five meetings a year. Trustee Induction and Training With the increasing size and complexity oflhe 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. en 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 confimi that suitable accounting policies have been used and applied consistently and that reasonable and prudentjudgements and estimates have been made in Ihe preparation Yorkshire Agricultural Society (Reg. no. 01666751) of the financial statements for the year ended 31 December 2024. 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 for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that.. the methods and principles in the Charities Statement of Recommended Practice (SORP) are obseNed. the Charity is operating efficiently and effectively. its assets are safeguarded against unauthorised use or disposition. proper records are maintained, and financial information used within the Charity or for publication is reliable. the Charity complies with relevant laws and regulations. the systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include.. o a strategic plan and an annual budget approved by the Trustees. regular consideration by the Trustees of financial results, variance from budgets, non- financial performance indicators and benchmarking reviews. delegation of authority and segregation of duties. idenlification and management of risks. Day to day responsibility for Ihe management of the Society rests with the Chief Executive and his staff. The Trustees are also responsible for the integrity of Ihe 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 Oversees the delivery of the Society's Charitable Objectives. Audit & Investment Committee Oversees the audit process and the performance of the investment porlfolio and its managers. Remuneration Committee Oversees staff remuneration including benefits. Nomination and Governance Committ8e Oversees the governance of the Society and nominations and elections for office. Yorkshire Agricultural Society (Reg. no. 01666751) All committees have Terms of Reference which are reviewed regularly. Subsidiary Companies The Society has subsidiary companies.. a) Yorkshire Event Centre Limited IYEC) is the fundraising arm of the Yorkshire Agricultural Society. This company lets the Showground for events, conferences and exhibitions on a commercial basis as Pavilions of Harrogate and Yorkshire Event Centre. It also operates Fodder (the award-winning regional food shop and café) and Harrogate Caravan Park. YEC is also the managing agent of the Farm Retail Association {FRA}, the National Farm Attractions Network {NFAN) and the British Christmas Tree Growers Association (BCTGAI bl YAS (Enterprises) Limited accounts for the non-primary purpose income of Ihe Great Yorkshire Show, which is principally sponsorship, advertising and trade stand income. The net income of the trading subsidiaries is paid to the Society by way of Gift Aid. The Society operates in areas which are not mutually exclusive.. Charitable activities and the delivery of public benefit,. and Commercial activities to generate earnings to support our charitable work i.e. fundraising. 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 Yorkshirè Agricultural Society- Review of 2024 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.. fund our Charitable Activities, delivering public benefit. maintain and improve the Great Yorkshire Showground. Publi¢ 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 conlained in our Articles of Association (see page 5). Following a review of our activities we now deliver our public benefil in five main strands.. Yorkshire Agricultural Society (Reg no. 01666751) 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 benefil of everyone. We split our educational events into the following main categories.. Shows - education as part of our shows. Primary- for primary school children and teachers Secondary and Apprentice- there is a greater emphasis on careers, aiming to make sure young people are aware of the variety and importance of opportunities in the sector. 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. Supporting other organisations and individuals working in the sectors: We do this mainly by.. Sponsorship of events and conferences Awarding small grants 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 given are shown in note 6. Personal Development of Individuals in the Agricultural Industry With the pressure on farmers lo 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 Ihe 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: Promoting careers in agriculture Developing skills and experience of those already in the industry. We offer opportunities for personal development for those in the industry by encouraging attendance and participation in a wide range of events and Gourses. For example= _ Oxford Farming Conference Real Oxford Farming Conference NFU annual conference Groundswell Nuffield Farming Scholarship Trust Worshipful Company of Farmers courses RABDF Entrepreneurs in Dairying programme. 10 Yorkshire Agricultural Society (Reg. no. 01666751) In 2024 we launched our Goodall Agri-Development Pathway, a fully funded training programme to support the development of farming's next generation. Helping young people to develop their skills and experience, improve their performance and prepare them for enhanced responsibilities as their career in agriculture evolves. We also organise training events on topics such as financial management, negoliation skills, dealing with the media and understanding your business. 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 profilability 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 Farnier Scientist Network IFSN) 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 Ihen promote practical solutions for farmers using scientific advances and research. The main activities in 2024 were-. The formation of the Precision Agriculture Special Interest Group (PA SIG} funded by the Shared Prosperity Fund through Grow Yorkshire and the York and North Yorkshire Combined Authority. This group has been formed to infomi, promote and encourage Ihe adoption of the latest technology at a fami and land level through facilitating the collaboration, innovation and knowledge exchange to improve land productivity and reduce carbon impact. The project is due to finish March 2025. Continued development of the Innovation Area at the Great Yorkshire Show - to showcase and engage farmers with the latest innovations, technologies and research in the industry. New areas for 2025 include and Agri-Energy Solutions area and a new Demonstration area. Agri Student Equipment grants, supporting agricultural students in the North of England wilh their studies with funds secured from The Lionel Du Pre Trust, a legacy fund administered by the NFU. Supporting the agricultural industry This includes a wide range of activities to help those in the industry in practical ways with issues affecting Ihem and their businesses. Yorkshire Rural Support Network (YRSN) is funded by the Society and has continued to support farming in the region. YRSN is a partnership offaming organisations, charities and voluntary agencies thattogether promote and provide sources of help - whether practical, financial, medical or emotional - to those who live in farming and rural communities. The Ne￿Ork holds farming community lunches, farming memories events and supports the delivery of free farmer health checks at events. Yorkshire Agricultural Society (Reg. no. 01666751) 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 In Farming maintains a digital presence lo keep its members connected all-year round, including a private Facebook community and a series ofTalking Heads video episodes. In 2024, the YRSN ne￿Ork together with the Farmer Nehmork (Cumbria), Upper Teesdale Agricultural Support Services IUTASS), and Field Nurse (North Lancs, Cumbria and Yorkshire) secured DEFRA funding to help improve the health and wellbeing of farmers in England. This funding enabled the network to-. Aid in the establishment of a First Aid provision for farmers in Yorkshire with training provider F3A. To subsidise YRSN'S new Yorkshire Farmers Club initiative to help tsckle rural isolation of the over 50s. To host a Series of 'Supper On US, events in collaboration with the Yorkshire Federation of Young Farmers, Club, giving farmers the opportunity to get off-farm and enjoy a supper at a series of informal, social get-togethers. To provide Mental Health Training for farmers and their allied partners in the region. Future Famiers of Yorkshire (FFY)- this thriving network has over1,000 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. The ne￿Ork hosted a number of events and debates throughout the year including the flagship breakfast meeting at the Great Yorkshire Show which saw an expert industry panel discuss how fanners could be paid for delivering more than just food. The most recent debate held was on the subject of a 'One Health Approach, across soil, livestock and feed management. A number of bursaries were also awarded to members to attend high-profile industry events and a mentorship scheme matches younger agricullural professionals with more experienced mentors to help guide their professional developmenl. In 2024. members also met with the Defra's Steve Reed, Daniel Zeichner and Janet Hughes to highlight pressing agricultural matters. Members write regularly in The Yorkshire Post and various training courses are offered, most recently focused on direcl selling, mental health and social media filming. FFY are recognised a5 an influential group for those who are passionate about farming and want to be part of a successful, fO￿ard-thInking industry. Yorkshire Food, Farming and Rural Network {YFFRNI - Ne￿Ork 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 issue5 and concerns to Defra's farming and rural team at a local and national level. The Ne￿Ork meets regularly bringing together food, farming and rural stake holders in Yorkshire and issues monthly newslelters providing relevant and valuable content to help ensure a joined up holistic approach for rural Yorkshire. In 2024 the Network continued to provide funds for training forfarmers through the Partnership Investment Fund Legacy. Courses for 2024 included.. Food Labelling Course in collaboration with Deliciously Yorkshire, PA1 & PA2 Training. Tractor Training, Forklift and ATV Training as a second collaboration with Askham Bryan College. 12 Yorkshire Agricultural Society (Reg. no. 01686751) In March the Nelmork hosted an event called'Learning through Land, a Confluence, to discuss various upcoming funding opportunities for farmers and landowners. The Network also hosted senior regional officials including Cllr Ann Handler, Leader of the East Riding of Yorkshire Council, newly elected York and North Yorkshire Combined Aulhority Mayor David Skaith,. and Robbie Moore, Conservative MP for Keighley and Ilkley at the Great Yorkshire Show, enabling senior officials to meet with grassroots farmers. ACHIEVEMENTS AND PERFORMANCE Agricultural Show Following on from the success in 2023, this was the 4th Great Yorkshire Show held over four days with a capped attendance of 35,000 people on the showground each day, ensuring a high-qualily experience for all. It is testament to the Show's enduring popularity that, again, the Show was a sell-out a week before opening day, with Wednesday the first day to sell out. Financially the Show made a significant contribution with gross income of £4,532k 12023 £4,356k). The show remains one of the premier agricultural shows in the UK welcoming top level industry leader5 including the new Secretary of State for Environment, Food and Rural Affairs, Steve Reed OBE, Farming Minister Daniel Zeichner and the Director of Defra's Farming and Countryside Programme, Janet Hughes,. as well as MPS including Ilkley and Keighley's Robbie Moore and Harrogate and Knaresborough's Tom Gordon,. and senior figures from the NFU AHDB, CLA, RPA. Throughout the week, the Show was visited by various local government officials and faith leaders including the newly elected Mayor of York and North Yorkshire, David Skaith and the leader of East Riding of Yorkshire Council, Councillor Anne Handley. It was also a pleasure to host the Archbishop of York. Stephen Cottrell, for his first ever visit, alongside the Lord-Lieutenant of North Yorkshire, Jo Ropner. 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 £647k in 2024 (2023 £555k}, having recovered from the effects of the Covid Pandemic in 2020 and 2021. Membership numbers were again capped in 2024 to ensure a high-qualily 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 have a stock market portfolio, which is managed by professional fund managers, and their mandate includes a requirement to generate investment income. In 2024 this income tolalled £427k {2023 £414k) and represents a return of approximately 3°/0 on capital. VAT The Society's ongoing 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, was finally settled in early 2025. In 2023 the Sociely sought repayment of overpaid output VAT of £202k in relation to admission tickets for the 2016 Great Yorkshire Show. HMRC, however, rejected Ihis Claim, taking the view that the Society owed unpaid output VAT on admission tickets for thè 2017 Great Yorkshire Show onwards. 13 Yorkshire Agricultural Society (Reg. no. 01666751) The Society appealed HMRC'S view. The case went to tribunal in January 2023. The First-tier Iribunal and subsequent HMRC appeal to the Upper Tribunal both ruled in favour of the Society. As a result of these rulings, HMRC repaid to the Society Ihe overpaid output VAT of £202k. However, HMRC made another appeal to the Upper Tribunal which in January 2025 decided in favour of the Society. The deadline for HMRC to seek leave lo further appeal passed on 8 February 2025 without them so doing and, therefore, the matter is finally settled in the Society's favour. Income from Trading A¢tivities Our commercial trading operations are an important part of our finances. Progress has been extremely pleasing with overall income of £7,700k (2023: £7.821 k), as a number of new events made use of our award-winning facilities in 2024. There are five main strands to our activities.. Yorkshire Event Centre This covers the letting of the two main exhibition halls and surrounding areas. Turnover was £2,332k in 202412023 £2,305k). This lurnover is the highest ever for YEC and reflects an ever-growing awareness of our incredibly versatile facilities, within the industry. Pavilions of Harrogate Pavilions of Harrogate operates 14 function rooms ranging from 20m to 4,000 m2 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. Total income was £1,480k up from £1,450k in 2023. The prospects for 2025 continue to look just as promising. 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. Whilst there is growing recognition of the importance of high-quality local produce the challenging economic environment and cost of living increases did affect our customer buying behaviour. Fodder turnover was £3,531k {2023 £3,514kl which 15 Fodder's highest ever annual turnover. Fodder stocks over 350 local Buppliers which helps to promote the role farmers and producers play in producing high quality, nutritious food. Managing Agents We are managing agents of the National Farm Attractions Network (NFANI, the Farm Retail Association {FRA) and the British Christmas Tree Growers Association IBCTGA} where we manage these associations on behatf of their members. Unfortunately, we were unsuccessful in renewing our managing agent contract for the running of the Great Holiday Home Show hosted at the Society's showground. As a result, total income for Managing Agents decreased to £228k from £404k in 2023. 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 £301k (2023 £284k}. 14 Yorkshire Agricultural Society (Reg. no. 01666751) 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 340 acres. Our aim is to generate income in a way that complements our other operations. Income was £209k in 2024 up from £207k in 2023. Financial Review The financial results in 2024 were belter than we anticipated. We held another successful Great Yorkshire Show and whilst Fodder had a challenging year, the Yorkshire Evenl Centre, Pavilions Of Harrogate and Harrogate Caravan Park had their most SLJccessful years ever in terms of turnover. This meant that the Society was able to continue to manage through cost-of-living increases and continue to invest in our showground facilities and in our charitable activities. Unrestricted charitable expenditure was £611 k in 2024 up from £533k in 2023. This additional expenditure meant that overall, in our unrestricted activities, we had a net surplus of £212k (2023 £372k}. Capital expenditure was £420k in 2024 (2023 £570kl and with a depreciation charge of£1,073k12023 £1,077k) this contributed to a very strong cash inflow which enabled us to make loan repayments in the year of £1,159k {2023 £1,192k}. There was a surplus on revaluation of our porttolio and investment properties of £539k which meant, with the pleasing trading performance, that total balance sheet funds increased by £726k to £35,180k. The Trustees are satisfied wilh this financial performance which maintains our solid platform to support farming and invest in our Showground facilities. Fundraising Details of our fundraising activities are provided within the accounting policies section of the accounts. Plans for 2025 The necessary closure of Fodderdue to refurbishment works in the first quarter ofthe year, combined with increases in the minimum wage and the significant increase in National Insurance costs, will make 2025 a challenging year, financially, for the Society. However, the prospects for 2025 look promising on the back of another successful Great Yorkshire Show in 2024 and strong event bookings. 2025 will see the launch of the Society's new branding and as the Society continues to look at ways to ensure its charitable activities remain relevant and impactful a series of events are being arranged10 5UPPOrt farmers following the government's 2024 autumn budget announcement. We will also welcome the next cohort of the Goodall Agri-Development Pathway and see the continued roll out of the Yorkshire Farmer's Club Supper On Us events and first aid provision for farmers in Yorkshire as well as the Continued development of the innovation zone at the Great Yorkshire Show. 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. A significant level of cash income. 2. Capital growth. 3. To generate a total return of CPI +3 % without taking undue risks. 15 Yorkshire Agricultural Society (Reg. no. 01666751) The performance of our investments and our investment fund managers is closely monitored by our Audit and Investment Committee. There are detailed investment objectives for our fund managers which are reviewed regularly by the Audit and Investment Committee and in 2024 the committee conducted an investment manager review. Nearly all markets had another volatile year. Despite this, there was a revaluation surplus on our investments of £539k {2023 £641 kl. Investment5 al the year- end, were £13,596k (2023.. £13,116k}, an overall increase of £480k. Reservès Note The Trustees continually review the Society's Reserves Policy considering the Society's current activities, future plans and the overall economic climate. The Society has been run prudently for many years and on 31 December 2024 the Society had free reserves of £13,056k12023'. £11,653kl. The Group has total tangible fixed assets of £20,672k (2023.. £21,324k). Investment properties of £1,100k12023 £1,100kl and stock market investments of £13,596k {2023.' £13,116kl. 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 facililies. 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. Unrestricted funds total £34,828k12023'. £34,077k) and in addition there are reslricled funds of £352k 12023.. £377k). 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 The Society had an average number of 106 {2023'. 1011 permanent slaff (see note 101, 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 Sociely is also supported by many volunteers who willingly give their lime and would not be able to function without their experience and commitment. The Trustees would like to express their sincere thank5 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 lo 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 notfor profit sectors. Our Remuneration Committee oversees salary increases to ensure we are competitive and in line with current employment practices. There is a system of staff appraisals to monitor perfoimance. Yorkshire Agricultural Society (Reg. no. 01666751) Risk Management The Trustees have a risk management strategy which comprises an annual review of key risks lo 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 oflime is spent to ensure our Health and Safety standards are among the highest in the industry. We have a Health and Safely 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. 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 cornpanie5 is by legal agreements and included within these is that any available surplus is paid by Deed of Covenanl 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 ar& 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.. there is no relevant audit information ofwhich the Group's auditors are unaware., and they have taken all the steps they ought to have taken as Directors, in order to make themselves aware of any relevant information and to establish that the Group's auditors are aware of thal information. Auditors The auditors, Azels Audit SeNices Limited, are deemed re-appointed under section 48712) of the Companies Act 2006. 17 Yorkshire Agricultural Society (Reg no. 01666751) strategic Report In accordance with section 414C {11) of Ihe 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 Trustee5 authorise both the Strategic Report and the Trustees, Report below. By order of the Trustees A L Nixon Chief Executive Dated 24 April 2025 18 Yorkshire Agricultural Society (Reg. no. 01666751) Independent Auditors, Report to the Members of the Yorkshire Agricultural Soclety Opinion We have audited the financial statements of the Yorkshire Agricultural Sociely {the 'Charitable Company, and its subsidiaries (the 'Group') for the year ended 31 December 2024. 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 Pra¢tice>. In our opinion, the financial slatemenl5'. give a true and fair view of the state of Ihe Group and Charitable Company's affairs as at 31 December 2024 and of its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS {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 elhical 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 audil 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 statemenls is appropriate. Based on the work we have performed, we have not idenlified any material uncertainties relaling 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 ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wilh respect to going concern are described in the relevant sections of this reporL Other information The Trustees are responsible for the other information. The other informalion comprises the information included in the annual report other Ihan the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any fomi 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 infomiation is materially inconsistent with the financial statements, or our knowledge obtained in the audit or othenwise appears to be materially mis-slated. 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 misstatemenl ofthe other information. If, based on the workwe have performed, we conclude that there is a material misslatement of this other information, we are required to report Ihat fact. We have nothing to report in this regard. 19 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.. the information given in the Trustees, Report (incorporating the Strategic Report and the Director's Report) for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Trustees, Report (incorporating the Strategic Report and the Director's Report) has been prepared in accordance with applicable legal requirements. Matters on which we a￿ required to report by exception In the light of the knowledge and understanding of the GroLtp and the Charitable Company and ils environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report. which incorporates Ihe 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.. adequate accounting records have not been kept by the Group and Charitable Company or returns adequate for our audit have not been received from branches not visited by us- the Group and Charitable Company's financial statements are not in agreement with the accounting records and returns,. certain disclosures of Trustees, remuneration specified by law are not made- or we have not obtained all the information and explanations necessary for the purposes of our audit. 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 thal 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 aboutwhetherthe 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 nol a guarantee thal 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 decision5 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.ukJaudilorsresponsibilities. 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 wilh laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, lo detect material misstatements in respect of irregularities, including fraud. 20 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 lo 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 regulation5, including fraud, we dèsigned procedures which included.. Enquiry of management and those charged with governance around actual and potential liligalion and claims as well as actual, suspected and alleged fraud., Reviewing minutes of meetings of those charged with governance., Assessing the extent of compliance with the laws and regulations considered to have direcl malerial effect on the financial slatemenls or the operations of the group through enquiry and inspection., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations., Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias., and Performing audit work over the timing and recognition of income and in particular whether it has been recorded in the correct accounting period. Because of the inherent limitations of an audil, 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 wilh 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 exlent permitted by law, we do nol accept or assume responsibility to anyone other than the Charity's members as a body, for our audit wo for this report, or for the opinions we have formed. Jessica Lawrence (Senior Statutory Auditor) For and on behalf ofAzets Audit Services Limited Chartered Accountants statutory Auditor 12 King Street Leeds LS1 2HL 21 Yorkshire Agricultural Society (Reg no. 01666751) Consolidated statement of financial activities (incorporating consolidated income and expenditure account) for the year ended 31 December 2024 2024 2023 Notss Unrestrlctsd nds RestriGted fund5 Total Vnr05tricted fuThds Restrocted fund5 Total Income from: Donations. legacie5 and grants Income from other tradlng Activities.. 22S 29,250 29.475 25.181 25.181 Commercial trading operations Other showground income Incorne from Charltsble Activities: Income from Agricultural Shows Membership Subscriptions Income from Investments 7,699.S86 7.699,586 7.821,245 7,821,245 209,277 209,277 206,722 206,722 4,531.503 4,531,503 4,355,651 4.355,651 646,930 646,930 554,568 554,588 426,668 426,668 414.010 414.010 Total income 13,514,189 29,250 13.543.439 13,352,196 25,181 13.377.377 Expenditure on: Commercial trading operations Other showground expenses Investment management costs Expenditure on Charltable actlvliles.. 8,002,831 8,002,831 8,186,098 8,186,098 76.779 76,779 62,021 62,021 97,190 97.190 87,222 87,222 Expenditure for agricultural shows Membership services Other Charitable activities 4.273.053 4,273,053 3,958.351 3,958.351 241,333 241,333 153.518 153,518 610,966 54,622 665.588 532,612 67,109 599,721 Total expenditure Net Income I (Expenditure) before Investment gains 13,302,152 54,622 13,356,774 12.979,822 67,109 13,046,931 212,037 125.3721 186,665 372,374 {41,9281 330,446 Net gains l (losses) on 12 538,989 538,989 641,378 641,378 Net Incorne I (Expendlture) for Ihe year 751,026 {25.3721 725,654 1,013,752 141.9281 971.824 Reconciliation of funds Total funds brought forward Totsl funds carrled for4vard 34,076,938 377.112 34,454,050 33,083,186 419,D40 33,482,226 18, 19 34,827,964 351,740 35.179,704 34,076.938 377,112 34,454,050 The Statement of Financial Activities includes all gains and losses recognised in the year and 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 3q December 2024 Notes Group 2024 Group 2023 Society 2024 Society 2023 Fixed assets Tangible fixed assets 11 20.671.620 21,324,286 20,572.321 21,229,875 Investments 12 13,596,058 13,115.946 13,646.059 13,165,947 Investment Propety 12 1,100,000 1,100.000 1,100,000 1,100,000 35,367,678 35,540,232 35,318,380 35,495,822 Current assets Stocks 13 92,567 159,950 2,902 4,373 Debtors 14 822,860 517,185 285.215 1,097,699 Cash at bank and in hand 2,035,318 2,019,233 1,872,047 393,779 2,950.745 2,696,368 2.160,164 1,495,851 Credltors- amounts falling due within one year 15 12,886,939) (2,371,764) 12,056,375) (1,136,147) Net current assetsllliabilitiesl 63,806 324,604 103,789 359,704 C￿dItorS - amounts falling due after one year 16 {251,780) 11.410,7861 1251,780) 11.410,786) Net assets 35,179,704 34,454.050 35,170,389 34.444.740 Funds Unrestricted funds 19 34,827,964 34.076.938 34,818,649 34.067,628 Restricted funds 18119 351.740 377.112 351.740 377,112 Total funds 35,179,704 34,454,050 35,170,389 34,444,740 The financial statements on pages 22 to 47 were approved by the Trustees on 24 April 2025 and were signed on its behalf by.. R Copley P Molyneux Members of the Trustees 23 Yorkshire Agricultural Society (Reg no. 01666751) Consolidated Statement of Cash Flows for the year ended 31 December 2024 Note 2024 2024 2023 2023 Cash Provided by operating activlties 24 1,106,476 1,051,717 Cash flows from investing activities: Dividends and interest received 426,668 414.010 Purchase of plant, property and equipment (419,9291 {570,0191 Sale of Fixed assets 3,000 14,000 Decrease in cash within Investments. {6,989} 887 Proceeds from sale of investments 65.865 56,395 Cash Provided by I lused in) investing a¢tlvltles 68,615 {84.7271 Cash Flows from flnanclng actlvltles- Repayment of Bank Loans 11,159,006) 11,191.965) Cash (used in) financing activities 11,159,006) 11.191.965) Increase in cash and cash equivalents in the year 16.085 1224,975) Cash and cash equivalents at the beginning of the year 2,019.233 2,244,208 Total cash and cash equivalents at the end of the year 2.035,318 2,019,233 Analysis of Changes in net cash - group Cash at bank and in hand 2,035,318 2,019,233 Borrowing excluding overdrafts 1472,476) 11,631,482} 1,562.842 387,751 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 IFRS1021 leffeclive 1 January 20191 (Charities SORP{FRS102}I, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, 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.. Exemption from presenting a statement of cash flows as a primary statement lo the financial statements. Exemption from disclosing the carrying amounts of each category of financial assets and financial liabilities al the reporting date as required by section 11.41 of FRS 102. 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 Ibl. Yorkshire Agricultural Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al cost or transaction value unless otherwise staled in the relevant accounting policy notes. The financial slalemenls 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 slatemenls, the Group and Charity have adequate resources lo continue in operatianal existence for the foreseeable future. and not less than one year from the dale of approval of the financial Statements. Group Financial Statements These financial slalements consolidate the results of the Charitable Company and ils wholly owned subsidiaries. Yorkshire Event Centre Limited and YAS IEnterpri5esl 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 exemptians 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 slalements is disclosed in note 7. Income Income represents all resources which become available lo the Charity but excludes gain5 on investments. 25 Yorkshire Agricultural Society (Reg. no. 01666751) Fundraising Section 162a of the Charrties Act 2011 requires charities to make a statement regarding fundraising activities. The legislation defines fundraising as 'soliciling 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 El December 2024, we received no complaints relating to the fundraising activities of the charity. Grants and Donations Grants and donations, including government grants, where entitlement 15 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 re￿ived, 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 Servi￿S. 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 lakes place. Membership Subscriptions Income from membership subscriptions is included in incoming resources in the calendar year to which il relates. Expenditure Expenditure represents all costs incurred in the course of the Group's activities but excludes gainslllossesl 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 expendilure in the Statement of Financial Activities. Other Charitable Activities This includes grants to rural organisalions, 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 staled al market value al the balance sheet date. The Statement of Financial Activities includes the nel gains and losses arising on revaluations and disposals throughout the year. The long-lerm investmenl 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 al market value. The investment portfolio, as detailed further in note 12, is held lo generate returns and gains for the Group and accordingly is designated as fair value through profit and loss I'FVtPL°l. Under this designation the portfolio is revalued at each period end lo its fair value. as determined by reference to quoted rnarket 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-lerm cash deposits held for reinveslmenl 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 andlor for capital appreciation, are measured using the fair value model and are staled 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 reviewthe carrying value annually for indications of impairment. Fixed Assets and Depreciatlon 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 instalmenls over their esb'mated usefvl 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 be￿een 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 '0ther Financial Instruments Issues, of FRS 102 to all its financial instruments. Cash at Bank and in Hand Cash al bank and cash in hand includes cash and short-lerm 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 al 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 Creditor5, 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 lo settle the obligation can be measured or estimated reliably. Creditors, loans and provisions are normally recognised al 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 inlo account the risks and uncertainties surrounding the obligation. Fund Accounting Funds held by the Group are either.. Unrestricted fijnds - 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 ar when funds are raised for partlGular 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 Ihat 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 eslimale 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 eslimales 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 Accounting Estimates Depreciation of Tangible Assets Depreciation policies have been sel 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 il 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 entitlemenl to the funds and where sufficient infomiation is available to allow it to rneasure its entitlement. 28 Yorkshire Agricultural Society (Reg. no. 01666751) Critical Judgements VAT Dispute The Society's ongoing dispute with The Commissioners for Her Majesty's Revenue and Customs {HMRCI, over whether the supply of admission tickets to the Great Yorkshire Show qualifies for exemption, was finally settled in early 2025. In 2023 the Society sought repayment of overpaid output VAT of £202k in relation lo admission tickets for the 2016 Great Yorkshire Show. HMRC, however. rejected this claim, taking the view that the Society owed unpaid outPLJt 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 TribLJnal both ruled in favour of the Society. As a result of these rulings. HMRC repaid to the Society the overpaid output VAT of £202k. However, the HMRC made another appeal to the Upper Tribunal which in January 2025 decided in favour of the Society. The deadline for HMRC to seek leave to further appeal passed on 8 February 2025 without them so doing and, therefore. the matter is finally settled in the Society's favour. We have included an events after the balance sheet date note (note 201 to reflect this situation. Notes to the financial statements for the year ended 31 December 2024 Taxation The Society IS 8 registered charity and as such is a charily within the meaning of schedule 6 of the Finan￿ 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 lax 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 trat 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. Yorkshire Agricultural Society (Reg. no. 01666751) Analysis of income 2024 2023 Unrestrltted funds Restricted fund5 Total Unwtricled funds Reslricled funds Total Income from generated funds: Donations, legacies and grants 225 29,250 29.475 25,181 25.181 225 29,250 29,475 25,181 25,181 Income from tradlng activlties.. Yorkshlre Event Centre Llmlted Income 7.699,586 7,699,586 7.821,245 7,821,245 Other showground income 209,277 209,277 206,722 206,722 Income from charitable activitie5: Show admlsslons 2,316,948 2.316,948 2,213,392 2.213,392 Show livestock income 267,823 267,823 252,032 252,032 Show trade stand income 1,189,638 1.189.638 1,139,443 1.139,443 Show sponsorship and advertising 276,684 276.684 271,308 271,308 Show caterlng premlums 276.1S1 276.151 2e4,727 284,727 Other show income 204.259 204.259 194,749 194,749 4,531,503 4,S31.503 4,355,651 4,355,651 Membership Subscriptions 646,930 646,930 554,568 554,568 Income from Investments 426,668 426,668 414.010 414,010 13514189 29.250 13,543,439 13,352.196 25,181 13,377,377 30 Yorkshire Agricultural Society (Reg no. 01666751) Analysis of total expenditure 2024 2023 Unrestricted funds Restricted funds Total Unreslrict funds Restricted funds Total Expenditure on tradlng activities- Yorkshire Events Centre Limited expenditure, (Note 81 5,587,660 5.587,660 5,904,484 5,904,484 Expenditure on charitable activities- Show site costs 72S,934 725.934 694,953 694,953 Show personnel costs 923,258 923.258 875,587 875,587 Show displays Show prize money 277,329 277.329 307,787 307,787 250,836 250,838 251,657 251,657 Show printing and publicity 219,497 219.497 231,925 231,925 Show permanent staff costs 310,425 310,42S 214,389 214,389 Show sundries 4B,393 48,393 74,289 74,269 .343,332 8,343.332 8,555,051 8.555,051 Other Charitable Activities 437,096 54.622 491,718 386,350 67.109 453,459 Direct costs 8.780.428 54.622 8,835,050 8,941,401 67,109 9,008.510 Support costs (Note 41 4.521.724 4,521,724 4,038,421 4.036,421 Total expenditure 13,302,152 $4,622 13,356,774 12,979,822 67,109 13,046.931 31 Yorkshire Agricultural Society IReg. no. 016667511 4. Analysis of Activities 2024 2023 Income Dlrfrct Co¥tS Support Cost$ Tt>tsl Costs Surp1￿81 (Dofficltl Income Direct Support Costs Total Costs Costs Surplusl (Deficit) Unr8Strlcted Fund$ Grants and donation5 225 225 Cornmerc￿l trading 7,699,586 15,567,660) 12,415,170) 18.002,a301 IJ03.2441 7.821.245 15.904.484) 18.186,0981 1364.8531 Other showgrDund acbvi1125 209,277 176.7T91 13149B 2ll6.7 162,0211 144.701 Inve51rnents 428.6E8 197.19DI 329,478 414.010 187,2221 ,2221 326.788 Agricultural $hows 4S31,503 Il755.672) 11.517.SB21 14,273,OS41 258•9 4.355.651 (2.650.56n 11.307,7841 13,958,351> 397.3 Membership 146,gJD 1241,3331 1241,3331 dO1597 554.568 401.050 Other CharilaNe activities 1437,U961 1173,8701 1610,9661 161D,%61 1386.35ai 1146.2621 IS32,6121 1532.61¥ 13.514,IB9 I￿7￿,42￿> 14,521,724> {13,302,152) 21ID37 13.352.19 18.941.401> 112.978,8221 372.374 Restrlcted Funds Incoffle Dlrect Costs Surplus Income Dlreci Cos15 SurplusllDefjoii Gatfield ￿StOn PIF 316 113,4471 126.2151 Yorkshire Rural Support Ne￿Ork 26,929 123.0701 3.860 22,736 123,3291 15931 Education Activities Regional Agricultural Centre Yorkshire Bee Pavilion 13991 13991 13991 Yorkshire Federation of Show Societies 1005 114 1.545 14501 1.095 2¥,280 1S4,6271 115,3721 25.181 141.9281 Yorkshire Agricultural Society (Reg. no. 016687511 Analysis of total expènditure- unrestrlcted funds 2024 Othercharltablo a￿vItIes Tradlng opgratlons Showpround Income Investments AqriGulturd Show* MeMber5￿P Tot*1 tkTeGt Expenditurtlnote 41 437,096 1597. 17SS,672 8,780.42 S￿￿ortGo*s Shw4ry0und èxpans8s Iracil￿OSI alaries aThYwdge $1097 1,OB7,86B 617,OJt 84119 16.47S 269.013 7,603 170,279 23,511 $11,42 Leoal and profesww orffi¢& and IT¢0￿5 894 44,3S0 B7,999 649,626 19.967 SO.2T9 2&613 4,OB6 64.730 101.031 427.795 1.036.813 456.4S4 4268 24935 10.156 Deorethèbon ￿ PILon thspos 33.445 51.W5 J22,746 1eO,760 6,061 2.39$ 54.826 Financ¢ costs 99,904 8.687 108.591 173,874 2,415,171 74719 97.190 241.333 4,S21.724 Tutal qxpqnditur 610,966 8,002,831 71779 97,190 4,273,OS3 241.333 13,302.152 2023 ExpEnditure(n￿e4I 2.650,567 4941,401 sUp￿riC0s1$ ShNqround8XP*n5&1 I[￿￿14￿> Salari95 45,125 979.547 247.093 35.160 474739 147.953 21.408 2M82J 60.444 1&203 1726 1.582,386 455.428 65.626 455.941 1.007.750 293.603 14,4UO 21.915 3,282 62,027 Lejal prclgssirn Oltse aThY ￿(0￿15 2,034 1&828 1,016 4.980 94.241 4D.042 31660 34135 638.920 584 4¥kthino M51S Finance costs 125,1Ql 162.552 6,373 97.475 27.519 14135 176,687 146.262 2,281,614 52,021 87.222 1.307.784 151510 4,03B.421 T￿¥1 ￿￿ndItur• 532.6Y2 ,186,OY8 51021 87.222 3.958.3$1 17.979.822 3J Yorkshire Agricultural Society (Reg. no. 01666751) Analysis of Other Charitable Activities (unrestricted funds) 2024 2023 1. Organising Educational Events Evenls 144,463 157,582 11,502 20,575 114,284 48,669 113.891 107,075 184,337 19,398 12,559 64,918 49,239 95,086 Primary SecondarylApprenlice 2. Supporting Other Organisations and Individuals 3. Personal Development of Individuals 4. Knowledge Transfer 5. Supporbng the Agricultural Industry Total 610.966 532,612 Grants Payable Other Charitable Activities includes the following grants payable.. 2024 2023 Institutional grants Nuffield Famiing Scholarship TNSI Yorkshire Rural Support Network Heeley City Far Caring For Lrfe Country Trust Sheffield Environmental SEM Heeley City Farm Just B 16,000 25,000 15,000 20,000 1.000 1.500 3.000 4.000 2.000 1.500 2.000 1.500 2,000 2.000 Megan's F.A.R.M Wensleydale Longwool Sheep Al Haadryah Harrogale Bessacarr Primary Nafferton Primary Manslon Sl James PTFA 1,000 1.000 1.000 1.000 1.000 1.000 1.000 1.500 1.500 1.725 1.800 2.000 2.000 3,000 6.080 67.105 500 Spilman Bros Trailer Yorkshire Hedgelaying Five Acres 1,000 Ballifield Primary Isobel Eames Rose Riby Fatrner Network Atlas Community Grant Whirlow Hall Education Countryside Learning Yorkshire Food Farming & Rural Network Other grants payable117 paid in 20241114 in 20231 Total Grants Payable 2,000 6,925 66,425 34 Yorkshire Agricultural Society (Reg. no. 01666751) 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.. 2024 2023 Gross income 3,825,238 6.800,184 Gross expenditure {3.638,5731 16.469,7631 Net income 186,665 330,421 Gainsl{Losses} on investments 538,989 641,378 Net movernent of funds in year Total funds brought forward Total funds carried forward 725,654 971,799 34.444.740 33.472,941 35,170,394 34.444,740 Represented By: Restricted funds 351,740 377,112 Unrestricted funds 34,818,654 34,067,628 Total funds 35,170,394 34,444,740 Commercial trading operations and investment in trading'subsidiaries The wholly owned trading subsidiaries, Yorkshire Event Centre Limited and YAS {Enterprisesl 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 IEnterpri5esl 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 issued share capital consisting of 50,000 ordinary share5 of £1 each and YAS IEnterpri5es) Limited of 1 ordinary share of £1. 35 Yorkshire Agricultural Society (Reg. no. 01666751) Commercial trading operations and investment in trading subsidiaries (continued) Yorkshire Event Centre Limited Summary of profit and loss account 2024 2023 Turnover 7.875,861 7,984,636 Cost of sales and administrative expenses (7,531,338} {7,235,9131 Net profil 344,523 748,723 Gift Aid donation to Yorkshire Agricultural Society Profit for the flnanclal year (344,5231 {748,700) 23 The assets and liabllltles of the subsidiary were Fixed assets 99,299 94,412 Current assets 1.033,946 1,690,185 Current liabilities 11,082.5291 11.733,881} 50,716 50.716 Total net assets Aggregate share capital and reserves 50,716 50,716 The total contribution made by Yorkshire Event Centre Limited to the Society during the year amounted to £2,263,201 12023 £1,331,996}. This comprises the amount paid to the Society by way of Gift Ad and for services and facilities provided by the Society. 36 Yorkshire Agricultural Society (Reg no. 01666751) Commercial trading operations and investment in trading subsidiaries (continued) YAS (Enterprises) Limited 2024 2023 Summary of profit and loss account Turnover 1,989,365 (751,1381 1,238,227 {5.6321 1,834,380 Cost of sales 1724,1191 Gross profit Administrative expenses 1,110,261 181,1821 1,232,595 1,029,079 {1,232,595} 11,029,079) Net proflt Gift Aid donation to Yorkshire Agricultural Society Profit for the financial ear The assets and liabilities of the subsidiary V￿re Current assets 482,756 926,503 Current liabilities (474,156) 8,600 1917,9031 8.600 Total net assets Aggregate share capital and reserves 8,600 8,600 The lolal contribution made by YAS (Enterprises) Limited to the Society during the year amounted to £1,983,733 12023.. £1,029,079). This comprises the amount paid to the Society by way of Gift and for services and facilities provided by the Society. Net movements in funds outstanding 2024 2023 The net movement In funds forthe year Is stated after charging Depreciation of tangible fixed assets 1,072,598 1,077,085 Auditors, remuneration for Audit 22,580 20,800 Otrer services {taxation, accounts preparation and payroll services) 22.034 2,010 Value of interest paid (included within support costs) 108,591 176,887 Operating lease charges 16,026 18,590 Of the total audit fee £11,40012023. £10,500) related to the Society. 37 Yorkshire Agricultural Society (Reg. no. 01666751) 10. Staff numbers, costs and Remuneration Policy 2024 2023 Number Number The average number of persons employed by the Group (inclusive of part time employees) during the year was as follows Administration 45 40 Manual 61 61 Total employed 106 101 Casual employees, averaged over the year, numbered 23 {2023'.221. 2024 2023 The aggregate payroll costs of both full time and casual employees were as follows Wages and salaries Social security costs 3.530,884 3,216,461 305,269 281,107 Pension contributions 309,546 421,065 4,145,699 3.918,633 The earnings of four {2023-. three) employees. exceeded £60.000 as follows-. 2024 2023 Number Number £ 60.000- £70,000 £ 70.000- £80,000 £120.000- £130,000 £140,000- £150,000 The key managemenl personnel of the parent Charity and the Group comprise the Chief Executive, the Event Director, the Society Manager, the Financial Controller and the People & Culture Manager. The total employee benefits of the key management personnel of the Charity and the Group were £411,892 12023. £516,8471. Other than as disclosed in note 22, no Truslees received any remuneration. expenses or benefits12023'. nill. 38 Yorkshire Agricultural Society (Reg. no. 01666751) 11. Tangible fixed assets Freehold land Showground facilities V&hi¢les and equipment Regional Agricultural Centre Total Grou Cost Al 1 January 2024 814,794 29,213,564 1,921,419 4,700,143 38,649.920 Additions 114,959 97,037 207,933 419,929 Disposa15 112,7751 112,7751 Rounding At31 December 2024 814,794 29,328,523 2.005.681 4.908.079 37.057.077 Depreciation At 1 January 2024 12.350,515 1.423,042 1,552,077 15,325,834 Charge for the year 831,835 146,423 94,340 1,072,598 Oisposals 112,7751 112,775} At31 Do¢gmber 2024 13,182.350 1.556,690 1,646,417 16.385.457 Not book value At31 December 2024 814.794 16.146.173 448,991 3,261,662 20,671,620 Al 1 January 2024 814,794 18.863,049 498,377 3,148,066 21,324,288 39 Yorkshire Agricultural Society (Reg. no. 01666751) 11 Tangible Fixed Assets (continued) Frgehold Showground land facilities Vehicles and equipment Regional Agricultural Centre Total Socie Cost Al 1 January 814,794 29,213,564 1,392,115 4,700,138 36.120,611 Additions 114,959 58.785 207,932 381,674 Disposals 112,7751 112,7751 At 31 December 2024 814,794 29,328,523 1.438,125 4,908.070 36,489.512 Depreciation At 1 January 12.350,515 988,145 1.552.076 14,890,736 Charge for the year 831.835 113,057 94.338 1,039,230 Disp05a15 (12,775} 112,775} At 31 December 2024 13,182.350 1,088,427 1,646.414 15,917,191 Net book value At 31 December 2024 814,794 16,146,173 349.698 3,261,656 20.572.321 Al 1 January 2024 814.794 16,863,049 403.970 3,148,062 21,229.875 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 2024 2023 Group Llsted investments Market value as at 1 January 2024 13,115,791 12,530,808 Additions Disposal proceeds 165.865) 156,395) Nel investment gains I Ilossesl 538.989 641,378 Market value at 31 December 2024 13,588.915 13,115,791 Historical cost at 31 December 2024 10,438,659 10,491,753 Listed investments are represented by Listed investments 13,588,915 13,115,791 Total listed investments 13,588,915 13,115,791 Cash deposits 7,143 155 Investment Property (see below} 1.100,000 1,100,000 14.696.058 14,215,946 UK Investment Property The Society and the Group 2024 2023 Market Value at 31 Decernber 1,100,000 1,100.000 The investment properties comprise bNO 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 lotalling £280.000. Society Investments held by the Society comprise of the above plus an amount of £50,00112022. £50,001) being its investment in the wholly owned subsidiary companies (Yorkshire Event Centre Limited and YAS (Enlerprisesl Limited at costl. 13. Stocks Group 2024 Group 2023 Society 2024 Society 2023 Goods for resale, bar and fuel stock 92,567 159,950 2,902 4,373 41 Yorkshire Agricultural Society (Reg. no. 01666751) 14. Debtors Group 2024 Group 2023 Society 2024 Society 2023 Trade debtors 643,520 404,772 40,998 20,832 VAT 79,827 79,826 Prepayments and accrued income 99,513 112,413 76,064 90,372 Amounts due from group undertakings 88,327 986,495 822.860 517,185 285.215 1,097.699 15. Creditors - Amounts falling due within one year Group 2024 Group 2023 Society 2024 Society 2023 Trade creditors 471,000 346.464 330,080 177,063 Other taxation and social security VAT 87,335 87.132 87,335 87,132 405,270 287,460 144,904 61,874 Accrua15 531.502 449,686 346.694 315,763 Receipts in advance - Show 393.938 327,818 Tickets & Subscriptions 288,872 273,619 288.872 273,619 Commercial operations 488,326 378,889 Bank loan (Note 17} 220,696 220,696 220,696 220.696 Amounts due to group undertakings 637,794 2,886,939 2,371,764 2,056,375 1,136,147 42 Yorkshire Agricultural Society (Reg. no. 01666751) 16 Creditors- Amounts falling due after one year Group 2024 Group 2023 Society 2024 Society 2023 Bank loan due after one year 251,780 1,410,786 251,780 1,410,786 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 Instalmenls of principal and interest commencing in May 2022, there will be a lump sum repayment on the final repayment date of April 2026. The Charity made an additional repayment of £850k in November 2024. The interest rale payable on the loan is 1.95 /0 above base rate. The balance oulslanding at 31 December 2024 was £472k {2023'. £1,631kl. The loan is secured 8gainst18nd and buildings at the Great Yorkshire Showground, Harrogale, a multilateral guarantee and debenture against the Charity and its subsidiaries and an unlimited CAS 2000 guarantee between YAS (Enterprises) Limited. Yorkshire Agricultural Society and Yorkshire Event Centre Limited. 17 Maturity of borrowings- bank loan Group 2024 Group 2023 Soclety 2024 Society 2023 In one year or less BebNeen one and two years Be￿een and five years 220.696 220,696 220,696 220,696 251,780 220,696 251.780 220,896 1,190,090 1,190,090 472,476 1,631.482 472,476 1,631,482 43 Yorkshire Agricultural Society (Reg. no. 01666751) 18 Restricted funds Group and Society 1 January 2024 Income Expenditure Depreciation 31 December 2024 2024 Yorkshire Rural Support Network 11,362 26,930 {23,070) 15.222 PIF 52,945 315 (13,447) 39,813 Funding for Regional Agricultural Centre Yorkshire Bee Pavilion 279,658 (15.8161 263,840 14,717 13991 14,318 Yorkshire Federation of Show Societies 18,432 2,005 11.8901 18.547 377.112 29,250 138.4071 (16,2151 351.740 Group and Society 1 January 2023 Income Expenditure Depreciation 31 Decembgr 2023 2023 Yorkshire Rural Support Nebmork 11,955 22,736 {23,329) 11,362 PIF 79,160 900 {27,115) 52,945 Funding for Regional Agricultural Centre 295,472 {15,816} 279,656 Yorkshire Bee Pavilion 15,116 13991 14,717 Yorkshire Federation of Show Societies 17,337 1,545 1450) 18,432 419,040 25,181 150.894) (16.2151 377.112 Restricted Funds Funding for the Regional Agricultural Centre IRACI relates to amounts received specifically for the development of the RAC. Owing lo condition5 around the use of the funds and ongoing restrictions around the use of the RAC these funds are classified within restricted fLJnds and released in line with depreciation on the underlying assets. Garfield Weston Foundation 15 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 lo set up their own innovative businesses in rural areas, the countryside, villages or market towns. The Yorkshire Federation of Show Societies exists to maintain conta¢l, exchange ideas and information, and to deal with any problems and matters of mutual interest in the running of agricultural shows throughout Yorkshire. The Yorkshire Rural Support Ne￿Ork is an organisalion aimed at bringing together a wide variety of organisalions involved in helping relieve stress and anxiety wthin the rural community. 44 Yorkshire Agricultural Society (Reg. no. 01666751) The Yorkshire Food Farming and Rural Network secured legacy funding of up to £80.000 from the Partnership Investment Fund Limited {PIFI 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 December 2024 Unrestrlcted Restricted Total Tangible Fixed assets 20.671,620 20,671.620 Investments 13.596.058 13,596.058 Investment Propety 1.100,000 1,100.000 Net Current AssetsllLiabilib'es) 1287,934) 351,740 63.806 Long Term Creditors {251.780) 1251.7801 34,827,964 351.740 35,179,704 As at 31 December 2023 Unrestricted Restricted Total Tangible Fixed assets 21,324,286 21,324,286 Investments 13,115,946 13,115,946 Investment Propety 1.100,000 1.100,000 Net current AssetsllLiabilitiesl 152.5081 377,112 324,604 Long Term Creditors 11,410,786) 11,410,786) 34,076,938 377.112 34.454,050 Unrestricted funds include a revaluation reserve of £3,430,256 {2023'. £3,090,754). 20 Events After The Balance Sheet Date On 9 January 2025 the Upper Tribunal issued ils decision in relation to the ongoing dispute be￿een the Society and HMRC. The decision dismissed HMRC'S appeal and, as HMRC have not sought leave to further appeal, the matter is now settled in the Society's favour. 21 Commitments Capital Commitments The Society had capital commitments aulhorised and contracted as al 31 December 2024 in respect of the development of Showground facilities of £338k12023. £70kl. These commitments are all payable within one year. No provision has been made in the financial statements in respect of these amounts. 45 Yorkshire Agricultural Society (Reg no. 01666751) Financial Commitments At the reporting date the Charity had outstanding commitments for future minimum lease payments under non- cancellable operating leases, which fall due as follows.. 2024 2023 Due within 1 Year 16.577 24,392 40,969 18.590 38,405 Due bebNeen 2- 5 Years Total 56,995 22 Related Party Transactions P Russell, a Trustee, is CEO of Russells {Kirkbymoorsidel Ltd who had a trade stand at the Great Yorkshire Show at a cost of £4,29212023'. £4,057), payable to YAS (Enterprises) Limited. R Copley, a Trustee, is a director of Farmer Copleys Farm Shop Ltd from whom the Society purchased goods lo the value of £2,52912023'. £Nill. C E Mills, Show Director and Trustee until July 2024. received an Honorarium of £6,00012023'. £12,000) and expenses of £39412023.. £1,002). Mrs R Coates. Show Director and Trustee from July 2024, also received an Honorarium of £8,00012023: £Nil}. All transaction5 were in the normal course of business and on an arm's length basis. 23 Pension Fund The Society operate5 defined contribution pension schemes for Ihe employees of both the Society and its subsidiary cotnpanies. 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 exisb'ng 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 £340.56912023. £421,065). Contributions outstanding at the year-end amounted to £46,21212023. £nill. 46 Yorkshire Agricultural Society (Reg. no. 01666751) 24 Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net movement in funds 725,654 971,824 Adjustments for: Income from investments (426.6681 1,072,598 (538,9891 13,0001 67,383 (305.6761 515174 (414,010) 1,077.085 1641.3781 113,9871 19,3361 61,809 Depreciab'on charges Losses l (Gains) on revaluation of investments LossllProfitl on sale of tangible Asset IlncreasellDecrease in stocks {Increasel/Decrease in debtors Increasel Decrease in creditors Net cash rovlded b eratin activltles 1106476 1051717 47