Registered number: 01716766 Charlty number: 514080 NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 NEWARK & No￿1NGHAMsH1RE AGRICULTURAL SOCIETY (A Company Llmited by Guarantee) CONTENTS Page Reference and Administrative Delalls of the Society Trustees Truslees, Report Independent Auditors. Report on the Flnanclal Statements Consolidated Stalement of Financial Activities 9-13 14 Consolldated Balance Sheet 15-16 Society Balance Sheet Consolidated Statemenl of Cash Flows 17-18 19 Notes to the Flnanclal Statements 20-37 NEWARK & NOThINGHAMSHIRE AGRICULTURAL SOCIETY (A Company LSmiled by Guarantee) TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 Presldent for the Year Endlng 30 June 2024: Mr R H Sheldon MBE Deputy Presldent: Col. T S Richmond OBE TD DL (Hon)DBA Immediate Past President: Mr Pat White Patrons: Mrs J Farr MBE DL JP Hon DLitt Mr R M Slevenson OBE DL Hon LLD Hon MA Chairman of the Council 2023124: Mr R Jackson Vlce Chalrman of the Counell 2023124: Mr C l Applewhite Elected Members of the Council: Mr A D Allen Mr C l Applewhile MT A Aspbury Mrs M Brown Mr J P Brydon Mr J N Clarke MBE Mrs R Crowe { resigned 22109120231 Mrs J Davies MrTHFarr Mrs A R Gascoine FRICS FLAA Mr C R Hall FRICS FAAV Mrs S Hallam Mr D Harbottle Mrs A Hardstaff Mr R Jackson Nr B Knowles Mr D M Lambert Mrs E Lamberi Mr C S Lawrence Mrs C Leggolt (appointed 3010112024) Col R Merryweather TD DL Lady Helen Nall Mr D Pick MrREPfvett Mr F A Reynolds MBE Mr D Rhodes Prof J Saint OBE DL Mr l M Sheldon (appointed 30101120241 Mr R A Sheldon Mr R H Sheldon MBE MT C A Strawson Mrs C M Thomas Mr C E While Mr P White Mr C E Wright Company Reglstered Number 01716766 Charity Registered Number 514080 Registered Office The Showground Winlhorpe Newark Notts NG24 2NY Company Secretary Mr S Eccleston Chlef Executlve Officer Mr S Eccleston Independent Auditors Streets Audit LLP Chartered Accountants and Statutory Auditor Tower House Lucy Tower Street Lincoln LN1 1X Page 1 NEWARK & NOThINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guaranleel REFERENCE AND ADMINISTRATIVE DETAILS OF THE SOCIETY (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Bankers Barclays Bank PIC Leicester LE87 2B8 Solicitors Tallents Solicitors 3 Middlegate Newark Notts NG24 1AQ Investment Fund Managers Brewin Dolphin Ltd 1 sl Floor Waterfront House Waterfront Plaza Nottingham NG2 3DQ Page 2 NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY IA Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Trustees present their annual report together with the audited financial statements of the Sociely for Ihe year 1 July 2023 to 30 June 2024. The Annual Report serves the purposes of both a Trustees, report and a directors. report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statulory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable lo charities preparing iheir accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102) (effective 1 January 2019). The Council members are directors of the Society for the purposes of the Companies Act 2006 and trustees of the Society for the purposes of the Charities Acl 2011. Since the group and the Society qualify as small under section 383 of the Companies Act 2006. the Group Strategic Report required of medium and large companies under the Companies Acl 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectlves and a¢tlvltl•s a. Pollcles and objectlves The principal objective of the Society is to promote agriculture and the agricultural industry including all branches of agriculture and education and to encourage expertise and skills in the industry as well as all trades, crafts and professions associated with it. The Council is aware of the need for the Society to provide public benefit and has paid due regard to Ihe guidance on public benefit issued by the Charity Commission. The Council considers that the activities which it undertakes. summarised in the following paragraphs, fulfil this requirement. b. Actlvlties und•rtaken to achiovo objoctlVOS The Society organises three annual agricultural shows and periodically an agricultural shows conference.. Nottinghamshire County Show Newark Vintage Tractor & Heritage Show Midlands Machinery Show Nottinghamshire Local Shows. Conference In addition il offers education and personal development grants. support for apprentices and traineeships lo individuals and organisations Ihal are directly involved in or pursuing ils charitable objectives., lo promote agriculture and associated industry. Funding help and practical assistance has been given to Nottinghamshire Rural Support INRS} and Nottinghamshire Federalion of Young Farmers. Clubs. whose office is on Newark Showground. Service to Agriculture is recognised by medals and a separate Long Service (Single Famil Award. presented annually. The Society's Local Shows Conference is accredited as the Central Region event for the Association of Show and Agricultural Organisalions (ASAO). 11 is held specifically to support fellow agricultural shows and societies, which are often run by unpaid volunteers, but who still carry the same responsibilities as major societies. The conference is a valuable exchange of current best practice and many issues of direct relevance to the industry. Education is an integral part of promoting agriculture. This is Carried out by staff and volunteers with the ￿1n aims of educalion and driving attendance to Society aclivilies. Ihrough lalks, competitions, partnerships. demonstrations, networking and planning fulure activities both on and off site. Newark Showground is wholly owned by the Society. The Showground is lel on a commercial basis to the Page 3 NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Objectives and aGtivltle$ {¢ontinued) Society's subsidiary trading company which in turn hires the venue lo other organisations and provides services such as catering. The excess income gained from trading is paid by Gift Aid to the parent charity. This income and that from membership subscriptions, rents and inveslment income, is used to support the activities undertaken by the Society to achieve its charitable objectives. Achlevements and performance Review of activities Nottinghamshire County Show. The Annual County Show is one of Ihe main objectives of the Society. It provides an opportunity for the agricultural community and the public in general lo partI￿Pate and engage with livestock, rural crafts, farriery, equestrianism, floral art. music, poultry, countryside pursuits. British and local food, related trade stands and to see agricultural machinery both vintage and modem. It incorporates many county organisations such as the Notts Women's Inslilutes, county and district councils, Notts Group of the National Vintage Tractor and Engine Club. Notts Federalion of Young Farmers Clubs, local sports and interest groups. Many hundreds of volunteers from Ihe President to stewards and staff combine to lay on this key event in the county's agricultural and social calendar. The new format of the County Show continued lo receive very positive feedback from both exhibitors and attendees. and further progressed the aim of making il increasingly relevant to the rural and wider community and to Ghampion agriculture in all its aspects. The Show is constantly reviewed and assessed to keep il relevant to the public and in line vrfilh the Society s charitable purpose. Newark Vintage Tractor & Heritage Show. Since inception in 2003, the Vintage Tractor and Heritage Show has become a well established and highly popular. niche evenl attracting intemalional support. 1115 the largest and finest of its type in the UK and further underpins the charity's mission. It enjoys significant club, volunteer and enlhusiasl support. Midlands Machinery Show. The s￿Iety organises this specialist Business to Business {B28) agricultural machinery event annually. It is now firmly in the agricultural machinery show calendar. It permits reciprocal support for the induslry by providing a regionally based forum for agricultural businesses and suppliers lo interact directly wilh farmers, employees and contractors and also through the various apprenticeship grants which are awarded al the show. Educational Activity. In support of the Society and its mission, proactive educational activity at Ihe Society's shows and throughout the year helps lo make many new contacts and promote our activities and events. Education includes briefings, infomiation and demonstrations. covering topics such as the importance of high standards within the industry. eating seasonal and local food. low f¢x)d miles, sustainability, careers in agriculture. job placemenls and many aclivities which both individuals and local organisations can undertake. Other Support. The Newark & Nottinghamshire Agricultural Society is home to the secretariat of Nottinghamshire Federation of Young Farmers. Clubs. The Society sponsors four Further Education prizes al Nottingham Trent University, has donated support to the Nottinghamshire Rural Support Nehvork and assists various fellow Nottinghamshire agricullural charities by the loan of equipment for their shows. It also offers Nottinghamshire sludenls of agriculture. educational and personal development grants. in addition to the apprenliceships. This support has continued where appropriale throughout the year and has been well reGeived by the organisations and individuals involved. Trading Activity. The Society owns its flexible and popular 180 acre stte, freehold. Trading, which is focussed on facility hire and catering. is carried out under Ihe auspices of NNAS (Trading) Limited, Ihe SoCiet￿s wholly owned subsidiary. The Society continues to invest in ils facililies to retain and improve standards and control costs at its agricullural shows. Trading surpluses are donaled lo the parent charity through the Gift Aid scheme and this helps to fund the Society and its aclivities. Effectively working its assets permits the Society to be in control of its facility and delivery standards and to better detemine its future. Page 4 NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Achievements and perforniance (continued Trading activity and revenues were positive during Ihe year and projecled activily remains healthy. Staff and facilities continue to be developed and able to engage all areas of the operation in support of achieving the charitable aims and objectives. b. Investment pollcy and perfomlance As permitted by the Societys Memorandum and Articles of Association, the Council gave its investment managers discretion to manage the portfolio within an agreed risk profile. The portfolio comprised fixed interest stocks as well as unit trusts and investment funds. The primary investment objective for the main unrestricted fund is to obtain a balance between income and capital growth, subject to a moderate degree of risk. The objectives of Ihe Mattie Brown and David Crane permanent endowment funds remain unchanged: namely to earn income in support of the promotion of show jumping and equine ¢lasses and Ihe Cattle ¢lasses at the annual show. The Council has also operated a policy of keeping the current accounts of the Group in credit throughout the year and of investing cash not designated for investment in an inleresl bearing deposil account. Financial review . Going concern After making appropriate enquiries, the Trustees have a reasonable expeclation that the Socieiy has adequate resources to continue in operational existence for the foreseeable future. For Ihis reason, they continue lo adopt Ihe going concern basis in preparing the financial slalements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves pollcy The Reserves Policy adopted by the Society is to ensure that sufficient funds are available to provide against Ihe direcl costs which may nol be mitigated following an unforeseen emergency resulting in the complete ancellalion of one of the Society s Shows. The Trustees consider that the ideal level is calculated as 1300/0 of Ihe budgeted direct cost of the annual County Show less salaries apportioned to the Show. As at 30 June 2024 this would be £354,000. The funds the trustees consider when calculating the free reserves are unrestricted investments, plus current assels, and less currenl liabilities (excluding Covid loans). The aclual level of reserves as at 30 June 2024 as calculated was £156,000 (2023-. £228,000), which is below the largeled level. Capital expenditure is now under continuous review by the Execulive Committee of the Society. The Trustees note thal the level of reserves has remained ahead of budget in the period and that the Lady Eastwood Centre loan and CBILS Loan repayment schedules have been adequately met by normal operalions. Page S NEWARK & NorriNGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 ¢. Performance The consolidated statement of financial activities shows net incoming resources of £50,00012023- nel incoming resources of £84,000) after realised and unrealised investment gains. The profile of activities has now normalised following the pandemic period disruption. Performance in all areas was effective and the positive financial results again reflected this. Structure, governance and management a. Constilulion Newark & Nottinghamshire Agricultural Society is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association and was incorporated 20 April 1983. The Society (registered company number 17167661 is registered as a charity {registered charily number 514080) and is a company limited by guarantee and therefore does not have share capital. b. Recrultment and appolntm•nt of management commlttee As set out in its Articles of Association, the Society is govemed by a Council of up lo 50 members. Council members musl be members of the Society and serve for a period of 3 years but on retirement can offer themselves for re-election. They are appointed by the members at the Annual General Meeting. Council members may be selected for their specific expertise from the local business and agricullural community in relation to the activities of the Society. Council members are listed on page 1 and served Ihroughoul the year unless otherwise staled. The names and addresses of the advisors and the registered office of the Society are also set out on pages 1 and 2. c. Organlsatlonal slructure and declslonwmaklng pollcles The Council administers the charity and meets at least quarterly. Council appoints chairs of various Sub Committees. Sub Committee members are volunteers from the body of the Council members. Committees include the Executive, County Show, Vintage Tractor & Herilage Show, Midlands Machinery Show, Grounds and Development. Committees are empowered to also seek specific expertise from co-opted members. Committees report to the Council and advise on specific aspects of the SoCiet￿s activities. A Chief Executive Officer I"CEO") is appointed by the Council to manage the day to day operations of the Group. To facilitate effective operations the CEO has delegated authorily. as approved by the Council, for operational matters. The staff, who are all ultimately responsible to the CEO, take specific responsibility for.. The arrangements for the Agricullural shows. The mainlenance and upkeep of the showground. The running of the trading activities of the Group. The administration of the Group. d. Policles adopted for the induction and training of Trustees New Council members have an induclion aftemoon during which Ihey are shown the showground and its facilities, meet key employees and given a brief on their responsibililies as Council members under charity and company law, the content of the Memorandum and Articles of Association, the committees and management process, the business plan and recent financial perfomiance. New legislation or changes to charitable law are Page 6 NEWARK & NO￿INGHAMSH1RE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Structure, governance and management (Continued) disseminated by an appropriate melhod of communication followed by discussion at Council or other trustee committees. Council members are encouraged to atlend extemal training if relevant to their roles. e. Pay policy for key management personnel The members of the Council. who are the Society's trustees, and the senior management team comprise the key management personnel of the Society in charge of directing and conlrolling, running and operating the Society on a day to day basis. All Council members give of their time freely and no member received remuneration in the year. Details of Council memberfs expenses and related party transactions are disclosed in notes 13 and 30 lo the accounts. The pay of the senior slaff is reviewed by the Executive Committee. f. Flnanclal risk management The Council has assessed the major political, economic. strategic and operalional risks to which the Group is exposed. in particular those related to the investments and finances of the Group. and are satisfied that systems are in place to mitigale exposure to the major risks. The risk management strategy is reviewed annually in order to assess plans lo mitigate risk and lo formulate responses to minimise the effecls of any potential impact on the Group. should those risks materialise. Particular attention is focused on non financial risks arising from disease epidemics, terrorism, fire. health and safety of events at Ihe showground and food hygiene. The reserves policy is a key part of the management of financial risk. Risks posed by Ihe County Show, the Vintage Tractor & Heritage Show and the Midlands Machinery Show have been the subjecl of extensive work in recent years and the Council is satisfied that active steps have been taken to minimise those risks through pre-planning, Cowordination of major incident procedures in conjunction wilh the emergency services. health and safety advisors, pre-show briefings. instructions and the use of professional subcontractor staff. The Trustees and Ihe managemenl team remain committed to ensuring that the Society is viable as a going concern. New capital projecls will be predominanlly focussed on the generation of income. Plans for future periods The projected operation of the Society combined with the use of available reserves gives a reasonable expeclation for the Officers and Trustees to conclude that the Society will continue in operation as a going concern for the foreseeable future. Members, liability The Members of the Society guarantee to contribute an amount not exceeding £1 to Ihe assets of Ihe Society in the event of winding up. Page 7 NEWARK & NOThINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Llmited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Society for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees musl nol approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Group and the Society and of their incoming resources and application of resources. including their income and expenditure. for that period. In preparing ihese financial slatemenls, the Trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP IFRS 102)., make judgments and accounting eslimales that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial stalements.. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficienl to show and explain the Group and the Society's transactions and disGlose with reasonable accuracy at any time the financial position of the Group and the Society and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Dlsclosure of information to auditors Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed Ihat.. so far as thal Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought lo have been laken as a Trustee in order lo be aware of any relevant audit information and to eslablish that the charilable group's auditors are aware of that information. Audltors The auditors, Streets Audit LLP, have indicated their willingness to conlinue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of Ihe board of Trustees on 10 December 2024 and signed on their behalf by.. RJa on Chairman C l Apple Vice Chairman Page 8 NEWARK & NOThINGHAMSHIRE AGRICULTURAL SOCIETY IA Company Llmlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NEWARK & NOThINGHAMSHIRE AGRICULTURAL SOCIETY Opinion We have audited the financial statements of Newark & Nottinghamshire Agricultural Society (the 'parent charitable companll and ils subsidiaries {the 'group') for the year ended 30 June 2024 which comprise the Consolidated Statement of Financial Activities. the Consolidated Balance Sheet. the Society Balance Sheet, the Consolidated Slalemenl of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statemenls: give a true and fair view of the state of the Group's and of the parent charitable companls affairs as at 30 June 2024 and of the Group's incoming resources and application of resources. including its income and expenditure for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo 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 concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have nol identrfied any material uncertainlies relating to evenls or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable companls ability to continue as a going concern for a period of at least Iwelve months from when Ihe financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respecl lo going concern are described in the relevant sections of this report. Page 9 NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF NEWARK & NO￿INGHAMSH1RE AGRICULTURAL SOCIETY (CONTINUED) Other Informatlon The other information comprises the information included in the Annual Report other than the financial statements and our Auditors. Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial slatements does nol cover the other information and, excepl to the extent otherwise explicitly staled in our reporl. we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistenl with Ihe financial slalements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we ar8 required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that ther8 is a material misstatement of this other infomialion, we are required to report that fact. We have nothing to report in this regard. Opinlon on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of Ihe audit: the informalion given in the Truslees, Report for the financial year for which the financial statements are prepared is consislent with the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by oxception In the light of our knowledge and understanding of the charilable company and ils environment obtained in the course of the audit, we have not identified material misstalements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us: or the parent charilable company financial stalements are nol in agreement with the accounting records and relums; or certain disclosures of Trustees, remuneration specified by law are nol made., or we have nol re￿iVed all the infomiation and explanations we require for our audit.. or the Trustees were not enlilled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Page 10 NEWARK & NOThINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Llmited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NEWARK & NOThINGHAMSHIRE AGRICULTURAL SOCIETY {CONTINUED} Responslbllltles of trustees As explained more fully in the Trustees. Responsibilities Statement. the Trustees {who are also the directors of the charitable company for the purposes of company law) are responsible for the preparalion of the financial stalemenls and for being satisfied that they give a true and fair view. and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements Ihat are free from material misstatement. whelher due lo fraud or error. In preparing the financial statements, the Truslees are responsible for assessing the Group's and the parent charilable Company's ability to continue as a going concern, disclosing. as applicable, matters related lo going on¢ern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations. or have no realistic altemative but to do so. Page11 NEWARK & NOThINGHAMSHIRE AGRICULTURAL SOCIETY IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NEWARK & NOThINGHAMSHIRE AGRICULTURAL SOCIETY (CONTINUED} Audltors. responslbllltles for the audlt of the financlal statements Our objectives are to obtain reasonable assuran￿ about whether the financial slatements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors. Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilitl8s. OUtlin8d above, to detect material misstatements in respecl of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to 1dent1￿.ng and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence. capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulalions applicable to the Society through discussions with directors and other managemenl. and from our commercial knowledge and experience of the trust and sector in which il operates., we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or Ihe operations of the Society. including the Companies Act 2006, Charilies Act 2011, laxation legislation. data protection. anti-bribery. employment. environmental and health and safety legislation., we assessed the extent of compliance with the laws and regulations identified above Ihrough making enquiries of management and inspecting legal correspondence: and identified laws and regulations were communicated within the audit team regularly and the team remained alert lo instances of non-compliance throughout the audit. We assessed the suscepiibilily of Ihe Society's financial statements lo material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud- and Considering the internal controls in plaGe lo miti9ate risks of fraud and non 10 At 30 June 2024 296 16. Stocks Group 2024 £000 73 Group 2023 £000 64 Soclety 2024 £000 Society 2023 £000 Finished goods and goods for resale 17. Debtors Group 2024 £000 Group 2023 £000 Society 2024 £000 Society 2023 £000 Due wlthln one year Trade debtors Amounts owed by group undertakings Prepayments and accrued income 274 296 13 219 38 203 46 48 64 322 360 270 249 Page 30 NEWARK & NOThINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 18. Creditors: Amounts falling due within one year Group 2024 £000 Gmup 2023 £000 Society 2024 £000 SoGiety 2023 £000 Bank loans Other loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income 61 61 70 61 61 70 70 152 70 126 108 86 75 86 93 259 93 245 188 184 184 180 823 754 539 476 Group 2024 £000 Group 2023 £000 Society 2024 £000 Society 2023 £000 Deferred income brought forward Resources deferred during the year Amounts released from previous periods 116 118 (116) 118 130 (118) 776 118 (116) 130 (118 Deferred Income ¢arrled forward 130 118 130 118 Deferred income is in relation to amounts received in advance of shows in Ihe next financial year. 19. Credltors: Amounts falling due after more than one year Group 2024 £000 Gmup 2023 £000 Society 2024 £000 Sociely 2023 £000 Bank loans 336 117 385 187 336 385 187 Other loans 453 572 453 572 The total bank loan of £397,000 (2023 £446.0001 is secured on the Lady Eastwood Centre and its associated assets situated at the County Showground. Newark. Nottinghamshire. Other loans of £187,000 (2023 - £257,000) have been provided as part of Ihe Coronavirus Business Interruption Loan Scheme. Page 31 NEWARK & NOThINGHAMSHIRE AGRICULTURAL SOCIETY IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 20. Statement of funds Statement of funds - current year Balance at 30 June 2024 £000 Balance at 1 July 2023 £000 Transfers inlout £000 Gainsl {Losses) £000 Income Expenditure £000 £OOD Unrestrlcted funds Fixed assets reserve 2,780 {4461 228 1251) 321 49 (370} 2.850 {397) 156 Bank loan Free reserves 2,895 (2,604) 2,562 2,895 {2,855) 2,609 Endowment funds Maltie Brown David Crane 83 85 13 12 95 98 Total of funds 2,657 2,897 12.8551 2,707 Fixed assel reserve The fixed assels reserve identifies Ihose funds which are not free funds and represents the nel book value of tangible fixed assets. Endowment funds The Mattie Brown fund was established to provide income for the promotion of show jumping al the Notlinghamshire County Show. The David Crane fund was established to provide income for Ihe financing of prize money for Longhorn Cattle Classes at the Nottinghamshire County Show or othernise at the discretion of the Show Council.. Page 32 NEWARK & NorriNGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 20. Slatemenl of funds (continued) Statement of funds - prior year B81ance at 30 June 2023 £000 Balance al l July 2022 £000 Tr8nslers in/out £000 Gains/ (Losses) £000 Incomo Expendilure £000 £000 Unrestrlcted funds Fixed assets reserve 2.508 (495) 460 (222) 494 49 (543) 2, 780 (446) 228 Bank loan Free reserves 2.840 (2.519) (10) 2.473 2.840 (2. 741) (10) 2,562 Endowmont funds Maltie Brown David Crane 88 12 83 12 100 (8) 95 Total of funds 2,573 2,843 (2. 741) (18) 2.657 Page 33 NEWARK & NorriNGHAMSHIRE AGRICULTURAL SOCIETY IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 21. Summary of funds Summary of funds - current year Balance at 30 June 2024 £000 Balance at 1 July 2023 £000 Transfers inlout £000 Gainsl (Losses) £000 Income ExpenditUTe £000 £000 General funds Endowment funds 2,562 2,895 (2,855) 2,609 95 98 2,657 2,897 (2,855) 2,707 Summary of funds - prlor year Balance al 30 June 2023 £000 Balance al l July 2022 £000 Transfers in/oul £000 Gain (Losses) £000 Income Expenditure £000 £000 General funds Endowment funds 2.473 2.840 (2. 741) (10) 2,562 100 95 2,573 2,843 (2. 741) (18J 2.657 22. Analysis of net assets between funds Analysis of net assets between funds - current period Endowment Unrestricted funds funds 2024 2024 £000 £000 Total funds 2024 £000 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more Ihan one year 2,850 198 837 2,850 296 98 837 1823) (453) {823) {453) Total 98 2,609 2,707 Page 34 NEWARK & NO￿INGHAMSH1RE AGRICULTURAL SOCIETY (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 22. Analysis of net assets between funds (continued) Analysls of net assets between funds - prior perlod Endowmenl Unrestricled funds funds 2023 2023 £000 Total funds 2023 £000 Tangible fixed assets Fixed asset investments Current assels Creditors due within one year Creditors due in more than one year 2. 780 193 2, 780 288 915 (754) {572) 95 915 (754) (572) Total 95 2,562 2,657 23. Reconclliation of net movement In funds to net cash flow from operatlng acllvltles Group 2024 £000 Group 2023 £000 Net income for the period (as per Ststement of Financial Activities) 50 84 Adjustments for: Depreciation charges (Gainsylosses on investments Investment income Increase in stocks 251 (81 (18> (9 11651 296 222 18 (17) (71) 18 Decreasellincreasel in deblors Increasel(decrease) in creditors (30) Net cash provlded by operatlng actlvltles 397 284 Page 35 NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 24. Analysis of cash and cash equlvalents Group 2024 £000 442 Group 2023 £000 497 Cash in hand Total cash and cash equlvalents 442 491 25. Analysis of changes in nel debt At 1 July 2023 Cash flows £000 At 30 June 2024 £000 £000 491 (131) (572) Cash al bank and in hand Debt due within 1 year Debt du8 after 1 year 149) 442 (131) (453) 119 (2121 70 {142) 26. Contlngent Ilabllltles The capital grant of £170.000 received from Nottinghamshire County Council's Economic Development Capilal Fund in the year ended 30 June 2016 in respect of the Lady Eastwood Centre is subject lo terms and conditions, breach of which may render the grants wholly or partially repayable. It is the Council Members, opinion that such a repayment is remote. 27. Pension commitments The group operales a defined contribution pension scheme. The assels of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and employees personal pension schemes and amounted to £48,00012023 - £48.0001. There were no contributions payable at either yearond. Page 36 NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limiled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 28. Operatlng lease commltments At 30 June 2024 the Group and the Society had commitments to make future minimum lease pa￿nentS under non-cancellable operating leases as follows.. Group 2024 £000 Group 2023 £000 Society 2024 £000 Society 2023 £000 Within 1 year Between 1 and 5 years 29. Transactlons wlth councll members During the year ended 30 June 2024, the following transactions with trustees were undertaken. Purchases of £18,460 relating to site equipment and seNices were made from Newark Rugby Union Football Club during the year, of which D Pick is a mutual trusteeldirector. No further transactions as required to be disclosed under FRS 102 were undertaken in the period. Page 37