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2022-09-30-accounts

Registered number: 1845726 Charity number: 515652

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Society, its Trustees and Advisers 1 - 3
Trustees' Report 4 - 13
Independent Auditors' Report on the Financial Statements 14 - 17
Consolidated Statement of Financial Activities 18
Consolidated Balance Sheet 19 - 20
Society Balance Sheet 21 - 22
Consolidated Statement of Cash Flows 23
Notes to the Financial Statements 24 - 51

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE SOCIETY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2022

Council Mrs J Hiles, Chairman (resigned 22 February 2022)
A Buckley, Chairman (appointed 22 February 2022)
A H Price, Treasurer
A C Read, Honorary Show Director
C Bourn, President
T E Dennis, President Elect and Patron
Trustees Mrs J Hiles (resigned 22 February 2022)
C C Rothery
N R Bottom
A C Read
S Ward
A Buckley
A Ward
G Beattie
A H Price
D J Wallis
Company registered
number 1845726
Charity registered
number 515652
Registered office Lincolnshire Showground
Grange-de-Lings
Lincoln, LN2 2NA
Chief executive officer & Ms J Southall
Company secretary
Independent auditors Streets Audit LLP
Chartered Accountants and Statutory Auditor
Tower House
Lucy Tower Street
Lincoln, LN1 1XW
Bankers Clydesdale Bank
Unit 8 Cygnet Road
Hampton
Peterborough, PE7 8FD
Solicitors Wilkin Chapman Solicitors
11-15 Brayford Wharf East
Lincoln, LN5 7AY
Honorary Chaplain Revd Canon A J Robson

Page 1

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE SOCIETY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Council President- Mr Christopher Bourn President Elect- Mr Toby Dennis Patron- Lord Lieutenant of Lincolnshire- Mr Toby Dennis

Honorary Legal Advisor CCG Hunter Veterinary Surgeons Orchard House Veterinary Surgery Life Members of the M Dickinson, M Godson, W G Henson, C Howard, R Parker, M Read, S Council Richardson. W B R Grantham, D K Baker DL, R Needham, I Walter Elected Members of A Price, A Read, A Ward, C Rothery, D Bell, D Hill, D Pridgeon, D Richardson, D Council (due to retire in Smith, E Blandford, F Wallis, G Rowles-Nicholson, K Hewson-Fisher, L Parker, N 2023) Bottom, P Vergette, A Wilson, R Collett, R Borrill, R Howard, R Willey, R Dennett, R Hansard, S Williams, S Ward, T Needham, J Dudgeon. Elected Members of G Beattie, R Bryant, D Burton, A Buckley, B Chamberlin, E Coy, H Clough, R Crust, Council (due to retire in S Day, A Fowler, P Gilbert, T Garner, J Grantham, R Holmes, J Knight, S 2024) McKenzie, T Marsden, J Matthews, S Moncaster, J Moreton, D Nelstrop, K Phillips, M Poucher, S Robertson, M Robinson, A Scoley, S Sparling, A Stennett, C Thorlby, G Walter, C Welby, I Watson, R Wilkinson, H Clarke, L Clark, G Walter, A Welch Chief Stewards Admissions-R Holmes Catering and Public Services- J Matthews Countryside- S Robertson Equine- S Moncaster Food Court and the Mews- R N Crust Livestock- M Poucher Trade- C M Godson Traffic – L Parker Co-opted Members Lincolnshire and South Humberside National Farmers' Union - N Dowler (Rhonda Thompson County Adviser will attend in absence) The Chairman of the Lincolnshire (South Holland) Branch of the National Farmers’ Union – Simon Gadd Lincolnshire Branch of the Country Land and Business Association - G Rowles Nicolson Lincolnshire Federation of Young Farmers’ Clubs – Matthew Denby (Kate Knight YFC County Organizer will attend in absence of Matthew) Agricultural Section of UNITE - Robert West Lincolnshire Chamber of Commerce & Industry – Simon Beardsley North Anglia Region of the British Agricultural and Garden Machinery Association – Peter Arrand University of Lincoln – Simon Pearson West Lindsey District Council – Marina Di Salvatore & Daisy Fields Bishop Burton College – Danny Metters Lincolnshire Rural Support Network (LRSN)- Amy Thomas

Page 2

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE SOCIETY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Past Presidents (10 2010 – H Bourn (deceased) years after the 2011 – David Chiddick President’s year) 2012 – Lord Taylor of Holbeach 2013 – Mr Nigel Brown 2014 – Mr Richard Needham 2015 – Lady Sarah McCorquodale 2016 – Mr Geoff Bottom 2017 – Mr Robin Battle 2018 – Mrs Janet Godfrey 2019 – Mr John Lockwood MBE DL MFH 2020 – Mr Christopher Bourn 2021 – Mr Christopher Bourn 2022- Mr Christopher Bourn

Page 3

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022

The Trustees present their annual report together with the audited financial statements of the Society for the year 1 October 2021 to 30 September 2022. 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 statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

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 Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit.

The objects of the charity are:

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

The strategies employed to achieve the charity’s objectives are to:

Page 4

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Achievements and performance

a. Main achievements of the Society and a review of those achievements

Lincolnshire Show

The Lincolnshire Show returned in 2022, with over 55,000 people attending over the 2 days, and glorious weather. It was certainly appreciated by the people of Lincolnshire and beyond.

With almost 500 stands, over 1,000 Equine entries and circa 650 Livestock, it’s safe to say the Show was well attended and we thank everyone who took part.

As always the Lincolnshire Agricultural Society remains very grateful to all the Trustees, staff, stewards and volunteers, without whom we wouldn’t be able to hold this event.

The Lincolnshire Show delivers a huge opportunity to engage with our local community and provide educational activities for school children and families – which is key in striving to continually achieve our charitable objectives. Some of these initiatives include the Schools’ Challenge, Farm Gate Education marquee, livestock tours and continuous professional development training for teachers. In 2022, we welcomed 3,367 students to the Lincolnshire Show.

2022 Schools’ Challenge

The Schools’ Challenge is inclusive of all and is open to Nursery, Primary, Secondary, Special and Independent Schools in Greater Lincolnshire and surrounding areas. Schools’ choose from one of our ten exciting challenges all intrinsically linked to the curriculum and designed to develop young people’s understanding of food, farming, sustainability, the environment and local community. With the support of a farming mentor and business associate related to their selected challenge, the young people research their project and then showcase their learning and understanding to both the judges and members of the public at the Lincolnshire Show.

1,543 young people from 31 schools participated in the Schools’ Challenge this year, showing their abilities and competing to become schools’ champion in their category. The young people excelled themselves with their creativity and confidence and their enthusiasm for food, farming, sustainability and the environment was incredible!

The winning schools were: Early Years: Town and Country Nursery, Market Rasen Small Primary: Scampton Church of England Primary School Medium Primary: St Michael’s Church of England Primary School, Thorpe on the Hill Large Primary: Butterwick Pinchbeck’s Endowed Church of England Primary School Secondary One: The Priory Academy LSST Secondary Two: University Academy Holbeach Habitat Haven Garden: Sir Francis Hill Community Primary School The People’s Choice: St Martin’s Preparatory School (Pre-Prep)

Page 5

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Achievements and performance (continued)

Livestock Tours

As part of the educational provision at the Lincolnshire Show, school groups are offered the opportunity to take part in a livestock tour. 341 students experienced a tour guided around the different breeds of cattle, sheep and pig that exhibit at the Lincolnshire Show.

Farm Gate Education Marquee

The Farm Gate Education marquee housed different animals (cattle and sheep) along with learning experiences and demonstrations for school groups and Show visitors to get involved with, all themed around reinforcing the connection between the animal and its commodities.

Royal Rhyme Poetry Competition

As part of the Society’s celebrations of the Platinum Jubilee, we invited all schools from across Greater Lincolnshire to enter a poetry competition to celebrate the late Queen’s 70-year reign. The verse could take any form – rhyme, sonnet or acrostic. 45 students from 9 schools entered the poetry competition. After the preliminary judging Colin McFarlane, the renowned Lincolnshire-based Hollywood actor, selected the overall winning poem and recited a selection at the Lincolnshire Show.

Education

The Education Committee continues to be an important part of delivering our educational remit. By providing a year-round education programme that delivers both unique hands-on learning experiences and enrichment opportunities for young people and the teachers that influence them, we aim to educate, inspire and promote awareness of food production, farming and the countryside through multiple channels and activities.

In October we hosted our Lincolnshire Day school event, an event to celebrate all that Lincolnshire is famous for. 63 representatives from 17 Lincolnshire businesses and organisations supported the event by providing memorable and hands-on enrichment activities. 376 students from 11 county-wide Primary schools were involved across the two days. An additional 73 students accessed the online resources on the Lincolnshire Day online portal.

In January, we reverted to a virtual Breakfast Week in response to the high Covid transmission rates. 225 students from 4 Primary schools were involved. Schools selected three workshops out of a choice of 8. All focused on the theme of pork, bread and eggs. From cookery sessions to conducting science experiments, students were involved in fun and unique hands-on learning activities. Our priority was to provide the opportunity to develop real-life cooking skills, teach students about the importance of a healthy and nutritious breakfast; whilst also developing their knowledge about where breakfast comes from and the journey it goes on from 'farm-to-fork'. The team created a bank of high-quality learning resources, interactive games and videos that teachers could access for free. Lincolnshire Agricultural Society also delivered a resource box in advance to the schools filled with locally sourced ingredients so that they could replicate the selected cookery sessions.

The ‘Tractors into Schools’ initiative in partnership with Lincolnshire NFU and the Lincolnshire Young Farmers took place in March. Farmers were connected with Primary and Secondary Schools to share their story and enlighten students about agriculture and developing their understanding of the important role farmers play in bringing food to our tables. The farmers that visited Secondary schools with their tractors provided a fantastic opportunity to showcase the range of careers within the agricultural industry and its allied trades, encouraging the future workforce to join a diverse, exciting and rewarding career within the agri-food industry. The ‘Tractors into Schools’ initiative was a big success – we engaged with 1,727 students and visited 27 schools from across Greater Lincolnshire.

Page 6

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Achievements and performance (continued)

In March we welcomed 25 children from Welton St Mary’s Church of England Primary School to plant 30 saplings as part of the Queen’s Green Canopy, a unique tree planting initiative created to mark her late Majesty’s Platinum Jubilee. We collaborated with Riseholme College on the event, with the learners supporting with preparing the site, creating the design and assisting with the tree planting.

Countryside Lincs

Countryside Lincs, the family educational event, brings Lincolnshire’s food, farming and heritage to a much wider audience. With eight different indoor and outdoor zones including the Explore it Zone, Make it Zone, Food Zone, Countryside and Wildlife Zone, Tractor Zone, Farmyard Zone, Heritage Zone and Sports Zone. All these zones offer hands-on activities and experiences for the children to explore and engage with food, farming and the countryside. The event also has cookery workshops with Lincolnshire chefs and a packed Countryside Ring timetable to entertain all the family. In 2022 we welcomed 4,500 visitors and 130 exhibitors.

Connecting with Secondary schools is a focus, and throughout the year we have broadened minds to the diverse, exciting and rewarding careers available within the agri-food sector. We have supported schools with their careers provision by attending multiple Secondary school careers events with our interactive stand to raise awareness and also promote and advance knowledge about the diverse careers available in the agri-food industry.

The LAS IMPACT group’s programme of events was reduced and adapted as the impact of the pandemic was still having an effect. We organised an ‘Audience with…’ forum style event with guest speakers opening dialogue and discussion between the panel of experts and IMPACT members. The focus was ‘Technical Innovation: Optimising the Future of Farming’. The panel included representatives from Jones Food Company, Lincoln Institute of Agri-Food Technology (University of Lincoln) and Branston. This technology focused event demonstrated how the latest innovative tools and machinery can help to make the principles of agri-tech an onfarm reality. 32 members attended the event. The IMPACT group continues to visit places of interest including Trafford Farm to develop and transfer knowledge, alongside building new friendships and connections within this young professional group.

As LAS Education continues to grow, we have an exciting new venture – the development of an environmental area on the Lincolnshire showground so that we can significantly expand the environmental education and outdoor learning provision that we offer. Our plan is to develop a wildlife-rich and biodiverse area where school groups, community groups, event clients and visitors to the Showground can connect with nature, both to develop their environmental knowledge and improve well-being and mental health. A preliminary ecological survey has been conducted and maintenance work on Cathedral Wood has commenced.

Women in Agriculture (WIA)

In October 2021, the second WIA event compèred by Rachel Green was held at the Epic Centre. The initiative, which is supported by the LAS, Forrester Boyd, Savills, Shakespeare Martineau and the CLA, was formed to give women working within the sector a more relaxed and information opportunity to get together, share ideas, success, worries, network and socialise with like minded individuals without the pressures of a corporate environment. 120 ladies heard presentations from Helen Clarke (Rainthorpe Farms), Emily Norton (Head of Rural Research, Savills) and Holly Budge (female adventurer and founder of ‘How Many Elephants’).

Food and Gift Fair

The 2021 Lincolnshire Food and Gift Fair was welcomed back to the Showground following a year absence due to the pandemic. The layout did have to change slightly due to the vaccination centre operating from the Exo Centre, but we welcomed 118 exhibitors to the event which was split between the Epic Centre and a marquee. The format was similar to previous years where we held a LAS members preview evening on the Friday before opening to the public on Saturday and Sunday where we saw approx. 8000 visitors in attendance.

Page 7

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Achievements and performance (continued)

Lincolnshire Farming Conference

The 2022 conference with the theme ‘Healthy Soils and Healthy Minds’ was planned, sponsors and exhibitors secured and a full line up on speakers confirmed, but unfortunately the decision was made by the steering group to cancel the event. During the Winter of 2021 (our prime ticket selling time) we saw a big rise of Covid numbers due to the Omicron variant, which we believed put many delegates off from registering to attend the event. Questions were asked about moving the conference online/ or to later in the year, but the steering group decided online would not work due to the general fatigue of two years of ‘online events’ and that there was still a lot of uncertainty about when would be the right time to hold an in person event. The theme will now form the 2023 conference, with many of the previously agreed speakers confirming that they’d be happy to present in 2023.

International Women’s Day

In March, 180 guests attended our lunch and networking event to celebrate International Women’s Day. Unfortunately our compere Rachel Green called at 7am to inform us she had Covid but Caroline Kenyon stepped into her role at short notice. Guests heard from Helen Bell, Dr Sandra McCutcheon, Claire Birch and Caroline Kenyon.

Lincolnshire Rural Charities Dinner

The dinner, at the Epic Centre, is held to celebrate three charities who actively work to support communities throughout Lincolnshire and beyond. These are LAS, LRSN and the Lincolnshire Rural and Agricultural Chaplaincy. Over 430 guests were in attendance and over £44,000 was raised via sponsorship, ticket sales and an auction.

Trading Activities

To comply with Charity Law the Society’s trading activity is undertaken through Lincolnshire Showground Ltd. Events started returning to the Showground following the Coronavirus Pandemic and trading activities have improved for this financial period after a couple of difficult years. Whole site events also started to recover as we welcomed back some of our regular customers and we have also received some exciting enquiries for next year. The 2023 calendar of events is looking extremely promising going forward.

The trading surplus from the Showground activities is used to fund our charitable activities and maintain the Lincolnshire Showground.

Charity Resilience

Management of the Charity during the last couple of years has required constant attention and this year has been no different as we try to recover post pandemic. As well as having the Vaccination Centre and Covid Testing Centre onsite, we have also been able to rebuild the Events business and hold our own internal events such as The Lincolnshire Show, this has enabled us to build up deposits and investments as the Trustees look to the long term future of the Society.

The Covid Testing site remained on the Showground for part of the 2022/23 financial year and left in May 2022. The EXO Centre also continued to be a mass vaccination site until May 2022 and we are pleased to continue to play our part in supporting the NHS and the local community.

b. Investment policy and performance

Under the Memorandum and Articles of Association, the charity has the power to invest monies at the Trustees' discretion. The Trustees, having regard to the liquidity requirements of operating the Society and to its reserves policy, have operated a policy of keeping available funds in a Treasury Reserve Account invested either daily or weekly and seek to achieve a deposit interest which matches or exceeds inflation as measured by the Retail Prices Index.

Page 8

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Achievements and performance (continued)

c. Nominated Charity

The Society at its AGM elects to support at least one nominated charity each year and we have continued to have St Barnabas Hospice as our charity of the year.

The nominated charities are offered trade space at the Lincolnshire Show, Countryside Lincs and the Food & Gift Fair and we also support them with marketing activity, opportunities to hold events with us and more.

Throughout the year the Society also works with Charitable and Community groups throughout Lincolnshire and beyond to help them raise their profile and raise funds. This support includes the use of Showground facilities, assistance with planning their own charitable and fundraising events, and in some cases partnering with other charities to fulfil our mutual charitable objectives.

The Society is fortunate to receive support each year from thousands of local businesses, sponsors, stewards, exhibitors and competitors, without whom it could not continue its active charitable role throughout the County.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Reserves policy

c. Principal risks and uncertainties, financial risk management objectives and policies

The Trustees have assessed the major risks to which the Group and the Society are exposed, in particular those related to the operations and finances of the Group and the Society, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

The Trustees have a risk management policy which comprises:

This has resulted in better emergency procedures and contingency plans and has given the impetus for better operational and financial planning.

Page 9

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Structure, governance and management

a. Constitution

Lincolnshire Agricultural Society is a company limited by guarantee governed by its Memorandum and Articles of Association amended to allow for the current governance arrangements on 7 January 2010. It is registered as a charity with the Charity Commission.

b. Methods of appointment or election of Trustees

The management of the Group and the Society is the responsibility of the Trustees who are elected and coopted under the terms of the Memorandum of Association.

The Members elect the Council of the Society in accordance with the Memorandum and Articles of Association. Members are elected to serve on the Council for 2 years. Co opted members are not entitled to vote at Council meetings.

c. Organisational structure and decision-making policies

The AGM elects the following Trustees:

Chairman of the Society – who chairs all meetings of the Council and the Board of Trustees.

Treasurer – who is also a Vice Chairman of the Society and is responsible for implementing the decisions of the Council, Board of Trustees and Board sub committees in the day to day financial affairs of the Society.

Honorary Director – who is also a Vice Chairman of the Society and is responsible for implementing the decisions of the Council, Board of Trustees and Board sub committees in the direction of the annual show and the day to day management of the Society’s land and property.

Plus between 5 and 10 elected trustees.

The Society is managed by the Trustees who have ultimate control over the management and operation of the Society including the administration and management of the Society’s land and property. The Trustees meet on a regular basis, currently quarterly.

In accordance with the Memorandum and Articles of Association, the Board of Trustees may establish other committees for specific purposes. During the year the following such committees operated, reporting as appropriate to the Board of Trustees:

The Show Committee – to concentrate on all aspects of the annual Show The Education Committee – to develop the educational work of the Society including the Lincolnshire Farming Conference, the School’s Challenge, Countryside Lincs and Farmhouse Breakfast Week. The Finance Committee – to provide scrutiny of the Society's finances

The Marketing Committee – to oversee the promotion and marketing of the Charity and Showground activities The Health and Safety Committee – To ensure the Charity and the Showground comply with Health and Safety Legislation

The Trustees appoint a CEO to manage the day-to-day operations of the charity. To facilitate effective operations the CEO has delegated authority for operational matters including finance and employment and is supported by permanent staff.

Page 10

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Structure, governance and management (continued)

d. Policies adopted for the induction and training of Trustees

New Trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the charity. During the induction day they meet key employees and other Trustees. Trustees are encouraged to attend external training events appropriate to their role.

e. Pay policy for key management personnel

Key management personnel remuneration is established and reviewed by charity trustees.

f. Related party relationships

The Society provides administrative services to, and receives donations from, it’s trading subsidiary Lincolnshire Showground Limited.

In addition to financial support the Society offers support and advice to numerous local groups and organisations that operate within the agricultural sector including;

Transactions with Related Parties are summarised in Note 25 of the financial statements and transactions that were undertaken with organisations in which any member of the Council of the Society has an interest are listed in Note 28 of the financial statements.

g. Financial risk management

The Trustees have assessed the major risks to which the Group and the Society are exposed, in particular those related to the operations and finances of the Group and the Society, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

The trustees have a risk management policy which comprises:

This has resulted in better emergency procedures and contingency plans and has given the impetus for better operational and financial planning..

Page 11

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Plans for future periods

We are almost ready for the Food and Gift Fair in November and we are already busy planning for the 2023 Lincolnshire Show .

Maintaining growth of income and managing ever increasing costs to run the Society, as well as keeping the Showground a pinnacle Events centre for Lincolnshire continue to be a priority. Making the Showground and Charity viable is vital to meet the charitable objectives and enable the development of new and existing educational projects.

We are continuing to look at development options on the Showground and the Wastewater project remains key to this being successful.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Society for the purposes of company law) 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 must not approve the financial statements unless they are satisfied that they give a true and fair view of the state 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 these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Society's transactions and disclose 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.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Page 12

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Auditors

The auditors, Streets Audit LLP, have indicated their willingness to continue 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 the board of Trustees on 17 November 2022 and signed on their behalf by:

A Buckley Chair of Trustees

A H Price Treasurer

Page 13

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINCOLNSHIRE AGRICULTURAL SOCIETY

Opinion

We have audited the financial statements of Lincolnshire Agricultural Society (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 30 September 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Society Balance Sheet, the Consolidated Statement 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 Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The 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 statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 14

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINCOLNSHIRE AGRICULTURAL SOCIETY (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements 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:

Responsibilities 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 preparation of the financial statements 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 that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent 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 parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 15

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINCOLNSHIRE AGRICULTURAL SOCIETY (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Page 16

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINCOLNSHIRE AGRICULTURAL SOCIETY (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Linda Lord (Senior Statutory Auditor)

for and on behalf of Streets Audit LLP

Chartered Accountants and Statutory Auditor

Tower House

Lucy Tower Street

Lincoln, LN1 1XW

N.B. The date of signing should be entered in 'ACCOUNTS COMPLETION' section Date:

Page 17

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Note
Income and
endowments from:
Donations and
legacies
3
Charitable activities
4
Other trading activities
Investments
6
Other income
7
Total income and
endowments
Expenditure on:
Raising funds
Charitable activities
8
Total expenditure
Net income before
net losses on
investments
Net losses on
investments
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in
funds
Total funds carried
forward		 Unrestricted
funds
2022
£
132,807
988,189
980,688
500,972
10,806
2,613,462
602,685
1,743,172
2,345,857
267,605
(14,146)
253,459
10,135,471
253,459
10,388,930		 Restricted
funds
2022
£
-
-
-
-
-
-
-
-
-
-
-
-
7,590
-
7,590		 Endowment
funds
2022
£
-
-
-
-
-
-
-
-
-
-
-
-
4,148,881
-
4,148,881		 Total
funds
2022
£
132,807
988,189
980,688
500,972
10,806
2,613,462
602,685
1,743,172
2,345,857
267,605
(14,146)
253,459
14,291,942
253,459
14,545,401		 Total
funds
2021
£
543,151
86,667
263,546
623,251
295,720
1,812,335
166,873
956,331
1,123,204
689,131
-
689,131
13,602,811
689,131
14,291,942

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 24 to 51 form part of these financial statements.

Page 18

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 1845726

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2022

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Investments
15
Current assets
Debtors
16
Investments
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Net assets excluding pension asset
Total net assets		 379,241
558,570
526,350
1,464,161
(623,969)		 2022
£
33,563
9,430,016
4,247,854
13,711,433
840,192
14,551,625
(6,224)
14,545,401
14,545,401		 366,242
446,410
340,958
1,153,610
(480,671)		 2021
£
45,767
9,512,795
4,072,000
13,630,562
672,939
14,303,501
(11,559)
14,291,942
14,291,942

Page 19

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 1845726

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2022

Note
Charity funds
Endowment funds
20
Restricted funds
20
Unrestricted funds
20
Total funds		 2022
£
4,148,881
7,590
10,388,930
14,545,401		 2021
£
4,148,881
7,590
10,135,471
14,291,942

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 17 November 2022 and signed on their behalf by:

A Buckley A H Price Chair of Trustees Treasurer

The notes on pages 24 to 51 form part of these financial statements.

Page 20

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee) REGISTERED NUMBER: 1845726

SOCIETY BALANCE SHEET AS AT 30 SEPTEMBER 2022

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
16
Investments
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Net assets excluding pension asset
Total net assets		 363,812
558,570
286,260
1,208,642
(453,308)		 2022
£
9,333,711
4,490,006
13,823,717
755,334
14,579,051
(6,224)
14,572,827
14,572,827		 316,279
446,410
159,187
921,876
(327,220)		 2021
£
9,409,948
4,314,152
13,724,100
594,656
14,318,756
(11,559)
14,307,197
14,307,197

Page 21

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 1845726

SOCIETY BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2022

Note
Charity funds
Endowment funds
20
Restricted funds
20
Unrestricted funds
20
Total funds		 2022
£
4,170,118
7,590
10,395,119
14,572,827		 2021
£
4,148,881
7,590
10,150,726
14,307,197

The Society's net movement in funds for the year was £ 265,630 (2021 - £697,108) .

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 17 November 2022 and signed on their behalf by:

A Buckley A H Price
Chair of Trustees Treasurer

The notes on pages 24 to 51 form part of these financial statements.

Page 22

(A Company Limited by Guarantee)

LINCOLNSHIRE AGRICULTURAL SOCIETY

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2022

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Proceeds from sale of Gusto Homes
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Repayments of finance leases
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 24 to 51 form part of these financial statements		 2022
£
515,651
2,105
(24,869)
-
(250,000)
-
(272,764)
(5,335)
(5,335)
237,552
847,368
1,084,920		 2021
£
424,215
86
(41,432)
97,600
-
274,909
331,163
(5,335)
(5,335)
750,043
97,325
847,368

Page 23

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

1. General information

As set out in the trustees' report, Lincolnshire Agricultural Society is an incorporated charity registered in England and Wales. The address of their registered office is Lincolnshire Showground, Grange-De-Lings, Lincoln, LN2 2NA.

These financial statements have been prepared in sterling, which is the functional currency of the entity.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Society and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Society has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 Going concern

During the year and subsequent to the year end, the UK has experienced a pandemic of the Coronavirus. The potential effects to the charity and its future prospects cannot be fully quantified but the trustees remain committed to the protection of the charity. This is being regularly reviewed by the trustees. In addition the trustees are mindful of the significant ongoing support offered by the UK Government. Accordingly the financial statements have been prepared on a going concern basis.

Page 24

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Society has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 25

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. Accounting policies (continued)

2.7 Intangible assets and amortisation

Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Goodwill

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

Services & installations - 5/10% straight line - Machinery & office equipment 20/33% straight line

2.9 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Investments held as fixed assets are shown at cost less provision for impairment.

2.10 Debtors

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

Page 26

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. Accounting policies (continued)

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Society anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.13 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.14 Finance leases and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 27

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. Accounting policies (continued)

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 28

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

3. Income from donations and legacies

Donations
Grants
Coronavirus Job Retention Scheme
Similar incoming resources
Total 2022
Total 2021		 Unrestricted
funds
2022
£
1,914
-
-
130,893
132,807
210,840		 Restricted
funds
2022
£
-
-
-
-
-
332,311		 Total
funds
2022
£
1,914
-
-
130,893
132,807
543,151		 Total
funds
2021
£
6,705
419,231
53,080
64,135
543,151

4. Income from charitable activities

Show Income
FarmLincs Income
Food and Gift Show
Countryside Lincs
Other Agricultural Events and Shows
Educational Sponsorship
Total 2022		 Unrestricted
funds
2022
£
798,139
69,296
59,745
31,086
20,423
9,500
988,189		 Total
funds
2022
£
798,139
69,296
59,745
31,086
20,423
9,500
988,189		 Total
funds
2021
£
-
750
-
-
66,542
19,375
86,667

Page 29

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

5. Lincolnshire Showground Limited

On behalf of the Society, the Trustees of the Society hold the whole of the issued ordinary share capital of Lincolnshire Showground Limited, a company registered in England and Wales. The subsidiary is used for non-primary purpose trading activities, namely the letting of the facilities on the Society's showground for events other than those organised by the Society in the furtherance of its objects. The total contribution includes a licence fee of £180,000 for the current year and £63,000 for the previous year. The trustees have agreed with the directors of Lincolnshire Showground Limited that the reduction of the licence fee is fair and reflective of the current market.

All activities have been consolidated on a line by line basis in the SOFA. The total taxable profit is gifted to the Society. A summary of the trading results are shown below:

Fundraising Income
Turnover
Total Income
Fundraising Expenses and Other Costs
General costs
Wages and salaries
Trafford Farm Costs
Total Costs
Net Income/Cost of Fundraising
Licence Fee
Total Surplus/(Deficit)		 2022
£
957,297
957,297
(584,267)
(193,030)
-
(777,297)
180,000
(180,000)
-		 As restated
2021
£
247,726
247,726
(86,855)
(93,644)
-
(180,499)
67,227
(63,000)
4,227

Page 30

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

6. Investment income

Unrestricted
funds
2022
£
Rental income
498,867
Interest on investments
2,105
Other investment income
-
Total 2022
500,972
Total 2021
623,251		 Total
funds
2022
£
498,867
2,105
-
500,972
623,251		 Total
funds
2021
£
623,168
-
83
623,251

7. Other incoming resources

Other income
Profit on disposal of fixed assets
Total 2022
Total 2021		 Unrestricted
funds
2022
£
806
10,000
10,806
282,120		 Endowment
funds
2022
£
-
-
-
13,600		 Total
funds
2022
£
806
10,000
10,806
295,720		 Total
funds
2021
£
7,211
288,509
295,720

Page 31

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

8. Analysis of expenditure on charitable activities

Summary by fund type

General Charitable Activities
FarmLincs
Total 2022
Total 2021		 Unrestricted
funds
2022
£
1,673,876
69,296
1,743,172
620,286		 Restricted
funds
2022
£
-
-
-
332,311		 Endowment
funds
2022
£
-
-
-
3,734		 Total
2022
£
1,673,876
69,296
1,743,172
956,331		 Total
2021
£
912,724
43,607
956,331

Summary by expenditure type

Charitable Activities
FarmLincs Income
Total 2022
Total 2021		 Staff costs
2022
Depreciation
2022
£
£
318,470
101,106
62,907
-
381,377
101,106
343,384
115,936		 Other costs
2022
£
1,254,300
6,389
1,260,689
497,011		 Total
2022
£
1,673,876
69,296
1,743,172
956,331		 Total
2021
£
912,724
43,607
956,331

Page 32

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

9. Analysis of expenditure by activities

Charitable Activities
FarmLincs
Total 2022
Total 2021		 Activities
undertaken
directly
2022
£
1,648,997
69,296
1,718,293
944,127		 Support
costs
2022
£
24,879
-
24,879
12,204		 Total
funds
2022
£
1,673,876
69,296
1,743,172
956,331		 Total
funds
2021
£
912,724
43,607
956,331

Analysis of direct costs

Staff costs
Depreciation
Show costs
Repairs and maintenance
Rates, water, light and heat
Insurance
Professional fees and charges
Bank and finance charges
Postage and telephone
Irrecoverable VAT
Staff related costs
Grants, presentations and subscriptions
Sundries
FarmLincs
Total 2022
Total 2021		 Charitable
Activities
2022
£
318,470
101,106
711,273
311,999
83,297
31,188
26,834
10,381
29,630
-
10,126
8,782
5,911
-
1,648,997
900,520		 FarmLincs
2022
£
62,907
-
-
-
-
-
-
-
-
-
-
-
-
6,389
69,296
43,607		 Total
funds
2022
£
381,377
101,106
711,273
311,999
83,297
31,188
26,834
10,381
29,630
-
10,126
8,782
5,911
6,389
1,718,293
944,127		 Total
funds
2021
£
343,384
115,936
63,883
155,671
57,073
41,227
101,052
7,863
26,936
17,618
4,584
5,212
3,050
638
944,127

Page 33

(A Company Limited by Guarantee)

LINCOLNSHIRE AGRICULTURAL SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

10. Auditors' remuneration

2022 2021
£ £
Fees payable to the Society's auditor for the audit of the Society's annual
accounts 12,000 11,500

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2022
£
502,522
44,623
27,262
574,407		 Group
2021
£
377,056
35,130
24,842
437,028		 Society
2022
£
309,492
44,623
27,262
381,377		 Society
2021
£
283,412
35,130
24,842
343,384

There were no redundancies in the year ended 30 September 2022.

The average number of persons employed by the Society during the year was as follows:

Ground Staff
Management and Administration
Events
Facilities		 Group
2022
No.
5
6
6
1
18		 Group
2021
No.
3
7
6
1
17

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2022 2021
No. No.
In the band £60,001 - £70,000 1 1

The key management personnel of the charity are the trustees, Chief Executive Officer and Management Team. No trustees received any remuneration during the year (2021: £nil). The total remuneration and benefits paid to the CEO and three (2021 three) members of the Management Team during the year amounted to £184,780 (2021: £129,801).

Page 34

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .

During the year ended 30 September 2022, no Trustee expenses have been incurred (2021 - £NIL) .

13. Intangible assets

Group

Cost
At 1 October 2021
At 30 September 2022
Amortisation
At 1 October 2021
Charge for the year
At 30 September 2022
Net book value
At 30 September 2022
At 30 September 2021		 Goodwill
£
61,022
61,022
15,255
12,204
27,459
33,563
45,767

On 30 June 2020 Lincolnshire Agricultural Society acquired 100% of the shares in Lincolnshire Energy Development Limited, for consideration of £242,148. The net assets at the date of acquisition of the subsidiary were £181,126 and accordingly £61,022 has been recognised as goodwill on acquisition as an intangible asset in these financial statements.

Page 35

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

14. Tangible fixed assets

Group

Cost or valuation
At 1 October 2021
Additions
At 30 September 2022
Depreciation
At 1 October 2021
Charge for the year
At 30 September 2022
Net book value
At 30 September 2022
At 30 September 2021		 Freehold
property
£
9,011,013
-
9,011,013
-
-
-
9,011,013
9,011,013		 Plant,
machinery
and office
equipment
£
398,546
5,750
404,296
333,061
19,206
352,267
52,029
65,485		 Services
and
installations
£
2,327,735
19,119
2,346,854
1,891,438
88,442
1,979,880
366,974
436,297		 Total
£
11,737,294
24,869
11,762,163
2,224,499
107,648
2,332,147
9,430,016
9,512,795

Page 36

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

14. Tangible fixed assets (continued)

Society

Cost or valuation
At 1 October 2021
Additions
At 30 September 2022
Depreciation
At 1 October 2021
Charge for the year
At 30 September 2022
Net book value
At 30 September 2022
At 30 September 2021		 Freehold
property
£
9,011,013
-
9,011,013
-
-
-
9,011,013
9,011,013		 Plant,
machinery
and office
equipment
£
398,546
5,750
404,296
333,061
19,206
352,267
52,029
65,485		 Services
and
installations
£
2,163,447
19,119
2,182,566
1,829,997
81,900
1,911,897
270,669
333,450		 Total
£
11,573,006
24,869
11,597,875
2,163,058
101,106
2,264,164
9,333,711
9,409,948

The EPIC building, which was completed in the summer of 2008, had previously been included in the balance sheet at cost. Due to the specialist and sustainable nature of the building it is difficult to estimate the useful life. Any depreciation charge is considered to be immaterial to the accounts, and consequently, has not been provided. An impairment review in order to assess the realistic carrying value for the building, based on its value in use to the charity, was carried out during the year ended 30 September 2020. The review found that the values remain appropriate and no impairment is required.

The Tennyson building which was completed in the summer of 2011 had previously been included in the balance sheet at cost and was subject to a similar review. At 30 September 2022 the value of the EPIC building was included at £3,272,572 and the Tennyson building at £129,693. Both buildings are subject to an annual impairment review and formal revaluation at least every five years.

The freehold land owned by the Society is included at a revalued amount by the trustees having taken appropriate advice. The carrying value of the freehold land on an historic cost basis would be £817,864 (2021: £817,864).

An asset with a net book value of £36,420 was held under hire purchase agreement at 30 September 2022 (2021: £42,847). Depreciation charged in the year ended 30 September 2022 on this asset amounted to £7,561 (2021: £7,561).

Page 37

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

15. Fixed asset investments

Group
Cost or valuation
At 1 October 2021
Additions
Revaluations
At 30 September 2022
Net book value
At 30 September 2022
At 30 September 2021		 Listed
investments
£
-
250,000
(14,146)
235,854
235,854
-		 Other fixed
asset
investments
£
4,012,000
-
-
4,012,000
4,012,000
4,012,000		 Total
£
4,012,000
250,000
(14,146)
4,247,854
4,247,854
4,012,000

During the year ended 30th September 2017 the Society received the transfer of the significant legacy from the late Sheila Trafford. The deed of transfer is dated 8th September. The bequest comprised farm land and buildings and residual cash. The Trustees are aware that the bequest was made to the Society subject to restrictive covenants affecting part of the land. It was also accompanied by a letter of wishes that the Society’s Trustees have been asked to respect in their dealings with the asset. The bequest was made to support ‘the education of young people in agriculture’. The trustees have considered the valuation as part of the accounts preparation for the year ended 30 September 2022 and the value was considered to remain appropriate.

The transfer deed reflects this position and, now in the opinion of the Trustees, a directors valuation is the appropriate figure for inclusion in the financial statements. This legacy has been included in Endowment Funds in note 20 of the financial statements.

Page 38

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

15. Fixed asset investments (continued)

Society
Cost or valuation
At 1 October 2021
Additions
Revaluations
At 30 September 2022
Net book value
At 30 September 2022
At 30 September 2021		 Investments
in
subsidiary
companies
£
242,152
-
-
242,152
242,152
242,152		 Listed
investments
£
-
250,000
(14,146)
235,854
235,854
-		 Other fixed
asset
investments
£
4,012,000
-
-
4,012,000
4,012,000
4,012,000		 Total
£
4,254,152
250,000
(14,146)
4,490,006
4,490,006
4,254,152

Page 39

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

15. Fixed asset investments (continued)

Principal subsidiaries

The following were subsidiary undertakings of the Society:

Names Company Registered office or principal Principal activity Class of Holding
number place of business shares
Lincolnshire Showground Limited 02964980 Lincolnshire Showground Events Ordinary 100%
Lincolnshire Energy Development Limited 07485821 Lincolnshire Showground Solar Energy Ordinary 100%

The financial results of the subsidiaries for the year were:

Names Income Expenditure Net assets
£ £ £
Lincolnshire Showground Limited 957,297 (957,297) -
Lincolnshire Energy Development Limited 23,532 (23,532) 181,126

On 30 June 2020 Lincolnshire Agricultural Society acquired 100% of the shares in Lincolnshire Energy Development Limited, for consideration of £242,148. The net assets at the date of acquisition of the subsidiary were £181,126 and accordingly £61,022 has been recognised as goodwill on acquisition as an intangible asset in these financial statements.

Page 40

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

16. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Current asset investments
Bank deposit accounts		 Group
2022
£
275,247
-
1,234
102,760
379,241
Group
2022
£
558,570		 Group
2021
£
239,513
-
1,234
125,495
366,242
Group
2021
£
446,410		 Society
2022
£
93,739
178,225
12,846
79,002
363,812
Society
2022
£
558,570		 Society
2021
£
148,773
42,202
-
125,304
316,279
Society
2021
£
446,410

17. Current asset investments

Page 41

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

18. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Obligations under finance lease and hire
purchase contracts
Pension fund loan payable
Other creditors
Accruals and deferred income		 Group
2022
£
323,013
56,225
5,335
3,614
30,000
205,782
623,969		 Group
2021
£
90,146
59,652
5,335
2,955
30,000
292,583
480,671		 Society
2022
£
295,709
13,266
5,335
3,614
30,000
105,384
453,308		 Society
2021
£
71,071
29,085
5,335
2,955
30,000
188,774
327,220

19. Creditors: Amounts falling due after more than one year

Group Group Society Society
2022 2021 2022 2021
£ £ £ £
Net obligations under finance lease and hire
purchase contracts 6,224 11,559 6,224 11,559

Page 42

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

20. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
FarmLincs
Fund
General funds
Free Reserves
Revaluation
Reserve
Fixed Asset
Reserve
Total
Unrestricted
funds
Endowment
funds
Endowment
Funds
Trafford Farm-
Investment
Assets
Trafford Farm-
Residual
Assets		 Balance at 1
October
2021
£
-
627,476
3,846,071
5,661,924
10,135,471
10,135,471
2,400
4,096,000
50,481
4,148,881		 Income
£
69,296
2,544,166
-
-
2,544,166
2,613,462
-
-
-
-		 Expenditure
£
(69,296)
(2,168,913)
-
(107,648)
(2,276,561)
(2,345,857)
-
-
-
-		 Transfers
in/out
£
-
(24,869)
-
24,869
-
-
-
-
-
-		 Gains/
(Losses)
£
-
(14,146)
-
-
(14,146)
(14,146)
-
-
-
-		 Balance at
30
September
2022
£
-
963,714
3,846,071
5,579,145
10,388,930
10,388,930
2,400
4,096,000
50,481
4,148,881

Restricted funds

Page 43

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

20. Statement of funds (continued)

Statement of funds - current year (continued)

LincFarms
Total of funds		 Balance at 1
October
2021
£
7,590
14,291,942		 Income
£
-
2,613,462		 Expenditure
£
-
(2,345,857)		 Transfers
in/out
£
-
-		 Gains/
(Losses)
£
-
(14,146)		 Balance at
30
September
2022
£
7,590
14,545,401

Page 44

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

20. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
FarmLincs Fund
General funds
Free Reserves
Revaluation Reserve
Fixed Asset Reserve
Total Unrestricted funds
Endowment funds
Endowment Funds
Trafford Farm- Investment
Assets
Trafford Farm- Residual
Assets
Restricted funds
Lincfarms Fund
Arts Council Funding
Total of funds		 Balance at
1 October
2020
£
17,604
(181,544)
3,846,071
5,742,972
9,407,499
9,425,103
4,800
4,096,000
69,318
4,170,118
7,590
-
7,590
13,602,811		 Income
£
750
1,465,674
-
-
1,465,674
1,466,424
-
-
13,600
13,600
-
332,311
332,311
1,812,335		 Expenditure
£
(43,607)
(621,072)
-
(122,480)
(743,552)
(787,159)
(2,400)
-
(1,334)
(3,734)
-
(332,311)
(332,311)
(1,123,204)		 Transfers
in/out
£
25,253
(35,582)
-
41,432
5,850
31,103
-
-
(31,103)
(31,103)
-
-
-
-		 Balance at
30
September
2021
£
-
627,476
3,846,071
5,661,924
10,135,471
10,135,471
2,400
4,096,000
50,481
4,148,881
7,590
-
7,590
14,291,942

Page 45

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

20. Statement of funds (continued)

Designated funds

The FarmLincs Fund has been set aside for the specific purpose of the promotion and advancement of the Agricultural Industry and Countryside in Lincolnshire.The FarmLincs fund includes the LARC donations from the Community Foundation in Lincolnshire. The FarmLincs fund was fully expended in the year and will not be maintained as a separate fund moving forwards. A transfer to cover the overspend in respect of "traditional" FarmLincs activities has been included in these financial statements.

General funds

The fixed asset reserve and the revaluation reserve are not free funds and together with the endowment fund (which includes the net book value of the Oak Framed Display Building), represent the net carrying value of tangible fixed assets. The revaluation reserve represents unrecognised gains on the revaluation of the Society’s freehold land.

The remainder of general funds are free reserves and these incorporate the previously separately identified balance of the Epic Project fund which represented the aggregate of grants,donations and other amounts received in connection with the EPIC project generally, and the construction of the EPIC building in particular as reduced by the impairment adjustment dealt with in the year ended 30 September 2020.

Transfer out of general funds represent further investment in the Society's fixed assets and are matched by a corresponding transfer into the fixed asset reserve.

Endowment funds

The Endowment Fund includes the net book value of the Oak Framed Display Building, gifted to the charity during 2002 by the Lincwood Fund. The fund balance will be reduced by the depreciation charged on the building. Additionally, the endowment fund includes the legacy asset donated to the charity.

Restricted funds

The Lincfarms Fund represents a bursary that has been established in association with Lincolnshire County Council in respect of providing visits to farms for underprivileged people. It is administered by the FarmLincs Committee.

The Exhibition Hall fund represents restricted grants and donations received for the funding of the EXO Centre building project.

The Arts Council Funding was a grant received in 2021 to assist with charity costs in the wake of the Coronavirus Pandemic and to aid with cultural recovery.

Page 46

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

21. Summary of funds

Summary of funds - current year

Designated
funds
General funds
Endowment
funds
Restricted
funds		 Balance at 1
October
2021
£
-
10,135,471
4,148,881
7,590
14,291,942		 Income
£
69,296
2,544,166
-
-
2,613,462		 Expenditure
£
(69,296)
(2,276,561)
-
-
(2,345,857)		 Transfers
in/out
£
-
-
-
-
-		 Gains/
(Losses)
£
-
(14,146)
-
-
(14,146)		 Balance at
30
September
2022
£
-
10,388,930
4,148,881
7,590
14,545,401

Summary of funds - prior year

Designated funds
General funds
Endowment funds
Restricted funds		 Balance at
1 October
2020
£
17,604
9,407,499
4,170,118
7,590
13,602,811		 Income
£
750
1,465,674
13,600
332,311
1,812,335		 Expenditure
£
(43,607)
(743,552)
(3,734)
(332,311)
(1,123,204)		 Transfers
in/out
£
25,253
5,850
(31,103)
-
-		 Balance at
30
September
2021
£
-
10,135,471
4,148,881
7,590
14,291,942

Page 47

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2022
£
Tangible fixed assets
9,427,616
Intangible fixed assets
33,563
Fixed asset investments
235,854
Current assets
1,322,090
Creditors due within one year
(623,969)
Creditors due in more than one year
(6,224)
Total
10,388,930		 Restricted
funds
2022
£
-
-
-
7,590
-
-
7,590		 Endowment
funds
2022
£
2,400
-
4,012,000
134,481
-
-
4,148,881		 Total
funds
2022
£
9,430,016
33,563
4,247,854
1,464,161
(623,969)
(6,224)
14,545,401

Analysis of net assets between funds - prior year

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2021
£
9,510,395
45,767
60,000
1,011,539
(480,671)
(11,559)
10,135,471		 Restricted
funds
2021
£
-
-
-
7,590
-
-
7,590		 Endowment
funds
2021
£
2,400
-
4,012,000
134,481
-
-
4,148,881		 Total
funds
2021
£
9,512,795
45,767
4,072,000
1,153,610
(480,671)
(11,559)
14,291,942

Page 48

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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

24.

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Losses on investments
Dividends, interests and rents from investments
Loss/(profit) on the sale of fixed assets
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
Analysis of cash and cash equivalents
Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents		 Group
2022
£
253,459
107,648
12,204
14,146
(2,105)
-
(12,999)
143,298
515,651
Group
2022
£
526,350
558,570
1,084,920		 Group
2021
£
689,131
122,480
12,204
-
(86)
(288,509)
122,012
(233,017)
424,215
Group
2021
£
340,958
506,410
847,368

Page 49

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

25. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Finance leases
Liquid investments		 At 1
October
2021
£
340,958
(2,955)
(16,894)
446,410
767,519		 Cash flows
£
185,392
(659)
5,335
112,160
302,228		 At 30
September
2022
£
526,350
(3,614)
(11,559)
558,570
1,069,747

26. Operating lease commitments

At 30 September 2022 the Group and the Society had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2022
£
4,260
6,655
10,915		 Group
2021
£
3,120
10,140
13,260		 Society
2022
£
4,260
6,655
10,915		 Society
2021
£
3,120
10,140
13,260

Page 50

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

27. Related party transactions

Subscriptions and other income includes income from Trustees or companies in which they have an interest. Trustees, key management and organisations of which these individuals have an interest have held events at the Lincolnshire Showground, purchased tickets for the Lincolnshire Show and supported various other events housed by the Lincolnshire Agricultural Society. The individuals do not receive any preferential rates and consequently the amounts have not been individually disclosed.

During the year, the society made purchases from the following organisations in which various Trustees of the charity have an interest. These figures are stated inclusive of value added tax: Woldmarsh Producer Ltd - £129,514 (2021: £78,855) Warden Farms (Uncle Henry's) - £2,426 (2021: £1,369) Lockwood Estates - £Nil (2021: £1,232)

Additionally, during the year, the society received income from the following organisations in which various Trustees of the charity have an interest. These figures are stated inclusive of value added tax:

Woldmarsh Producers Limited (charges only)- £6,584 (2021: £898) Witham Oil and Paint - £2,187 (2021: £Nil) Warden Farms (Uncle Henry's) - £Nil (2021: £1,369) Lockwood Estates- £Nil (2021: £1,232)

Additionally, during the prior year, the society received a loan from J Hiles to support the completion of the EXO Centre. As at the 30 September 2022 and 30 September 2021, an amount of £15,000 was owed to J Hiles.

All of the above transactions were carried out via the normal course of business and on an arms length basis. As at the 30 September 2022, a net amount of £10,512 (2021: £5,424) was owed to Woldmarsh Producers Limited and conversely £50 (2021: Nil) was owed to LAS by Woldmarsh Producers Limited at the same date.

The Society was under the control of the Trustees throughout the current and previous year.

Page 51