**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:
- To advance, promote and improve agricultural and horticultural industries and associated trades, crafts and professions; and
- The advancement of environmental protection or improvement through the encouragement of sustainable management of natural resources.
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:
- Hold an annual Agricultural Show, Food and Gift Fair, Countryside Lincs event, a Lincolnshire Farming Conference and a wide variety of other events to promote food farming and the countryside.
- Optimise the revenue from the Society’s assets whilst maintaining support for environmental and agriculturally related organisations and groups.
- Develop and maintain links with the educational sector, offering an extensive programme of educational activities to school children and families. This to develop their understanding of the rural sector, promote healthy eating and encourage careers in the sector.
- Support the agricultural allied trades and rural groups throughout the year by providing meeting,and exhibition facilities.
- Develop and maintain links with regional food producers and create opportunities for them to promote and showcase local produce at Society and other events.
- Develop and support the wider community throughout Lincolnshire. This includes the community’s use of the Showground, with the Society providing high quality facilities to enable community events to take place in an environment that meets the required statutory standards.
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)
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## **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.
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## **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.
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## **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**
- The Trustees reserves policy states that:
- Insurance against cancellation or loss of shows and events will be taken out wherever practical to do so to mitigate the risk to the Society.
- The Society will build up cash reserve equal to three month’s core expenditure, an estimate of £150,000. The trustees will continue to review the level of desired and actual reserves.
- The Society's assets are principally the freehold showground site including the tenanted farmland. The Society would release some of the equity if trading conditions were so adverse that a cash injection was required to ensure the Society's ability to continue.
## **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:
- An ongoing review of the risks the charity may face.
- The establishment of systems and procedures to mitigate those risks identified.
- The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
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;
- The Lincolnshire Federation of Young Farmers
- Lincolnshire Federation of Women's Institutes
- Lincolnshire Rural Support Network
- Lincoln Red Cattle Society
- Lincoln Longwool Sheep Breeders Association
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:
- An ongoing review of the risks the charity may face.
- The establishment of systems and procedures to mitigate those risks identified.
- The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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 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:
- so far as that 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 to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
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**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
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**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:
- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 30 September 2022 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 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:
- the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent 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 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:
- 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 charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
## **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:
- 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 regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation 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 through 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 to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
- reviewed Trustee meeting minutes for evidence of appropriate decision-making and management controls.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
Page 16
**LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINCOLNSHIRE AGRICULTURAL SOCIETY (CONTINUED)**
- enquiring of management as to actual and potential litigation and claims; and
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
- 20 % straight line
## **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