OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-09-30-accounts

Registered number: 1845726 Charity number: 515652

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Society, its Trustees and Advisers 1 - 2
Trustees' Report 3 - 11
Independent Auditors' Report on the Financial Statements 12 - 15
Consolidated Statement of Financial Activities 16 - 17
Consolidated Balance Sheet 18 - 19
Society Balance Sheet 20 - 21
Consolidated Statement of Cash Flows 22
Notes to the Financial Statements 23 - 49

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 2023

Trustees A Buckley, Chairman
A H Price, Treasurer
A C Read, Honorary Show Director
K Philips (appointed 2 February 2023)
R Nelstrop (appointed 2 February 2023)
S McKenzie (appointed 2 February 2023)
J Matthews (appointed 2 February 2023)
C C Rothery (resigned 2 February 2023)
N R Bottom
A C Read
S Ward (resigned 2 February 2023)
A Ward (resigned 2 February 2023)
G Beattie
D J Wallis
Company registered
number
1845726
Charity registered
number
515652
Registered office
Lincolnshire Showground
Grange-de-Lings
Lincoln, LN2 2NA
Chief executive officer &
Company secretary
Ms J Southall (resigned November 2022)
Ms C Powell (appointed June 2023)
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
President & President
Elect
T E Dennis & I Walter
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 2023

Life Members of the Michael Dickinson, Michael Godson, W G Henson, Chris Howard, Richard Parker,
Council Michael Read, Shirley Richardson. W B R Grantham, D K Baker DL, Richard
Needham, Ian Walter.
Elected Members of Graeme Beattie, Rupert Bryant, David Burton, Andrew Buckley, Ben Chamberlin,
Council (due to retire in Helen Clarke, Laura Clark, Elizabeth Coy, Helen Clough, Richard Crust, Simon
January 2024) Day, Ambrose Fowler, Peter Gilbert, Tom Garner, James Grantham, Chris
Godson, Richard Holmes, Stuart McKenzie, Tom Marsden, James Matthews,
Sandra Moncaster, Jane Moreton, David Nelstrop, Kath Phillips, Mark Poucher,
Stuart Robertson, Margaret Robinson, Andrew Scoley, Sean Sparling, Alan
Stennett, Caroline Thorlby, Giles Walter, Charles Welby, Ian Watson, Ruth
Wilkinson, Andrew Welch.
Elected Members of David Bell, Emma Blandford, Robert Borrill, Nigel Bottom, Richard Collett, Robin
Council (due to retire in Dennett, John Dudgeon, Roger Hansard, David Hill, Robert Howard, Tim
January 2025) Needham, Les Parker, Andrew Price, David Pridgeon, Andrew Read, David
Richardson, Chris Rothery, Peter Vergette, Fred Wallis, Steve Ward, Andrew
Ward, Robert Willey, Simon Williams, Andrew Wilson, Robert Nelstrop, Ben
Duckworth, George Thompson, Gordon Cummings, Matt Bagley, Jane Hiles.
Chief Stewards Admissions - R Holmes
Catering and Public Services - J Matthews
Countryside - S Robertson
Equine - S Moncaster
Livestock - M Poucher
Trade - C M Godson
Traffic - L Parker
Co opted Members The Chairman of the Lincolnshire and South Humberside Branch of the National
Farmers’ Union – Nick Dowler (Rhonda Thompson County Adviser will attend in
absence)
The Chairman of the Lincolnshire (South Holland) Branch of the National Farmers’
Union – Simon Gadd
A representative of the Lincolnshire Branch of the Country Land and Business
Association - Graham Rowles Nicholson
A representative of the Lincolnshire Federation of Young Farmers’ Clubs –
Matthew Denby (Kate Knight YFC County Organizer will attend in absence of
Matthew)
A representative of the Agricultural Section of UNITE – No representative
A representative of the Lincolnshire Chamber of Commerce & Industry – Mark
Allibone
A representative of the North Anglia Region of the British Agricultural and Garden
Machinery Association – Peter Arrand
A representative of the University of Lincoln – Simon Pearson
A representative from West Lindsey District Council – Wendy Osgodby & Daisy
Fields
A representative of Bishop Burton - No representative
A representative of Lincolnshire Rural Support Network (LRSN) - Amy Thomas

Page 2

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023

The Trustees present their annual report together with the audited financial statements of the Society for the year 1 October 2022 to 30 September 2023. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the Society qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

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

The objects of the charity are:

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

b. Strategies for achieving objectives

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

Page 3

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Achievements and performance

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

Lincolnshire Show

The Lincolnshire Show 2023 did not disappoint with just under 58,000 people attending over the 2 days, and glorious weather. It was certainly appreciated by the people of Lincolnshire and beyond.

With over 500 stands, plus 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.

This year marked the first Show with a new Lincolnshire Showground’s Chief Executive, Charlotte Powell at the helm. The Show ran for two days full of a range of brand-new exhibitors and hours of entertainment. The year included a newly enhanced horticultural zone in the form of The Potting Shed, the Shetland Pony Grand National, and the inaugural Farmers Weekly Britain’s Fittest Farmer Qualifier, which saw a selection of farmers battle it out during a series of strength and fitness challenges. This year also saw the introduction of the new Blue Light Zone where a range of emergency service workers shared their experiences of the critical work they do across the county

Other favourites from the two days included cooking demonstrations at the Lincolnshire Kitchen, daring stunts from three-time British Motocross Freestyle Champion Jamie Squibb and an exhilarating show from the RAF Falcons.

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 2023, we welcomed 4,500 students to the Lincolnshire Show.

2023 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 ambassador 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.

1,958 students from 51 schools (an increase of 20 schools from the previous year) participated in the Schools’ Challenge 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 infectious!

Page 4

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Achievements and performance (continued)

Livestock Tours

343 primary and secondary students engaged in a livestock tour at the Lincolnshire Show.

Farm Gate Education Marquee

Themed around STEM in Agriculture, businesses and organisations provided learning experiences and demonstrations for school groups and Show visitors to get involved with including soil analysis, pop-up food processing factory and livestock anatomical models.

Education

Education Committee continues to be an important part of delivering and driving forward 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. This past year we have reached an incredible 15,826 young people working with over 120 schools from across the county.

In October, 740 KS2 students were engaged in our Lincolnshire Day school event, an event to celebrate what’s great about our county. 28 Lincolnshire businesses and organisations supported the event by providing memorable and hands-on enrichment activities focussed on Lincolnshire’s food, farming, heritage, sport and culture.

In January, 154 KS2 students participated in Breakfast Week, where they had the opportunity to develop real-life cooking skills, learn 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.

For two weeks in February and March, we provided farmers with the opportunity to connect with their local schools with the ‘Tractors into Schools’ initiative. The initiative was a huge success - we engaged with 3,642 students and visited 39 schools from across Greater Lincolnshire.

In February we hosted a new event for secondary schools – The Agri-Food Careers Event. 705 Year 9 and above students from 17 schools and colleges gained an insight into the exciting world of agriculture and horticulture, opening minds to the diverse and rewarding careers available in the sector. The event included an exhibition village (27 businesses involved), speaker programme and CV skills workshops.

Page 5

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Achievements and performance (continued)

Countryside Lincs

The 2023 Countryside Lincs event supported the charity objectives of bringing Lincolnshire’s food, farming, countryside and heritage to a much wider audience. We welcomed over 130 exhibitors and 6,258 visitors, which was a record number of attendees.

In the spring we organised 2 business workshops for the IMPACT Group focused on inflation in farming, followed by succession in farming. The IMPACT group continues to visit places of interest including a tour around Dyson Farming glasshouse so see their innovations in strawberry production.

We are continuing to work with Riseholme College who are supporting with the maintenance and management of Cathedral Wood and the environmental area. Focus has been on wildlife habitats and the flourishment of the English Oak within the woodland.

Women in Agriculture (WIA)

In March 2023, a WIA event compared by Rachel Green was held at Doddington Hall with the sponsors (LAS, Forrester Boyd, Savills, Shakespeare Martineau and the CLA) all in attendance. 120 ladies heard informing and inspiring presentations from Charlotte Garbutt, Claire Birch, Susan Twining (CLA senior land policy advisor) and Fiona Thornewill MBE.

Food and Gift Fair

The 2022 Lincolnshire Food and Gift fair helped the local community get into a festive spirit at the end of November, where we welcomed over 120 exhibitors and 8000 visitors including approx. 800 Society members and supporters attended the Friday preview evening.

Lincolnshire Farming Conference

The 2023 conference had the theme ‘Healthy Soils and Healthy Minds’ and attracted over 350 delegates who were all positive to see the event returning following the pandemic. Speakers included Paul Davey a local 7th generation farmer, Will Evans Oxford Farming Conference Chairman and David Exwood, Vice President of the NFU.

International Women’s Day

In March, 120 guests attended our lunch and networking event to celebrate International Women’s Day where they heard from Hannah Thorogood, Sarah Jayne Walker, Caroline Swindin and Shanon Folgate – all had inspiring stories to share and guests were left both laughing and crying!

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 Covid-19 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 2024 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

In 2022/23, the Charity has been able to get back to normal following the UK COVID pandemic. The team has seen a range of events and activities return, with numbers of attendees exceeding their pre-covid figures. The investment from land sale and Covid Testing site on the Showground, had helped stabilise the Charity’s financial positions during the pandemic.

Within 2023/24, the Charity anticipates creating a 10-year plan, which will include a resilience strategy for the

Page 6

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Achievements and performance (continued)

Charity to manage any future uncertainties.

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.

c. Nominated Charity

The Society at its AGM elects to support at least one nominated charity each year and for 2023 we chose two charities, - Lincolnshire and Nottingham Air Ambulance (LNAA) and Lincolnshire Community Foundation.

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

Page 7

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

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.

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

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.

Page 8

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Structure, governance and management (continued)

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.

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.

Page 9

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Structure, governance and management (continued)

f. Related party relationships

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

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

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

g. Financial risk management

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

The trustees have a risk management policy which comprises:

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

Plans for future periods

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.

Page 10

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Society for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Society and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Society's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Society and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

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

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 1 February 2024 and signed on their behalf by:

A Buckley Chair of Trustees

A H Price Treasurer

Page 11

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 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Society Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Page 12

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

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

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 13

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

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

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

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

Page 14

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

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

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

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

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

Use of our report

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

Linda Lord (Senior Statutory Auditor)

for and on behalf of Streets Audit LLP

Chartered Accountants and Statutory Auditor

Tower House

Lucy Tower Street

Lincoln, LN1 1XW

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

Date:

Page 15

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Note
Income and
endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
7
Other income
8
Total income and
endowments
Expenditure on:
Raising funds
Charitable activities
9
Total expenditure
Net
income/(expenditure)
before net
gains/(losses) on
investments
Net gains/(losses) on
investments
Net movement in
funds		 Unrestricted
funds
2023
£
128,213
1,086,319
1,142,626
157,420
1,318,577
3,833,155
817,701
2,094,175
2,911,876
921,279
13,689
934,968		 Restricted
funds
2023
£
-
-
-
-
-
-
-
7,590
7,590
(7,590)
-
(7,590)		 Endowment
funds
2023
£
-
-
-
-
-
-
-
2,400
2,400
(2,400)
-
(2,400)		 Total
funds
2023
£
128,213
1,086,319
1,142,626
157,420
1,318,577
3,833,155
817,701
2,104,165
2,921,866
911,289
13,689
924,978		 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

Page 16

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Note
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2023
£
10,388,930
934,968
11,323,898		 Restricted
funds
2023
£
7,590
(7,590)
-		 Endowment
funds
2023
£
4,148,881
(2,400)
4,146,481		 Total
funds
2023
£
14,545,401
924,978
15,470,379		 Total
funds
2022
£
14,291,942
253,459
14,545,401

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

The notes on pages 23 to 49 form part of these financial statements.

Page 17

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee) REGISTERED NUMBER: 1845726

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2023

Note
Fixed assets
Intangible assets
14
Tangible assets
15
Investments
16
Current assets
Debtors
17
Investments
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
20
Total net assets		 315,904
568,461
1,700,386
2,584,751
(951,900)		 2023
£
21,359
9,525,515
4,291,543
13,838,417
1,632,851
15,471,268
(889)
15,470,379		 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

Page 18

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee) REGISTERED NUMBER: 1845726

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2023

Note
Charity funds
Endowment funds
21
Restricted funds
21
Unrestricted funds
21
Total funds		 2023
£
4,146,481
-
11,323,898
15,470,379		 2022
£
4,148,881
7,590
10,388,930
14,545,401

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 01 February 2024 and signed on their behalf by:

A Buckley

A H Price

The notes on pages 23 to 49 form part of these financial statements.

Page 19

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee) REGISTERED NUMBER: 1845726

SOCIETY BALANCE SHEET AS AT 30 SEPTEMBER 2023

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
17
Investments
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
20
Net assets excluding pension asset
Total net assets		 189,080
568,461
1,576,500
2,334,041
(752,132)		 2023
£
9,425,295
4,503,695
13,928,990
1,581,909
15,510,899
(889)
15,510,010
15,510,010		 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

Page 20

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

SOCIETY BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2023

Note
Charity funds
Endowment funds
21
Restricted funds
21
Unrestricted funds
21
Total funds		 2023
£
4,146,481
-
11,363,529
15,510,010		 2022
£
4,148,881
7,590
10,416,356
14,572,827

The Society's net movement in funds for the year was £ 937,183 (2022 - £265,630) .

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 01 February 2024 and signed on their behalf by:

A Buckley A H Price Chair of Trustees Treasurer

The notes on pages 23 to 49 form part of these financial statements.

Page 21

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Purchase of investments
Net cash provided by/(used in) 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		 2023
£
62,145
24,296
1,340,000
(207,179)
(30,000)
1,127,117
(5,335)
(5,335)
1,183,927
1,084,920
2,268,847		 2022
£
515,651
2,105
-
(24,869)
(250,000)
(272,764)
(5,335)
(5,335)
237,552
847,368
1,084,920

The notes on pages 23 to 49 form part of these financial statements

Page 22

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

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.

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.

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.

Page 23

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. Accounting policies (continued)

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 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.

2.6 Intangible assets and amortisation

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

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

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

Amortisation is provided on the following basis:

Goodwill

2.7 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.

Page 24

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation (continued)

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

Depreciation is provided on the following bases:

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

2.8 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.

2.9 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.

2.10 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.

2.11 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.

Page 25

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. Accounting policies (continued)

2.12 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.

2.13 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.

2.14 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 26

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

3. Income from donations and legacies

Unrestricted
funds
2023
£
Donations
1,000
Similar incoming resources
127,213
Total 2023
128,213		 Total
funds
2023
£
1,000
127,213
128,213		 Total
funds
2022
£
1,914
130,893
132,807

4. Income from charitable activities

Unrestricted
funds
2023
£
Show Income
940,415
FarmLincs Income
20,138
Food and Gift Show
69,138
Countryside Lincs
42,886
Other Agricultural Events and Shows
3,742
Educational Sponsorship
10,000
Total 2023
1,086,319		 Total
funds
2023
£
940,415
20,138
69,138
42,886
3,742
10,000
1,086,319		 Total
funds
2022
£
798,139
69,296
59,745
31,086
20,423
9,500
988,189

Page 27

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

5. Income from other trading activities

Income from non charitable trading activities

Unrestricted
funds
2023
£
Income generated in trading subsidiary- Lincolnshire
Showground Limited
1,123,006
Income generated in trading subsidiary- Lincolnshire Energy
Development
19,620
Total 2023
1,142,626		 Total
funds
2023
£
1,123,006
19,620
1,142,626		 Total
funds
2022
£
957,156
23,532
980,688

Page 28

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

6. 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 (formerly known as Lincolnshire Events Centre 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 £180,000 for the previous year.

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)		 2023
£
1,123,006
1,123,006
(657,888)
(285,118)
-
(943,006)
180,000
(180,000)
-		 2022
£
957,297
957,297
(584,267)
(193,030)
-
(777,297)
180,000
(180,000)
-

7. Investment income

Unrestricted
funds
2023
£
Rental Income
135,548
Interest Receivable
21,872
Total 2023
157,420		 Total
funds
2023
£
135,548
21,872
157,420		 Total
funds
2022
£
498,867
2,105
500,972

Page 29

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

8. Other incoming resources

Other income
Profit on disposal of fixed assets
Total 2023		 Unrestricted
funds
2023
£
6,577
1,312,000
1,318,577		 Total
funds
2023
£
6,577
1,312,000
1,318,577		 Total
funds
2022
£
806
10,000
10,806

9. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2023
£
General Charitable Activities
1,993,953
FarmLincs
100,222
Total 2023
2,094,175
Total 2022
1,743,172		 Restricted
funds
2023
£
7,590
-
7,590
-		 Endowment
funds
2023
£
2,400
-
2,400
-		 Total
2023
£
2,003,943
100,222
2,104,165
1,743,172		 Total
2022
£
1,673,876
69,296
1,743,172

Summary by expenditure type

Charitable Activities
Farm Lincs Income
Total 2023
Total 2022		 Staff costs
2023
Depreciation
2023
£
£
328,813
73,650
78,983
-
407,796
73,650
381,377
101,106		 Other costs
2023
£
1,601,480
21,239
1,622,719
1,260,689		 Total
2023
£
2,003,943
100,222
2,104,165
1,743,172		 Total
2022
£
1,673,876
69,296
1,743,172

Page 30

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

10. Analysis of expenditure by activities

Charitable Activities
FarmLincs
Total 2023
Total 2022		 Activities
undertaken
directly
2023
£
1,991,739
100,222
2,091,961
1,718,293		 Support
costs
2023
£
12,204
-
12,204
24,879		 Total
funds
2023
£
2,003,943
100,222
2,104,165
1,743,172		 Total
funds
2022
£
1,673,876
69,296
1,743,172

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
Staff related costs
Grants, presentations and subscriptions
Sundries
FarmLincs
Total 2023
Total 2022		 Charitable
Activities
2023
£
328,813
73,650
817,895
254,228
127,117
54,898
193,192
9,318
43,442
24,707
12,087
52,392
-
1,991,739
1,648,997		 FarmLincs
2023
£
78,983
-
-
-
-
-
-
-
-
-
-
-
21,239
100,222
69,296		 Total
funds
2023
£
407,796
73,650
817,895
254,228
127,117
54,898
193,192
9,318
43,442
24,707
12,087
52,392
21,239
2,091,961
1,718,293		 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

Page 31

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

11. Auditors' remuneration

2023 2022
£ £
Fees payable to the Society's auditor for the audit of the Society's annual
accounts 12,750 12,000

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2023
£
610,943
51,052
30,919
692,914		 Group
2022
£
502,522
44,623
27,262
574,407		 Society
2023
£
325,825
51,052
30,919
407,796		 Society
2022
£
309,492
44,623
27,262
381,377

There were no redundancies in the year ended 30 September 2023 or 30 September 2022. There were settlement agreements resulting in payments by the society of £25,000 in excess of contractual employment obligations. At the balance sheet date, no further payments were outstanding.

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

Ground Staff
Management and Administration
Events
Facilities		 Group
2023
No.
5
6
6
1
18		 Group
2022
No.
3
7
6
1
17

Page 32

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

12. Staff costs (continued)

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

Group Group
2023 2022
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 (2022: £nil). The total remuneration and benefits paid (excluding NI) to the CEO (incoming and outgoing) and three (2022: three) members of the Management Team during the year amounted to £203,429 (2022: £184,780).

Page 33

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 30 September 2023, no Trustee expenses have been incurred (2022 - £NIL) .

14. Intangible assets

Intangible assets
Group
Cost
At 1 October 2022
At 30 September 2023
Amortisation
At 1 October 2022
Charge for the year
At 30 September 2023
Net book value
At 30 September 2023
At 30 September 2022		 Goodwill
£
61,022
61,022
27,459
12,204
39,663
21,359
33,563

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 34

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

15. Tangible fixed assets

Group

Cost or valuation
At 1 October 2022
Additions
Disposals
At 30 September 2023
Depreciation
At 1 October 2022
Charge for the year
At 30 September 2023
Net book value
At 30 September 2023
At 30 September 2022
Society
Cost or valuation
At 1 October 2022
Additions
Disposals
At 30 September 2023		 Freehold
property
£
9,011,013
159,955
(28,000)
9,142,968
-
-
-
9,142,968
9,011,013
Freehold
property
£
9,011,013
159,955
(28,000)
9,142,968		 Plant and
machinery
£
404,296
-
-
404,296
352,267
8,559
360,826
43,470
52,029
Plant and
machinery
£
404,296
-
-
404,296		 Other fixed
assets
£
2,346,854
47,224
-
2,394,078
1,979,880
75,121
2,055,001
339,077
366,974
Other fixed
assets
£
2,182,566
33,280
-
2,215,846		 Total
£
11,762,163
207,179
(28,000)
11,941,342
2,332,147
83,680
2,415,827
9,525,515
9,430,016
Total
£
11,597,875
193,235
(28,000)
11,763,110

Page 35

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

15. Tangible fixed assets (continued)

Society (continued)

Depreciation
At 1 October 2022
Charge for the year
At 30 September 2023
Net book value
At 30 September 2023
At 30 September 2022		 Freehold
property
£
-
-
-
9,142,968
9,011,013		 Plant and
machinery
£
352,267
8,559
360,826
43,470
52,029		 Other fixed
assets
£
1,911,897
65,092
1,976,989
238,857
270,669		 Total
£
2,264,164
73,651
2,337,815
9,425,295
9,333,711

Page 36

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

16. Fixed asset investments

Group
Cost or valuation
At 1 October 2022
Additions
Revaluations
At 30 September 2023
Net book value
At 30 September 2023
At 30 September 2022		 Unlisted
investments
£
235,854
30,000
13,689
279,543
279,543
235,854		 Other fixed
asset
investments
£
4,012,000
-
-
4,012,000
4,012,000
4,012,000		 Total
£
4,247,854
30,000
13,689
4,291,543
4,291,543
4,247,854

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 2023 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 37

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

16. Fixed asset investments (continued)

Society
Cost or valuation
At 1 October 2022
Revaluations
At 30 September 2023
Net book value
At 30 September 2023
At 30 September 2022		 Investments
in
subsidiary
companies
£
242,152
-
242,152
242,152
242,152		 Unlisted
investments
£
235,854
13,689
249,543
249,543
235,854		 Other fixed
asset
investments
£
4,012,000
-
4,012,000
4,012,000
4,012,000		 Total
£
4,490,006
13,689
4,503,695
4,503,695
4,490,006

Page 38

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

16. Fixed asset investments (continued)

Principal subsidiaries

The following were subsidiary undertakings of the Society:

Names Company Registered office or principal Principal activity 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 123,006 (123,006) -
Lincolnshire Energy Development Limited 19,620 (19,620) 181,126

The financial results of the subsidiaries for the year were:

Page 39

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

17. 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
2023
£
245,665
-
3,787
66,452
315,904
Group
2023
£
568,461		 Group
2022
£
275,247
-
1,234
102,760
379,241
Group
2022
£
558,570		 Society
2023
£
71,795
50,833
-
66,452
189,080
Society
2023
£
568,461		 Society
2022
£
93,739
178,225
12,846
79,002
363,812
Society
2022
£
558,570

18. Current asset investments

Page 40

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

19. 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
2023
£
388,533
305,887
5,335
3,919
30,000
218,226
951,900		 Group
2022
£
323,013
56,225
5,335
3,614
30,000
205,782
623,969		 Society
2023
£
388,533
206,844
5,335
3,919
30,000
117,501
752,132		 Society
2022
£
295,709
13,266
5,335
3,614
30,000
105,384
453,308

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

Group Group Society Society
2023 2022 2023 2022
£ £ £ £
Net obligations under finance lease and hire
purchase contracts 889 6,224 889 6,224

Page 41

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

21. Statement of funds

Statement of funds - current year

Unrestricted
funds
Free Reserves
Revaluation
Reserve
Fixed Asset
Reserve
Endowment
funds
Endowment
Funds
Trafford Farm-
Investment
Assets
Trafford Farm-
Residual Assets
Restricted
funds
LincFarms
Total of funds		 Balance at 1
October
2022
£
961,314
3,846,071
5,581,545
10,388,930
2,400
4,096,000
50,481
4,148,881
7,590
14,545,401		 Income
£
3,833,155
-
-
3,833,155
-
-
-
-
-
3,833,155		 Expenditure
£
(2,830,596)
-
(81,280)
(2,911,876)
(2,400)
-
-
(2,400)
(7,590)
(2,921,866)		 Transfers
in/out
£
(179,179)
-
179,179
-
-
-
-
-
-
-		 Gains/
(Losses)
£
13,689
-
-
13,689
-
-
-
-
-
13,689		 Balance at
30
September
2023
£
1,798,383
3,846,071
5,679,444
11,323,898
-
4,096,000
50,481
4,146,481
-
15,470,379

Page 42

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

21. 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		 Balance at
1 October
2021
£
-
627,476
3,846,071
5,661,924
10,135,471
10,135,471
4,800
4,096,000
69,318
4,170,118
7,590		 Income
£
69,296
2,544,166
-
-
2,544,166
2,613,462
-
-
13,600
13,600
-		 Expenditure
£
(69,296)
(2,168,913)
-
(107,648)
(2,276,561)
(2,345,857)
(2,400)
-
(1,334)
(3,734)
-		 Transfers
in/out
£
-
(24,869)
-
24,869
-
-
-
-
(31,103)
(31,103)
-		 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
7,590

Page 43

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

21. Statement of funds (continued)

Statement of funds - prior year (continued)

Arts Council
Funding
Total of funds		 Balance at
1 October
2021
£
-
7,590
14,313,179		 Income
£
332,311
332,311
2,959,373		 Expenditure
£
(332,311)
(332,311)
(2,681,902)		 Transfers
in/out
£
-
-
(31,103)		 Gains/
(Losses)
£
-
-
(14,146)		 Balance at
30
September
2022
£
-
7,590
14,545,401

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.

Page 44

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

22. Summary of funds Summary of funds - current year

General funds
Endowment
funds
Restricted funds		 Balance at 1
October
2022
£
10,388,930
4,148,881
7,590
14,545,401		 Income
£
3,833,155
-
-
3,833,155
Income
£
69,296
2,544,166
13,600
332,311
2,959,373		 Expenditure
£
(2,911,876)
(2,400)
(7,590)
(2,921,866)
Expenditure
£
(69,296)
(2,276,561)
(3,734)
(332,311)
(2,681,902)		 Transfers
in/out
£
-
-
-
-
Transfers
in/out
£
-
-
(31,103)
-
(31,103)		 Gains/
(Losses)
£
13,689
-
-
13,689
Gains/
(Losses)
£
-
(14,146)
-
-
(14,146)		 Balance at
30
September
2023
£
11,323,898
4,146,481
-
15,470,379
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
2021
£
-
10,135,471
4,170,118
7,590
14,313,179

Page 45

(A Company Limited by Guarantee)

LINCOLNSHIRE AGRICULTURAL SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

23. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
9,525,515
Intangible fixed assets
21,359
Fixed asset investments
279,543
Current assets
2,450,270
Creditors due within one year
(951,900)
Creditors due in more than one year
(889)
Difference
(1)
Total
11,323,897		 Endowment
funds
2023
£
-
-
4,012,000
134,481
-
-
-
4,146,481		 Total
funds
2023
£
9,525,515
21,359
4,291,543
2,584,751
(951,900)
(889)
1
15,470,378

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
2022
£
9,427,616
33,563
235,854
1,322,090
(623,969)
(6,224)
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

Page 46

(A Company Limited by Guarantee)

LINCOLNSHIRE AGRICULTURAL SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

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

25.

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 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
2023
£
924,978
83,680
12,204
(13,689)
(24,296)
(1,312,000)
63,337
327,931
62,145
Group
2023
£
1,700,386
568,461
2,268,847		 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

Page 47

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

26. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Finance leases
Liquid investments		 At 1
October
2022
£
526,350
(3,614)
(11,559)
558,570
1,069,747		 Cash flows
£
1,174,036
(305)
5,335
9,891
1,188,957		 At 30
September
2023
£
1,700,386
(3,919)
(6,224)
568,461
2,258,704

27. Capital commitments

Group Group Society Society
2023 2022 2023 2022
£ £ £ £
Contracted for but not provided in these
financial statements
Acquisition of tangible fixed assets 77,270 - 77,270 -

28. Operating lease commitments

At 30 September 2023 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
2023
£
4,260
6,655
10,915		 Group
2022
£
3,120
10,140
13,260		 Society
2023
£
4,260
6,655
10,915		 Society
2022
£
3,120
10,140
13,260

Page 48

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

29. 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 - £180,817 (2022: £129,514) Warden Farms (Uncle Henry's) - £Nil (2022: £2,426)

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)- £1,884 (2022: £6,584) Witham Oil and Paint - £2,677 (2022: £2,187)

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 2023, a net amount of £7,247 (2022: £10,512) was owed to Woldmarsh Producers Limited and conversely £104 (2022: £50) 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 49