Registered number: 1845726 Charity number: 515652 LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limlted by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Llmiled by Guarantee) CONTENTS Page Reference and Administrative Delails of the Socielyi Sts Trustees and Advisers Trustees. Report Independent Auditors. Report on the Flnanclal Statements 3-12 13-16 Consolldated Staloment of Flnanclal Actlvltles 17-18 Consolldated Balance Sheet 19-20 Society Balance Sheet Consolldated Statement of Cash Flows 23 Notes to the Flnanclal Statèment8 24-48
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 2024 Trustees A Buckley, Chairman A H Price, Treasurer A C Read, Honorary Show Director K Philips R Nelslrop S MGKenzie J Matthews B Alkinson (appointed 1 February 2024) B Duckworth (appointed 1 February 2024) N R Bottom (resigned 1 February 2024) G Bealtie D J Wallls Company reglstered number 1845726 Charfty regl8tered number 515652 Reglstered offlce Llncolnshlre Showground Grange-de-Lings Lincoln, LN2 2NA Chl8f 8xecutiva off icer Ms C Powell Independent audltors Streets Audil LLP Chartered Accountants and Statutory Auditor Tower House Lucy Tower Street Llncoln. LN11XW Bankers Virgin Clydesdale Bank 5 Church Street Peterborough. PE11XB Sollcitors Wilkin Chapman Solicitors 11-15 Brayford Wharf East Lincoln. LN5 7AY Presldent & President Elect T E Dennis & I W8lter Honorary Chaplaln R6vd Canon A J Robson Llfe Members of the Council Michael Dickinson, Mlchael Godson, W G Henson, Chrls Howard. Rlchard Parker, Michael Read, Shidey Richardson. W B R Grantham, D K Baker DL, Richard Needham, lan Walter. 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 2024 Elected Members of Davld Bell, Emma Blandford, Robert Borrill. Nlgel Bottom, Richard Coll8tt, Robin Councll (duetoretlreln Dennett, John Dudgeon, Roger Hansard, David Hlll, Robert Howard, Tim January 2025) Needham, Les Parker. Andrew Price, David Pridgeon. Andrew Read, David Richardson, Chris Rolhery, Peter Vergelte, Fred Wallis, Steve Ward, Andrew Ward. Robert Willey, Simon Williams, Andrew Wilson, Robert Nelstrop, Ben Duckworth, Georg6 Thompson, Gordon Cummings, Matt B8gley Elected Members of Ben Atkinson. Graeme Beattie, Rupert Bryanl, Oavid Burton, Andrew Buckley, Ben Councll (due to retire in Chamberlin, Helen Clarke, Laura Clark, Elizabeth Coy, Helen Clough, Richard January 2026> Crust, Simon Day, Ambrose Fowler, Peler Gilbert, Tom Garner, James Granlham, Chris Godson, Richard Holmes, Sluart McKenzie, Tom Marsden, James Matthews, Sandra Moncaster. Jane Moreton, David N&lstrop. Kalh Phillips. M8rk Poucher, Stuart Robertson, Margaret Robinson, Andrew Scoley, Sean Sparling, Alan Stennett, Caroline Thorlby, Gi18s Waller, Charles Welby, lan Walson, Ruth Wllklnson. Andrew Welch Chlef Stewards Admissions - R Holmes Catering and Public S8rvlces - J Matthews Countryside - S Robertson Equine - S MonGasler Livestock - M Poucher Trade - C M Godson Traffic - L Parker Co opted Members The Chalrman of the Lincolnshire and South Humberside Branch of the Nallonal Farmers, Union- Henry Morelon A represènlatlV8 of the Lincolnshire Branch of the Country Land and Business Association - Graham RovAes Nlcholson A r8pres8nlatlv8 of th8 Lincolnshlre Federatlon of Young Farmers, Clubs Alax Newlove (Kate Knight YFC Country Organizer will attend In absence) - replaced by Tom Watson (July 2024) A representative of the North Anglia Region of th8 British Agricultural and Garden Machinery Association - Peter Arrand A representative of Ihe Universily of Lincoln- Simon Pearson A represenlative from West Lindsey District Council Wendy Osgodby & Daisy Fields A representative of Bishop Burton (Present) A represenlative of Lincolnshire Rural Support Network (LRSN) - Amy Thomas Kate McDonald (To Feb 2024)l Beth Curtis Page 2
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustees present their annual report togalher with the audiled financial statemenls of the Society for the year 1 October 2023 10 30 September 2024. The annual reporl 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 companvs governing document and the provisions of the Statement of R8commend8d Practica (SORP) applicable lo charities preparing their accounts in accor(Jance with the Financial Reporling Standard appllcable In the UK and Republic of Ireland (FRS102) (8ff8Ctive 1 January 20151 as amended by Update Bullelin 1 (effectlve January 2015). Since the group and the Society qualify as small under section 383 of Ihe Companies Act 2006, the Group Strategic Report required of medium and large companies under Ihe Companies Act 2006 (Strategic Report 8nd Directors, R8POrt) Regulations 2013 has been omilted. ObJectlve8 and actlvltles a. Pollclès and objectlves The objeGls of the charity are: To advance, promote and improve agricultural and horlicuFlural induslries and associated trades, crafts and professions., and The advancement of environmental proteclion or improvement through the encouragement of sustalnable management of natural resources. In setting objectives and planning for aclivilies, Ihe Trustees have given due consideration to general guidance published by the Charily Commission relating lo public benefit, including the guidance 'Public benefit: running a charity (PB2)'. b. Strategles for achlevlng obJectlv88 Hold an annual Agrlcultural Show, Food and Gifl Falr, Countryslde Llncs event, a Llncolnshlra Farming Conference and a wide variety of other events lo promote food, farming and the counlryslde. Optimise Ihe revenue from the Sociews assets whilst maintaining support for environmentsl and agriculturally related organisalions and groups. Develop and maintain links wilh the educational sector, offering an extensive programme of educational aGtlvities lo students and families. This is lo develop their understanding of the rural sector, promote healthy eating and encourage careers in the sector. Support the agrlcultural allied trad8s and rural groups throughout the year by providing meetlng and exhibition facilities. Develop and malntain Ilnks wilh regional food producers and create opportunltles for them to promot8 and showcase local produce at Soci8ty and other events. Develop and support the wider community throughout Llncolnshire. This includes the communitS use of the Showground, wilh the Society providing high quality facilities to enable communily evenls to take place in an environmenl that meels the required Health and Safety and other statutory standards. Page 3
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Llmited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Achlevements and performance a. Maln achievements of the Soclety and a review of those achlevements Llncolnshlre Show The 2024 Lincolnshire Show brought nearly 58,000 people together under sunny skles to ce16bra16 our region's agricultural heritage. With over 550 stands, 1.000 equine entries and 650 livestock entries, the show saw incredible parlicipatlon. This all helps promote the socielvs objectives around food, farming and Lincolnshire. We are deeply grateful to Ihe trustees, staff, stewards and volunteers who made this possible. Thls y8ar's Iwo-day event featured new additions like the Garden Show, the Shelland Pony Grand National, and a beach zone supported by East Llndsey Dlstrlct Council. That again helped raise awareness of horllcullure, agrlculture and local economy. Olher hlghllghts included cooking d8monslrations to promote healthy eating and an impressive display from the RAF Falcons. The Show Is a vltal opportunity to Connect wlh our community and advance our educatlonal misslon, Thousands of children and families engaged in hands-on learning through initiatives like the Schools, Challenge, educ8tional marquees themed "Super Soils." livestock tours and professional development for teachers. Th15 year, we launched Ihe Headleacher Encounter to strengthen connections with local schools and welcomed 4,710 sludents for a memor8ble, educational day. Thanks lo everyone who jolned us in making the Lincolnshire Show a success. 2024 Schools, Challenge The Schools, Cha118nge is incluslve of all and Is open to Nursery, Primary, Secondary, Speclal and Independent Schools in Greater Lincolnshire and surrounding areas. Schools choose from one of our ten excltlng challenges all intrinsically linked to the currlculum and designed lo develop young people's underslandlng of food, farmlng, suslalnability, the envlronmenl and local community. Wllh Ihe support of a farming ambassador and business associate related lo their selected cha118ng8, the young people research their project and then showcase thelr 18arning and undèrstanding to both the judges and members of the public at the Lincolnshir8 Show. 2,387 students from 57 schools (a loo increase from Ihe 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, suslainability and Ihe environment was infectiousl Page 4
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Llmlled by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Achlevements and performance (contlnued) Llveslock Tours 423 prlmary and secondary students engaged in a livestock tour al the Lincolnshire Show. The groups were led by a farmer steward around the differenl breed of cattle, sheep and pig that exhibit at Show. Farm Gate Educatlon Marquee A hive of discovery. exploration and learning. the thémé thls year was 'Super Soils,. Businesses and organisations provided learning experiences and demonslrations for school groups and Show visltors to get involved wlh including soll analysis, comp051ing, wormeries elc. Teacher Contlnuous Professlonal Development Tralnlng 21 teachers accessed high quality CPD at the Show. Training was themed around usSng the Outdoors to support learning and links between sustainablllly and cllmale change. Experts in their field provided both Insplratlonal and creative opportunllies to support the curriculum. Careers Trall Specifically for Secondary students and colleges, a careers Irail was produced equipped with lots of project Ide8s, questlons Io ask 8nd specific stands lo visil tallored to subjects. Educatlon Th8 Educatlon Committee continues to be an important part of delivering and driving forward our educational r8mlt. By provlding a year-round education programme that delivers both unique hands-on learning experlences end enrlchment opportunities for young people and the teachers Ihat Influence them. We aim to educa18. insplre and promote awareness of food production, farming and the couniryslde through mulllple channels and actlvltles. Thls past year we have reached an incredibl8 15.992 young people worklng with ov8r 140 schools from across the county. In October, 749 KS2 students were engaged in our Lincolnshire Day school event, an event to celebrale what's greal about our county. 31 Lincolnshire businesses and organisalions supported the ev6nl by providing memorable and hands-on enrichment aclivities foGussed on Lincdnshire's food, farming, heritage, spori and culture. For two weeks in February and March, we provided farmers and growers with the opportunity to connect with Ihelr local schools with the 'Tractors into Schools, inilialive. The initiative was a huge success - tractors visited 23 Lincolnshire schools and we engaged wilh 1,957 students. The Lincolnshire Agricultural Soci6ty ar8 grateful to our members and Council who were Involved In the Inltiatlve openlng up conversations about agrlculture. In February, 641 Secondary, College and University students attended the AG-Care8rs 8vent lo delve into the exciting world of agriculture, horticulture and the food s8Ctor and gain an insight into the dlverse and progressive careers available. Tha event induded an interactive exhibitK)n villag8 (33 businesses involved), keynote spe8k8rs and workshop sessions. In November, 279 KS2 sludents participated in Breakfast Week. where they had the opporlunity 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. Page 5
LINCOLNSHIRE AGRICULTURAL SOCIETY
(A Company Limited by Guarantee)
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Achlevements and performance (continued)
Countryslde Llncs
The 2024 Countrysld8 Lincs event supported the charity objectives of bringing Lincolnshire's food, farmlng,
countryside and heritage to a much wider audienc8. We welcomed ov8r 130 exhibitors and 6,861 visitors, which
topped last year's record breaking numbersl
We are continuing to work wth Riseholme College who are supporting with the malnlenance and management
of Cathedral Wood and the environmental area.
Women in Agrlculture
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Achlevements and performance (contlnued) Lincolnshire Rural Charltes Ball On the Saturday after Show, Ihe Epic Centre was transformed inlo a glitzy v6nu8 to host the flrst Lincolnshire Rural Charities Ball. In previous years the event has been a dinner held on a Thursday evenlng,. however, a ball was planned with the aim of engaging with the younger ganeralion and to also celebrate LRSN 251h birthday. All three rLsral charlties were invofved (LRSN, LAS and LRAC) and over £6,500 was raised for each charity. Brandlng The Strategy Committee highlighted the need to unify branding across the Lincolnshire ShowgroLtnd, Lincolnshire Agricultur81 Society (LAS). and the Lincolnshi Show, along with olher events and educational activities, as the use of separate logos causes public confusion. Research shows that having multiple logos leads to a lack of brand consistency, Gonfuslon about the companrfs identlty, and increased costs and effort in malntalning different logos. A slngle, coheslve logo vlkI strengthen brand recognitlon, straamllne processes, and create a clearer. more twslworthy identity. A concept has been agreed ulilislng a three-stem wheat to represent the Ihree key areas of our business. L = Llncolnshire (Our community and evenls) A = Agricultural (Our charity's mission to educate and promote agriculture) S - Society (Our members) Tha new branding was officially approved at Council on 5th November 2024 and will be fully launched in January 2025, with evenl logos Iransilioning as soon a5 possible. Please nole Ihat there may be a crossover for event logos as we transition, as some promotional material for early 2025 events had already been created before our new directlon was agreed upon and finalised. Tradlng Acllvllles To comply wlth Charlty Law the Socletrfs trading activity is undertaken through Llncolnshlre Showground Ltd. Whole sSle evenl continue lo grow as we welcome back some of our regular customers and we have also received some exciting enquiries for next y&ar. The 2024125 calendar of events is looking extremely promising going forward. The trading surplus from the Showground activilies is used to fund our charitable activities and maintain the Lincolnshire Showground. Charfty Reslllence In 2023124, the Charlty introduced a n8w seniic& plan and slrateglc framework. whlch Includes a 10-year resillence strategy to help navigale future uncertainties 8ffectively. b. Investment pollcy and performance Under the Memorandum and Articles of Association, the charily has the power to invest monies at the Trustees, discretion. The Trustees, having regard to th8 liquidity requirements of operating the Society and to Its reserves policy, have operated a policy of keeping available fijnds in an inveslments accounts which can raadily be relrieved. This amounts seek to achieve a deposit interesl which matches or exceeds inflation as measured by the Retail Prices Index. Flnanclal review Pagè 7
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED> FOR THE YEAR ENDED 30 SEPTEMBER 2024 a. Golng concern After making appropriale enquiries, the Trustees have a reasonable expectation Ihal the Socl8ty has adaquate resources to contlnue in operational exlstence for the foreseeable future. For this reason, Ihey contlnu8 to adopt the going concern basis in preparing the financial slatemenls. b. Reserves policy In 2009 the Trustees agreed a new Reserves Policy. due lo the investment made In the EPIC Centre of the Sociells cash reserves. The policy states that.. Insurance againsl cancellation or loss of shows and events will be taken out wherever practical to do so to mitigate the risk to th8 Soci8ly. The SoGlety wlll bulld up cash reserve equal to one yearfs core expenditure over the next 10-year perlod thls allows for the Events Centre business to become eslablish8d and conlrfbule lo the ov8rall Society's surplus, and to allow for further necessary infraslructure investment in the showground. The Socielrfs assets are principally the freehold showground sile including th8 tenanted farmland. The Society would release some of Ihis equily if Irading conditions were so adverse that a cash injection was required lo ensure the Societls ability to continue, The Charity Trustees consider the minimum operating leval of free reserves to be £375,000. Free reserves are consldered to be charily unrestricted reserves (but nol Including Ihe ch8riWs tangible fixed assets). At 30 September 2024 the free reserves of the Charity were £1.254,788 (2023: £1,881,505). The reason for the reduction in the current year is due to extensive inveslment improving the facilities and fixed assets of the charity and also due to the operaling deficit in Ihe current year. The reserves continue to be In excess of the minimum desired lev81 and the trustees remain committed lo the application of these reserves most effectlvely for the maximisation of public benefit and continuing operation of th8 society. Structure, governance and management a. Constitution Lincolnshire Agricultural Society is a company limited by guarantee governed by ils Memorandum and Articles of Association amended to allow for the Gurrent governance arrangements on 7 January 2010. It is registered as a charity with the Charily Commission. b. Methods of appointment or èle¢tlon of Trustees The Members elect the Councll of Ihe Soclety 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. Pag6 8
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Slructurey governance and management (contlnued) c. Organlsational structure and declslon-making pollcles The AGM elects the followirrfJ Trustees: Chalmian of the Soclely- Who chairs all meelings of the Council and the Board of Truslees. Treasurer - Who is also a Vice-chaimian of the Society and is responsible for implementing the declsions of the Council, Board of Trustees and Board sub commillees in the day-to-day financial affairs of the Society. Honorary Dlrector Who rs also a Vice-chairman of Ihe Society and is responsible for implementing ihe décisions of the Council, Board of Trusleès and Board sub-commillees in the direction of the annual Show and the day-to-day management of the Societys18nd and property. Plus b6tween 5 and 10 elected trust8es. The Society is managed by the trustees who have ultimate control over the management and operation of the Socialy including tha 8dminislration and management of the Societys 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 lo the Board of Trustees: The Show Committee - lo concentrate on all aspects of the annual Show. The Education Committee - to develop Ihe educational work of Ihe Society including the Lincolnshire Farming Conference, the School's Challenge, Countryslde Llncs and Farmhouse Breakfast Week. The Flnanc6 and Property Committ88- to provide scrutiny of the Societys finances and development projects. The Marketing Committee - to oversee the promotion and Marketi of the Charlty and Showground actlvltles. The Health and Safety Committee - To ensure the Charity and the Showground comply with Health and Safely Legislation. The Trustees appoint a CEO to rnanage the day-t¢>day operalions of the charity. To facilitale effective operations the CEO has deleg8ted authority for operalional matters includlng finance and employment. She is supported by permanent staff to achieve this. Her senior managemenl includes heads of services covering the following areas- Charity Commercial Operations Communications Finance Page g
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Structure, govemance and management {contlnued) d. Pollcles adopted for the Induction and training of Trustees New Trustees und8rgo an orlenlation 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 charily. During th8 induction day thèy m6et key employees and other Trustees. Truslees are encouraged lo allend exlemal training events appropriate to their role. e. Related party relatlonshlps The Society provides administrative services to. and receives donations from, It's trading subsldlary Lincolnshlre Showground Limited. In additlon lo financial support the Society offers support and advice to numerous local groups and organisalions that operate within the agricultural seclor includSng: The Llncolnshlre Federatlon of Young Farmers Lincolnshire Federation of Women's Institutes Lincolnshire Rural Support Netsmork Lincoln Red Cattle Society Llncoln Longwool Sheep Breeders Association In 2023124, Young Farmers are now based at Lincolnshire Showground to strengthen their relationship with the Soclely, Trans8Ctions with Related Partles are summarlsed In Note 25 of the flnanclal statements and Iransactlons that were undertaken wlth organisallons in which any member of the Council of the Society has an interest are Ilsled in Note 29 of the financlal statements. f. Flnanclal rlsk management The Trustees have assessed the major risks to which the Group and the Society are exposed, in particu18r Ihose related to the operations and finance5 of the Group and the Society and are sat15fied that systems and procedures are in place to mitigate exposure to Ihe major risks. The trustees have a risk management policy which comprises.. An ongoing review of the rrsks the charity may face. The establishment of systems and procedures to mitigate those risks identified. The implemenlalion of prix8dur8s designed lo minimise any pot8ntial impact on the charity should Ihose risks materialise. This has resulted In better emergency procedures and clingencY plans and has given the impetus for betl8r operational and financial planning. Page 10
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Llm5ted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 struclure, governance and management (contlnued) g. Nominaled Charlty The Society at its AGM elects to support at least one nomlnated charlty each year and for 2024 we chose. Cancer Research. The nominated charities are oifered Irade space al the Lincolnshire Show, Countryside Lincs and the Food & Gift Fair and we also support them with marketing activity, opportunities to hold evenls with us and more. Throughout the year the Society also works wilh Charitable and Community groups throughout Lincolnshire and beyond to help them raise their profile and raise funds. Thi5 SUPPOrt includes the use of Showground facilities, assistance with planning their own charitable and fundraising events, and in some cases partnering wilh other ch8rities to fulfil our mutual charitsble objeclives. Th8 Soclety Is fortunate to r8celve supporl each year from thousands of local buslnesses, sponsors, stewards, exhlbllors and competitors, without whom It could nol contlnue Its 2cliv8 charitable role Ihroughout the County. Statement of Tru8lee8' re8ponslbllltles The Trustees (who are also the directors of the Society for the purposes of company law) are responslble for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepled Accounting Practice). Company law requires the Trustees to prepare financi81 statements for each financial year. Under company law, the Trustees must nol approve the financial stalemenls unless they are satisfied that they give a Irue and fair vlew of the stale of affairs of the Group and the Society and of their incomSng resources and applicalion of resources, including their income and expenditure, for that period. In preparing these financlal stalements, the Trustees are requlred to: select suitable accounting policies and then apply them consistently, observe the methods and principles of Ihe Charities SORP (FRS 102)., make judgments and accounting estimates Ihat are reasonable and prudent; state whether applicable UK Accounling Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financlal sta16ments; prepare the financial ststements on the going concern basis unless il is inapproprlate to presume Ihat the Group will continue in business. The Trustees are responsible for keeping adequate accounling records that are sufficient to show and explain the Group and the SoCiets transactions and disclose with reasonable accuracy at any time Ihe financial position of the Group and the Society and enable them to ensure that the financial statements comply wilh the Companies Act 2006. They are also responsible for safeguarding th8 assets of the Group and Ihe Society and henc8 for taking reasonable steps for the prevention and detection of fraud and other irr8gularit18S. Page11
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Llmited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Dlsclosure of Informatlon to audllors Each of the persons who arè Trustees at the time whèn 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 th8l Truslee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audlt information and to establish that the charitable group's auditors are aware of that Information. Auditors The auditors, Streels Audit LLP, have indicated their willingness to continue in offic8. 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 and signed on their beh of by. Trustees on A Buckley Chair of Trust88s A H Prlce Treasurer Page 12
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LINCOLNSHIRE AGRICULTURAL SOCIETY Opinion We have audlted the financial statements of Lincolnshire Agricultural Society (the 'parent charitable companv) and Sls subsidlaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Sla18menl of Financial Aclivllies, the Consolidated Balance Sheet, the Society Balance Sheet, the Consolidated Slatemenl of Cash Flows and the related notes, including a summary of signiflcant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Finanal Reporting Standard 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland, (United Kingdom GenerallyAccepted Accounting Practice). In our opinion th8 financial statements: give a true and fair view of the slate of the Group's and of the parent charitable companvs affairs as at 30 September 2024 and of the Group's incoming resources and applicallon of resources, includlng its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practlce. and have been prepared in accordance wilh requirements of th8 Companies Act 2006 and th8 Charities Act2011. Basls for oplnlon We Conducted our audit in accordance with International Slandards on Audiling IUKI (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 wlth th8 ethical requirements Ihat are relevanl lo our audlt of the flnancial statements In the United Kingdom, includlng the Financlal Reportlng Councll's Ethical Standard, and we have fulfi118d our other ethical responsibilitles In accordance with these requlremenls. We believe that the audit evldence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial stalements, we have concluded that the Truslees, use of the golng concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any malerial uncertalnlles relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent cherilable companls ability to continue as a going concern for a period of at18ast Iw8lv8 months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Truste8S With resp8Ct to going concem are descrlbed In the relevant S8Ctions of this report. other information Thè other information comprises Ihe information included in the Annual Report other than the financial statements and our Auditors, Report Ihereon. The Trustees are responsible for the other information contained withln the Annual Report. Our opinion on the financial statements does not cover the other information and, except to Ihe exlenl otherwtse explicitly staled in our report, we do not express any form of assur8nce conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other informatlon is materially inconsistent with the financial statements or our knowledge obtsined in the course of the audit, or otherwise appears lo be materially misstaled. If we identify such material inconsislencies or apparent material misstatements, we are required lo determine whelher this gtves rise to a matsrial mlsslatement in the flnancial statements themselves. If, based on the work we have performed, w8 conclude that there is a materlal mlsstal8ment of this other information. we are required to report that fact. We have nothing lo report in this regard. Page 13
LINCOLNSHIRE AGRICULTURAL SOCIErf (A Company Llmlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LINCOLNSHIRE AGRICULTURAL SOCIETY (CONTINUED) Opinion on other matters prescrlbed by the Companles Act 2006 In our opinlon, based on the work und6rtaken in tho course of the audlt- the information given in the Trustees, Report for the financial year for which the financial slalemenls are prepared is consistent with the financial stalements. the Truslees, Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by excepllon In the light of our knowledge and understanding of the charitable Gompany and ils environmenl obtalned In the course of the audlt, we have not identified material misstatements in the Trustees, Report. We have nothing lo report in respect of the following matlers in relalion to which Companies Acl 2006 requires us lo reporl 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 Gharitable company financial slalements are not in agreemenl with the accounting records and returns; or certain dlsclosures of Trustees, remuneration specified by law are not made; or we have nol received all Ihe information and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statements in accordance with the small companles regim8 and lak8 advantage of the small companies, ex8mptSons in preparing the Trustees, Report and from the requirement lo prepare a Strategic Report. Responslbllltles of trustees As explained more fully in Ihe Trustees, Responsibillties Statement, the Trustees (who are also the dlrectors of th8 charitab18 company for Ihe purposes of company law) are responslble for the preparatlon of the financlal statements and for being satisfied that they glve a Irue and fair view, and for such internal control as tha Trustees deterrnlne Is necessary to enable the preparation of financial stalements that are free from materlal mlsstalemenl, whether due lo fraud or error. In preparing the financial slatements. Ihe Trustees are responsible for assessing the Group's and the parent ch8rilable companvs ability to continue as a going concem, disclosing, as applicable, matters related lo going concern and using the going concern basls of accounting unless the Trustees either inlend to Ilquidal8 the Group or Ihe parenl charitable company or to cease operatlons, or have no realistic allernallve but to do so. Page 14
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guaranlee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF UNCOLNSHIRE AGRICULTURAL SOCIETY (CONTINUED) Auditors. responslbllltles for the audil of the financial statements Our objeclivas ar6 to obtain reasonable assurance about whether the financlal statements as a whole are free from mat8rlal misstatement, whether due lo fraud or error, and to issue an Audllors, Report that Includes our oplnlon. Reasonable assurance is a high level of assurance, bul is not a guarantee Ihat an audil conducted in accordance with ISAS (UK) will always delecl a material misslalemenl 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 Ihese financial statements. Irregularities, Including fraud, are Instances of non-compliance with laws and regulations. We design proc8dures in line with our responslbillties, outlined above, to detect material misstatements in respect of irregularitles, including fraud. The extent to which our procedures are capable of detectlng Irregularities. Including fraud Is detailed below: Our approach to identifwng and assessing the risks of material misstatement in respect of irregularities, Includlng fraud and non-cornpliance with laws and regulalions, was as follows., the engagement partner ensured that t engagement team collecllvely had the 8ppropriale competence, capabilities and skills to identify or recognise nonwcompliance with applicable laws and regulations; we identified the laws and r8gulalions applicable lo the company through discussions wilh dlrectors and other m8nagement, and from our commercial know18dge and experlence of Ihe company and sector in which il operates; we focused on speciflc laws and regulations whlch we considered may have a direct malerlal effect on the financial statements or the operations of the company, Including the Companies Act 2006, Charities Act 2011, taxation legislation, data protection. anti-bribery. employment, environmental and health and safety legislation., we assessed the extent of compliance wilh Ihe laws and regulations identified above through maklng enquirles of management and inspectin9 legal correspondence; and identified law5 and regulations were communicated within the audil team regularly and Ihe team remained alert to instances of non-compliance Ihroughoul the audil. We assessed the suscepllbilily of the companrfs financial statements to material misslatement, inctuding obtaining an undarstanding of how fraud mighl occur. by.. maklng enquiries of management as to where they considered Ihere was susceptibillty 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, w8: performed analytical procedures to identify any unusual or unexpected relationships; tested journal enlries lo identify unusual transactions: assessed whether judg8ments and assumptions made in detem)ining tha accounting estimates set out in were indicative of potential bias- and investigated the rationale behind significant or unusual transactions. reviewed Trustee meeting minutes for evidenc8 of appropriate decision-making and m8nagement controls. In response to the risk of Irregularilies and non-compliance thrylh laws and regulations. we design6d procedures whlch included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentalion. Page 15
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Llmiled by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LINCOLNSHIRE AGRICULTURAL SOCIETY {CONTINUED} reading the minutes of meetings of those Gharged wilh governance; enquiring of management as to actual and potential litigation and claims,. and revlewing correspondence with HMRC. relevant regulalors and the companrfs legal advisors. There are inherent limitations in our aLKlit procedures described above. The more removed that laws and regulations are from financial transactions, the 16ss likely it is that we would become aware of non-compliance. Auditing standards also limit the audil procedure5 required lo identify non-compliance with laws and regulations to enqulry of Ihe directors and other management and the inspection of regulatory and 18gal correspondenc8, if any. Material misstatements that arlse due to fraud can b8 harder to detect than those that arise from error as they may involve delib8rate concealment or collusion. A further description of our responsibilities for Ihe audit of the financial slatemenls is located on th8 Financial Reporting Councll's website al: vMw.frc,or .uklaudilorsres onsibililies. This description forms part of our Auditors, Report. Use of our report This report is made solely to the chantable companls members, as a body, in accordance wilh Chapter 3 of Part 16 of Ihe Companles Act 2006, and lo Ihe charitable companls trusl88s, as a body, Part 4 of the Charilies (Accounts and Reports) R8gulations 2008. Oui audit work has been undertaken so that we mlghl slate to the charitable companvs members those matlers bve are required to stale to them in an Audilors, Report and for no other purpose. To the fullest extent permitted by law, we do not accepl or assume responsibility to anyone other than the charitable company and its m8mbers, as a body. for our audit work, for this report. or for the opinlons we have formed. Llnda Lord Bsc FCA BFP TEP (Sènlor Statutory Audltor) for and on behalf of Streets Audit LLP Chartered Accountanls and Statutory Auditor Tower House Lucy Tower Slre8t Lincoln. LN1 1XW Date: Page 16
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Llmited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestrlcted Endowment funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Donations and legacies Charilable activities Other trading activities Investments Other income 164.186 1,286.331 1.277,522 190.859 18,520 164,186 1,286,331 1,277,522 190,859 18,520 128,213 1,086,319 1, 142,626 157,420 1,318,577 Total incomo and endowments 2,937,418 2,937,418 3,833, 155 Expendllure on: Ralslng funds Ch8ritsble activities 902,590 2,199,312 902,590 2,199,312 817,701 2, 104, 165 Tolal expendlture 3,101,902 3,101,902 2,921,866 Net {expendlturellincome before net galns on Investments Net gains on investments (164,484) 30,384 {164,484) 30,384 911,289 13,689 Net movement In funds (134,100) (134,100) 924,978 Page 17
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Llmiled by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestricted Endowment funds funds 2024 2024 Total funds 2D24 Total funds 2023 Note Reconciliation of fund8: Total funds broughl forward Net movement in funds 11.323,898 (134,100) 4,146,481 15,470.379 (134,100) Y4,545,401 924.978 Total funds carrled forward 11.189,798 4,146,481 15.336,279 15,470,379 The Consolidated Statement of Financlal Aclivities includes all gains and losses recognised In the year. The notes on page5 24 to 48 form part of these financial statements. Page 18
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limlted by Guarantee) REGISTERED NUMBER: 1845726 CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Note Flxed assets Intangible assets Tangible assets Investments 14 15 16 9.155 10,056.270 4,407.993 21,359 9,525.515 4,291.543 14,473,418 13,838,417 Current assets Debtors Investments Cash at bank and in hand 17 624,877 872,270 42,773 315,903 568,481 1,700,386 18 1,539,920 2,584, 750 Creditors; amounts falling due wilhin one year 19 (677,059) (951, 899) Net current asset8 862,861 1,632,851 Tolal assets less current ITabilities 15,336,279 15,471,268 Credltors: amounts falling due after more than one year 20 {889) Total nel assets 15,336,279 15,470,379 Page 19
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 1845726 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2024 2024 2023 Note Charlty funds Endowment funds Restrlcted funds Unreslricted funds 21 4.146,481 4.146.481 21 21 11,189,798 11,323,898 Total funds 15,336,279 15.470,379 The Trustees acknowledge their responsibilllies for complying with th& requlrements of the Act wllh respect lo accounting records and pr8paration of financial statements. The flnancial statements have been prepared in accordance viilh the provisions applicable to enlilies subject lo the small companies regime. The financial statements wer8 approved and 8Uthorised for issue by the Trustees on and signed on their behalf by.. A Buckley Chair of Trustees A H Prlce Treasurer The notes on pages 24 to 48 form part of these financial slatem8nts. Page 20
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 1845726 SOCIETY BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investments 15 9,966.079 4,616,079 9,425,295 4,503,695 16 14,582,158 13,928,990 Current assets Debtors Investments Cash at bank and in hand 17 18 598,618 872,270 9.419 189,080 568,461 1,576.500 1,480,307 2,334.041 Creditors.. amounts falling due within one year 19 (674,318) (752,132) Net current assets 805,989 1,581,909 Total assets less current Ilabllltle8 15,388,147 15,510,899 Creditors., amounls falling du6 after more than one year 20 (889) Net assets excludlng penslon asset 15,388,147 15,510,010 Total net assets 15,388,147 15,510,010 Page 21
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 1845726 SOCIETY BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2024 2024 2023 Note Charlty funds Endowment fund5 R6strlcted funds Unrestricted funds 21 21 4,146.481 4,746,481 21 11,241,666 11,363,529 Total funds 15,388,147 15,510,010 Th8 Society's net movement in funds for the year was £{121,863) (2023 - £937, 183). The Trustees acknowledge their responsibililies for complying with the requlrements of the Acl with respect to accounling records and preparation of financial statemenls. The financial ststemenls have be8n prepared in accordance thtyth the provisions applicable to enlltles subject to th8 small companies regime. The financial slatemenls were approved 2nd authorised for issue by the Trustees 2nd signed on their behalf on A Buckley Chair of Trustees A H Prlce Treasurer The noles on pages 24 to 48 form part of these financial stalemenls. Page 22
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Llmited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Cash flows from operatlng actlvlties Net cash used In operallng activities (972,485) 62,145 Cash flows from Investlng aclivities Dividends, Inleresls and renls from investments Proceeds from the sale of tangible fixed assets Purchase of tangible flxed assets Purchase of investments 48,988 24,296 1,340,000 (207,179) (30,000) (660,205) (82,000) Net cash (used In}Iprovld8d by invesllng actlvllles (693,217) 1,127,117 Cash flows from flnanclng 8Ctivities Repayments of finance leases (5,779) (5,335) Net cash used In flnanclng actlvltles (5,779) (5,335) Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year (1,671,481) 1,183,927 2,268,847 1,084,920 Cash and cash equivalenls at the end of the year 597,366 2,268,847 The notes on pages 24 to 48 form parl of Ihese fin3ncial statemants Page 23
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 General information As set out in Ihe trustees, report, Lincolnshire Agricultural Soclety is an incorporated charity registered in England and Wales. The address of their registered office is Lincolnshire Showground. Gr8nge-Do-Lings. Lincoln, LN2 2NA. These financial statements have been prepared in sterling, which is the functional currency of the entlly. Accountlng pollcles 2.1 Basls of preparatlon of flnancial statements The financial slalements have been prepared in accordance with th8 Chari118s SORP (FRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice appllcable to charltles preparing their accounts in accordance wilh the Flnanclal Reportlng Standard appllcable in the UK and Republlc of Ireland (FRS 102) (effective 1 January 2019). the Flnanclal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and Ihe Companies Act 2006. Lincolnshire Agricultural Sociely meels Ihe definilion of a public benefit entity under FRS 102. Assets and liabilities are inillally recognised al historical cost or transaction value unless otheiSe staled In tho relevant accounting policy. The Consolidated Stalemenl of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Sociely and its subsidiary undertaklng. The results of the subsidiary are consolidated on a line by lin8 basis. The Society has taken advaniage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented Ils own Statement of Financial Activities in these flnancial stat8m8nls. 2.2 Income All income is recognised onc8 the Society has enlillemenl lo Ihe income, il is probable that the income will be received and Ihe amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing enlillement, Ihe probabilily of receipt and the abilily to estimate wilh sufficient 8ccuracy the 8mounl recelvable. Evidence of entitlement to a legacy exists when the Sociely has sufficient evidence that a gift has been left lo them (through knowledge of the existence of a valid will and the death of Ihe benefactor} and Ihe 8X8CUtor is satisfied that th8 properly in question will not be required to satisfy claims In the estate. ReIpt of a legacy must be recognised when it is probable that il will be recelved and the falr value of the amount recelvable, which will generally be the expected cash amount to be dlstribuled lo the Society, can be rellably measured. Income tax recoverable In relation to investment incom8 is r8cognised at the lime 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 24
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounllng policies {conllnued) 2.3 Expendlture Expenditure is recognised once there is a legal or conslruclive obligation to Ir8nsfer economic benefit to a third party, il is probable Ihat a transfar 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 aclivily are made up of the total of direct costs and shared costs, Including sUPPOrt costs involved in undertaking each activity. Direct costs atlributab18 to a single activity are allocated direGtIy lo 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 activilies on a basls consistent with the use of resources. Central staff costs are allocated on the basis of Ilme spenl, and d8pr8ciation charges allocated on the portion of Ihe asset's use. Expendlture on charitable activities is incurred on direclly undertaking the activities which further the Group's objectivès, as well as any associated support costs. All expenditure Is inclusive of Irrecoverable VAT. 2.4 Interest recelvable Interest on funds held on deposlt is included when recefvable and th8 amoLJnt can be measured reliably by Ihe Group,. this is normally upon notification of Ihe interest P8id or payable by the Institullon wlh whom the funds are deposiled. 2.5 Intangible assets and amortlsation Intangible assets costing £1,000 or more are capilalised and recognSsed when future economic benefits are probable and Ihe cost or value of Ihe assel can be measured reliably. Intangible assets are InilialSy recognised at cost. After recognition, under the cost model. intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortlsatlon Is provided on Intanglble assets al rates calculated to wrlte off the cost of each asset on a stralghl-line basis over ils exp8cled useful life. Amortisalion is provided on the following basis: Goodwill 20 °A Slraighl line 2.6 Tanglble flxed assets and depreclatlon Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economlc benefits are probable and the cost or value of the 8sset 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 impalrment losses. All costs incurred to bring a tangible fixed asset into its intended working condltlon should be included in the measurement of cosl. Page 25
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting poliGle3 (continued) 2.6 Tanglble flxed assets and depreciation (continued) Depreciation is charged so as to allocate the cost of tangible fixed assets less Iheir residual value over their estimated useful lives, using both Depreciation is provided on the following bases: Freehold land an propety Services & installations Machlnery & offic8 equipment Nol depreclated 5 330A straight line 15 330/0 Straight line and reducing balance 2.7 Investmen18 Fixed asset investments are a form of financial inslrumenl and are inilially recognSsed at thelr transaction cost and Subsequent measured al fair value al the Balance Sheet dale, unless the value cannot be measured reliably in which case it is measured 8t cost less impairmenl. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on inveslments, in the Consolidated Statement of Financial Aclivllles. Investments In subsldiaries are valued at cost18ss provision for impalrment. Investments held as fNed assets are shown at cost less provlslon for Impalrment. 2.8 Debtors Tr8de and other debtors are recognised al the settlement amount after any trade discount offered, Prepayments are valued al Ihe amounl prepaid net of any trade discounts due. 2.9 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid Inveslments with a short maturity of thra8 months or less from the date of acquisition or openiTrJ of the deposit or similar account, 2.10 Llabllltles and provlslons Liabilities are recognised when there Is an obllgatlon at the Balanc8 Sheet dale as a result of a past event, il Is probable that a transfer of economic benefit will be requlred in settlemenl, and the amount of the settlement Can be estimated reliably. Liabilities are recognised at the amounl Ihat the Society anticipates it wll pay to settle the debt or the amount il has received as advanced payments for the goods or services it must provide. Provisions are measured at Ihe best estimale 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, dismunled al the pre-tax discount rate that reflects Ihe risks specific to the liability. The unwinding of th8 discount is recognised in the Consolidated Statement of Financial Activities as a finance cost. Page 26
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountlng pollcles (continued) 2.11 Financial instruments The Group only has financial assets and financial liabilities of a kind Ihal qualify as basic financial instruments. Basic financial inslrumenls are initially recognised at transaGtion value and subsequently measured al their seltlemenl value with the exception of bank loans which are subsequently measured al amortlsed cost uslng the effeGtlve Interest method. 2.12 Finance leases and hlre purchase Assets obtained under hlre purchase contracts and finance leases are capilalised as tangibl6 flxed assets. Assets acquired by finance lease are dapreciated over the shorter of Ihe lease term and their useful lives. Assets acqulred by hire purchase are deprecialed over their useful lives. Finance leases are those where subslantially all of the benefits and Tisks of ownership are assumed by the Group. Obligations under such agreements are included in credilors, net of the finance charge allocated lo 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. 2.13 Fund accountlng General funds are unrestricted funds which are avallable for use at Ihe dlscretlon of the Trustees in furtherance of the general objectives of th8 Group and whlch have not been designated for olh8r purposes. Restricted funds are funds which are to be used in accordance wilh specific restriclions 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 restrScted fund is set out in the notes lo Ihe financial statements. Investment income, gains and losses are alk)cated lo the 8ppropriate fund, Page 27
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limiled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Income from donations and legacles Unrestricted funds 2024 Tolal funds 2024 Total funds 2023 Donations Legacles Similar incoming resources 25,021 10,092 129,073 25,021 10,092 129,073 1,000 127,213 Total 2024 164,186 164,186 128,213 Income from charltable activilies Unrestrlcted funds 2024 Total funds 2024 Tolal funds 2023 Agrlcultural Shows and Other Charltable Activities 1,286,331 1,286,331 1,086,319 Page 28
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Income from other tradlng actlvllies Income from non charltable trading activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Incom8 g8narated in trading subsidiary- Lincolnshire Showground Llmlted Income generaled in tradiro subsidiary- Lincolnshire Energy Development 1,255,136 1,255,136 1, 123,006 22,386 22,386 19,620 Total 2024 1,277,522 1,277,522 1, 142,626 Page 29
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Llncolnshire Showground Limited On behalf of the Sociely. the Trustees of the Society hold the whole of the issued ordinary share capital of Lincolnshire Showground Limiled (formerly known as Lincolnshire Events Cenlre Lirnited), 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 Societys showground for events other than those organised by Ihe Sociely in the furtherance of its objeGls. The total contribution includes a licence fee of £180,000 for the curT8nl year and £180,000 for the previous year. All activlties have been consolidated on a line by line basis in the SOFA. The total taxable profit is gifted lo the Sociely. A summary of the trading results are shown below: 2024 2023 Fundralslng Income Tumover 1,124,246 1,123,006 Total Income Fundralslng Expenses and Other Costs 1.124,246 1.123,006 General costs Wages and salaries Trafford Farm Costs 1680,706) (657,888) {263,540) (285, 118) Total Costs {944,246} (943,006) Nel InGomelCosl of Fundraising Licence Fee 180,000 180,000 (180,000) (180.000) Total Surplusl(Deficlt) Investment Income Unrastrlcted funds 2024 Total funds 2024 Total funds 2023 Rental Income Interest Receivable 137,738 53,121 137,738 53,121 135,548 21,872 Total 2024 190.859 190,859 157,420 Pagè 30
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Other Incoming resources UnrestrlGted funds 2024 Total funds 2024 Total funds 2023 Other income Profit on disposal of fixed assets 18.520 18,520 6,577 1,312,000 Total 2024 18,520 18,520 1,318,577 Analysis of expenditure on charitable actlvltles Summary by fund typa Unrestrlcted Restrlcted Endowment funds funds funds 2024 2024 2024 Total 2024 Total 2023 Charllable Activlties 2.199,312 2,199,312 2.104,165 Total 2023 2,094, 175 7,590 2,400 2,104,165 Summary by expendlture type Staff costs Depreclatlon Other costs 2024 2024 2024 Total 2024 Total 2023 Chafilable Activities 509.337 119.421 1,570,554 2,199,312 2, 104.165 Total 2023 407,796 73, 650 1,622.719 2, 104. 165 Page 31
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 10. Analysls of expendlture by activities Activltles undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitable Aclivilies 2,187.108 12,204 2,199,312 2,104,165 Tol812023 2.091,961 12,204 2, 704, 165 Analysis of dlrect costs Charllable Activlties 2024 Total funds 2024 rolal funds 2023 Staff costs Depreciation Agricultural show costs Repairs and maintenance Rates, water, light and heal Insurance Professlonal fees and chargas Bank and finance charges Postage and telephone Staff related costs Grants. presentations and subscriptions Sundries 509,337 119,421 892,771 289,090 63,650 65,733 118,742 21,275 38,676 36.739 3.971 27.703 509,337 119,421 892,771 289,090 63,650 65,733 118,742 21,275 38,676 36,739 3,971 27,703 407, 796 73,650 839, 134 254,229 127.117 54,898 193, 192 9.318 43,442 24,707 12,087 52,391 Total 2024 2,187,108 2,187,108 2,091,961 11. Audltors. remuneration 2024 2023 Fees payable to the Socielys auditor for the audit of the Societ$ annual accounts 13.250 12,750 Page 32
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 12. Staff costs Group 2024 Group 2023 Soclety 2024 Sociaty 2023 Wages and salaries Social security costs Contribution to defined conlribution pension schemes 668,123 64,337 610.943 51,052 404,583 64,337 325.825 51,052 40.417 30,919 40,417 30,919 772,877 692, 914 509,337 407, 796 Th8re were no redundancies in iha y8ar ended 30 September 2024 or 30 Seplember 2023. In the prior year there was a selt18ment agreement resulling in a payment by the soc18ty of £25,000 in excess of contractual employment obligations. At the balance sh881 date, no further payments were outstanding. The average number of persons employed by Ihe Sociely during the year was as follow8: Group 2024 Group 2023 Ground Staff Managemenl and Administration Events Facilities 18 IT The number of employees whose employee benefits (excluding employer pension cos151 exceeded £60,000 was.. Group 2024 Group 2023 No. In the band £60.001- £70.000 The key management personnel of the charity ar8 th8 trustees. Chief Executive Officer and Managemenl Team. No trustees received any remuneration during the year {2023-. £nil). The total remuneration and benefits paid (excluding Nl) to the CEO (incoming and outgoing) and four (2023= three) mèmbers of the Management Team during the year amounted to £181,746 (2023: £203,429). Page 33
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 13. Trustees. remuneration and expenses During the year. no Trustees received any remuneration or olher benefits (2023 - £NIL). During the year ended 30 September 2024. no Truslee expenses h8ve been incurred (2023 - £NIL). 14. Intanglble assets Group Goodwlll Cost At 1 October 2023 61,022 At 30 September 2024 61,022 Amortlsatlon At 1 October 2023 39,663 12.204 Charge for the year At 30 September 2024 51,867 Net book value At 30 September 2024 9,155 At 30 S8pt8mb8r 2023 21.359 On 30 June 2020 Lincolnshire Agricultural S(letY acquired 1 OOQA of the shares in Lincolnshire Energy Development Limited, for consideration of £242.148. The net assets al the dale of acquisition of the subsidiary were £181,126 and accordingly £61.022 has been recognised as goodwill on acquisilion as an intangible asset in these financial statements. Page 34
UNCOLNSHIRE AGRICULTURAL SOCIETY {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 15. Tanglble fixed assets Group Freehold property Plant and Other flxod machinery assets Total Cost or valuatlon At 1 October 2023 Additions 9,142,968 490,059 404,296 8,936 2,394,078 11,941,342 161,210 660.205 At 30 September 2024 9,633,027 413,232 2,555,288 12,601,547 Depreciatlon Al 1 October 2023 Charge for the year 360,826 9,060 2,055,001 120,390 2,415,827 129,450 At 30 September 2024 369,886 2,175,391 2,545,277 Net book value At 30 September 2024 9,633,027 43,346 379,897 10,056,270 At 30 Septemb8r 2023 9,142,968 43.470 339,077 9,525,515 Soclely Freehold property Plant and Other flxed machlnery assets Total Cost or valuation At 1 October 2023 Additions 9.142,968 490,059 404,296 8,936 2,215,846 11.763,110 161,210 660,205 AI 30 Sept8mber 2024 9,633,027 413,232 2,377,056 12.423,315 Depreciatlon At 1 Octob8r 2023 Charge for the year 360,826 9.060 1,976,989 110,361 2,337,815 119,421 At 30 September 2024 369.886 2,087,350 2,457,236 Page 35
LINCOLNSHIRE AGRICULTURAL SOCIETY {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 15. Tangible fixed assets (continued) Society {contlnued) Freehold property Plant and Othèr flxed machinery assets Total Net book value At 30 September 2024 9,633.027 43,346 289,706 9,966,079 At 30 September 2023 9.142,968 43.470 238,857 9,425, 295 Page 36
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 16. Flxed asset Investments Other fixed Unllsted asset Investments investments Total Group Co$1 or valuatlon At 1 October 2023 Additions R8valualions 279,543 82,000 34,450 4.012,000 4,291.543 82,000 34.4SO At 30 September 2024 395,993 4.012,000 4,407,993 Nel book value At 30 September 2024 395,993 4,012,000 4,407,993 At 30 S8Pt6mber 2023 279, 543 4,012.000 4,291,543 Durlng the y8ar 8nded 301h September 2017 the Soclety received the transfer of the significant legacy from the late Shella Trafford. The deed of transfer Is dated 8th September. The bequest comprSsed farm land and bulldlngs and residual cash. The Trustees are aware that the bequest was made lo the Sociely subject to restrictive covenants affectlng part of the land. 11 was also accompanled by a letter of wishes that the Societls Trustees have been asked to respect in their dealings with the assel. The bequest was made to support 'lhe education of young people in agriculture.. The Iruslees have considered the valuatlon as part of the accounts preparalion for the year ended 30 September 2024 and the value was considered to remain appropriate. The transfer deed reflects this position and, now in Ihe opinion of the Trustees, a directors valualion is the appropriale figure for inclusion in the financial statemenls. 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 2024 16. Fixed asset investments (continued) Investments in other flxed subsldlary Unllsted asset companles Investments investments Total Soclety Cost or valuatlon At 1 October 2023 Addltions Revaluations 242,152 249,543 82,000 30,384 4,012,000 4,503.695 82,000 30.384 At 30 September 2024 242,152 361,927 4,012,000 4,616,079 Nel book value At 30 September 2024 242,152 361,927 4.012,000 4,616,079 At 30 Sept8mber 2023 242. 152 249,543 4,012,000 4,503,695 Page 38
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 17. Debtors Group 2024 Group 2023 Society 2024 Society 2023 Due withln one year Trade debtors Amounts owed by group undertakings Other debtors Pr8payments and accrued income 302.391 245.665 133,330 146,611 230,798 87,879 71.795 50,833 234,607 87,879 3,787 66,451 66.452 624,877 315,903 598,618 189,080 18. Current ass8t investments Group 2024 Group 2023 Society 2024 Society 2023 Bank deposit accounls 872,270 568,461 872,270 568,461 Page 40
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 19. Creditors: Amounts falllng due wlthln one year Group 2024 Group 2023 Soclety 2024 Society 2023 Bank overdrafts Trade creditors Amounts owed to group undertakings other taxation and social security Obligations under finance lease and hire purchase contracts Pension fund loan payable Other creditors Accruals and deferred income 317,677 204.721 317,677 204,687 37,867 14,619 388,533 388,533 15,258 305,887 206,844 5,335 3,919 30,000 218,225 445 4,736 30,000 64,287 5,335 3,919 30,000 117,501 4,736 30,000 104,222 677,059 951, 899 674,318 752,132 20. Creditor8: Amounts falling due after more than one year Group 2024 Group 2023 Society 2024 Society 2023 Nel obllgalions under finance lease and hlre purchase contracts 889 889 Page 41
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Llmiled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 21. Statemenl of funds Statement of funds - current year Balancé at 30 Gainsl September (Losses) 2024 Balance at 1 Oclober 2023 Transfers Inlout Income Expendltur8 Unrestrlcted funds Free Reserves Revalualion Reserve Flxed Ass8t ReseNe 1,798,383 2,937,418 (2.972.452) (660,205) 30,384 1,133,528 3.846,071 3.846,071 5,679,444 (129,450) 660,205 6,210,199 11.323,898 2,937,418 (3,101,902) 30,384 11,189,798 Endowmant funds Trafford Farm- Investment Assets Trafford Farm- Residual Assets 4,096,000 4,096,000 50,481 50,481 4,146,481 4,146,481 Total of funds 15.470,379 2,937,418 (3,101,902) 30,384 15,336,279 Page 42
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 21. Statement of funds (contlnued) statement of funds - prlor year Balance at 30 September 2023 Balance al l October 2022 Transfers in/oul Gains/ (Losses) Incom8 Exp8nditur8 Unr8Strlcted funds Free ReseNes 961,314 3,833. t55 (2,830,596) {179.179) 13,689 1, 798,383 Revaluatlon Reserve Fixed Asset Res8rv8 3,846,071 3,846,071 5,581,545 (81.280) 179,179 5,679,444 10,388,930 3,833,155 (2,911.876) 13,689 11,323,898 Endowment funds Endowment Funds Trafford Farm- Investment Assets Trafford Farm- Residual Assets 2,400 (2,400) 4,096,000 4,096,000 50,481 50,481 4,148.881 (2.400) 4, 146,481 Restrlcted funds Lincfarms Fund 7.590 (7.590) Total of funds 14,545,401 3.833. 155 (2.921.866) 13,689 15,470,379 Page 43
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 21. Statement of funds (contlnued) General funds The fixed asset reserve and the revaluation reserve are not free funds and logelher with the endowment fund (which includes the net book value of the Oak Framed Display Building), represent the nel carrying value of tangible fixed assets. The revaluation reserve represents unrecognised gains on the revaluation of Ihe Societys freehold land. Th8 r8malnder of general funds are free reserves and Ihese incorporale the prevlously separately Identifled balance of Ihe Epic Proj8Ct fund which represented the aggregate of grants,donations and oth8r amounts received in connection wlth the EPIC project generally, and the construction of the EPIC bulldlng in particular as reduced by the Impairment adjustment dealt with in the year ended 30 September 2020. Transfer out of general funds represanl further investment in the SocSeVs fixed assets and are matched by a corresponding transfer into the fixed asset reserve. Endowment funds The Endowmenl Fund includes the net book value of the Oak Framed Display Building, gifled lo Ihe charity during 2002 by the Lincwood Fund. The fund balance wlll be reduced by Ihe deprecialion charged on the building. Additionally, the endowmenl fund includes the legacy assel donated to the charily. Restrlcled funds The Lincfarms Fund represents a bursary that has been established In assoclatlon wlth Llncolnshlr6 Counly Council in respect of provldlng visits lo farms for underprivlleged people. 11 is administered by the FarmLincs Committee. Paga 44
LINCOLNSHIRE AGRICULTURAL SOCIETY {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 22. Summary of funds Summary of funds- current year Balance at 30 Gainsl September (Losses) 2024 Balance at I October 2023 Transfers Inlout Income Expendllur General funds Endowmenl funds 11,323,898 2,937,418 (3,101,902) 30,384 11,189,798 4,146,481 4,146.481 15,470,379 2,937,418 (3,101,902) 30,384 15,336,279 Summary of fund5- prlor year Balance al 30 Gains/ Seplember (Losses) 2023 Balance 81 1 October 2022 Transf&rs in/oul Income Exp8nditure General funds Endowment funds Restricted funds 10.388,930 3,833, 155 (2,911,876) 13,689 11,323,898 4,148,881 7,590 (2,400) (7.590) 4,146,481 14,545,401 3,833, 155 (2,921.866J 13,689 15,470,379 23. Analysis of net assels between funds Analysis of net assels between funds - current period Unre5trlcted Endowment funds funds 2024 2024 Total funds 2024 Tangible fTxed assets Intangible fixed assets Fixed asset investmenls 10,056,270 9,155 395.993 1.405,439 (677,059) 10,056,270 9,155 4,407,993 1,539,920 (677,059) 4,012,L)00 134.481 Current assets Creditors due withln one year Total 11.189,798 4.146,481 15,336,279 Page 45
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limiled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 23. Analysls of net assets between funds (continued) Analysls of net assets b8tween funds - prlor perlod Unrestricted Endowmenf funds funds 2023 2023 Total funds 2023 Tangible fixed assets Intangible fixed assets Fix8d assel investments Currenl assets Creditors due within one year Creditors due in more than one year 9,525,515 21,359 279,543 2,450,269 (951,899) (889) 9.525,515 21,359 4.291, 543 2,584, 750 (951, 899) (889) 4,012,000 134,481 Total 11,323,898 4.146,481 15,470,379 24. Reconclllatlon of net movement In funds to net cash flow from oporallng activities Group 2024 Group 2023 Net incom8lexpendllure for the perlod (as per Statement of Financlal Activities) (134,100) 924,978 Adjustments for: Depreciation charges Amortisation charges Gains on investments Dlvldends, Interests and rents from investments Lossl(profit) on the sala of flxed assets Decreasel(increase) in debtors Increasel{deGrease) in credilors 129,450 12,204 (34,450) (48,988) 83,680 12,204 (13,689) {24,296) (1,312,000) 63,377 327,931 {289,687) (606,914) Net cash provided byl(used In} operating activities (972,485) 62, 185 Pag& 46
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 25. Analysts of cash and cash equivalents Group 2024 Group 2023 Cash in hand Notice deposlts (less than 3 months) (274,904) 872,270 1, 700,386 568,461 Total cash and cash equlvalents 597,366 2,268,847 26. Analysis of changes in net debt At1 October 2023 Cash flow8 At30 September 2024 Cash at bank and in hand Bank overdrafts repayable on demand Debt due within 1 year Finance leases Liquid investments 1,700,386 (1,657,613) 42,773 (317,677) (317,677) (817) 14.736) 5,779 (445) 303,8D9 872,270 (3,919) {6,224) 568,461 2,258,704 (1,666,519) 592,185 27. Capltal commitments Group 2024 Group 2023 Society 2024 Socielv 2023 Contracted for but nol provided In these financial statÉmenls Acquisition of tangible fixed assels 77.270 77,270 Page 47
LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 28. Operating lease commltments At 30 September 2024 the Group and the Society had commitménts to make future minimum lease payments under non-cancellable operating leases as follows: Group 2024 Group 2023 Society 2024 Sociely 2023 Not later than 1 year Later than 1 year and not later than 5 years 4.260 6.655 4,260 6,655 10,915 10,915 29. Related party transactions Subscriptions and other income includes income from Trustees or companles in which they have an interest. Truslees, key management and organisations of which these individuals have an interesl have held events al the Lincolnshire Showground. purchase¢J tickets for the Lincolnshire Show and supported various other events housed by the Lincolnshire Agricultural Society- Additionally, during the year. the society received income from the organisations in which various Trustees of Ihe charity have an inleresl. The individuals and organisations do not receive any preferential rales and consequ8ntly the amounts have nol been individually disclosed. Durlng the year. the society made purchases from the following organisatlons In which various Trusta8s of the charity have an interest. These Ilgures are staled exclusive of value added tax: Woldmarsh Producer Ltd - £33,501 (2023.. £180,817) Henson Franklyn- £45,325 (2023: £57,723) Lockwood Estates Ltd - £6,763 (2023.. £Nil) During the year, the society made sales to the following organisations in which various Trustees of the charity have an interest. These figures are stated exclusive of value added tax: Woldmarsh Producer Ltd - £1,100 (2023- £Nil) Duckworths - £3,200 (2023: £Nil) Branslon Polaloes - £2,500 (2023: £Nil) All of the abov8 transactions were carried oul via the normal course of business and on an arms18ngth basis. As al the 30 September 2024, a net amount of £NII (2023: £7.247) was owed to Woldmarsh Producers Llmlted. Th8 Society was under the control of the Truslees throughout the currenl and previous year. 30. Post balance sheel events As a result of VAT rulings made during and after the year end the Society intends lo revisit VAT paid on show activities which the trustees believe constitute exempi fundraising. The amount of the potential reclaim is not currently able to bè quantified allhough Ihe VAT erroneously Charged on currenl year tickets has been included as part of the VAT deblor balance. Pagè 48