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 communit￿S 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 <WIA>
In March 2024, a WIA event compered by Kelly Hewson Fisher (Director. Head of Rural & Projecls ResÉ8rch,
Savills) was held at Doddington Hall with Ihe sponsors (LAS, Forrester Boyd, Savllls. Shakespeare Martineau
and the CLAI all in attendance. 120 ladies heard Informing and insplrlng presenlalions from Molly Blddell (Head
of Natural Captial, Knapp Estate). Vlctorla Howe (Founder and Dlreclor of The Farm Kllchen) and Alice Rllchi8
(Lead Nature and Blodlverslty Manager, Tesco). The event also heard from Amy Thomas (LRSN) and money
was ralsed for the charity.
Food and Glft Falr
The 2023 Lincolnshire Food and Gift fair helped the local eommunily get inlo a festive splrll at the end of
November, where we welcomed over 150 exhibitors and 9,000 visitors including approx. 800 Society members
and supporters attended the Friday preview evening.
Llncolnshlre Farming Conference
Th8 2024 conference had Ihe theme 'Biodiverslty and Carbon as Futura Farming Opportuni118s' 2nd attracted
over 300 delegates. Speakers included Mlchael Kavanagh (Green Farm Collective), Llz Bowles (Carbon Culling
Toolklt), Paul Rhodes & Neil Fuller (Future Food Solutions), Jan8t Hugh8s (DEFRAI, and James Brown (Polybell
Farm).
Inlernational Women's Day
In March, 100 guests attended our lunch and networking event lo celebrale International Women's Day where
they heard from Ra¢hael Hunt, Rachael Middleton. Carrie Dodge and Sian Potter - all had inspirlng slori8S to
share and guests were left both laughing and cryingl
Potato Days UK
During 2024 the LAS worked alongside the DLG (German Agricultural Society) as their operations delivery
partner lo help organlse and deliver the first Potato Days UK 8vent that was held at Dyson Farms in Nocton.
From liaising and booklng contractors such as traffic management, sécurity and AV, lo rèpresenting Ihe event at
SAG (Safety Advisory Group) the LAS played a plvotal role in Ih15 new event. espeGla15y as It was held in an
emply field, where every item of infrastructure had lo be brought in to ensure the successful delivery of the
day event- which had over 100 exhibitors and 3.000 visitors!
Due to this jolnt venture and the revenue received. the LAS were able to appoint thelr first apprentice - Maddie
Beeden who now works full time within the Cornmercial leam.
Page 6

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 v￿lkI 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 c￿lingencY 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 SoCiet￿s 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 Finan￿al 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 othe￿iSe 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.
Re￿Ipt 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