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2025-09-30-accounts

Registered number: 1845726 Charity number: 515652

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Society, its Trustees and Advisers 1 - 2
Trustees' Report 3 - 12
Independent Auditors' Report on the Financial Statements 13 - 16
Consolidated Statement of Financial Activities 17
Consolidated Balance Sheet 18 - 19
Society Balance Sheet 20 - 21
Consolidated Statement of Cash Flows 22
Notes to the Financial Statements 23 - 49

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE SOCIETY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Trustees A Buckley, Chairman
A H Price, Treasurer (resigned 18 February 2025)
A C Read, Honorary Show Director
P D Harrison, Treasurer (appointed 18 February 2025)
K Philips
R Nelstrop
S McKenzie
J Matthews
B Atkinson
B Duckworth
G Beattie
D J Wallis
Company registered
number
1845726
Charity registered
number
515652
Registered office
Lincolnshire Showground
Grange-de-Lings
Lincoln, LN2 2NA
Chief executive officer
Ms C Powell
Independent auditors
Streets Audit LLP
Chartered Accountants and Statutory Auditor
Tower House
Lucy Tower Street
Lincoln, LN1 1XW
Bankers
Virgin Clydesdale Bank
5 Church Street
Peterborough, PE1 1XB
Solicitors
Wilkin Chapman Solicitors
11-15 Brayford Wharf East
Lincoln, LN5 7AY

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 2025

Council Mr A Buckley, Chairman
Mr P Harrison, Treasurer
Mr A C Read, Honorary Show Director
Mr C Rothery, President
Mr R Hancox, President Elect
Honorary Chaplain Revd Canon A J Robson
Life Members of the Michael Godson, W G Henson, Chris Howard, Richard Parker, Michael Read,
Council Shirley Richardson. W B R Grantham, D K Baker DL, Richard Needham, Ian
Walter
Elected Members of Ben Atkinson, Graeme Beattie, Rupert Bryant, David Burton, Andrew Buckley, Ben
Council (due to retire in Chamberlin, Helen Clarke, Laura Clark, Elizabeth Coy, Helen Clough, Richard
January 2026) Crust, Simon Day, Ambrose Fowler, Peter Gilbert, Tom Garner, James Grantham,
Chris Godson, Richard Holmes, Stuart McKenzie, Tom Marsden, James Matthews,
Sandra Moncaster, Jane Moreton, David Nelstrop, Kath Phillips, Mark Poucher,
Stuart Robertson, Margaret Robinson, Andrew Scoley, Sean Sparling, Alan
Stennett, Caroline Thorlby, Giles Walter, Charles Welby, Ian Watson, Ruth
Wilkinson, Andrew Welch (37)
Elected Members of David Bell, Emma Blandford, Robert Borrill, Nigel Bottom, Richard Collet, John
Council (due to retire in Dudgeon, Pete Harrison, Roger Hansard, Martha Hayes, David Hill, Robert
January 2027) Howard, Tim Needham, Les Parker, David Pridgeon, Andrew Read, David
Richardson, Chris Rothery, Peter Vergette, Fred Wallis, Steve Ward, Andrew
Ward, Robert Willey, Simon Williams, Andrew Wilson, Robert Nelstrop, Ben
Duckworth, George Thompson, Gordon Cummings, Matt Bagley
Chief Stewards Admissions - R Holmes
Catering and Public Services - J Matthews
Countryside - S Robertson
Equine - S Moncaster
Livestock - M Poucher
Trade - C M Godson
Traffic - L Parker
Co opted Members The Chairman of the Lincolnshire and South Humberside Branch of the National
Farmers’ Union – Henry Moreton
A representative of the Lincolnshire Branch of the Country Land and Business
Association - Graham Rowles Nicholson
A representative of the Lincolnshire Federation of Young Farmers’ Clubs – Tom
Watson (Kate Knight YFC County Organiser will attend in absence)
A representative of the North Anglia Region of the British Agricultural and Garden
Machinery Association – Peter Arrand
A representative of the University of Lincoln – Simon Pearson
A representative from West Lindsey District Council – Wendy Osgodby
A representative of Bishop Burton - Beth Curtis
A representative of Lincolnshire Rural Support Network (LRSN) – Amy Thomas

Page 2

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025

The Trustees present their annual report together with the audited financial statements of the Society for the year 1 October 2024 to 30 September 2025. The annual report serves the purposes of both a Trustees’ report and a directors’ report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) as amended by Update Bulletin 2 (effective January 2019).

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

Objectives and activities

a. Policies and objectives

The objects of the charity are:

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

b. Strategies for achieving objectives

Page 3

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Achievements and performance

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

Lincolnshire Show

This year, we celebrated our 140th Lincolnshire Show on 18 and 19 June 2025 in style, with a royal visit from HRH Princess Anne, TV celebrity Matt Baker MBE and Leader of the Conservative Party Kemi Badenoch, among many other highlights across the two days. We welcomed just under 65,000 visitors, which was a 11% increase compared to 2024.

With more than 570 stands, 1,329 equine entries and 1,007 livestock entries, as well as the return of the Farriers Competition with 52 entries over two days, the Show enjoyed incredible participation. This all supports the Society’s objectives of promoting food, farming and Lincolnshire. We are deeply grateful to the trustees, staff, stewards and volunteers who made this possible.

This year’s two-day event also featured a new Rural Voices Stage, enhancements to the Beach Zone, a varied entertainment programme on the Main Ring and the continued development of the Potting Shed area, which all help to raise awareness of horticulture, agriculture and the local economy. Other highlights included improvements to our Lincolnshire Kitchen with live cooking demonstrations promoting healthy eating and an impressive display from the RAF Falcons on both days.

The Show remains a vital opportunity to connect with our community and advance our educational mission. Thousands of children and families engaged in hands-on learning through initiatives such as the Schools’ Challenge, livestock tours and professional development for teachers. This year, we had 65 schools participate in Schools’ Challenge and we welcomed just under 5,000 students for a memorable and educational day.

Thank you to everyone who joined us in making the 2025 Lincolnshire Show a success.

2025 Schools’ Challenge

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

2,851 students from 65 schools (a 13% increase from the previous year) participated in the Schools’ Challenge competing to become schools’ champion in their category. The young people excelled themselves with their creativity and confidence and their enthusiasm for food, farming, sustainability and the environment was infectious.

With the success of this programme, we are now looking to rollout the scheme nationally with other agricultural societies.

Page 4

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Achievements and performance (continued)

Livestock Tours

386 primary and secondary students engaged in a livestock tour at the Lincolnshire Show. The groups were led by a farmer steward around the different breed of cattle, sheep and pig that exhibit at Show.

Rural Voices Stages

Due to rising costs, we chose not to host the educational marquee this year and instead introduced the Rural Voices Stage, which was aimed at the wider community rather than solely for students. We felt this would provide a more engaging and impactful experience. The stage offered a platform to openly discuss the challenges facing the farming community, we had a range of public speakers from NFU to Matt Baker, who raise awareness among the wider public, while also supporting our charitable objectives. We are very grateful to the Lincolnshire Community Foundation for sponsoring the stage and helping make this possible.

Education

The Education Committee continues to be an important part of delivering and driving forward our educational remit. By providing a year-round education programme that delivers both unique hands-on learning experiences and enrichment opportunities for young people and the teachers that influence them. We aim to educate, inspire and promote awareness of food production, farming and the countryside through multiple channels and activities. This past year we have reached an incredible 18,500 young people working with over 145 schools from across the county.

In October, 944 KS2 students were engaged in our Lincolnshire Day school event, an event to celebrate what’s great about our county. 35 Lincolnshire businesses and organisations supported the event by providing memorable and hands-on enrichment activities focussed on Lincolnshire’s food, farming, heritage, sport and culture.

For two weeks in February and March, we provided farmers and growers with the opportunity to connect with their local schools with the ‘Tractors into Schools’ initiative. The initiative was a huge success – tractors visited 32 Lincolnshire schools and we engaged with 3,360 students. The Lincolnshire Agricultural Society are grateful to our members and Council who were involved in the initiative opening up conversations about agriculture.

In February, 744 Secondary, College and University students attended the AG-Careers event to delve into the exciting world of agriculture, horticulture and the food sector and gain an insight into the diverse and progressive careers available. The event included an interactive exhibition village (35 businesses involved), keynote speakers and workshop sessions.

In November 2025, 291 KS2 students participated in Breakfast Week, where they had the opportunity to develop real-life cooking skills, learn about the importance of a healthy and nutritious breakfast; whilst also developing their knowledge about where breakfast comes from and the journey it goes on from farm-to-fork.

Overall, the charity’s children and young people engagement for the year is 16,047.

Page 5

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Achievements and performance (continued)

Countryside Lincs

The 2025 Countryside Lincs event supported the charity objectives of bringing Lincolnshire’s food, farming, countryside and heritage to a much wider audience. We welcomed over 131 exhibitors and 5,661 visitors, which was unfortunately less than 2024. We believe this was due to the date being earlier than normal, as well as their being another event being held in Lincoln. We are confident that moving the date to late April in 2026 will see ticket sales go up again.

This year we also put a pony show on at Countryside Lincs, as an additional offering for the event. It did create additional interest and we will look to bring this back in future years.

Women in Agriculture (WIA)

In April 2025, a WIA event, compared by Kelly Hewson Fisher (Director, Head of Rural & Projects Research, Savills), was held at Doddington Hall with all sponsors, including LAS, Savills, Shakespeare Martineau and the CLA in attendance.

LAS delivered a talk at the event, contributing to the programme alongside the other keynote speakers. From our talk, attendees raised a total of £471 in donations for our charity.

A total of 78 ladies attended and heard informative and inspiring presentations, including Meryl Ward and Emma Blandford from Uncle Henry’s and Becci Berry from Brimstone Farm.

Food and Gift Fair

The 2024 Lincolnshire Food and Gift fair helped the local community get into a festive spirit at the end of November, where we welcomed over 100 exhibitors and 10,067 visitors including approx. 850 Society members and supporters attended the Friday preview evening.

Lincolnshire Farming Conference

The Lincolnshire Farming Conference was held on the 13th February 2025 and was focused on ‘Inspiring the Next Generation’. Speakers included Peter Craven from Natural England, Giles Hunt from National Trust and local farmer Anna Jackson.

The conference welcomed record number of delegates with over 300 visitors in total, 16 exhibitors and 9 sponsors. Sponsors included Brown and Co JH Walter, Streets, Shakespeare Martineau, University of Lincoln, Omex, Woldmarsh Producers and Claas Eastern, who also provided workshops within the programme.

International Women’s Day

In March 2025, 145 guests attended our lunch and networking event to celebrate International Women’s Day where they heard from Nikki Cooke from LIVES, Nicky van Der Drift from Bomber Command, Sarah Travis, and Catherine Hobson, who each shared engaging stories that left the audience motivated, inspired, and thoroughly entertained.

Page 6

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Achievements and performance (continued)

Branding

The Strategy Committee highlighted the need to unify branding across the Lincolnshire Showground, Lincolnshire Agricultural Society (LAS), and the Lincolnshire Show, along with other 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, confusion about the charity’s identity, and increased costs and effort in maintaining different logos. A single, cohesive logo would strengthen brand recognition, streamline processes, and create a clearer, more trustworthy identity.

A concept has been agreed utilising a three-stem wheat to represent the three key areas of our charity.

The new branding has now been fully rolled out, including updated signage across the Showground and a refreshed website, to align with the new branding, ensuring a cohesive look for all communications and promotional materials.

Trading Activities

To comply with Charity Law, the Society’s trading activity is undertaken through Lincolnshire Showground Limited. In 2024/25, trading activities have continued to grow, with more venues now competing to host events, making the sector increasingly competitive. Whole site events have recovered as we welcomed back many of our regular customers, and we have also received a number of exciting enquiries for future bookings. The 2025/26 calendar of events is looking extremely promising

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

Charity Resilience

In 2024/25, the Charity has continued to deliver a wide range of events and activities, although the ongoing national economic uncertainty has started to impact the hospitality and events sectors, affecting attendance and overall revenue. Despite these challenges, the team has maintained strong engagement with supporters and participants, continuing to deliver high-quality programmes.

The Charity’s investment from previous land sales and other capital projects has helped to provide financial stability, allowing the organisation to weather current economic pressures.

In 2023/24, the Charity introduced a new service plan and strategic framework, which includes a 10-year resilience strategy designed to help navigate uncertainties effectively and ensure long-term sustainability.

b. Investment policy and performance

Under the Memorandum and Articles of Association, the charity has the power to invest monies at the Trustees’ discretion. The Trustees, having regard to the liquidity requirements of operating the Society and to its reserves policy, have operated a policy of keeping available funds in investments accounts which can readily be retrieved. This amounts seek to achieve a deposit interest which matches or exceeds inflation as measured by the Retail Prices Index.

Page 7

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Financial review

a. Going concern

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

b. Reserves policy

In 2009 the Trustees agreed a new Reserves Policy, due to the investment made in the EPIC Centre of the Society’s cash reserves. The policy states that:

The Charity Trustees consider the minimum operating level of free reserves to be £375,000. Free reserves are considered to be charity unrestricted reserves (but not including the charity’s tangible fixed assets). At 30 September 2025 the free reserves of the charity were £772,377 (2024: £1,133,528). The reason for the reduction in the current year is due to extensive investment improving the facilities and fixed assets of the charity and also due to the operating deficit in the current year. The reserves continue to be in excess of the minimum desired level and the trustees remain committed to the application of these reserves most effectively for the maximisation of public benefit and continuing operation of the society.

Page 8

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Structure, governance and management

a. Constitution

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

b. Methods of appointment or election of Trustees

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

c. Organisational structure and decision-making policies

The AGM elects the following Trustees:

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

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

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

Plus between 5 and 10 elected trustees.

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

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

The Show Committee – to concentrate on all aspects of the annual Show.

The Education Committee – to develop the educational work of the Society including the Lincolnshire Farming Conference, the School’s Challenge, Countryside Lincs and Farmhouse Breakfast Week.

The Finance and Property Committee – to provide scrutiny of the Society's finances and development projects.

The Marketing Committee – to oversee the promotion and marketing of the Charity and Showground activities.

The Health and Safety Committee – To ensure the Charity and the Showground comply with Health and Safety Legislation.

Page 9

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Structure, governance and management (continued)

The Trustees appoint a CEO to manage the day-to-day operations of the charity. To facilitate effective operations the CEO has delegated authority for operational matters including finance and employment. She is supported by permanent staff to achieve this. Her senior management includes heads of services covering the following areas:

d. Policies adopted for the induction and training of Trustees

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

e. Related party relationships

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

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

Since 2024, Young Farmers are now based at Lincolnshire Showground to strengthen their relationship with the Society.

Transactions with Related Parties are summarised in Note 31 of the financial statements and transactions that were undertaken with organisations in which any member of the Council of the Society has an interest are listed here also.

Page 10

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Structure, governance and management (continued)

f. Financial risk management

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

The trustees have a risk management policy which comprises:

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

g. Nominated Charity

The Society at its AGM elects to support at least one nominated charity each year and for 2025 we chose, Linkage Community Trust.

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

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

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

Page 11

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Statement of Trustees' responsibilities

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

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

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

Disclosure of information to auditors

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

Auditors

The auditors, Streets Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 23 January 2026 and signed on their behalf by:

Weer Betws, A Buckley Chair of Trustees

Sis, P D Harrison Treasurer

Page 12

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINCOLNSHIRE AGRICULTURAL SOCIETY

Opinion

We have audited the financial statements of Lincolnshire Agricultural Society (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Society Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Page 13

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

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

Other information

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

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Responsibilities of trustees

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

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

Page 14

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

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

Auditors' responsibilities for the audit of the financial statements

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

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

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

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

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

Page 15

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

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

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

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

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

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

Use of our report

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

Linda Lord BSc FCA BFP TEP (Senior Statutory Auditor)

for and on behalf of

Streets Audit LLP

Chartered Accountants and Statutory Auditor Tower House Lucy Tower Street Lincoln, LN1 1XW

3 February 2026

Page 16

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Note
Income and
endowments from:
Donations and
legacies
4
Charitable activities
5
Other trading activities
6
Investments
8
Other income
9
Total income and
endowments
Expenditure on:
Raising funds
Charitable activities
10
Total expenditure
Net
(expenditure)/incom
e before net gains on
investments
Net gains on
investments
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in
funds
Total funds carried
forward		 Unrestricted
funds
2025
£
189,666
1,333,033
1,168,553
143,759
30,267
2,865,278
806,697
2,403,966
3,210,663
(345,385)
11,468
(333,917)
11,189,798
(333,917)
10,855,881		 Restricted
funds
2025
£
50,000
-
-
10,000
-
60,000
-
52,591
52,591
7,409
-
7,409
-
7,409
7,409		 Endowment
funds
2025
£
-
-
-
-
-
-
-
-
-
-
-
-
4,146,481
-
4,146,481		 Total
funds
2025
£
239,666
1,333,033
1,168,553
153,759
30,267
2,925,278
806,697
2,456,557
3,263,254
(337,976)
11,468
(326,508)
15,336,279
(326,508)
15,009,771		 Total
funds
2024
£
164,186
1,286,331
1,277,522
190,859
18,520
2,937,418
902,590
2,199,312
3,101,902
(164,484)
30,384
(134,100)
15,470,379
(134,100)
15,336,279

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

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

Page 17

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee) REGISTERED NUMBER: 1845726

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2025

Note
Fixed assets
Intangible assets
15
Tangible assets
16
Investments
17
Current assets
Debtors
18
Investments
19
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Total net assets		 325,585
464,300
100,931
890,816
(383,050)		 2025
£
-
10,083,504
4,438,501
14,522,005
507,766
15,029,771
(20,000)
15,009,771		 624,877
872,270
42,773
1,539,920
(677,059)		 2024
£
9,155
10,056,270
4,407,993
14,473,418
862,861
15,336,279
-
15,336,279

Page 18

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee) REGISTERED NUMBER: 1845726

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2025

2025 2024
Note £ £
Charity funds
Endowment funds 22 4,146,481 4,146,481
Restricted funds 22 7,409 -
Unrestricted funds 22 10,855,881 11,189,798
Total funds 15,009,771 15,336,279

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

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

The financial statements were approved and authorised for issue by the Trustees on 23 January 2026 and signed on their behalf by:

Dobos Bawry — Aion A Buckley P D Harrison Chair of Trustees Treasurer

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

Page 19

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee) REGISTERED NUMBER: 1845726

SOCIETY BALANCE SHEET AS AT 30 SEPTEMBER 2025

Note
Fixed assets
Tangible assets
16
Investments
17
Current assets
Debtors
18
Investments
19
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Net assets excluding pension asset
Total net assets		 230,240
464,300
79,959
774,499
(314,595)		 2025
£
10,003,341
4,627,547
14,630,888
459,904
15,090,792
(20,000)
15,070,792
15,070,792		 598,618
872,270
9,419
1,480,307
(674,318)		 2024
£
9,966,079
4,616,079
14,582,158
805,989
15,388,147
-
15,388,147
15,388,147

Page 20

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee) REGISTERED NUMBER: 1845726

SOCIETY BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2025

2025 2024
Note £ £
Charity funds
Endowment funds 22 4,146,481 4,146,481
Restricted funds 22 - -
Unrestricted funds 22 10,924,311 11,241,666
Total funds 15,070,792 15,388,147

The Society's net movement in funds for the year was £ (317,355) (2024 - £(121,863)) .

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

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

The financial statements were approved and authorised for issue by the Trustees on 23 January 2026 and signed on their behalf by:

A Buckley P D Harrison Chair of Trustees Treasurer

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

Page 21

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Repayments of finance leases
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 23 to 49 form part of these financial statements		 2025
£
185,441
21,459
27,200
(240,790)
(15,000)
(207,131)
(10,000)
(445)
(10,445)
(32,135)
597,366
565,231		 2024
£
(972,485)
48,988
-
(660,205)
(82,000)
(693,217)
-
(5,779)
(5,779)
(1,671,481)
2,268,847
597,366

Page 22

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. General information

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

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

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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

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

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

Page 23

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. Accounting policies (continued)

2.2 Income

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

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Society has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Society, can be reliably measured.

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

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

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

Page 24

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. Accounting policies (continued)

2.3 Expenditure

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

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

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

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

2.5 Intangible assets and amortisation

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

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

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

Amortisation is provided on the following basis:

Goodwill - 20 % straight line

Page 25

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation

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

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

Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.

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

Depreciation is provided on the following bases:

Freehold property - Not depreciated
Plant and machinery - 15 - 33% straight line and reducing balance
Other fixed assets - 5 - 33% straight line
Assets under construction - Not depreciated

2.7 Investments

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

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

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

2.8 Debtors

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

2.9 Cash at bank and in hand

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

Page 26

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. Accounting policies (continued)

2.10 Liabilities and provisions

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

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

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

2.11 Financial instruments

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

2.12 Finance leases and hire purchase

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

2.13 Fund accounting

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

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

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

Page 27

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Society makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

The determination of depreciation involves estimating the useful lives and residual values of assets. These estimates require judgement and are based on historical experience and expectations about future use and obsolescence. Actual outcomes may differ, and changes in estimates could materially affect future depreciation charges.

4. Income from donations and legacies

Donations
Legacies
Grants
Membership fees
Total 2025
Total 2024		 Unrestricted
funds
2025
£
24,939
-
-
164,727
189,666
164,186		 Restricted
funds
2025
£
-
-
50,000
-
50,000
-		 Total
funds
2025
£
24,939
-
50,000
164,727
239,666
164,186		 Total
funds
2024
£
25,021
10,092
-
129,073
164,186

5. Income from charitable activities

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Agricultural Shows 1,333,033 1,333,033 1,286,331

Page 28

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

6. Income from other trading activities

Income from fundraising events

Society merchandise
Income from non charitable trading activities
Sales
Income generated in trading subsidiary- Lincolnshire
Showground Limited
Income generated in trading subsidiary- Lincolnshire Energy
Development
Total 2025		 Unrestricted
funds
2025
£
2,932
Unrestricted
funds
2025
£
343
1,139,949
25,329
1,165,621		 Total
funds
2025
£
2,932
Total
funds
2025
£
343
1,139,949
25,329
1,165,621		 Total
funds
2024
£
-
Total
funds
2024
£
-
1,255,136
22,386
1,277,522

Page 29

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

7. Lincolnshire Showground Limited

On behalf of the Society, the Trustees of the Society hold the whole of the issued ordinary share capital of Lincolnshire Showground Limited (formerly known as Lincolnshire Events Centre Limited), a company registered in England and Wales. The subsidiary is used for non-primary purpose trading activities, namely the letting of the facilities on the Society's showground for events other than those organised by the Society in the furtherance of its objects. The total contribution includes a licence fee of £180,000 for the current year and £180,000 for the previous year.

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

Fundraising Income
Turnover
Total Income
Fundraising Expenses and Other Costs
General costs
Wages and salaries
Total Costs
Net Income/Cost of Fundraising
Licence Fee
Total Surplus/(Deficit)		 2025
£
1,138,831
1,138,831
(680,275)
(278,556)
(958,831)
180,000
(180,000)
-		 2024
£
1,252,468
1,252,468
(808,928)
(263,540)
(1,072,468)
180,000
(180,000)
-

8. Investment income

Unrestricted
funds
2025
£
Rental Income
122,300
Interest Receivable
21,459
Total 2025
143,759
Total 2024
190,859		 Restricted
funds
2025
£
10,000
-
10,000
-		 Total
funds
2025
£
132,300
21,459
153,759
190,859		 Total
funds
2024
£
137,738
53,121
190,859

Page 30

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

9. Other incoming resources

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Other income 30,267 30,267 18,520

10. Analysis of expenditure on charitable activities

Summary by fund type

Agricultural Shows
Total 2024		 Unrestricted
funds
2025
£
2,403,966
2,199,312		 Restricted
funds
2025
£
52,591
-		 Total
2025
£
2,456,557
2,199,312		 Total
2024
£
2,199,312

Summary by expenditure type

Agricultural Shows
Total 2024		 Staff costs
2025
Depreciation
2025
£
£
566,854
132,740
509,337
119,421		 Other costs
2025
£
1,756,963
1,570,554		 Total
2025
£
2,456,557
2,199,312		 Total
2024
£
2,199,312

Page 31

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

11. Analysis of expenditure by activities

Activities
undertaken
directly
2025
Support
costs
2025
£
£
Agricultural Shows
2,447,402
9,155
Total 2024
2,187,108
12,204
Analysis of direct costs
Charitable
Activities
2025
£
Staff costs
566,854
Depreciation
132,740
Agricultural show costs
997,866
Repairs and maintenance
333,621
Rates, water, light and heat
125,872
Insurance
88,525
Professional fees and charges
57,549
Bank and finance charges
21,165
Postage and telephone
31,297
Staff related costs
32,960
Grants, presentations and subscriptions
10,834
Sundries
48,119
Total 2025
2,447,402
12.
Auditors' remuneration
Fees payable to the Society's auditor for the audit of the Society's annual
accounts		 Total
funds
2025
£
2,456,557
2,199,312
Total
funds
2025
£
566,854
132,740
997,866
333,621
125,872
88,525
57,549
21,165
31,297
32,960
10,834
48,119
2,447,402
2025
£
13,250		 Total
funds
2024
£
2,199,312
Total
funds
2024
£
509,337
119,421
892,771
289,090
63,650
65,733
118,742
21,275
38,676
36,739
3,971
27,703
2,187,108
2024
£
12,750

Page 32

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

13. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2025
£
754,939
46,479
43,992
845,410		 Group
2024
£
668,123
64,337
40,417
772,877		 Society
2025
£
476,383
46,479
43,992
566,854		 Society
2024
£
404,583
64,337
40,417
509,337

There were no redundancies in the year ended 30 September 2025 or 30 September 2024.

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

Ground Staff
Management and Administration
Events
Facilities		 Group
2025
No.
5
6
6
1
18		 Group
2024
No.
3
7
6
1
17

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

Group Group
2025 2024
No. No.
In the band £60,001 - £70,000 1 1

The key management personnel of the charity are the trustees, Chief Executive Officer and Management Team. No trustees received any remuneration during the year (2024: £nil). The total remuneration and benefits paid (excluding NI) to the CEO and five (2024: four) members of the Management Team during the year amounted to £303,991 (2024: £181,746).

Page 33

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

14. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 30 September 2025, no Trustee expenses have been incurred (2024 - £NIL) .

15. Intangible assets

Group
Cost
At 1 October 2024
At 30 September 2025
Amortisation
At 1 October 2024
Charge for the year
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024		 Goodwill
£
61,022
61,022
51,867
9,155
61,022
-
9,155

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

Page 34

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

16. Tangible fixed assets

Group

Cost or valuation
At 1 October 2024
Additions
Disposals
At 30 September 2025
Depreciation
At 1 October 2024
Charge for the year
On disposals
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024		 Freehold
property
£
9,633,027
-
(197)
9,632,830
-
-
-
-
9,632,830
9,633,027		 Plant and
machinery
£
413,232
82,150
(97,461)
397,921
369,886
5,533
(71,241)
304,178
93,743
43,346		 Other fixed
assets
Assets
under
construction
£
£
2,555,288
-
94,049
64,591
(591,339)
-
2,057,998
64,591
2,175,391
-
163,425
-
(573,158)
-
1,765,658
-
292,340
64,591
379,897
-		 Total
£
12,601,547
240,790
(688,997)
12,153,340
2,545,277
168,958
(644,399)
2,069,836
10,083,504
10,056,270

Page 35

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

16. Tangible fixed assets (continued)

Society

Cost or valuation
At 1 October 2024
Additions
Disposals
At 30 September 2025
Depreciation
At 1 October 2024
Charge for the year
On disposals
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024		 Freehold
property
Assets
under
construction
£
£
9,633,027
-
-
64,591
(197)
-
9,632,830
64,591
-
-
-
-
-
-
-
-
9,632,830
64,591
9,633,027
-		 Plant and
machinery
£
413,232
82,150
(97,461)
397,921
369,886
5,533
(71,241)
304,178
93,743
43,346		 Other fixed
assets
£
2,377,056
94,049
(591,339)
1,879,766
2,087,350
153,397
(573,158)
1,667,589
212,177
289,706		 Total
£
12,423,315
240,790
(688,997)
11,975,108
2,457,236
158,930
(644,399)
1,971,767
10,003,341
9,966,079

Page 36

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

17. Fixed asset investments

Group
Cost or valuation
At 1 October 2024
Additions
Revaluations
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024		 Unlisted
investments
£
395,993
15,000
15,508
426,501
426,501
395,993		 Other fixed
asset
investments
£
4,012,000
-
-
4,012,000
4,012,000
4,012,000		 Total
£
4,407,993
15,000
15,508
4,438,501
4,438,501
4,407,993

During the year ended 30th September 2017 the Society received the transfer of the significant legacy from the late Sheila Trafford. The deed of transfer is dated 8th September. The bequest comprised farm land and buildings and residual cash. The Trustees are aware that the bequest was made to the Society subject to restrictive covenants affecting part of the land. It was also accompanied by a letter of wishes that the Society’s Trustees have been asked to respect in their dealings with the asset. The bequest was made to support ‘the education of young people in agriculture’. The trustees have considered the valuation as part of the accounts preparation for the year ended 30 September 2025 and the value was considered to remain appropriate.

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

Page 37

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

17. Fixed asset investments (continued)

Society
Cost or valuation
At 1 October 2024
Revaluations
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024		 Investments
in
subsidiary
companies
£
242,152
-
242,152
242,152
242,152		 Unlisted
investments
£
361,927
11,468
373,395
373,395
361,927		 Other fixed
asset
investments
£
4,012,000
-
4,012,000
4,012,000
4,012,000		 Total
£
4,616,079
11,468
4,627,547
4,627,547
4,616,079

Page 38

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

17. Fixed asset investments (continued)

Principal subsidiaries

The following were subsidiary undertakings of the Society:

Names Company Registered office or principal Principal activity Principal activity Class of Holding
number place of business shares
Lincolnshire Showground Limited 02964980 Lincolnshire Showground Events Ordinary 100%
Lincolnshire Energy Development Limited 07485821 Lincolnshire Showground Solar Energy Ordinary 100%
The financial results of the subsidiaries for the year were:
Names Income Expenditure Net assets
£ £ £
Lincolnshire Showground Limited 1,138,831 (1,138,831) 4
Lincolnshire Energy Development Limited 21,289 (21,289) 181,125

The financial results of the subsidiaries for the year were:

Page 39

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

18. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2025
£
154,963
-
90,027
80,595
325,585		 Group
2024
£
302,391
-
234,607
87,879
624,877		 Society
2025
£
56,804
16,741
90,020
66,675
230,240		 Society
2024
£
133,330
146,611
230,798
87,879
598,618

19. Current asset investments

Group Group Society Society
2025 2024 2025 2024
£ £ £ £
Bank deposit accounts 464,300 872,270 464,300 872,270

Page 40

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

20. Creditors: Amounts falling due within one year

Bank overdrafts
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Obligations under finance lease and hire
purchase contracts
Other creditors
Accruals and deferred income		 Group
2025
£
-
117,306
-
20,235
-
694
244,815
383,050		 Group
2024
£
317,677
204,721
-
15,258
445
34,736
104,222
677,059		 Society
2025
£
-
117,306
26,882
19,431
-
694
150,282
314,595		 Society
2024
£
317,677
204,687
37,867
14,619
445
34,736
64,287
674,318

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

Group Group Society Society
2025 2024 2025 2024
£ £ £ £
Other loans 20,000 - 20,000 -

Page 41

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

22. Statement of funds

Statement of funds - current year

Unrestricted
funds
Free Reserves
Revaluation
Reserve
Fixed Asset
Reserve
Endowment
funds
Trafford Farm
Restricted
funds
Trafford Farm
Grant
WLDC Grant
Funding
Total of funds		 Balance at 1
October
2024
£
1,133,528
3,846,071
6,210,199
11,189,798
4,146,481
-
-
-
15,336,279		 Income
£
2,865,278
-
-
2,865,278
-
10,000
50,000
60,000
2,925,278		 Expenditure
£
(3,041,705)
-
(168,958)
(3,210,663)
-
(2,591)
(50,000)
(52,591)
(3,263,254)		 Transfers
in/out
£
(196,192)
-
196,192
-
-
-
-
-
-		 Gains/
(Losses)
£
11,468
-
-
11,468
-
-
-
-
11,468		 Balance at
30
September
2025
£
772,377
3,846,071
6,237,433
10,855,881
4,146,481
7,409
-
7,409
15,009,771

Page 42

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

22. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Free Reserves
Revaluation
Reserve
Fixed Asset
Reserve
Endowment
funds
Endowment
Funds
Trafford Farm-
Investment
Assets
Trafford Farm-
Residual
Assets
Restricted
funds
Lincfarms Fund
Total of funds		 Balance at
1 October
2023
£
1,798,383
3,846,071
5,679,444
11,323,898
2,400
4,096,000
50,481
4,148,881
7,590
15,480,369		 Income
£
2,937,418
-
-
2,937,418
-
-
-
-
-
2,937,418		 Expenditure
£
(2,972,452)
-
(129,450)
(3,101,902)
(2,400)
-
-
(2,400)
(7,590)
(3,111,892)		 Transfers
in/out
£
(660,205)
-
660,205
-
-
-
-
-
-
-		 Gains/
(Losses)
£
30,384
-
-
30,384
-
-
-
-
-
30,384		 Balance at
30
September
2024
£
1,133,528
3,846,071
6,210,199
11,189,798
-
4,096,000
50,481
4,146,481
-
15,336,279

Page 43

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

22. Statement of funds (continued)

General funds

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

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

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

Endowment funds

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

Restricted funds

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

Page 44

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

23. Summary of funds

Summary of funds - current year

Balance at
Balance at 1 30
October Transfers Gains/ September
2024 Income Expenditure in/out (Losses) 2025
£ £ £ £ £ £
General funds 11,189,798 2,865,278 (3,210,663) - 11,468 10,855,881
Endowment
funds 4,146,481 - - - - 4,146,481
Restricted
funds - 60,000 (52,591) - - 7,409
15,336,279 2,925,278 (3,263,254) - 11,468 15,009,771
Summary of funds - prior year
Balance at
Balance at 30
1 October Transfers Gains/ September
2023 Income Expenditure in/out (Losses) 2024
£ £ £ £ £ £
General funds 11,323,898 2,937,418 (3,101,902) - 30,384 11,189,798
Endowment
funds 4,148,881 - (2,400) - - 4,146,481
Restricted
funds 7,590 - (7,590) - - -
15,480,369 2,937,418 (3,111,892) - 30,384 15,336,279

Page 45

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

24. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
10,083,504
Fixed asset investments
426,501
Current assets
748,926
Creditors due within one year
(383,050)
Creditors due in more than one
year
(20,000)
Total
10,855,881		 Restricted
funds
2025
£
-
-
7,409
-
-
7,409		 Restricted
funds -
class ii
2025
£
-
-
-
-
-
-		 Endowment
funds
2025
£
-
4,012,000
134,481
-
-
4,146,481		 Total
funds
2025
£
10,083,504
4,438,501
890,816
(383,050)
(20,000)
15,009,771

Analysis of net assets between funds - prior year

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
10,056,270
9,155
395,993
1,405,439
(677,059)
11,189,798		 Endowment
funds
2024
£
-
-
4,012,000
134,481
-
4,146,481		 Total
funds
2024
£
10,056,270
9,155
4,407,993
1,539,920
(677,059)
15,336,279

Page 46

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

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

26.

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Gains on investments
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
Analysis of cash and cash equivalents		 Group
2025
£
(326,508)
168,958
9,155
(15,508)
(21,459)
17,398
299,292
54,113
185,441		 Group
2024
£
(134,100)
129,450
12,204
(34,450)
(48,988)
-
(289,687)
(606,914)
(972,485)
Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents		 Group
2025
£
100,931
464,300
565,231		 Group
2024
£
(274,904)
872,270
597,366

Page 47

LINCOLNSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

27. Analysis of changes in net debt

Cash at bank and in hand
Bank overdrafts repayable on demand
Debt due after 1 year
Finance leases
Liquid investments		 At 1
October
2024
£
42,773
(317,677)
-
(445)
872,270
596,921		 Cash flows
£
58,158
317,677
-
445
(407,970)
(31,690)		 Other non-
cash
changes
£
-
-
(20,000)
-
-
(20,000)		 At 30
September
2025
£
100,931
-
(20,000)
-
464,300
545,231

28. Contingent liabilities

As a result of VAT rulings during the year end the Society intends to revisit VAT paid on show activities which the trustees believe constitute exempt fundraising. The amount of the potential reclaim is not currently able to be quantified although the VAT erroneously charged on current year tickets has been included as part of the VAT debtor balance. The society will also owe an as yet unquantified amount due to the partial exemption status which will arise.

29. Operating lease commitments

At 30 September 2025 the Group and the Society had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2025
£
9,439
15,653
25,092		 Group
2024
£
-
-
-		 Society
2025
£
9,439
15,653
25,092		 Society
2024
£
-
-
-

Page 48

LINCOLNSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

30. Related party transactions

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

During the year, the society made purchases from the following organisations in which various Trustees of the charity have an interest. These figures are stated exclusive of value added tax: Woldmarsh Producer Ltd - £140,099 (2024: £33,501) Henson Franklyn - £41,292 (2024: £45,325) Lockwood Estates Ltd - £Nil (2024: £6,763)

All of the above transactions were carried out via the normal course of business and on an arms length basis. As at the 30 September 2025, a net amount of £10,124 (2024: £Nil) was owed to Woldmarsh Producers Limited.

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

Page 49