The Trustees present their annual report and financial statements for the year ended 31 December 2024, which for the purposes of this report and financial statement, include the Office Holders, Directors and Trustees and Overseas Trustees (and references to the Trustees will be construed accordingly).
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Society's governing document, the Companies Act 2006 and "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 Royal Agricultural Society of the Commonwealth ("the Society") encourages member Societies to exchange information which will be of benefit to the rural economy of Commonwealth countries.
The principal objective is to plan and hold a biennial Commonwealth Conference to give RASC members, and other interested organisations allied to farming, the opportunity to network and explore their interests and mutual problems in agriculture.
A second major objective is to encourage high standards within Agricultural Shows and to strengthen and improve relationships between the Member Show Societies within the Commonwealth. The biennial Chief Executives' Seminar provides the perfect platform for this.
The young people of today are the leaders of tomorrow and the Next Generation Forum held immediately prior to the biennial Conference is designed to enable them to play their part in the development of the RASC and their own Societies.
As a means of exploring agriculture and agricultural techniques, the RASC, in addition to its biennial Conference, aims to facilitate short tours, seminars and discussion groups both within and outside the Commonwealth where these are of benefit to the Society's members.
Third World poverty brought about by food shortage is a matter of concern to everyone and the RASC aims to encourage Member Societies in developed countries to raise their sights beyond their local environment towards those countries where agricultural education and expertise is urgently needed to enable food production to be increased.
Being the only Commonwealth agricultural Non Governmental Organisation (NGO), the RASC seeks to work more closely with the Commonwealth Secretariat and to participate in setting the agenda for agriculture in the Commonwealth.
The RASC will consider licensing its name and reputation where others wish to produce publications for the transfer of technical knowledge of benefit to its members and their activities.
Communication with Member Societies, Commonwealth organisations and other interested parties is paramount. In addition to personal and professional contacts by Honorary Officers and Trustees, this is achieved through its website and by the production and circulation of a quarterly RASC Newsletter. These two media sources provide not only news about Member Societies but also information on agricultural research, education and the work of other Commonwealth organisations.
Strategy adopted by the Trustees to implement the objectives
Honorary Officeholders supported by Trustees, worked on the implementation of the Recommendations of The Strategic Sub Group. These included:
Setting up 4 Sub Groups in 2021 to help with the implementation of the work of RASC. These were Finance, Membership and Communications, Conference and Next Generation. Each of these sub groups consisted of a Chairman and 3 or 4 other Trustees;
Seeking to work more closely with the Commonwealth Secretariat;
Encouraging Trustees to continue their regular contact with Member Societies;
Publishing monthly electronic editions of the RASC Newsletter; and
The ongoing implementation of the strategy review.
Public benefit
The Trustees have had due regard to the Charity Commission's guidance to public benefit. The main activities undertaken to further the Society's purposes for the public benefit are, through the biennial Commonwealth Agriculture Conference and other short tours and seminars, to support Agricultural Shows and the next generation of leaders in the Agricultural sector around the Commonwealth in exploring and sharing new agricultural techniques.
Biennial conference
The Society's principal activity is to organise a biennial Commonwealth Agricultural Conference, these being cancelled in 2020 and 2022 due to the Global Pandemic. The Conference returned in 2024, with the event being held in Edinburgh Scotland in June, to coincide with the Royal Highland Show. The Conference was a great success and together with a pre-Conference Tour, generated a good surplus for the Society.
Some 141 delegates attended the main Conference, with a good attendance for the CEO and Next Generation meetings. A successful pre-Conference Tour was organised in Central Scotland, showcasing the best in Scottish Agriculture and its associated industries.
The Society is most grateful for the generous sponsorship received from the National Westminster Bank Group.
Work has now started on the 2026 Commonwealth Agricultural Conference, to be held in Cape Town South Africa in November 2026.
Membership
There are a total of 51 Member Societies (2023: 52), 17 Full Member Societies (2023: 17) and 34 Associate Member Societies (2023: 35). Some 14 (2023: 11) individuals known as "Friends of the RASC" paid an annual subscription of £25. They have no voting rights.
Senior Officers of the RASC and Trustees have visited in recent years a number of Agricultural Shows and Member Organisations throughout the Commonwealth to promote the Society's objectives and to thank sponsors and friends for their support.
Promotion
Website
The RASC website underwent a complete revamp in line with last year's Conference, significantly enhancing the organisation's professional image and online presence. The site continues to be managed by Rebecca Maitland in collaboration with Roslin Design.
Social media
We've seen consistent monthly growth in reach, followers and engagement, across all our social media platforms - including: Facebook, Twitter, LinkedIn and Instagram. These channels remain active and vibrant through the regular sharing of stories, news and updates from across the Commonwealth.
Newsletter
A newsletter is issued each month via Mailchimp, now reaching over 300 subscribers. The open rate remains steady at an encouraging 55%. Each edition offers a broad range of news, updates and insights from across the RASC network, including contributions from Member Societies and Commonwealth organisations.
The newsletter continues to serve as a valuable resource for members, keeping them informed and connected. Member Societies are encouraged to share and circulate it further within their own networks. We also warmly welcome the submission of news, stories and articles to be featured in future issues.
A brand new, dedicated newsletter for the "Next Generation" has been announced for 2025 and will be shared soon.
Next generation
The Next Generation (NG) continues to grow from strength to strength, and in July 2025 after a break because of the COVID Pandemic an Understanding and Assistance Mission will take place in Botswana, a country with no RASC Membership at present.
Fundraising
The Society understands its duty to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches and undue pressure to donate. It does not currently fundraise from the public or use any internal fundraisers or external fundraising agencies for either telephone or face-to-face campaigns and received no fundraising complaints during the year.
Membership subscriptions
Membership subscriptions are calculated using a system that takes into account fairness, the ability to pay and the relative power of the local currency. In setting the base subscription rates for Members, recognition was taken of:
a) UK and non-UK origin;
b) Developed and developing countries; and
c) Large or small Societies.
This led to six basic rates and in addition two rates were set for Associate Members - developed and developing countries.
Report of the treasurer
The draft financial statements for 2023 were submitted to the Board of Trustees at their board meeting in London on 27 February 2024. After consideration, the financial results were approved for submission to the Annual General Meeting held at the Conference in Edinburgh on 27 June 2024.
The surplus on operating activities for this year, 2024 was £50,828 (2023: Surplus of £11,692).
Subscription levels were maintained throughout the society membership and I am pleased to say we had a very good response from Societies (49) plus two new members. We also appreciate and thank individuals who support us through Friends of RASC. The biennial Conference has a big effect, with societies paying their subscription to benefit any of their members who wish to attend the Conference and the numbers of delegates reflected this. With a good surplus for 2024, RASC are in a good financial way.
Communications are very much part of the remit of RASC and monthly newsletters keep everyone updated on many events / show throughout the Commonwealth. Rebecca Maitland does a fantastic job with the communications and new podcasts are now beginning to involve more people presenting on many issue.
The 2025 Mission of Understanding is all organised, with nine Next Generation delegates going to Botswana in July. RASC thanks a very generous donor for funds to assist the delegates on this tour. Our thanks to Michael Lambert for helping to organise this great trip for the NG's.
Organisation has started with Breyton Milford in the Cape of Good Hope for the 2026 Conference, with Julian Taylor co-ordinating it all for the Trustees.
The investment portfolio has performed well throughout 2024 with the stock market performing well in the 8,400 levels. At the end of 2024 the value of investments stood at £214,665 (2023: £201,573). The Trustees continue to pay close attention to the investment policy.
As noted on the Balance Sheet on page 11, the Society is exempt from a formal annual financial audit. Instead an Independent Examiner is appointed with their responsibilities being as set out in their report detailed on page 8. The Trustees recommend that Roseanne Bennett of Greaves, West & Ayre be re-appointed for a further twelve months as the Independent Examiner to the Society.
General reserves policy
The general unrestricted fund is held to support administration and overhead costs. The intention is that this should be grown and maintained in surplus. Such unrestricted income is expendable at the discretion of the Trustees in the furtherance of the objectives of the Society and may be held to finance both working capital and capital investment.
As at the 31 December 2024 the level of unrestricted reserves held was £255,268 (2023: £204,440), which is considered sufficient to support the operations of the Society for at least twelve months from the date of the balance sheet.
Other funds of £43,597 (2023: £43,597) are specifically restricted to identifiable projects.
Investment policy
The Trustees primary objectives when investing are to invest the assets in such a way as to maximise capital value through a combination of capital growth and income generation, subject to an acceptable level of risk in order to provide a sustainable flow of funds when required to support the Society's charitable activities.
Risk management
The Trustees have the overall responsibility for ensuring that the Society has an appropriate system of controls, financial and otherwise. The systems of financial control are designed to provide assurance against material misstatement or loss. They include:
Regular meetings of the Trustees, at which the financial health of the Society is reported and discussed;
Written policy as to the management of the Society's funds by third parties; and
Financial procedures to ensure the proper disbursement of monies owing by the Society.
The Trustees have reviewed major risks and established systems together with appropriate monitoring procedures to mitigate them. The key risk controls used include:
Formal agendas and minutes for all Committees and Board activity;
Comprehensive strategic planning, budgeting and management accounting;
Established organisational structure and lines of reporting; and
Clear authorisation and approval levels.
The Society is a registered charity and a company limited by guarantee and is governed by its Memorandum and Articles of Association. The Society was incorporated on 23 October 2003 and commenced activities on 1 January 2004. The assets of the Society were transferred into the company limited by guarantee on 1 January 2004 from the unincorporated Society. The Directors and Trustees are listed on below.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The Board of Trustees
The Society is managed by the Board of Trustees who are responsible for the general management and control of the affairs and assets of the Society. The Trustees who shall number not less than nine and not more than seventeen are both charity Trustees for the purpose of the Charities Act 2011 and directors of the charitable company for the purpose of the Companies Act 2006.
At 31 December 2024, there were ten elected Trustees (three of whom were resident overseas and seven in the UK) and two co-opted Trustees, together with seven Honorary Officers (Deputy President, Chairman, Honorary Treasurer, Honorary Secretary, Honorary Liaison officer (Press Secretary) and two Honorary Next Generation Facilitators).
Trustees are elected by the Full Members of the Society following nomination by them or by recommendation by the Board of Directors. Trustees serve a term of three years. They may stand for re-election. Normally, one overseas and two UK Trustees retire in rotation each year.
President: The president is HRH The Princess Royal KG KT.
Honorary Officers
Deputy President: Appointed by the Trustees, from a nomination of the Conference Host Society to deputise for the President or Vice President when necessary.
Honorary Chairman: Elected at the Annual General Meeting for a term of not more than four years but such term may be extended for a further term of not more than four years.
Honorary Secretary: Elected at the Annual General Meeting on an annual basis, reporting to the Trustees and , in liaison with the Honorary Treasurer and Honorary Press Secretary, responsible for the day to day management and administration of the Society.
Honorary Treasurer: Elected at the Annual General Meeting on an annual basis. Reporting to the Trustees, the Treasurer works in close liaison with the Honorary Secretary and is responsible for the finances of the Society.
Honorary Liaison Officer (Press Secretary): Elected at the Annual General Meeting on an annual basis and reporting to the Trustees. Working in close liaison with the Honorary Secretary and responsible for the publication of the RASC News and all media matters.
Honorary Next Generation Facilitators: Elected at the Annual General Meeting on an annual basis, reporting through the Honorary Secretary to the Trustees, to facilitate the activities of the Next Generation Forum at the Conference.
Honorary Fellows
Elected by the Trustees and restricted to members of or those who administer Member Societies or the RASC and who have made an outstanding contribution to the RASC. Honorary Fellows, while enjoying the right to attend and to speak at any general meeting, may not vote.
The Trustees, who are also the directors of The Royal Agricultural Society of the Commonwealth for the purpose of company law, are responsible for preparing the Trustees Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Society and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these accounts, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the Society will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Society and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees report was approved by the Board of Trustees.
I report to the Trustees on my examination of the financial statements of The Royal Agricultural Society of the Commonwealth (the Society) for the year ended 31 December 2024.
Having satisfied myself that the financial statements of the Society are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Society’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Since the Society’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the Society as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
The Royal Agricultural Society of the Commonwealth is a private company limited by guarantee incorporated in England and Wales. The registered office is Norfolk Showground, Dereham Road, Norwich, England, NR5 0TT. As at 31 December 2024 there were 51 (2023: 52) member societies, each of whom has agreed to contribute £1 in the event of the Society winding up.
The financial statements have been prepared in accordance with the Society's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 Society is a Public Benefit Entity as defined by FRS 102.
The Society has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Society. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention with the exception of the investments which are included at fair value, their market value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the Society has been notified of the donation, unless performance conditions require deferral of the amount.
Membership subscriptions are recognised in the year in which they are received.
Investment income comprises dividends receivable during the year on listed investments held within the investment portfolio.
Income received in respect of future Conferences is carried forward as current liabilities on the balance sheet and are accounted for in the Statement of Financial Activities in the year in which the conference takes place. Conference income reflects all monies received relating to Conferences which occurred in the year to the balance sheet date.
All expenditure is accounted for on an accruals basis. Costs are allocated to appropriate headings, based on the activities to which they are attributable.
Management and administration costs are those incurred in connection with the administration of the Society and compliance with constitutional and statutory requirements.
Conference expenditure includes both direct costs and other overhead expenditure and is recognised in the Statement of Financial Activities in the year in which it is occurred.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
Stock is included at the lower of cost and net realisable value and includes ties for promotional purposes.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The Society has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Society's balance sheet when the Society becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the Society’s contractual obligations expire or are discharged or cancelled.
In the application of the Society’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The Society is most grateful to its Honorary Officers and Trustees who devote many hours to Society activities. Their time cannot be quantified in financial terms.
Investment management fees
Governance costs includes payments to the Independent Examiner of £1,000 (2023: £950) for independent examination fees.
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Society during the year (2023: None).
Travelling and other expenses totalling £4,932 (2023: £4,884) were reimbursed to or paid in respect of 3 (2023: 6) of the Society's Honorary Officers and Society Officials attending meetings and conferences during the year.
The Society is exempt from taxation on its activities because all its income is applied for charitable purposes.
The restricted funds of the Society comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The restricted funds are used by the Trustees to correctly classify and record those funds subject to specific restricted conditions imposed by the donors.
The Next Generation Young Farmer Funds are held in order to fund the attendance of a young farmer at a future conference or reception.
The 2024 Conference Funds were held in order to stage the 2024 conference which was successfully held in Edinburgh earlier this year. Trustees are now considering proposals for the next biennial Commonwealth Agricultural Conference, due to be staged in Cape Town, South Africa in 2026.
In order to record the surplus made from the 2024 Edinburgh Conference as Unrestricted General Funds, the Trustees discussed and approved a transfer of £28,227 from the Restricted 2024 Conference Fund.
These are unrestricted funds of the Society which have been designated by the trustees for specific purposes.
The unrestricted designated fund is held as a reserve for unexpected expenditure in respect of future Conferences.
The unrestricted funds of the Society is held as a reserve for future Conferences and/or NG Missions of Understanding.
There were no disclosable related party transactions during the year (2023: None).