Caseware UK (AP4) 2022.0.179 2022.0.179 Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-3057695086542556553056553012022-10-01falseNo description of principal activity12023-09-30 SC262715 2022-10-01 2023-09-30 SC262715 2021-10-01 2022-09-30 SC262715 2023-09-30 SC262715 2022-09-30 SC262715 2022-10-01 SC262715 2021-10-01 SC262715 c:CompanySecretary1 2022-10-01 2023-09-30 SC262715 c:RegisteredOffice 2022-10-01 2023-09-30 SC262715 d:Buildings 2022-10-01 2023-09-30 SC262715 d:Buildings 2023-09-30 SC262715 d:Buildings 2022-09-30 SC262715 d:FurnitureFittings 2022-10-01 2023-09-30 SC262715 d:FurnitureFittings 2023-09-30 SC262715 d:FurnitureFittings 2022-09-30 SC262715 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-01 2023-09-30 SC262715 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-30 SC262715 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-09-30 SC262715 d:CurrentFinancialInstruments 2023-09-30 SC262715 d:CurrentFinancialInstruments 2022-09-30 SC262715 c:FRS102 2022-10-01 2023-09-30 SC262715 c:IndependentExaminationCharity 2022-10-01 2023-09-30 SC262715 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 SC262715 b:Trustee1 2022-10-01 2023-09-30 SC262715 b:Trustee2 2022-10-01 2023-09-30 SC262715 b:TotalEndowmentFunds 2022-10-01 2023-09-30 SC262715 b:TotalEndowmentFunds 2023-09-30 SC262715 b:TotalEndowmentFunds 2022-09-30 SC262715 1 2023-09-30 SC262715 1 2022-09-30 SC262715 b:Activity1 2022-10-01 2023-09-30 SC262715 b:Activity1 2021-10-01 2022-09-30 SC262715 b:Activity1 b:TotalEndowmentFunds 2022-10-01 2023-09-30 SC262715 b:TotalUnrestrictedFunds 2023-09-30 SC262715 b:TotalUnrestrictedFunds 2022-09-30 SC262715 c:FullAccounts 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Registered number: SC262715
Charity number: SC014729














PERTHSHIRE AGRICULTURAL SOCIETY
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
PERTHSHIRE AGRICULTURAL SOCIETY
 
(A company limited by guarantee)
 

CONTENTS



Page
Reference and administrative details of the Company, its Trustees and advisers
1
Trustees' report
2 - 7
Independent examiner's report
8
Statement of financial activities
9
Balance sheet
10 - 11
Notes to the financial statements
12 - 25

 
PERTHSHIRE AGRICULTURAL SOCIETY
 
(A company limited by guarantee)
 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Trustees
Robert Gilchrist, Chairman
David Barclay, Vice Chairman

Company registered number
SC262715

Charity registered number
SC014729

Registered office
26 York Place
Perth
PH2 8EH

Company secretary
Jennifer Leslie

Page 1

 
PERTHSHIRE AGRICULTURAL SOCIETY
 
(A company limited by guarantee)
 
  
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

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

Since the Company qualifies as small under section 382 of the Companies Act 2006, the 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 primary objective of the Society is to run a two-day Equestrian and Agricultural Show within the city of Perth, on the first Saturday in August, with the prior Friday as the first day each year, within a budgeted target. 
Other objective and activities include : 
1) To continue to hold Breed Society Shows in cattle, horses, sheep, donkeys and goats.
2) Continue to educate the audience on animal husbandry and agriculture.
3) Continue working with The Royal Highland Educational Trust (RHET) sponsoring marquee to host an educational programme for children.
4) Continue to sponsor a marquee to host the Association of Junior Agricultural Clubs in Perthshire, assisting them to promote their activities to the general public.
5) To develop the demonstration area showcasing harness decoration, horse shoeing, sheep shearing etc.
6) To continue development of the Craft and Lifestyle marquee and general Trade Stand Area.
7) To develop further the Food and Drink Pavilion in conjunction with Perthshire on a Plate and showcasing food and drink from Perthshire and beyond.
8) To continue to develop the Cookery Theatre and engage with local and other chefs to demonstrate their skills at the Show; and
9) Maintain contact and attend forums with other Agricultural Shows throughout Scotland.
 

Page 2

 
PERTHSHIRE AGRICULTURAL SOCIETY
 
(A company limited by guarantee)
 
Achievements and performance
 

a. Main achievements of the Company
 

Robert Gilchrist was elected Chairman of Perthshire Agricultural Society at the AGM on 3 November 2022.
The 2023 Show was held on Perth’s Main South Inch on Friday 4 and Saturday 5 August 2023. We received livestock entries for cattle, sheep, horses, donkeys and dogs, trade stand entries for a wide cross section of traders, provided marquees for RHET, Young Farmers and crafters as well as worked closely with Perthshire on a Plate to both showcase food and drink and the cookery theatre. During the course of the year the top table have engaged and attended agricultural show forums.
We would like to thank all of those who prepared livestock and put entries into our Show.
Perthshire Agricultural Society would also like to thank all the Directors, the Secretary, Members and Volunteers who assisted during the course of the year.
 

Financial review
 

a. Going concern
 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company 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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
 

b. Reserves policy
 

The accounts for the period ended 30 September 2023 show net loss of £10,341 with a gain on investments £4,631 giving an overall loss of £5,710, which will be added to the reserves. There is no restriction of the absolute powers of investment.
The reserves fund represents the unrestricted fund arising from past operating results. It is the policy of the Society to maintain reserves at a level in order to provide long term viability to fun the objectives of the Society.
The directors have assessed the major risks to which the Society is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. The principal risk is the cancellation of the show due to bad weather conditions or unforeseen circumstances. Careful containment of costs in setting up the show helps mitigate the risk of financial loss.
 

Structure, governance and management
 

a. Constitution
 

Perthshire Agricultural Society is registered as a charitable company limited by guarantee and was set up by a Trust deed.
 

b. Methods of appointment or election of Trustees
 

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
 

Page 3

 
PERTHSHIRE AGRICULTURAL SOCIETY
 
(A company limited by guarantee)
 
Structure, governance and management (continued)

c. Organisational structure and decision-making policies
 

The Society’s object are set out in the Constitution, Rules and Article and Memorandum of Association being to advance the interest in agricultural in the Country of Perthshire, by mean of an Annual Show of livestock and any such other objectives connected with agriculture and the promotion of the interest of the members, as may be approved from time to time by general meeting of the members of the Society of Directors. 
The Board of Directors are headed by the Chairman and Vice Chairman who serve in office for one year.  Other board members consist of directors from the 9 district wards, convenors and ex-officio of the Society.  Regular meetings are held to discuss policy and administration, with the day to day running to the Society carried out by the Secretary. 
 

Plans for future periods
 

The Society will hold a Show on the Main South Inch on Friday 2 and Saturday 3 August 2024. Should wet weather prevail the Show will be transferred to the Lesser South Inch.
The Society will endeavour to look for innovative ideas to improve the Show and expand what it has to offer to the exhibitors and general public.
The Society is a registered charity in Scotland and will continue to run Perth Show on that basis.
The Society will strive to have a good communication and involvement with Perth and Kinross Council.
 

Page 4

 
PERTHSHIRE AGRICULTURAL SOCIETY
 
(A company limited by guarantee)
 
Office Bearers
 

PATRON
Mr John MacGregor
 
PRESIDENT
Mr David Armstrong
 
VICE PRESIDENT
Mr Alastair H Anderson
Mr David Croal
Mr Neil C Forbes
Mrs Mary Fotheringham
Mrs Sheena Fowler
Mr H David Legatt MBE
Mr D Murray Lyle
Mr Ronald W Mackie
Mr John L Morison
Mr Grant Morris
Mrs Mairi Paterson
Provost of Perth
Major DFWH Walter  
CHAIRMAN
Robert Gilchrist 
VICE CHAIRMAN
David Barclay 
JUNIOR VICE CHAIRMAN
Philip Murrie 
EX OFFICIO
Mark Mitchell 
BOARD OF VOLUNTEER DIRECTORS
Ward 1                               Ward 2           
Jennifer Davidson (2023)    Ron Brewster (2024)
Vacant    Adam Christie (2023)
Vacant    Vacant 
Ward 3                               Ward 4 
Kenny Farquharson (2023) Tom Rust (2024)
Donald McDiarmid (2025)  Jim Smith (2023)  
Mireille van der Torre (2025)         Vacant  
Ward 5                               Ward 6
Stewart Kennedy (2023)    Fraser Campbell (2023)          
John McLaren (2025)         Hector Campbell (2025)
Vacant    David Erskine (2023) 
Ward 7                               Ward 8
Emma Maitland (2023)  Peter Stewart (2023)
Jill Simpson (2023)                 John Kennedy (2025)         
Vacant    Vacant 
Ward 9                             Young Farmers Representatives    
Fiona Bell 2024   Leanne Corbitt
James Dawson 2025  Jillian Kennedy
Craig McGregor 2023  Ewan Lambie     
VOLUNTEER CONVENORS
Light Legged Horses - Anna Dickinson (2025)
Assistant Light Legged Horses – Fiona Bell (2025)
Beef Cattle - Walter Wyllie (2023)
 
Page 5

 
PERTHSHIRE AGRICULTURAL SOCIETY
 
(A company limited by guarantee)
 
Assistant Beef Cattle – Robert Young (2025)
Goat - Lisa Sinclair (2025)
Heavy Horses/Donkey - Maxine Curtis (2023)
Sheep - Mairi Paterson (2024)
Trade Stands - David Barclay (2023)
Transport – William Howden (2025)
Cash - Robbie King (2023)
Assistant cash - Peter Stewart (2023)
Craft Food & Drink - Libby Macpherson (2025)
Catering – Mark Mitchell (2023)
Show Yard / Bio Security - Jocky Wilkie (2024)
Sponsorship - Robert Young (2024)
Farm House Kitchen - Mairi Paterson (2024)
Assistant Farmhouse Kitchen - Mary Fotheringham (2024)
Show Jumping - David Wilkie (2024)
Health & Safety - Roddy Thomson (2025)
NOTE: the date in brackets denotes the year the directors or convenor retires







 
 

Statement of Trustees' responsibilities
 

The Trustees (who are also the directors of the Company 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 . 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 Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.


The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Page 6

 
PERTHSHIRE AGRICULTURAL SOCIETY
 
(A company limited by guarantee)
 
 

Approved by order of the members of the board of Trustees on 2 November 2023 and signed on their behalf by:
 

Robert Gilchrist
Page 7

 
PERTHSHIRE AGRICULTURAL SOCIETY

(A company limited by guarantee)
 

 
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PERTHSHIRE AGRICULTURAL SOCIETY
 
I report on the accounts of the company for the year ended 30 September 2023 which are set out on pages 9 to 25.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The trustees, who are also directors of the company for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 ('the Act') and the Charities Accounts (Scotland) Regulation 2006 ('the Accounts Regulations'). The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER'S STATEMENT

My examination was carried out in accordance with regulation 11 of the Accounts Regulations. An examination includes a review of the accounting records kept by the company and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

INDEPENDENT EXAMINER'S STATEMENT

In the course of my examination, no matter has come to my attention:

1.
which gives me reasonable cause to believe that in any material respect the requirements:

to keep accounting records in accordance with section 44(1)(a) of the Act and regulation 4 of the Accounts Regulations; and

to prepare financial statements which accord with the accounting records, Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102) and in other respects comply with regulation 8 of the Accounts Regulations

have not been met; or

2.
to which, in my opinion, attention should be drawn in order to enable proper understanding of the financial statements to be reached.


This report is made solely to the company's Trustees, as a body, in accordance with regulation 11 of the Charities Accounts (Scotland) Regulations 2006My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.



Signed:      Dated: 3 November 2023

Robert Young      FCCA

EQ ACCOUNTANTS LLP
Chartered Accountants
Westby
64 West High Street
Forfar
Angus
DD8 1BJ
Page 8

 
PERTHSHIRE AGRICULTURAL SOCIETY
 
(A company limited by guarantee)


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


Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £

Income from:






Donations and legacies

3

5,925

5,925

6,079
 
Charitable activities

4

151,125

151,125

164,691
 
Investments

5

322

322

481
 
Total income
157,372
157,372
171,251
Expenditure on:






Charitable activities

6

167,713

167,713

139,436
 
Total expenditure
167,713
167,713
139,436

Net (expenditure)/income before net gains/(losses) on investments

  

(10,341)

(10,341)

31,815
 
Net gains/(losses) on investments

  

4,631

4,631

(13,600)
 
Net movement in funds
  
(5,710)
(5,710)
18,215

Reconciliation of funds:

  




Total funds brought forward

  

288,475

288,475

270,260
 
Net movement in funds

  

(5,710)

(5,710)

18,215
 
Total funds carried forward
  
282,765
282,765
288,475

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 12 to 25 form part of these financial statements.

Page 9

 
PERTHSHIRE AGRICULTURAL SOCIETY
 
(A company limited by guarantee)
REGISTERED NUMBER: SC262715


 
BALANCE SHEET
AS AT 30 SEPTEMBER 2023


2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
4,023
-

Tangible assets
 12 
127,409
123,530

Investments
 13 
83,026
78,395

  
214,458
201,925

Current assets
  

Stocks
  
300
300

Debtors
 14 
9,114
13,916

Cash at bank and in hand
  
82,033
87,850

  
91,447
102,066

Creditors: amounts falling due within one year
 15 
(23,140)
(15,516)

Net current assets 
  
 
 
68,307
 
 
86,550

Total assets less current liabilities
  
282,765
288,475

Net assets excluding pension asset 
  
282,765
288,475

Total net assets 
  
282,765
288,475


Charity funds
  

Unrestricted funds
  

Designated funds
 16 
44,417
44,417

General funds
 16 
238,348
244,058

Total unrestricted funds
 16 
 
 
282,765
 
 
288,475

Total funds
  
282,765
288,475

Page 10

 
PERTHSHIRE AGRICULTURAL SOCIETY
 
(A company limited by guarantee)
REGISTERED NUMBER: SC262715


 
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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 02 November 2023 and signed on their behalf by:




Robert Gilchrist



David Barclay

The notes on pages 12 to 25 form part of these financial statements.

Page 11

 
PERTHSHIRE AGRICULTURAL SOCIETY

(A company limited by guarantee)
 

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

1.


GENERAL INFORMATION

Perthshire Agricultural Society is a private limited company by guarantee without share capital use of 'limited' exemption, incorporated in Scotland with registration number SC262715.  The registered office is 26 York Place, Perth, PH2 8EH.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.


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.

Perthshire 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.

  
2.2

Going concern

The trustees consider that the cash and working capital availability are confident that the charity will continue to have sufficient resources to meet liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
In view of the above the trustees consider it is appropriate to prepare the financial statements on a
going concern basis.

  
2.3

Income

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

Grants are included in the 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.

Page 12

 
PERTHSHIRE AGRICULTURAL SOCIETY

(A company limited by guarantee)
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
2.4

Expenditure

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

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

All expenditure is inclusive of irrecoverable VAT.

  
2.5

Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.

  
2.6

Research and development

Development costs are capitalised within intangible assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipated life of the benefits arising from the completed product or project.

Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to the Statement of financial activities.

 
2.7

Intangible assets and amortisation

Intangible assets costing £NIL 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:

Website
-
25%
Straight line

Page 13

 
PERTHSHIRE AGRICULTURAL SOCIETY

(A company limited by guarantee)
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

Tangible fixed assets and depreciation

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.

No depreciation has been charged on the Heritable Property.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15% reducing balance

  
2.9

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 Statement of financial activities.

  
2.10

Stocks

Stocks represent rosettes and are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

  
2.11

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.

  
2.12

Cash at bank and in hand

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


2.13

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 Company 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 Statement of financial activities as a finance cost.

Page 14

 
PERTHSHIRE AGRICULTURAL SOCIETY

(A company limited by guarantee)
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
2.14

Financial instruments

The Company 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.

  
2.15

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 Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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

Page 15

 
PERTHSHIRE AGRICULTURAL SOCIETY

(A company limited by guarantee)
 

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

3.

INCOME FROM DONATIONS AND LEGACIES




Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £
Government grants




 
Furlough grant

-

-

1,019
 
Subtotal detailed disclosure



-
-
1,019
Donations

5,925

5,925

5,060
 
Subtotal



5,925
5,925
5,060


5,925
5,925
6,079


4.

INCOME FROM CHARITABLE ACTIVITIES




Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £




Income from charitable activities

151,125

151,125

164,691
 


5.

INVESTMENT INCOME




Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £




Income from listed investments

322

322

481
 
Total 2022


481
481


Page 16

 
PERTHSHIRE AGRICULTURAL SOCIETY

(A company limited by guarantee)
 

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

6.

ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES


Summary by fund type




Unrestricted funds
2023
Total
2023
Total
2022
        £
        £
        £




Direct costs

167,713

167,713

139,436
 


7.

ANALYSIS OF EXPENDITURE BY ACTIVITIES




Activities undertaken directly
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £




Direct costs

167,713

167,713

139,436
 


Page 17

 
PERTHSHIRE AGRICULTURAL SOCIETY

(A company limited by guarantee)
 

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

7.ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF DIRECT COSTS




Activities
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £




Staff costs

24,719

24,719

15,430
 
Depreciation

2,651

2,651

625
 
Showground lease

3,083

3,083

1,835
 
Rent and rates

514

514

650
 
Heat and light

2,250

2,250

1,193
 
Insurance

3,446

3,446

2,433
 
Telephone

2,501

2,501

2,232
 
Cleaning

-

-

612
 
Entertainment

4,259

4,259

2,610
 
Travel expenses

1,988

1,988

2,198
 
Advertising and promotion

5,761

5,761

1,378
 
Printing, stationery and postage

8,833

8,833

10,299
 
Equipment hire

41,956

41,956

30,765
 
Repairs and maintenance

12,457

12,457

12,291
 
Subscriptions

935

935

86
 
Computer expenses

1,174

1,174

7,959
 
Rosettes and Badges

4,036

4,036

2,675
 
Accountancy fees

1,500

1,500

1,800
 
Legal and professional fees

828

828

3,500
 
Bank charges

3

3

-
 
Demonstrations

7,644

7,644

5,086
 
Ambulance service

4,884

4,884

4,440
 
Security

9,947

9,947

8,813
 
Catering

9,695

9,695

8,952
 
Prize money

9,224

9,224

10,333
 
Training

1,125

1,125

1,241
 
Donations

2,300

2,300

-
 


167,713
167,713
139,436

Page 18

 
PERTHSHIRE AGRICULTURAL SOCIETY

(A company limited by guarantee)
 

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

8.

INDEPENDENT EXAMINER'S REMUNERATION

2023
2022
£
£

Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts
1,500
1,500


9.



STAFF COSTS


2023
2022
£
£


Wages and salaries
24,719
15,430

24,719
15,430

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


2023
2022

No.
No.


Employees
1
1

No employee received remuneration amounting to more than £60,000 in either year.





10.


TRUSTEES' REMUNERATION AND EXPENSES

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

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

Page 19

 
PERTHSHIRE AGRICULTURAL SOCIETY

(A company limited by guarantee)
 

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

11.


INTANGIBLE ASSETS


Website

£



Cost


Additions
5,364



At 30 September 2023

5,364



Amortisation


Charge for the year
1,341



At 30 September 2023

1,341



Net book value



At 30 September 2023
4,023



At 30 September 2022
-

Page 20

 
PERTHSHIRE AGRICULTURAL SOCIETY

(A company limited by guarantee)
 

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

12.


TANGIBLE FIXED ASSETS




Heritable property
Fixtures and fittings
Total

£
£
£


Cost or valuation

At 1 October 2022
120,000
130,013
250,013

Additions
-
5,189
5,189


At 30 September 2023

120,000
135,202
255,202


Depreciation

At 1 October 2022
-
126,483
126,483

Charge for the year
-
1,310
1,310


At 30 September 2023

-
127,793
127,793


Net book value


At 30 September 2023
120,000
7,409
127,409


At 30 September 2022
120,000
3,530
123,530


13.


FIXED ASSET INVESTMENTS





Listed investments

£



Cost or valuation



At 1 October 2022
78,395


Revaluations
4,631



AT 30 SEPTEMBER 2023

83,026




Net book value




AT 30 SEPTEMBER 2023
83,026



At 30 September 2022
78,395

Page 21

 
PERTHSHIRE AGRICULTURAL SOCIETY

(A company limited by guarantee)
 

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

14.



DEBTORS


2023
2022
£
£


Due within one year

Trade debtors
2,046
5,314

Other debtors
7,068
8,602

9,114
13,916


15.



CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023
2022
£
£


Trade creditors
1,980
1,856

Other creditors
8,276
-

Accruals and deferred income
12,884
13,660

23,140
15,516

Page 22

 
PERTHSHIRE AGRICULTURAL SOCIETY

(A company limited by guarantee)
 

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

16.

STATEMENT OF FUNDS


STATEMENT OF FUNDS - CURRENT YEAR

Balance at 1 October 2022
£
Income
£
Expenditure
£
Gains/
(Losses)
£
Balance at 30 September 2023
£

Unrestricted funds






Designated funds







Designated Funds - all funds

44,417

-

-

-

44,417
 

General funds







General Funds - all funds

244,058

157,372

(167,713)

4,631

238,348
 
Total Unrestricted funds



288,475

157,372

(167,713)

4,631

282,765



STATEMENT OF FUNDS - PRIOR YEAR

Balance at
1 October 2021
£
Income
£
Expenditure
£
Gains/
(Losses)
£
Balance at
30 September 2022
£

Unrestricted funds






Designated funds







Designated Funds - all funds

44,417

-

-

-

44,417
 

General funds







General Funds - all funds

225,843

171,251

(139,436)

(13,600)

244,058
 
Total Unrestricted funds



270,260

171,251

(139,436)

(13,600)

288,475




Page 23

 
PERTHSHIRE AGRICULTURAL SOCIETY

(A company limited by guarantee)
 

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

17.

SUMMARY OF FUNDS


SUMMARY OF FUNDS - CURRENT YEAR

Balance at 1 October 2022
£
 
Income
£
 
Expenditure
£
 
Gains/
(Losses)
£
 
Balance at 30 September 2023
£
 
Designated funds

44,417

-

-

-

44,417
 
General funds

244,058

157,372

(167,713)

4,631

238,348
 


288,475
157,372
(167,713)
4,631
282,765


SUMMARY OF FUNDS - PRIOR YEAR

Balance at
1 October 2021
£
 
Income
£
 
Expenditure
£
 
Gains/
(Losses)
£
 
Balance at
30 September 2022
£
 
Designated funds

44,417

-

-

-

44,417
 
General funds

225,843

171,251

(139,436)

(13,600)

244,058
 


270,260
171,251
(139,436)
(13,600)
288,475


18.

ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted funds
2023
Total
funds
2023
        £
        £


Tangible fixed assets

127,409

127,409

Intangible fixed assets

4,023

4,023

Fixed asset investments

83,026

83,026

Current assets

91,447

91,447

Creditors due within one year

(23,140)

(23,140)

Total 


282,765
282,765


Page 24

 
PERTHSHIRE AGRICULTURAL SOCIETY

(A company limited by guarantee)
 

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

18.ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)


ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Unrestricted funds
2022
Total
funds
2022
        £
        £


Tangible fixed assets

123,530

123,530

Fixed asset investments

78,395

78,395

Current assets

102,066

102,066

Creditors due within one year

(15,516)

(15,516)

Total 

288,475
288,475

Page 25