AIREDALE AGRICULTURAL SOCIETY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company Registration No. 06755732 (England and Wales)
Charity Registration No. 1127990
AIREDALE AGRICULTURAL SOCIETY
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
M Preston
D Hempel
Mr A Wintersgill
J Lister
Secretary
C Platts
Charity number
1127990
Company number
06755732
Registered Office and Principal address
Carlton House
Grammar School Street
Bradford
BD1 4NS
Accountants
Azets
Carlton House
Grammar School Street
Bradford
BD1 4NS
Bankers
Natwest Bank
143 Main Street
Bingley
BD16 1YB
AIREDALE AGRICULTURAL SOCIETY
CONTENTS
Page
Trustees report
1 - 2
Statement of Trustees responsibilities
3
Accountants' report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 11
AIREDALE AGRICULTURAL SOCIETY
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The Trustees present their annual report and financial statements for the year ended 31 December 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's Memorandum and Articles of Association, 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)”

Objectives and activities

The Society may apply the income (and capital), at their discretion, towards any one or more of the following objectives:

The Trustees have paid due regard to guidance issued by the Charity Commission in relation to public benefit in deciding what activities the Charity should undertake.

Achievements and performance

Due to Covid resulting in the cancellation of the 2020 and 2021 shows, together with the significant increase in costs, the decision was made not to hold the shows in 2022 and 2023.

 

The income for the year consists of sale of gates and hurdles and bank interest.

 

The Trustees are taking advice on the future of the Society.

Fundraising

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. The legislation defines fundraising as ‘soliciting or otherwise procuring money or other property for charitable purposes’. The charity does not actively raise funds from the public either directly or via use of an agent, accordingly no such amounts are presented in the financial statements for the year under review. The charity has received no complaints in relation to fundraising activity for the year under review.

Given the nature of the funding of the charity the Trustees consider that it remains appropriate not to be voluntarily bound to be regulated by the Fundraising Regulator.

Financial review

The Statement of Financial Activities show a net income for the year of £2,254 (2022 - net expenditure £2,695).

The reserves will be transferred to a charity with similar objectives.

The total reserves at the year end stand at £31,128 (2022 - £28,874).

The trustees review annually the amount of cash held by the Society and where possible try to invest the money in bank accounts, deposit accounts and national savings income bonds with a view to achieving the maximum return for the charity without restricting its current activity.

The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

AIREDALE AGRICULTURAL SOCIETY
TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Structure, governance and management

The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association.

 

The assets and liabilities of Airedale Agricultural Society (charity number 242766) were transferred into the company on 4 January 2010 and commenced trading on that date.

 

The legal registration details are shown on Legal and Administrative Information page.

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:

M Preston
D Hempel
Mr A Wintersgill
J Lister

The Society does not have a Chief Executive Officer, but the day to day administration of the Society is delegated to the Society Secretary.

 

Trustees are appointed by the board of trustees. They are chosen on the basis of the skills and expertise they can contribute to the management of the Society.

 

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Indemnity insurance was taken out during the year at a cost of £nil (2022 - £267).

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

 

The Trustees report was approved by the Board of Trustees.

M Preston
Trustee
Dated: 16 July 2024
AIREDALE AGRICULTURAL SOCIETY
STATEMENT OF TRUSTEES RESPONSIBILITIES  
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The Trustees, who are also the directors of Airedale Agricultural Society for the purpose 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 which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, 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; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity 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 Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AIREDALE AGRICULTURAL SOCIETY
ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AIREDALE AGRICULTURAL SOCIETY FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

As described on the balance sheet you are responsible for the preparation of the accounts for the year ended 31 December 2023 which comprise, The Statement of Financial Activities, the Balance Sheet and the related notes and you consider that the company is exempt from an audit. In accordance with your instructions, we have compiled these unaudited accounts in order to assist you to fulfil your statutory responsibilities from the accounting records and information and explanations supplied to us.

Azets
16 July 2024
Carlton House
Grammar School Street
Bradford
BD1 4NS
AIREDALE AGRICULTURAL SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2023
2022
Notes
£
£
Income and endowments from:
Donations and legacies
3
1,645
130
Charitable activities
4
-
426
Investments
5
743
252
Other income
6
-
211
Total income and endowments
2,388
1,019
Expenditure on:
Raising funds
7
-
150
Charitable activities
8
134
3,564
Total resources expended
134
3,714
Net income/(expenditure) for the year/
Net movement in funds
2,254
(2,695)
Fund balances at 1 January 2023
28,874
31,569
Fund balances at 31 December 2023
31,128
28,874

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

All funds are unrestricted

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.
AIREDALE AGRICULTURAL SOCIETY
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 6 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
13
400
-
Investments
14
28,410
27,667
Cash at bank and in hand
2,430
1,438
31,240
29,105
Creditors: amounts falling due within one year
15
(112)
(231)
Net current assets
31,128
28,874
Income funds
Unrestricted funds
31,128
28,874
31,128
28,874

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the Trustees on 16 July 2024
M  Preston
Trustee
Company registration number 06755732
AIREDALE AGRICULTURAL SOCIETY
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
1
Accounting policies
Charity information

Airedale Agricultural Society is a private company limited by guarantee incorporated in England and Wales. The registered office is 156a Queens Court, Main Street, Bingley, BD16 2HR .

1.1
Accounting convention

The financial statements have been prepared in accordance with the Charity's Memorandum and Articles of Association, 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 Charity is a Public Benefit Entity as defined by FRS 102.

 

The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The Charity has been wound down during the year. Any funds will be transferred to a charity with similar objectives.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
1.4
Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
AIREDALE AGRICULTURAL SOCIETY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.5
Expenditure

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Direct expenditure is allocated based on the activity to which it relates, support costs are allocated based on the proportion of direct expenditure incurred.

 

1.6
Cash and cash equivalents

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.

1.7
Financial instruments

The Charity 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 Charity's balance sheet when the Charity 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

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

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

AIREDALE AGRICULTURAL SOCIETY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2
Critical accounting estimates and judgements

In the application of the Charity’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.

3
Donations and legacies
2023
2022
£
£
Donations and gifts
1,645
130
Volunteers

As the show was cancelled the charity did not need the help of volunteers this year.

4
Charitable activities

Events

Events

2023
2022
£
£

Craft event

-
426
5
Investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
743
252
6
Other income
Total
Unrestricted
funds
2023
2022
£
£
Net gain on disposal of tangible fixed assets
-
211
AIREDALE AGRICULTURAL SOCIETY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
7
Raising funds
Total
Unrestricted
funds
2023
2022
£
£
Fundraising and publicity
Staging fundraising events
-
150
-
150
8
Charitable activities

 

 

2023
2022
£
£
Share of support costs (see note 9)
134
3,297
Share of governance costs (see note 9)
-
267
134
3,564
9
Support costs
Support costs
Governance costs
2023
Support costs
Governance costs
2022
£
£
£
£
£
£

Rent, rates, light, heat and insurance

134
-
134
2,380
-
2,380

Telephone and fax

-
-
-
65
-
65

Sundry expenses

-
-
-
214
-
214

Card machine

-
-
-
638
-
638

Indemnity insurance

-
-
-
-
267
267
134
-
134
3,297
267
3,564
Analysed between
Charitable activities
134
-
134
3,297
267
3,564
10
Trustees

None of the Trustees (or any persons connected with them) received any remuneration, benefits or expenses from the Charity during the current or prior year.

AIREDALE AGRICULTURAL SOCIETY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
11
Employees
There were no employees during the current or prior year.
12
Taxation

As a charity the company is exempt from tax on income falling within part II of the Corporation Tax Act 2010 and on gains falling within s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives. No tax charges have arisen in the charity.

13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
400
-
14
Current asset investments
2023
2022
£
£
Unlisted investments
28,410
27,667
15
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
112
231
16
Members' liability

The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

17
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

2023-12-312023-01-01falsefalseCCH SoftwareiXBRL Review & Tag 2024.20067557322023-01-012023-12-3106755732bus:Director12023-01-012023-12-3106755732bus:Director22023-01-012023-12-3106755732bus:Director32023-01-012023-12-3106755732bus:Director42023-01-012023-12-3106755732bus:CompanySecretary12023-01-012023-12-31067557322023-12-31067557322022-12-3106755732bus:FRS1022023-01-012023-12-3106755732bus:AuditExemptWithAccountantsReport2023-01-012023-12-3106755732bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP