Charity Registration No. SC000143 (Scotland)
Company Registration No. SC233565 (Scotland)
KINTYRE AGRICULTURAL SOCIETY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
KINTYRE AGRICULTURAL SOCIETY
LEGAL AND ADMINISTRATIVE INFORMATION
Directors
Mr Callum MacPhail (President)
Mr Ian McKendrick (Senior Vice President)
Mr John Pirie (Junior Vice President)
Mr John Armour (Honorary Secretary and Treasurer - non voting)
Mr J Bateman
Mr Harry Gemmill
Mr Andrew Barbour
Mr C Barbour
Mr R McCrindle
Mr S McLachlan
Mr J Semple
Michael Mayberry
Colin McCallum
Mr S Herraty
Mrs Beth McEachran
Mr S Currie
(Appointed 11 July 2024)
Secretary
Mr R I G Ferguson
Charity number (Scotland)
SC000143
Company number
SC233565
Registered office
Benrioch
Campbeltown
Argyll
PA28 6PF
Independent examiner
Iain Webster
Suite 30
Hazelburn Business Park
Milknowe
Campbeltown
Argyll
PA28 6HA
Bankers
Virgin Money
19 Longrow
Campbeltown
Argyll
PA28 6ES
KINTYRE AGRICULTURAL SOCIETY
CONTENTS
Page
Directors' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 11
KINTYRE AGRICULTURAL SOCIETY
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 October 2024.

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 Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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 company was formed to take over the activities of Kintyre Agricultural Society ('the Society') as from 1 November 2002. The main purpose of the company is to promote and advance agriculture, agricultural science and associated trades through regular meetings and social activities. The company actively encourages young people to train in stockmanship and other farming skills through having specific classes in its shows for youngsters, promoting the Royal Highland Education Trust in the local area through the schools, and offering bursaries to those who wish to study in some aspect of farming.

 

The Company's main trading asset, being the land and properties at Anderson Show Field are owned and run by Anderson Trading Company Ltd, a wholly owned subsidiary of Kintyre Agricultural Society ('the Company').

Public benefit

The directors have paid due regard to guidance issued by the Charity Commission in deciding what activities the society should undertake.

Achievements and performance
Significant activities and achievements against objectives

This year, the Company undertook four social events: a tup sale, a ploughing match, a harvest supper and the August show. The results of these activities are contained in the Financial Statements.

 

The Company had a deficit for the year of £32,532 (2023 - surplus of £4,181). This deficit has been added to the reserves and carried forward. The company holds 100% of the share capital in Anderston Trading Company Limited which has net assets of £141,442 (2023 - £107,215). The directors are satisfied that in the event of the land in Anderston Trading Company Limited being sold the amounts due from that company to Kintyre Agricultural Society would be fully recoverable.

Financial review
Reserves policy

It is the policy of the society that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The directors consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the society’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Major risks

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.

Structure, governance and management

The society is a company limited by guarantee not having a share capital. It is also a registered charity recognised by HM Revenue & Customs under the Scottish Charity Number SC000143.

KINTYRE AGRICULTURAL SOCIETY
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

The directors who served during the year and up to the date of signature of the financial statements were:

Mr Callum MacPhail (President)
Mr Ian McKendrick (Senior Vice President)
Mr John Pirie (Junior Vice President)
Mr John Armour (Honorary Secretary and Treasurer - non voting)
Mr J Bateman
Mr Harry Gemmill
Mr Andrew Barbour
Mr C Barbour
Mr R McCrindle
Mr S McLachlan
Mr J Semple
Michael Mayberry
Colin McCallum
Malcolm Ronald
(Resigned 23 February 2024)
Mr S Herraty
Mrs Beth McEachran
Mr S Currie
(Appointed 11 July 2024)
Recruitment and appointment of trustees

The Directors, who must be members of the Society, are elected for a minimum period of three years after which, if they wish to stand down, they must propose a member from their geographical location to stand as a Director in their place. The geographical area covered by the Society is split up in to 9 separate geographical regions represented by one Director of the society each. The Board of Directors have the right to fill, on a temporary basis, any vacancies that may arise during the year, from the members of the society. It has also been previously agreed that the Honorary Secretary, John Armour, should be a non-voting Director of the charity, in order to assist with the submission of forms to the Office of the Scottish Charities Regulator.

The liability of the directors on a wind up of the company is limited to £1 each.

The directors' report was approved by the Board of Directors.

Mr Callum MacPhail (President)
Director
20 January 2025
KINTYRE AGRICULTURAL SOCIETY
INDEPENDENT EXAMINER'S REPORT
TO THE DIRECTORS OF KINTYRE AGRICULTURAL SOCIETY
- 3 -

I report on the financial statements of the society for the year ended 31 October 2024, which are set out on pages 4 to 11.

Respective responsibilities of directors and examiner

The society’s directors, who also act as trustees for the charitable activities of Kintyre Agricultural Society, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The directors consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 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 is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity 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 seeks explanations from the 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 financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

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

Iain D C Webster
Suite 30
Hazelburn Business Park
Milknowe
Campbeltown
Argyll
PA28 6HA
Dated: 20 January 2025
KINTYRE AGRICULTURAL SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
3
2,680
2,987
Charitable activities
4
19,781
19,667
Investments
5
224
162
Total income
22,685
22,816
Expenditure on:
Charitable activities
6
55,217
18,635
Total expenditure
55,217
18,635
Net income/(expenditure) and movement in funds
(32,532)
4,181
Reconciliation of funds:
Fund balances at 1 November 2023
60,705
56,524
Fund balances at 31 October 2024
28,173
60,705

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

KINTYRE AGRICULTURAL SOCIETY
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
6,096
6,096
Current assets
Debtors
13
343
32,226
Cash at bank and in hand
23,007
23,315
23,350
55,541
Creditors: amounts falling due within one year
14
(1,273)
(932)
Net current assets
22,077
54,609
Total assets less current liabilities
28,173
60,705
Net assets excluding pension liability
28,173
60,705
The funds of the society
Unrestricted funds
28,173
60,705
28,173
60,705

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 October 2024.

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 directors on 20 January 2025
Mr Callum MacPhail (President)
Director
Company registration number SC233565 (Scotland)
KINTYRE AGRICULTURAL SOCIETY
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
1
Accounting policies
Charity information

Kintyre Agricultural Society is a private company limited by guarantee incorporated in Scotland. The registered office is Benrioch, Campbeltown, Argyll, PA28 6PF.

1.1
Accounting convention

The financial statements have been prepared in accordance with the society's [governing document], the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the society has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

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

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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the society.
1.4
Income
Income is recognised when the society 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 society 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 society 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.
KINTYRE AGRICULTURAL SOCIETY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 7 -
1.5
Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

 

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

 

Irrecoverable VAT is charged as a cost against the activity for which the expenditure is incurred.

1.6
Fixed asset investments

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.

A subsidiary is an entity controlled by the society. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
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.

1.8
Financial instruments

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

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.

KINTYRE AGRICULTURAL SOCIETY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 8 -
Derecognition of financial liabilities

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

2
Critical accounting estimates and judgements

In the application of the society’s accounting policies, the directors 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
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
140
322
Membership fees
2,540
2,665
2,680
2,987
4
Charitable activities

Charitable Income

Charitable Income

2024
2023
£
£

Sale of goods

19,781
19,667
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
224
162
KINTYRE AGRICULTURAL SOCIETY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
6
Charitable activities

Charitable Expenditure

Charitable Expenditure

2024
2023
£
£

August show

12,214
12,339

Ploughing match

661
444

Tup sale

161
135

Event insurance

474
474

General donations

500
650

Harvest Supper

1,395
-
15,405
14,042
Share of support costs (see note 7)
35,803
643
Share of governance costs (see note 7)
4,009
3,950
55,217
18,635

 

7
Support costs allocated to activities
2024
2023
£
£
Printing, postage and advertising
459
365
General expenses
27
278
Intercompany debt waived
35,317
-
Governance costs
4,009
3,950
39,812
4,593
Analysed between:
Charitable activities
39,812
4,593

The independent examiners costs of £900 are included in the accountancy fees above.

8
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
900
852
KINTYRE AGRICULTURAL SOCIETY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
9
Directors

Mr John Armour received an honorarium of £3,000 (2023 - £3,000) for acting as Secretary and Treasurer to the committee during the year. No other directors (or any persons connected with them) received any remuneration or benefits from the society during the year.

 

 

10
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Directors
16
15
There were no employees whose annual remuneration was more than £60,000.
11
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12
Fixed asset investments
Listed investments
Other investments
Total
£
£
£
Cost or valuation
At 1 November 2023 & 31 October 2024
6,095
1
6,096
Carrying amount
At 31 October 2024
6,095
1
6,096
At 31 October 2023
6,095
1
6,096
2024
2023
Other investments comprise:
Notes
£
£
Investments in subsidiaries
1
1

The investment in the subsidiary company is the cost of 1 ordinary £1 share in Anderston Trading Company Ltd. This is the entire issued share capital and therefore the company, which is registered in Scotland and trades as a property rental company, is a wholly owned subsidiary of Kintyre Agricultural Society. During the year to 31 October 2024, Anderston Trading Company Ltd's surplus amounted to £34,227 (2023 - surplus £5,158) and its total net assets at 31 October 2024 amounted to £141,442 (2023 - net assets £107,215).

 

The listed investments relate to National Savings Bonds and 3.5% War Stock Certificates.

KINTYRE AGRICULTURAL SOCIETY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
31,883
Prepayments and accrued income
343
343
343
32,226

Included in Other Debtors is an amount of £0 (2023 - £31,883) due from Anderston Trading Company Ltd. A balance of £35,317 was written off in the period.

14
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
1,273
932
15
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 November 2023
Incoming resources
Resources expended
At 31 October 2024
£
£
£
£
General funds
60,705
22,685
(55,217)
28,173
Previous year:
At 1 November 2022
Incoming resources
Resources expended
At 31 October 2023
£
£
£
£
General funds
56,524
22,816
(18,635)
60,705
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