The Trustees present their annual report and financial statements for the year ended 31 July 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 company's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), 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 principal activity of the charity is that of advancing the education of the public by the promotion and advancement of agriculture, agricultural science and associated trades and encouragement of skills and land management connected with rural affairs within the districts of Central and West Fife. This remains the company's main objective.
I can’t quite believe it’s AGM time again! They say times flies when you’re enjoying yourself, well I must have been having a great time as the last 6 years have just flown past from becoming Junior Vice to doing my last job tonight as Chairman!
Let’s just think about this past 12 months. Straight after the AGM Mark Thomson from Tillyrie kindly judged the 2023 Fodder Competition where 1st place went to the Braes Family, 2nd place to Craig Malone & 3rd to Stuart Milne.
Next up was the Annual Silage Competition with the results as follows:
Pit Silage 1st David Thomson
2nd David Laird
3rd Brian Weatherup
Bale Silage 1st David Laird
2nd Tam Allison
3rd Richard Nelson
Wholecrop 1st Jim Barr
2nd Richard Nelson
3rd Brian Weatherup
The overall winner was David Laird with the bale silage.
After the festivities of Christmas, the New Year saw our new Show Secretary, Laura, take the reins and I’m sure you’ll all agree, she is doing a fantastic job.
In February we held our Annual Dinner & Prize Giving at Garvock once again where the food was as delicious as usual and our speaker for the evening, Mr Alistair Morton did a great job of providing the after-dinner entertainment.
After the Dinner the focus was onto the 2024 Show where preparations were at a much better stage than they had been at the same time the previous year! As we moved into show week, the weather had been a tad unpredictable. On the Tuesday, we enjoyed a fine day as we began setting out the gates, albeit a wee bit soft in places but unfortunately it was to get a whole lot softer as the heavens opened on the Wednesday afternoon leaving a pond in the bit of the field where we park the livestock trailers!
I can’t say that that was one of the more enjoyable moments as Show Chairman and if the forecast hadn’t looked more positive over the next few days, then we would have had to take the decision to cancel. But, after some very frantic phone calls and an immense amount of work by our members and helpers, we managed to source and lay the plastic matting which really did save the field under the circumstances. And by the time we got to Show Day, someone was definitely smiling down on us again as we enjoyed another glorious summer day with bumper crowds attending to see the livestock, tractor football and falconry displays. The atmosphere was tremendous and the relief was immense!
I can’t thank those who worked so hard, before, during and after the show, enough. Without all of you putting in so much effort we really would not have managed to pull off the show in the way we did. It really is an absolutely amazing display of teamwork and shows what can be done in such a short amount of time when people work together.
It has been an absolute privilege to be the Chairman of the Show and I must say thankyou to my Vice, Andrew and Junior Vice, Colin for the effort that they have put in, particularly on the run up to both year’s Shows. And I cannot forget Mr West Fife Show himself, who is like a Duracell bunny and never stops, our past Chair, Mr Russell Wood.
And finally, to all of you in the committee, thankyou for all your hard work and support you have given me and I really hope we can continue like this for our next Chairman and Office Bearers as we look towards West Fife Show 2025.
The surplus for the year amounted to £3,765 (2023 - £9,422). This surplus is added to the existing reserves of the company and the results for the year are set out on page 8 of the accounts.
Funding sources
The principle sources of funding are income from the annual show.
Reserves and going concern policy
It is the policy of the company that unrestricted funds which have not been designated for a specific use should be maintained at a sufficient level to cover expenses and costs for one year in the event of the cancellation of the Annual Show. The Trustees 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 company’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.
Risk Management
The Trustees have conducted a review of the major risks to which the charity is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, advocates, partners (people with learning difficulties) and volunteers. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity.
Plans for the future
The Trustees plan the continued promotion of an annual show in the Dunfermline area and to fulfil the purpose of the charity as outlined above.
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:
Mr D Wood
Mr M Mill
Mr A Orr
Mr C Inglis
Appointment of Directors
There must be at least four directors on the board at any time. At each AGM one-third of the directors shall retire from office on a rotational basis. At an Annual General Meeting the Charity may elect as a new Director any member who has given notice of his/her willingness to accept the appointment in accordance with the company's Articles of Association. The current board of Directors is made up of the Show Chairman, Vice Chairman, Junior Vice Chairman and immediate past Chairman.
Charity number (Scotland) SC035462
Company number SC264332
Principal address
The Cage
Puddledub
Kirkcaldy
KY2 5XA
Registered office
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Independent examiner
Fiona Haro CA
Thomson Cooper Accountants
3 Castle Court
Dunfermline
Fife
KY11 8PB
Bankers
Bank of Scotland
1 Bothwell Street
Dunfermline
Fife
KY11 3AG
Trustee induction and Training
The Trustees are familiar with the practical work of the charity. New Trustees are provided with information about the charity and the way it operates. In particular, they are provided with information about the following:-
the obligations of the Trustees;
the main documents which set out the operational framework for the charity;
resourcing and the current financial position as set out in the latest published accounts; and future plans and objectives.
The Trustees meet throughout the year to administer the company in conjunction with the show committee. A show secretary is appointed by the Trustees to manage the day to day operations. Under the memorandum and articles of association, the charity has the power to make any investment which the Trustees see fit.
Related parties
None of our Trustees receive remuneration or other benefit from their work with the charity. The Charity is indebted to the support of its numerous volunteers for the time and effort given in the organising and facilitating the annual show. There is no recognition of the value of the support of the volunteers in the accounts. Thanks go to all the committee and friends for their continued support and hard work throughout the year.
The Trustees, who are also the directors of Central & West Fife 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 company 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;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 company and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. 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.
The Trustees' report was approved by the Board of Trustees.
I report on the accounts of the charity for the year ended 31 July 2024, which are set out on pages 8 to 17.
The charity trustees (who are also the directors of the company for the purpose of company law) are responsible for the preparation of the accounts in accordance with the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's 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 accounts as required under section 44 (1) (c) of the Act and to state whether particular matters have come to my attention.
In connection with my examination, no matter has come to my attention:
Investments
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Central & West Fife Agricultural Society is a private company limited by guarantee incorporated in Scotland. The registered office is 3 Castle Court, Carnegie Campus, Dunfermline, Fife, KY11 8PB.
The financial statements have been prepared in accordance with the company's Articles and Memorandum of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), 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)” (as amended for accounting periods commencing from 1 January 2019). The company is a Public Benefit Entity as defined by FRS 102.
The company 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 company. 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.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the company 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.
Cash donations are recognised on receipt. Other donations are recognised once the company 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.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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 company 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 company's balance sheet when the company 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 company’s contractual obligations expire or are discharged or cancelled.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, and governance costs which support the charity. The bases on which support costs have been allocated are set out in note 6.
Expenditure and irrecoverable VAT
Expenditure is recognised on an accrual basis as a liability is incurred. The company is not registered for VAT and accordingly irrecoverable VAT is charged against the category of resources expended to which it relates.
Costs of generating funds are those costs incurred in attracting voluntary income and the costs incurred in trading activities that raise funds.
Charitable expenditure comprises those costs incurred by the charitable company in the delivery of its activities and services to its beneficiaries. It includes both the direct costs and indirect costs necessary to support these activities.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charitable company and include the audit fees and costs linked to its strategic management.
Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis e.g. estimated usage, staff costs by time spent.
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time Trustees is not recognised and refer to the Trustees’ annual report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. If the donated service cannot be reliably measured as clarified above, no related income or expenditure will be acknowledged in the financial statements.
Unrestricted funds are available for use at the discretion of the directors in furtherance of the general objectives of the charity. Restricted funds are funds which are to be used in accordance with specific instructions imposed upon amounts received.
Investments
Prize money
Showfield expenses
Advertising
Donations and fees
Management expenses
All costs have been allocated on a direct basis.
None of the Trustees (or any persons connected with them) received any remuneration or expenses during the year, or previous financial year.
There were no transactions with the directors during the current period or previous financial year.
The average monthly number of employees during the year was:
The remuneration of key management personnel was as follows:
No provision is made for taxation as the company has charitable status.
The restricted funds of the charity 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 Foundation Scotland grant was received for the purpose of buying a shipping container.
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.
There were no disclosable related party transactions during the year (2023 - none).