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COMPANY REGISTRATION NUMBER: SC253848
CHARITY REGISTRATION NUMBER: SC002207
Strathspey Farmers Club
Company Limited by Guarantee
Unaudited Financial Statements
30 November 2024
Strathspey Farmers Club
Company Limited by Guarantee
Financial Statements
Year ended 30 November 2024
Pages
Directors' annual report (incorporating the director's report)
1 to 3
Independent examiner's report to the directors
4 to 5
Statement of financial activities (including income and expenditure account)
6
Statement of financial position
7
Notes to the financial statements
8 to 14
Strathspey Farmers Club
Company Limited by Guarantee
Directors' Annual Report (Incorporating the Director's Report)
Year ended 30 November 2024
The directors, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 November 2024 .
Reference and administrative details
Registered charity name
Strathspey Farmers Club
Charity registration number
SC002207
Company registration number
SC253848
Principal office and registered
The Tower
office
103 High Street
Elgin
IV30 1EB
The directors
Grant Laing
Alister Laing
Scott Pirie
(Retired 2 March 2024)
Suzanne Young
(Appointed 2 March 2024)
Company secretary
Julie Grant
Independent examiner
Alison Fionda, CA Ritsons Chartered Accountants
103 High Street
Elgin
IV30 1EB
Structure, governance and management
Governing document
The organisation is a charitable company limited by guarantee, incorporated on 6 August 2003 and registered as a charity. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
Recruitment and appointment of directors
Where a need for new directors has been identified by the board, individuals are first appointed to the management committee where they attend regular meetings and gain experience of running the charity. Following this, once sufficient experience is gained they may be nominated for the post of Junior Vice President, with a view to becoming President. Once in a senior position, the board will then consider individuals to become directors. New directors are appraised of their responsibilities as part of of the induction process.
Organisational structure
The day to day running and decision making of the charity is carried out by the management committee.
Objectives and activities
The charity's objectives are to promote agriculture to the wider community. This is done by holding a one day show (the Grantown Show) which has on display livestock of a very high standard, produce and crafts from the local area along with a wide range of trade stands.
Achievements and performance
The 2024 show was successful. All our committee and volunteers had the Showfield looking the best ever by the Monday before the show. With the improved electricity connections for our trade stands we were able to ensure power is more accessible to more of our stand holders. Further new connections allowed power to our Secretaries Shed, reducing the requirement for generators. This was made possible with a grant from RHASS.
There was a great display of livestock in all the sections and our trade stands were fully subscribed giving a variety from agricultural to smaller craft stand selling some fabulous local crafts/produce.
For 2024 we arranged a Speed Shear which is to become part of a show circuit with other local shows. This was well attended by local shearers and public. Further our afternoon entertainment proves to be a hit with the public with very little cost.
For 2025 we are going to continue to ensure we provide a value for money show for the public, with a variety of trade stalls and entertainment in our main ring to suit all audiences. We are looking to improve some areas around the showground where work has been carried out".
Financial review
The charity had a deficit of £2,205 in the current year compared to a surplus of £9,701 in the previous year.
The trustee's policy is to retain reserves in order to meet the majority of the future running costs of the next annual show. The expenditure in organising the event is incurred before the income is received, so the reserves held allow for these costs to be met. Currently the unrestricted reserves total £67,142, of which £10,548 are funds tied up in fixed assets, leaving £56,594 of free reserves. The trustees consider this appropriate as the years running costs for the show totalled £89,583.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The directors' annual report was approved on 22 February 2025 and signed on behalf of the board of trustees by:
Grant Laing
Director
Strathspey Farmers Club
Company Limited by Guarantee
Independent Examiner's Report to the Directors of Strathspey Farmers Club
Year ended 30 November 2024
I report on the financial statements for the year ended 30 November 2024, as set out on pages 6 to 14.
Respective responsibilities of directors and examiner
The charity's directors (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity 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 accounts 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 report
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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the directors 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 connection with 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 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
- to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations
have not been met, or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Alison Fionda, CA Ritsons Chartered Accountants
Independent Examiner
103 High Street Elgin IV30 1EB
12 March 2025
Strathspey Farmers Club
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 30 November 2024
2024
2023
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
3,484
3,484
3,512
Charitable activities
6
81,098
3,000
84,098
75,319
Other trading activities
7
1,482
1,482
1,539
Investment income
8
367
367
151
--------
-------
--------
--------
Total income
86,431
3,000
89,431
80,521
--------
-------
--------
--------
Expenditure
Expenditure on charitable activities
9,10
( 89,583)
( 2,053)
( 91,636)
( 70,820)
--------
-------
--------
--------
Total expenditure
( 89,583)
( 2,053)
( 91,636)
( 70,820)
--------
-------
--------
--------
--------
-------
--------
--------
Net (expenditure)/income and net movement in funds
( 3,152)
947
( 2,205)
9,701
--------
-------
--------
--------
Reconciliation of funds
Total funds brought forward
70,294
70,294
60,593
--------
-------
--------
--------
Total funds carried forward
67,142
947
68,089
70,294
--------
-------
--------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Strathspey Farmers Club
Company Limited by Guarantee
Statement of Financial Position
30 November 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible fixed assets
15
10,548
12,213
Current assets
Stocks
16
867
1,004
Debtors
17
3,543
2,362
Cash at bank and in hand
55,391
57,496
--------
--------
59,801
60,862
Creditors: amounts falling due within one year
18
2,260
2,781
--------
--------
Net current assets
57,541
58,081
--------
--------
Total assets less current liabilities
68,089
70,294
--------
--------
Net assets
68,089
70,294
--------
--------
Funds of the charity
Restricted funds
947
Unrestricted funds
67,142
70,294
--------
--------
Total charity funds
19
68,089
70,294
--------
--------
For the year ending 30 November 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 22 February 2025 , and are signed on behalf of the board by:
Grant Laing
Director
Strathspey Farmers Club
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 November 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Scotland and a registered charity in Scotland. The address of the registered office is The Tower, 103 High Street, Elgin, IV30 1EB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. The charity constitutes a public benefit entity as defined by FRS 102.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 15 for the carrying amount of the fixtures and fittings and equipment, and note 3 for the depreciation accounting policy for the useful economic lives for each class of assets.
Fund accounting
Unrestricted funds are general funds which are available for use at the discretion of the directors in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The main source of income for the charity is the hosting of an annual show with income from this being recognised when it is received.
Resources expended
All expenditure is accounted for on an accruals basis, inclusive of irrecoverable VAT and has been classified under headings that aggregate all costs related to the category.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, Fittings & Equipment
-
10% reducing balance
Office equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors and trade creditors. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings.
4. Limited by guarantee
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
5. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
Donations and gifts
1,740
1,740
1,300
1,300
Subscriptions
Members subscriptions
1,744
1,744
2,212
2,212
-------
-------
-------
-------
3,484
3,484
3,512
3,512
-------
-------
-------
-------
6. Charitable activities
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Gates
35,626
35,626
Catalogue and book sales
Stance rents
11,334
11,334
Sponsors
7,795
7,795
Dances
3,813
3,813
Entry fees
4,213
4,213
Advertising
Presentation evening
1,019
1,019
Bar Income
15,122
15,122
Miscellaneous income
2,176
3,000
5,176
--------
-------
--------
81,098
3,000
84,098
--------
-------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Gates
34,636
34,636
Catalogue and book sales
312
312
Stance rents
12,443
12,443
Sponsors
7,301
7,301
Dances
2,500
2,500
Entry fees
3,922
3,922
Advertising
210
210
Presentation evening
550
550
Bar Income
12,920
12,920
Miscellaneous income
525
525
--------
----
--------
75,319
75,319
--------
----
--------
7. Other trading activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Raffle ticket sales
1,482
1,482
1,539
1,539
-------
-------
-------
-------
8. Investment income
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Bank interest receivable
367
367
151
151
----
----
----
----
9. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Annual Show
87,103
2,053
89,156
Support costs
2,480
2,480
--------
-------
--------
89,583
2,053
91,636
--------
-------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Annual Show
67,705
67,705
Support costs
3,115
3,115
--------
----
--------
70,820
70,820
--------
----
--------
10. Expenditure on charitable activities by activity type
2024
2023
£
£
Rates, Water, Light & Heat
1,440
1,052
Repairs and vehicle expenses
262
269
Subscriptions, Licences & Insurance
4,181
2,630
Depreciation, Stock written off and loss on disposal of assets
2,165
1,447
Show expenses
63,171
48,679
Payments to Secretary & Treasurer
6,000
5,750
Printing and Office costs
6,864
5,105
General donations
2,200
2,100
Miscellaneous
2,873
673
--------
--------
Subtotal
89,156
67,705
Support costs
2,480
3,115
--------
--------
TOTAL
91,636
70,820
--------
--------
11. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
1,336
1,447
-------
-------
12. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
2,480
3,115
-------
-------
13. Staff costs
No salaries or wages have been paid to employees, including the members of the committee, during the year.
A total of £6,000 (2023 - £5,750) was paid to the secretary and treasurer who are members of the management committee.
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
14. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
15. Tangible fixed assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 December 2023
35,983
803
36,786
Additions
500
500
Disposals
( 4,723)
( 4,723)
--------
-------
--------
At 30 November 2024
31,260
1,303
32,563
--------
-------
--------
Depreciation
At 1 December 2023
24,412
161
24,573
Charge for the year
1,075
261
1,336
Disposals
( 3,894)
( 3,894)
--------
-------
--------
At 30 November 2024
21,593
422
22,015
--------
-------
--------
Carrying amount
At 30 November 2024
9,667
881
10,548
--------
-------
--------
At 30 November 2023
11,571
642
12,213
--------
-------
--------
16. Stocks
2024
2023
£
£
Rosettes and Bar Stock
867
1,004
----
-------
17. Debtors
2024
2023
£
£
Trade debtors
1,190
250
Prepayments and accrued income
2,353
2,112
-------
-------
3,543
2,362
-------
-------
18. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
706
Accruals and deferred income
2,260
2,075
-------
-------
2,260
2,781
-------
-------
19. Analysis of charitable funds
Unrestricted funds
At 1 December 2023
Income
Expenditure
At 30 November 2024
£
£
£
£
Annual show
70,294
86,431
(89,583)
67,142
--------
--------
--------
--------
At 1 December 2022
Income
Expenditure
At 30 November 2023
£
£
£
£
Annual show
60,593
80,521
(70,820)
70,294
--------
--------
--------
--------
Restricted funds
At 1 December 2023
Income
Expenditure
At 30 November 2024
£
£
£
£
RHASS
3,000
(2,053)
947
----
-------
-------
----
At 1 December 2022
Income
Expenditure
At 30 November 2023
£
£
£
£
RHASS
----
----
----
----
The RHASS grant has been awarded for the long-term sustainability of the shows.
20. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Tangible fixed assets
10,548
10,548
Current assets
58,854
947
59,801
Creditors less than 1 year
(2,260)
(2,260)
--------
----
--------
Net assets
67,142
947
68,089
--------
----
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
12,213
12,213
Current assets
60,862
60,862
Creditors less than 1 year
(2,781)
(2,781)
--------
----
--------
Net assets
70,294
70,294
--------
----
--------
21. Related parties
The charity did not enter into any related party transactions that require disclosure during the reporting period.