REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 October 2024 |
for |
Caithness Agricultural Society |
(A Company Limited by Guarantee) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 October 2024 |
for |
Caithness Agricultural Society |
(A Company Limited by Guarantee) |
Caithness Agricultural Society |
Contents of the Financial Statements |
for the Year Ended 31 October 2024 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 13 |
Caithness Agricultural Society (Registered number: SC299076) |
Report of the Trustees |
for the Year Ended 31 October 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2024. The trustees have adopted the provisions of 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 |
Objectives and aims |
The principal objective of the company in the period under review was to promote, for the benefit of the public, agriculture and rural industries in Caithness. |
The activities of the Society will continue as long as there is a need for it. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
In 2024, Caithness Agricultural Society celebrated another successful year. Our 181st annual agricultural show, held during the summer, attracted an impressive number of trade stands, exhibitors, and participants across all categories, along with a remarkable turnout of visitors. The enthusiastic involvement of young people was particularly heartening, and the Society truly appreciates the ongoing support from the Caithness community. |
This year, funds were allocated to the purchase of new pedestrian barriers and stillages for gate storage. As we look ahead to 2025, the Caithness Agricultural Society remains in a strong financial position and is eager to continue honouring and promoting the region's rich agricultural heritage. |
FINANCIAL REVIEW |
Reserves policy |
The reserve balances represents the unrestricted and restricted fund balances arising from past operating results. The directors are satisfied that the reserves will meet the working capital requirements of the company. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Each member of the company has undertaken to contribute an amount not exceeding £1 towards any deficit arising in the event of Caithness Agricultural Society being placed in liquidation. |
Recruitment and appointment of new trustees |
One third of the directors retire in rotation annually and are not eligible for re-appointment for one year. Vacancies on the board of directors are filled by election at the Annual General Meeting. At the Annual General Meeting a junior vice-president is elected. The progression from junior vice-president to vice-president and then president is confirmed at the Annual General Meeting in the following two years. The retiring president continues as a director for one year and then retires in the same way as an ordinary director. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Caithness Agricultural Society (Registered number: SC299076) |
Report of the Trustees |
for the Year Ended 31 October 2024 |
Trustees |
Company Secretary |
Independent Examiner |
Reid & Fraser |
Chartered Accountants |
15 Princes Street |
Thurso |
Caithness |
KW14 7BQ |
Bankers |
Royal Bank of Scotland plc |
Olrig Street |
Thurso |
Caithness |
KW14 7BL |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Caithness Agricultural Society (Registered number: SC299076) |
I report on the accounts for the year ended 31 October 2024 set out on pages four to thirteen. |
Respective responsibilities of trustees and examiner |
The charity's trustees 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'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. |
Basis of the independent examiner's report |
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. 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 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 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 to 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. |
Linda Cameron |
The Institute of Chartered Accountants of Scotland |
Reid & Fraser |
Chartered Accountants |
15 Princes Street |
Thurso |
Caithness |
KW14 7BQ |
18 March 2025 |
Caithness Agricultural Society |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the Year Ended 31 October 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 4 |
Other trading activities | 3 |
Total |
EXPENDITURE ON |
Charitable activities | 5 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 101,819 |
Caithness Agricultural Society (Registered number: SC299076) |
Balance Sheet |
31 October 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand | 12 |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 14 |
Unrestricted funds: |
General fund | 101,850 | 100,765 |
Restricted funds: |
John Angus Fund | 1,009 | 1,054 |
TOTAL FUNDS | 101,819 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
Caithness Agricultural Society (Registered number: SC299076) |
Balance Sheet - continued |
31 October 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Caithness Agricultural Society |
Notes to the Financial Statements |
for the Year Ended 31 October 2024 |
1. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
INCOME |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
TANGIBLE FIXED ASSETS |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery | - |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
TAXATION |
The charity is exempt from corporation tax on its charitable activities. |
FUND ACCOUNTING |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Caithness Agricultural Society |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
2. | DONATIONS AND LEGACIES |
2024 | 2023 |
£ | £ |
Sponsorship & Donations |
Grants |
Included in Sponsorships and Donations in 2023 is the sum of £1926.64 collected on Show Day in favour of the My Name's Doddie charity. Payment of this amount out to the charity is included in the donations made figure in 2023. |
Grants received, included in the above, are as follows: |
2024 | 2023 |
£ | £ |
Foundation Scotland | - | 2,500 |
Thrumster Game Fair | - | 250 |
- | 2,750 |
3. | OTHER TRADING ACTIVITIES |
2024 | 2023 |
£ | £ |
Other Income | 299 | 1,300 |
4. | INCOME FROM CHARITABLE ACTIVITIES |
SHOW DAY INCOME | Unrestricted | Restricted | 2024 | 2023 |
Funds | Funds | Total | Total |
£ | £ | £ | £ |
Gate Takings | 38,431 | - | 38,431 | 36,223 |
Show Bar Takings | 18,227 | - | 18,227 | 18,224 |
Trade Stands Income | 9,034 | - | 9,034 | 7,936 |
Entry Fees | 3,358 | - | 3,358 | 2,557 |
Flower Show | 586 | - | 586 | 705 |
Buffet Dance Ticket Sales | 3,380 | - | 3,380 | 3,195 |
Catalogue Sales | 524 | - | 524 | 711 |
Catalogue Advertising Income | 700 | - | 700 | 890 |
Industrial Collection | 741 | - | 741 | 643 |
Dog Show | 334 | - | 334 | 290 |
Miscellaneous income | 596 | - | 596 | 59 |
Gin sales | - | - | - | 4,400 |
75,911 | - | 75,911 | 75,833 |
Caithness Agricultural Society |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
5. | CHARITABLE ACTIVITIES COSTS |
Direct | Support |
Costs | costs | Totals |
£ | £ | £ |
Show Day | 72,112 | - | 72,112 |
Presentation Evening | 2,463 | - | 2,463 |
Management & Administration | 20,382 | - | 20,382 |
Donations Made | 2,600 | - | 2,600 |
Support Costs | - | 1,320 | 1,320 |
97,557 | 1,320 | 98,877 |
SHOW DAY EXPENDITURE | Unrestricted | Restricted | 2024 | 2023 |
Funds | Funds | Total | Total |
£ | £ | £ | £ |
Prize Money | 5,897 | - | 5,897 | 4,701 |
Judges & Officials Expenses | 4,941 | - | 4,941 | 5,999 |
Marquees | 17,408 | - | 17,408 | 15,569 |
PA System | 2,373 | - | 2,373 | 1,800 |
Field & Gate Expenses | 9,568 | 45 | 9,613 | 12,014 |
County Show Gin Costs (net of stock) | - | - | - | 4,744 |
Cleaning | 684 | - | 684 | 448 |
Licences | 10 | - | 10 | 30 |
Show Day Security | 1,500 | - | 1,500 | 1,027 |
First Aid | 1,000 | - | 1,000 | 1,000 |
Miscellaneous Expenses | 1,219 | - | 1,219 | 1,784 |
Catalogue Printing, etc | 3,982 | - | 3,982 | 3,918 |
Show Dance | 3,516 | - | 3,516 | 2,677 |
Show Bar Costs | 11,472 | - | 11.472 | 11,594 |
Main Ring & Other Attractions | 5,950 | - | 5,950 | 4,850 |
Bad Debts (earlier years' shows) | 200 | - | 200 | 329 |
72,067 | 45 | 72,112 | 75,114 |
Costs were incurred during 2023 on the production of a Caithness County Show gin. The costs included above are net of the cost of stock held at the year end. Income from the sale of the Caithness County Show gin in 2023 is recorded in Show Day income. In 2024 net gin sales are recorded in other income as no sales took place on Show Day. |
MANAGEMENT & ADMINISTRATION |
Unrestricted |
Restricted |
2024 |
2023 |
Funds | Funds | Total | Total |
£ | £ | £ | £ |
Insurances | 1,675 | - | 1,675 | 1,507 |
Postage, Stationery & Telephone | 490 | - | 490 | 449 |
Trade & Affiliation fees | 91 | - | 91 | 51 |
SumUp Charges/Stripe Charges | 348 | - | 348 | 287 |
Storage of Equipment | 800 | - | 800 | - |
Health & Safety Review | - | - | - | 2,290 |
Computer Software | 2,080 | - | 2,080 | 2,526 |
Website & Hosting | 202 | - | 202 | 203 |
Secretary's Fees | 11,000 | - | 11,000 | 7,000 |
Depreciation | 3198 | - | 3,198 | 4,800 |
Caithness Agricultural Society |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
5. | CHARITABLE ACTIVITIES COSTS - continued |
Room Hire | 485 | - | 485 | - |
Miscellaneous | 13 | - | 13 | 252 |
20,382 | - | 20,382 | 19,365 |
Secretary's fees paid during the year ended 31 October 2024 include the sum of £3,500 relating to the previous year's show. |
6. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
7. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 October 2024 nor for the year ended 31 October 2023. |
TRUSTEES' EXPENSES |
There were no trustees' expenses paid for the year ended 31 October 2024 nor for the year ended 31 October 2023. |
8. | STAFF COSTS |
There were no staff costs incurred in the year ended 31 October 2024 nor for the year ended 31 October 2023. |
9. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 November 2023 |
Additions |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
Caithness Agricultural Society |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
12. | CASH AT BANK AND IN HAND |
2024 | 2023 |
General | John Angus | Total | Total |
fund | Fund | funds | funds |
£ | £ | £ | £ |
Cash in hand | 72 | - |
Current Account | 83,252 | 1,009 | 84,261 | 84,640 |
PayPal Account | 200 | - | 200 | 200 |
Stripe Account | 59 | - | 59 | 196 |
Total | 83,583 | 1,009 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
14. | MOVEMENT IN FUNDS |
Net |
At | movement | At |
1.11.23 | in funds | 31.10.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 100,765 | 1,085 | 101,850 |
Restricted funds |
John Angus Fund | 1,054 | (45 | ) | 1,009 |
TOTAL FUNDS | 1,040 | 102,859 |
Caithness Agricultural Society |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
14. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 99,917 | (98,832 | ) | 1,085 |
Restricted funds |
John Angus Fund | - | (45 | ) | (45 | ) |
TOTAL FUNDS | ( |
) | 1,040 |
Comparatives for movement in funds |
Net |
At | movement | At |
1.11.22 | in funds | 31.10.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 103,935 | (3,170 | ) | 100,765 |
Restricted funds |
John Angus Fund | 1,054 | - | 1,054 |
TOTAL FUNDS | 104,989 | (3,170 | ) | 101,819 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 98,884 | (102,054 | ) | (3,170 | ) |
TOTAL FUNDS | 98,884 | (102,054 | ) | (3,170 | ) |
Caithness Agricultural Society |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
15. | RELATED PARTY DISCLOSURES |