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REGISTERED COMPANY NUMBER: SC299076 (Scotland)
REGISTERED CHARITY NUMBER: SC010186














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
SC299076 (Scotland)

Registered Charity number
SC010186

Registered office
Bruadar
Westfield
Thurso
Caithness
KW14 7QR

Caithness Agricultural Society (Registered number: SC299076)

Report of the Trustees
for the Year Ended 31 October 2024

Trustees
I A Miller
R W Innes
K Sutherland (resigned 30.1.24)
J A Barnetson
A W Finlayson
S J Sutherland (resigned 30.1.24)
W K Budge
J A Murray (resigned 30.1.24)
Ms F C Swanson
Miss G A Duguid
B Sinclair
J G Anderson
Mrs J H Macleod
M J S Gunn (appointed 30.1.24)
Miss F E Sinclair (appointed 30.1.24)
Mrs Y E S M Cumming (appointed 30.1.24)
J G Swanson (appointed 30.1.24)

Company Secretary
Mrs N J Macleod

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 28 January 2025 and signed on its behalf by:





I A Miller - Trustee

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 17,647 - 17,647 15,426

Charitable activities 4
Show Day 75,911 - 75,911 75,833
Members' Subscriptions 4,995 - 4,995 4,987
Presentation Evening 1,065 - 1,065 1,338

Other trading activities 3 299 - 299 1,300
Total 99,917 - 99,917 98,884

EXPENDITURE ON
Charitable activities 5
Show Day 72,067 45 72,112 75,114
Presentation Evening 2,463 - 2,463 2,268
Management & Administration 20,382 - 20,382 19,365
Donations Made 2,600 - 2,600 4,047
Support Costs 1,320 - 1,320 1,260
Total 98,832 45 98,877 102,054

NET INCOME/(EXPENDITURE) 1,085 (45 ) 1,040 (3,170 )


RECONCILIATION OF FUNDS
Total funds brought forward 100,765 1,054 101,819 104,989

TOTAL FUNDS CARRIED FORWARD 101,850 1,009 102,859 101,819

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 14,382 - 14,382 11,868

CURRENT ASSETS
Stocks 10 2,096 - 2,096 3,157
Debtors 11 4,941 - 4,941 5,954
Cash at bank and in hand 12 83,583 1,009 84,592 85,108
90,620 1,009 91,629 94,219

CREDITORS
Amounts falling due within one year 13 (3,152 ) - (3,152 ) (4,268 )

NET CURRENT ASSETS 87,468 1,009 88,477 89,951

TOTAL ASSETS LESS CURRENT
LIABILITIES

101,850

1,009

102,859

101,819

NET ASSETS 101,850 1,009 102,859 101,819
FUNDS 14
Unrestricted funds:
General fund 101,850 100,765
Restricted funds:
John Angus Fund 1,009 1,054
TOTAL FUNDS 102,859 101,819

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 28 January 2025 and were signed on its behalf by:





I A Miller - Trustee

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 - 10% straight line

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 17,647 12,676
Grants - 2,750
17,647 15,426

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 3,198 4,800

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 61,110
Additions 5,712
At 31 October 2024 66,822
DEPRECIATION
At 1 November 2023 49,242
Charge for year 3,198
At 31 October 2024 52,440
NET BOOK VALUE
At 31 October 2024 14,382
At 31 October 2023 11,868

Caithness Agricultural Society

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

10. STOCKS
2024 2023
£    £   
Stocks 2,096 3,157

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,541 5,954
Prepayments and accrued income 400 -
4,941 5,954

12. CASH AT BANK AND IN HAND
2024 2023
General John Angus Total Total
fund Fund funds funds
£    £    £    £   
Cash in hand 72 - 72 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 84,592 85,108


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 3,152 4,268

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 101,819 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 99,917 (98,877 ) 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

There were no related party transactions for the year ended 31 October 2024.