REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
NEW DEER AGRICULTURAL ASSOCIATION |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
NEW DEER AGRICULTURAL ASSOCIATION |
NEW DEER AGRICULTURAL ASSOCIATION |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 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 |
NEW DEER AGRICULTURAL ASSOCIATION (REGISTERED NUMBER: SC251122) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 SEPTEMBER 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 30 September 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 charity's objectives are the promotion and advancement of farming and agricultural industries in Buchan and to assist agricultural, rural or any other associations or organisations in Buchan so to be of the benefit to the local community. |
ACHIEVEMENT AND PERFORMANCE |
The main achievement was the holding of the two-day annual show in July. This year we held a live music event on the Sunday which attracted a different audience and was extremely popular. The good weather over the weekend attracted a bumper crowd and made a successful return for the association. |
We also held a ladies afternoon tea one week before the show and our annual 'Gin Night' in February which both proved to be very successful and well attended fundraising events. |
FINANCIAL REVIEW |
During the year the charity reported income of £190,291 (2023 - £184,377). The charity also reported expenditure £134,939 (2023 - £123,051) resulting in net income of £55,352 (2023 - £61,326). As a result, the unrestricted funds increased to £374,323 this year from £318,971. |
The policy of the charity is to retain unrestricted funds at a sufficient level to ensure that the New Deer Show can be run on an annual basis. At current levels of expenditure, a cash reserve of at least £130,000 at the year end will provide comfort in the event of a significant downfall in attendees, that the show can be paid for. |
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
The charity is a company limited by guarantee registered in Scotland with the Office of the Scottish Charity Regulator (Charity Number SC024684). It is governed and administered under the company's Articles of Association. |
The trustees who are also directors for the purpose of company law, and who served during this period from 1st October 2023 to the date of the financial statements were approved were as follows: |
Mr G A Gibson |
Mr A J Kindness (resigned 9.1.25) |
Mr C W Strachan |
Mr B A Wilson |
Mr M J Gray |
Mr S Donald (appointed 9.1.25) |
Mr J Steele (appointed 9.1.25) |
Members are recruited from showing interest in the association, and are all local people interested in the continuation of this association. They pay an annual membership fee to remain part of the association. From this membership pool the current directors are voted on an annual basis. The convenor is a 4 year appointment and is again voted on by the current members. The convenor's role is overseeing and ensuring the health and safety of the 2 day show. |
This report has been prepared in accordance with the special provisions of Part 15 of the companies Act 2006 relating to small companies. |
The trustees are responsible for the maintenance and integrity of the information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdiction. |
NEW DEER AGRICULTURAL ASSOCIATION (REGISTERED NUMBER: SC251122) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
Susan M Hepburn CA ATT |
Leiper & Summers |
4 Charlotte Street |
Fraserburgh |
Aberdeenshire |
AB43 9JE |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
NEW DEER AGRICULTURAL ASSOCIATION |
I report on the accounts for the year ended 30 September 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. |
Susan M Hepburn CA ATT |
The Institute of Chartered Accountants of Scotland |
Leiper & Summers |
4 Charlotte Street |
Fraserburgh |
Aberdeenshire |
AB43 9JE |
27 June 2025 |
NEW DEER AGRICULTURAL ASSOCIATION |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 3 |
Charitable activities |
Other trading activities | 4 |
Investment income | 5 |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Other |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 318,971 |
NEW DEER AGRICULTURAL ASSOCIATION (REGISTERED NUMBER: SC251122) |
BALANCE SHEET |
30 SEPTEMBER 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 13 |
Unrestricted funds | 318,971 |
TOTAL FUNDS | 318,971 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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. |
NEW DEER AGRICULTURAL ASSOCIATION (REGISTERED NUMBER: SC251122) |
BALANCE SHEET - continued |
30 SEPTEMBER 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 |
NEW DEER AGRICULTURAL ASSOCIATION |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 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. |
The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound. |
Going Concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company 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. |
Income |
Income is recognised when the charity is 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 charity 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 tome of the donation. |
Income from charitable activities is recognised in the year in which the show takes place, as with membership fees which are recognised in the period in which the membership relates to. |
Investment income in respect of hires and grazing is recognised on an accruals basis. Bank interest receivable is recognised also on an accrual basis. |
Income from government and other grants is recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. |
Income from trading activities includes income from wayleaves and event income. Income is received in exchange for supplying goods or services in order to raise funds and is recognised when entitlement has occurred. |
Expenditure |
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. All costs have been directly attributed to one of the functional categories of expenditure in the Statement of Financial Activities and include irrecoverable VAT. |
Expenditure on raising funds includes costs directly associated with fundraising for the charity. They are recognised on an accruals basis when there is a legal or constructive obligation to pay for the expenditure. |
Expenditure on charitable activities included costs required to run the two day show. They are recognised on an accruals basis when there is a legal or constructive obligation to pay for the expenditure. |
Support costs, included as part of the expenditure on charitable activities, are those that assist the work of the charity but do not directly represent charitable activities and included governance costs. They are incurred directly in support of expenditure on the objects of the charity. |
Governance costs comprise of all costs associated with the governance arrangements of the charity, including constitutional and statutory requirements. |
NEW DEER AGRICULTURAL ASSOCIATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
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. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held in 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. |
2. | JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the charity's accounting policies, the trustees 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. |
Key sources of estimation uncertainty |
Depreciation |
The carrying value of tangible fixed assets is impacted by the trustees' estimate of the useful lives of the assets which are disclosed in note 10. |
The trustees consider that there are no other estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the fixed assets. |
NEW DEER AGRICULTURAL ASSOCIATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
3. | DONATIONS AND LEGACIES |
2024 | 2023 |
£ | £ |
Donations |
4. | OTHER TRADING ACTIVITIES |
2024 | 2023 |
£ | £ |
Fundraising events |
Wayleave | - | 131 |
5. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Marquee hire |
Grazing | 1,550 | 1,400 |
Interest | 2,622 | 1,225 |
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 30 September 2024 nor for the year ended 30 September 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 September 2024 nor for the year ended 30 September 2023. |
NEW DEER AGRICULTURAL ASSOCIATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
8. | STAFF COSTS |
The average monthly number of employees during the year was nil (2023- 1) |
9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Other |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 318,971 |
NEW DEER AGRICULTURAL ASSOCIATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Accrued expenses |
13. | MOVEMENT IN FUNDS |
Net |
At | movement | At |
1.10.23 | in funds | 30.9.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 318,971 | 55,352 | 374,323 |
TOTAL FUNDS | 55,352 | 374,323 |
NEW DEER AGRICULTURAL ASSOCIATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
13. | 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 | 190,291 | (134,939 | ) | 55,352 |
TOTAL FUNDS | ( |
) | 55,352 |
Comparatives for movement in funds |
Net |
At | movement | At |
1.10.22 | in funds | 30.9.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 257,645 | 61,326 | 318,971 |
TOTAL FUNDS | 257,645 | 61,326 | 318,971 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 184,377 | (123,051 | ) | 61,326 |
TOTAL FUNDS | 184,377 | (123,051 | ) | 61,326 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
At | movement | At |
1.10.22 | in funds | 30.9.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 257,645 | 116,678 | 374,323 |
TOTAL FUNDS | 257,645 | 116,678 | 374,323 |
NEW DEER AGRICULTURAL ASSOCIATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
13. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 374,668 | (257,990 | ) | 116,678 |
TOTAL FUNDS | 374,668 | (257,990 | ) | 116,678 |
14. | RELATED PARTY DISCLOSURES |