The Council present their annual report and financial statements for the year ended 31 December 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 Society's governing document, 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 2016)
The Society's objects are
to promote and advance agriculture and horticulture for the benefit of the public in Penistone and surrounding areas by holding exhibitions and classes of breeding and other stock, agricultural implements and such other classes, displays and exhibitions connected with agriculture, horticulture and the show as may be determined by the trustees; thereby encouraging skill and industry in agriculture and in allied trades, craft and professions connected with the rural economy.
to make such grants and donations to such registered charities and voluntary organisations that benefit the public in Penistone and surrounding areas, as the trustees shall from time to time determine.
to make such grants that assist residents in Penistone and the surrounding areas to further their education in trades, vocations, and professions linked to agriculture, horticulture or other trades connected to the rural economy, through recognised training by individuals or educational establishments.
To this end the Society holds an annual one-day agricultural show and supports and works with a number of local charitable organisations to enable it to bring the show to the public.
The Council have paid due regard to guidance issued by the Charity Commission in deciding what activities the Society should undertake.
Penistone Agricultural Show continues to develop, progress and showcase local and national farming and agricultural communities.
Our 151st show day, saw a redesigned and larger field layout, utilising more of the show field and giving more space and easier access for exhibitors, traders and public alike; ensuring over 13,000 visitors enjoyed a busy event packed with activities, displays, competition, retail opportunities and much more on a sunny Saturday in September.
A huge amount of preparation went into this year’s show, additional storage facilities, in a secure compound, were established, and work on improving access to all areas of the show field included new roadways, and drainage.
The trustees and management are committed to continuing to invest in developing our on-site facilities, ensuring the site is sustainable and can support the show for decades to come.
At the heart of the show is the team of volunteers, who have made our show happen and be enjoyed for over 150 years, the show is thriving and successful thanks to the hard work and vision of our volunteers. We wish to express our gratitude to them for the continued success and development we have had and look forward to their support in making our 152nd show bigger and better than ever.
The total income for the year amounted to £232,436 and resources expensed in the year amounted to £214,792 resulting in a net surplus of £17,644. This compares with the previous accounting period from 1 January 2023 to 31 December 2023 which showed income of £235,075 and resources expended of £214,822 resulting in a net surplus of £20,253. We were pleased to support local charities with discounted and free trade stands at the show from our designated fund and having considered exceptional items for the year the trustees have agreed a further £1,949 be set aside for the designated fund in 2024.
It is the policy of the Society that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Council 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 Society’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.
The Council have assessed the major risks to which the Society is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The Society is a registered charity and was incorporated on 20 May 2017 as acompany limited by guarantee and having no share capital.
The Council, 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:
In accordance with the Articles of Association, any person who is willing to act as a director, and is permitted by law to do so, may be appointed to be a director:
(a) by ordinary resolution; or
(b) by a decision of the directors; or
A person ceases to be a director as soon as;
(a) by virtue of any provision of CA 2006 or is prohibited from being a director by law; or
(b) a bankruptcy order is made against that person; or
(c) a composition is made with that person's creditors generally in satisfaction of that person's debts; or
(d) a registered medical practitioner who is treating that person gives written opinion to the company stating that that person has become physically or mentally incapable of acting as a director and may remain so for more than three months; or
(e) notification is received by the company from the director that the director is resigning from office ad as such resignation has taken effect in accordance with its terms; or
(f) is absent without the permission of the directors from all their meetings held within a period of six consecutive months and the directors resolve that his or her office is vacated; or
(g) ceases to be a member of the charity.
At each annual general meeting one third of the directors are required to retire by rotation. The directors to retire by rotation are those who have been longest in office since their last appointment.
None of the Council has any beneficial interest in the company. All of the Council are members of the company and guarantee to contribute £1 in the event of a winding up.
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
The Council's report was approved by the Board of Council.
The Council, who are also the directors of Penistone Agricultural Society Ltd for the purpose of company law, are responsible for preparing the Council's 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 Council to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Society 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 Council 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 Society will continue in operation.
The Council are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Society and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
I report to the Council on my examination of the financial statements of Penistone Agricultural Society Ltd (the Society) for the year ended 31 December 2024.
Having satisfied myself that the financial statements of the Society are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Society’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the Society as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Designated
Designated
Membership fees and sponsorship
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.
Penistone Agricultural Society Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Bridge Street, Penistone, Sheffield, South Yorkshire, S36 6AJ.
The financial statements have been prepared in accordance with the Society's governing document, 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 2016). The Society is a Public Benefit Entity as defined by FRS 102.
The Society 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 Society. 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 Council have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. Thus the Council continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Council in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the Council for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the Society 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.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Expenditure is stated on an accruals basis and includes value added tax.
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.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the Society. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting end date, the Society 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 Society 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 Society's balance sheet when the Society 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 Society’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Society is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Membership fees and sponsorship
Show income
Show expenses
Lottery Project expenditure
Insurance
Rent & rates
Telephone and postage
Sundry
Other governance
The average monthly number of employees during the year was:
The Society is a company limited by guarantee and having no share capital. The liability of each member is limited to £1.
The income funds of the charity include the following 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).