REGISTERED COMPANY NUMBER: SC226780 (Scotland)

REGISTERED CHARITY NUMBER: SC033000

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 January 2025

for

Sutherland Agricultural Society Show

Limited

Page

Report of the Trustees

1

to

4

Independent Examiner's Report

5

Statement of Financial Activities

6

Balance Sheet

7

to

8

Notes to the Financial Statements

9

to

14

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 January 2025. 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 main objects are -

to promote, organise and hold shows, competitions, lectures, classes and meetings, to give prizes, cups, medals, awards and distinctions.

to promote and develop agricultural, horticultural and related interests in all their branches and to promote high standards of farming and animal husbandry.

to encourage the participation, education and involvement of young people in agriculture and related industries particularly in Sutherland and the surrounding area.

Significant activities

The principal activity of the company is the promotion of agricultural enterprise and rural affairs, particularly by the holding of an annual agricultural show (known as the Sutherland Agricultural Show).

Volunteers

The charity could not operate without the assistance of a dedicated and loyal band of volunteers, who give up their time to help organise the annual show and to attend the show in the capacity of marshalls and general helpers.

STRATEGIC REPORT

Achievements and performance

Charitable activities

The charity organises the annual Sutherland Agricultural Show, as well as various related fundraising events.

The 2024 show day was on the whole a very successful day with good weather and was well attended. The main ring events remained popular and a butchery demonstration took place in the taste of the wilderness tent to help promote the field to fork concept. The show was followed by a successful dance with a good mix of ages in attendance.

Financial review

Principal funding sources

Principal funding sources include dance entry fees, show-day admissions and trade stand income.

Unfortunately, it came to light that during the year the treasurer had taken funds without consent and that for most of the year she had been suffering with serious mental health and additional issues. In total, an amount of £27,425 was taken from the bank account as of 31 January 2025. There were further funds taken in February 2025, however, £20,541 has since been repaid and with her family's support she sought medical help. All directors were made aware of the situation at a meeting on 5th March 2025. They were empathetic towards her situation and well being but made clear they must follow due process and remain transparent throughout. Arrangements are being made to recover the amount left outstanding. A concern has also been raised with OSCR.

Reserves policy

The directors have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Unrestricted reserves are needed to bridge the funding gap between initial spending to organise the Show and other events and receiving resources through entry fees and other income sources that provide funding. Reserves are also held to cover possible emergencies. The directors consider that the present level of funds is sufficient for the charity's purposes.

Principal risks and uncertainties

The risks and uncertainties faced by the charity are relatively low - the source of sufficient funding which enables the charity to meet its financial obligations is totally dependant upon both public's and local businesses' continued willingness to support the annual agricultural show by their attendance and participation, regardless of weather conditions on the day.

The trustees also have a responsibility to ensure that the objectives of the charity can be met for as long as financially possible.

The trustees have also tightened their financial policy to prevent any future fraud situation. Both the president and vice president now have full control over the bank accounts, along with the new treasurer. A Financial Checks and Balances document had been produced, along with a Treasurer Responsibilities List and a Show Day Cash checklist.

Future plans

The charity plans to continue to run the annual Sutherland Agricultural Show, as well as various related fundraising events.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The governing documents of the charity are the Memorandum and Articles of Association of the company which was incorporated on 8 January 2002 as a company limited by guarantee of £1 per member and has no share capital.

Recruitment and appointment of new trustees

New directors are appointed by the members and undergo an appropriate induction programme to brief them on their obligations under charity and company law and on the financial performance of the company.

Organisational structure

The charity is administered by the board of directors who meet regularly. Directors are not remunerated for their work.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC226780 (Scotland)

Registered Charity number

SC033000

Registered office

Unit 8

Golspie Business Park

Golspie

Sutherland

KW10 6UB

Trustees

E Cameron

D A Fraser

A Fraser

G A Johnstone (resigned 16.10.24)

G D B Lipp

Ms K Marr

A Munro

R Rekhy

J R Steven

I A Muir

Miss V C Bagshaw

A D Mackay

G R Burnett (resigned 16.10.24)

Mrs C Gilchrist

S McHardy (appointed 16.10.24)

Company Secretary

Mrs C Cameron

Independent Examiner

Marcus D MacIver Chartered Accountant

Mackay & Co

Chartered Accountants

Unit 8

Golspie Business Park

Golspie

Sutherland

KW10 6UB

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 15 October 2025 and signed on the board's behalf by:

Mrs C Cameron - Secretary

I report on the accounts for the year ended 31 January 2025 set out on pages six to fourteen.

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.

Marcus D MacIver Chartered Accountant

The Institute of Chartered Accountants of Scotland

Mackay & Co

Chartered Accountants

Unit 8

Golspie Business Park

Golspie

Sutherland

KW10 6UB

15 October 2025

31.1.25

31.1.24

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

529

-

529

904

Charitable activities

3

Show activities

66,752

-

66,752

78,953

Other income

108

-

108

198

Total

67,389

-

67,389

80,055

EXPENDITURE ON

Charitable activities

Show activities

54,994

5,902

60,896

58,681

NET INCOME/(EXPENDITURE)

12,395

(5,902

)

6,493

21,374

RECONCILIATION OF FUNDS

Total funds brought forward

102,605

123,725

226,330

204,956

TOTAL FUNDS CARRIED FORWARD

115,000

117,823

232,823

226,330

31.1.25

31.1.24

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

6

31,032

117,823

148,855

144,192

CURRENT ASSETS

Debtors

7

27,641

-

27,641

320

Cash at bank

57,096

-

57,096

83,525

84,737

-

84,737

83,845

CREDITORS

Amounts falling due within one year

8

(769

)

-

(769

)

(1,707

)

NET CURRENT ASSETS

83,968

-

83,968

82,138

TOTAL ASSETS LESS CURRENT LIABILITIES

115,000

117,823

232,823

226,330

NET ASSETS

115,000

117,823

232,823

226,330

FUNDS

9

Unrestricted funds:

General fund

115,000

102,605

Restricted funds:

Shed

117,823

123,725

TOTAL FUNDS

232,823

226,330

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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.

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 15 October 2025 and were signed on its behalf by:

E Cameron - Trustee

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.

Long leasehold

-

4% on cost

Plant and machinery

-

20% on reducing balance and 10% on cost

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 the purpose for which they are received, and the asset purchased with those funds may not be sold for 5 years from when the final monies are received.

2.	DONATIONS AND LEGACIES

31.1.25

31.1.24

£

£

Donations

529

904

3.	INCOME FROM CHARITABLE ACTIVITIES

31.1.25

31.1.24

Activity

£

£

Competition Income

Show activities

6,225

6,328

Catalogue income

Show activities

3,148

4,015

Trade stands

Show activities

3,750

4,280

Admissions/Show-day gates

Show activities

26,936

33,020

Grants

Show activities

1,950

2,000

Marquee dances

Show activities

6,295

5,293

Showground attractions

Show activities

800

400

Catering for public

Show activities

2,810

3,445

Bar income

Show activities

14,104

18,642

Prize-giving dinner dance

Show activities

734

1,530

66,752

78,953

Grants received, included in the above, are as follows:

31.1.25

31.1.24

£

£

RDGC

-

500

RHASS

1,950

1,500

1,950

2,000

4.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.1.25

31.1.24

£

£

Depreciation - owned assets

14,119

11,264

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 January 2025 nor for the year ended 31 January 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 January 2025 nor for the year ended 31 January 2024.

6.	TANGIBLE FIXED ASSETS

Long

Plant and

Computer

leasehold

machinery

equipment

Totals

£

£

£

£

COST

At 1 February 2024

147,571

29,465

993

178,029

Additions

-

17,955

827

18,782

At 31 January 2025

147,571

47,420

1,820

196,811

DEPRECIATION

At 1 February 2024

23,846

9,335

656

33,837

Charge for year

5,902

7,617

600

14,119

At 31 January 2025

29,748

16,952

1,256

47,956

NET BOOK VALUE

At 31 January 2025

117,823

30,468

564

148,855

At 31 January 2024

123,725

20,130

337

144,192

7.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Trade debtors

-

120

Other debtors

27,425

-

Prepayments and accrued income

216

200

27,641

320

8.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Trade creditors

70

1,008

Accrued expenses

699

699

769

1,707

9.	MOVEMENT IN FUNDS

Net

movement

At

At 1.2.24

in funds

31.1.25

£

£

£

Unrestricted funds

General fund

102,605

12,395

115,000

Restricted funds

Shed

123,725

(5,902

)

117,823

TOTAL FUNDS

226,330

6,493

232,823

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

67,389

(54,994

)

12,395

Restricted funds

Shed

-

(5,902

)

(5,902

)

TOTAL FUNDS

67,389

(60,896

)

6,493

Comparatives for movement in funds

Net

movement

At

At 1.2.23

in funds

31.1.24

£

£

£

Unrestricted funds

General fund

75,328

27,277

102,605

Restricted funds

Shed

129,628

(5,903

)

123,725

TOTAL FUNDS

204,956

21,374

226,330

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

80,055

(52,778

)

27,277

Restricted funds

Shed

-

(5,903

)

(5,903

)

TOTAL FUNDS

80,055

(58,681

)

21,374

A current year 12 months and prior year 12 months combined position is as follows:

Net

movement

At

At 1.2.23

in funds

31.1.25

£

£

£

Unrestricted funds

General fund

75,328

39,672

115,000

Restricted funds

Shed

129,628

(11,805

)

117,823

TOTAL FUNDS

204,956

27,867

232,823

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

147,444

(107,772

)

39,672

Restricted funds

Shed

-

(11,805

)

(11,805

)

TOTAL FUNDS

147,444

(119,577

)

27,867

10.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 January 2025.