Sutherland Agric Society Show Ltd - Charities report - 19.3.2

REGISTERED COMPANY NUMBER: SC226780 (Scotland)

REGISTERED CHARITY NUMBER: SC033000

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 January 2020

for

Sutherland Agricultural Society Show

Limited

Page

Report of the Trustees

1

to

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6

to

7

Notes to the Financial Statements

8

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 2020.

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

Achievement and performance

Charitable activities

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

fundraising events.

In the past year the charity oversaw the building of a new shed to house equipment and materials.

While the building has now been completed, under the current restrictions in place due to Covid

19, no completion certificate has been issued. A 10% retention of the LEADER Highland Strategic

Local Action Group grant will be held until a final inspection can be made.

Financial review

Principal funding sources

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

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.

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

202 Lednabirichen

Dornoch

Sutherland

IV25 3NE

Trustees

E Cameron

D A Fraser

A Fraser

G A Johnstone

G D B Lipp

R D Mackenzie

Ms K Marr

D H Munro

A Munro

R Rekhy

J R Steven

I A Muir

Miss V C Bagshaw

A D Mackay

G R Burnett

Company Secretary

Mrs M M Hay

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 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 11 May 2020 and signed on the board's behalf by:

Mrs M M Hay - Secretary

I report on the accounts for the year ended 31 January 2020 set out on pages five to fourteen.

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. 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

Mackay & Co

Chartered Accountants

Unit 8

Golspie Business Park

Golspie

Sutherland

KW10 6UB

11 May 2020

31.1.20

31.1.19

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

348

-

348

709

Charitable activities

3

Show activities

55,643

-

55,643

54,593

Shed

-

21,579

21,579

1,500

Other income

269

-

269

356

Total

56,260

21,579

77,839

57,158

EXPENDITURE ON

Charitable activities

Show activities

37,879

-

37,879

40,899

Shed

-

734

734

-

Total

37,879

734

38,613

40,899

NET INCOME

18,381

20,845

39,226

16,259

Transfers between funds

12

(86,963

)

86,963

-

-

Net movement in funds

(68,582

)

107,808

39,226

16,259

RECONCILIATION OF FUNDS

Total funds brought forward

94,546

1,500

96,046

79,787

TOTAL FUNDS CARRIED FORWARD

25,964

109,308

135,272

96,046

31.1.20

31.1.19

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

8

1,629

109,308

110,937

1,895

CURRENT ASSETS

Debtors

9

144

-

144

2,080

Cash at bank

61,191

-

61,191

92,921

61,335

-

61,335

95,001

CREDITORS

Amounts falling due within one year

10

(37,000

)

-

(37,000

)

(850

)

NET CURRENT ASSETS

24,335

-

24,335

94,151

TOTAL ASSETS LESS CURRENT LIABILITIES

25,964

109,308

135,272

96,046

NET ASSETS

25,964

109,308

135,272

96,046

FUNDS

12

Unrestricted funds:

General fund

25,964

94,546

Restricted funds:

Shed

109,308

1,500

TOTAL FUNDS

135,272

96,046

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 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 11 May 2020 and were signed on its behalf by:

K Marr - 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.

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

31.1.20

31.1.19

£

£

Donations

348

709

3.	INCOME FROM CHARITABLE ACTIVITIES

31.1.20

31.1.19

Activity

£

£

Competition Income (Note 5)

Show activities

5,195

5,539

Catalogue income

Show activities

4,718

5,036

Trade stands

Show activities

3,140

3,365

Admissions/Show-day gates

Show activities

16,190

16,811

Marquee dances

Show activities

7,715

6,587

Showground attractions

Show activities

650

650

Catering for public

Show activities

2,276

2,330

Bar income

Show activities

13,067

11,885

Prize-giving dinner dance

Show activities

2,692

2,390

Grants

Shed

21,579

1,500

77,222

56,093

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

31.1.20

31.1.19

£

£

Beinn Tharsuinn Windfarm

-

1,000

RDGC

-

500

Leader

21,579

-

21,579

1,500

4.	NET INCOME/(EXPENDITURE)

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

31.1.20

31.1.19

£

£

Depreciation - owned assets

1,000

295

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 January 2020

nor for the year ended 31 January 2019.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 January 2020 nor for the year

ended 31 January 2019.

6.	STAFF COSTS

The average monthly number of employees during the year was as follows:

31.1.20

31.1.19

No employees received emoluments in excess of £60,000.

7.	COMPETITION INCOME

31/01/2018

31/01/2017

£

£

Entry Fees

2,908

2,827

Sponsorship

2,944

2,771

5,851

5,598

8.	TANGIBLE FIXED ASSETS

Long

Plant and

leasehold

machinery

Totals

£

£

£

COST

At 1 February 2019

-

5,265

5,265

Additions

110,042

-

110,042

At 31 January 2020

110,042

5,265

115,307

DEPRECIATION

At 1 February 2019

-

3,370

3,370

Charge for year

734

266

1,000

At 31 January 2020

734

3,636

4,370

NET BOOK VALUE

At 31 January 2020

109,308

1,629

110,937

At 31 January 2019

-

1,895

1,895

9.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.20

31.1.19

£

£

Trade debtors

-

(50

)

Prepayments and accrued income

144

696

Asset under construction

-

1,434

144

2,080

10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.20

31.1.19

£

£

Other loans (see note 11)

35,000

-

Accrued expenses

2,000

850

37,000

850

11.

LOANS

An analysis of the maturity of loans is given below:

31.1.20

31.1.19

£

£

Amounts falling due within one year on demand:

Other loans

35,000

-

12.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.2.19

in funds

funds

31.1.20

£

£

£

£

Unrestricted funds

General fund

94,546

18,381

(86,963

)

25,964

Restricted funds

Shed

1,500

20,845

86,963

109,308

TOTAL FUNDS

96,046

39,226

-

135,272

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

56,260

(37,879

)

18,381

Restricted funds

Shed

21,579

(734

)

20,845

TOTAL FUNDS

77,839

(38,613

)

39,226

Comparatives for movement in funds

Net

movement

At

At 1.2.18

in funds

31.1.19

£

£

£

Unrestricted funds

General fund

79,787

14,759

94,546

Restricted funds

Shed

-

1,500

1,500

TOTAL FUNDS

79,787

16,259

96,046

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

55,658

(40,899

)

14,759

Restricted funds

Shed

1,500

-

1,500

TOTAL FUNDS

57,158

(40,899

)

16,259

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

Net

Transfers

movement

between

At

At 1.2.18

in funds

funds

31.1.20

£

£

£

£

Unrestricted funds

General fund

79,787

33,140

(86,963

)

25,964

Restricted funds

Shed

-

22,345

86,963

109,308

TOTAL FUNDS

79,787

55,485

-

135,272

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

111,918

(78,778

)

33,140

Restricted funds

Shed

23,079

(734

)

22,345

TOTAL FUNDS

134,997

(79,512

)

55,485

13.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 January 2020.