REGISTERED COMPANY NUMBER: 02682537 (England and Wales) REGISTERED CHARITY NUMBER: 1008403 Report 0£ the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2023 for Royal Lancashire Agricultural Society Egan Roberts Limited Accountants Citygate LongTidge Road Preston Lancashire PR2 5BQ
Royal Lancashire AgrlcuStural Society Contents of the Financial Ststements for the Year Ended 31 December 2023 Page Report of the Trustees Independent Examiner's Report Statement of Financial A¢tivAties Balance Sheet Notes to the Financial Statements 7 to 11 Detailed Statement of Financial Activities 12 to 13
Royal Lancashlre Agrlcultural Society Report of the Trustees for the Year Ended 31 December 2023 The trustees who are also diTectOTS OE the charity for the puryoses of the Companies Act 2(1061 present their report with the financial statements of the charity £or the year ended 31 December 2023. The ITUStees have adopted the provisions OE 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 1021 {effective l January 2019). STRucfuRE, GOVERNANCE AND MANAGEMENr Governing document The charity is controlled by its governing documenL a deed of trust, and constitutes a limited company, limited by suarantee, as defined by the Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02682537 (England and Wales) Registered Charlty number 1(108403 Registered office Suite 26 Manor Court Salesbury Hall Road Ribchester Lancashire PR3 3XR Trustees P Clarke Director Mrs N Gornall Farmer C G Mustoe Company Director Mrs A J Parfitt Inspector P C R Street Company Director (resigned 28.3.23) J M Holtby Retired dependent Examiner Egan Roberts limited Accountants Citysate Longridge Road Preston Lanca5hire PR2 5BQ Bankers Barclays Bank plc 38 Fishergate Preston lancashire I12AD Approved by order of the board of trustees on 22 May 2024 and signed on its behalf by: Page I
Royal Lancashire Agricultural Soclety Report of the Trustees forthe Year Ended 31 December2023 C G Mustoe- TTUStee Page 2
Independent Examiner's Report to the Trustees of Royal Lancashire Agrlcultural Society aependent examiner's report to the trustees of Royal Lancashire Agricultural Soclety {'the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accoTdance with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited urLder Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (bl of the 2011 Act. Independent examiner's statement Since your charity's STOSS incotne exceeded £250,000 your examiner must be a membeT of a listed body. I can confirni that l am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirni that no matters have eome to my attention in connection with the examination giving me Cause to believe: accounting recoTds were not kept kn respect of the Company as requiTed by Section 386 of the 2006 Act,. OT the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examinatio or the accounts 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 charitie5 prepariiig their accounts 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 k drawn in this report in order to enable a proper understanding of the accounts to be reached. Keith Roberts The Institute of Chartered Accountants in Ensland and WaIes Egan Roberts Limited Accountants Citygate Longridge Road Preston LancashiTe PB2 5BQ 1•.7. 10$* Page 3
Royal Lancashire Agricultural Society Statement of Financial Activities for the Year Ended 31 December 2023 2013 Unrestricted fund 2022 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 6,298 3,740 Activities for seneratyng fund Other income 324712 9,359 377,833 lo86 Total 340,369 392,159 EXPENDITURE ON Raising funds 340W9 305,255 Other 1413 2,635 Totsl 307,890 NEf INCOMV(EXPENDrruRE) (2,053) 84269 RECONCILIATION OF FUNDS Total funds brought forward 216,058 131,789 TOTAL FUNDS CARRIED FORWARD 214005 216,058 The notes form part of these financial statement5 Page4
Royal Lancashlre Agricultural Societv Balance Sheet 31 December 2023 2023 2022 Total funds Unrestricted fund Notes FIXED ASSETS Tangible assets CURRENT ASSETS Debtors Cash at bank and in hand 11160 218,783 21,511 218,413 230,943 239,924 CREDrfoRS Amounts falling due within one year 7,421) (23,866) NET CURRENf ASSETS 21322 216,058 TOTAL ASSETS LESS CURRENT LIABILITIES 214005 216,058 NET ASSETS 214,1)05 216,058 FUNDS Unrestricted funds 214,005 216,058 TOTAL FUNDS 214,005 216,058 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. The members have not Tequired the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitsble company keeps aceountins records that coniply with Settions 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 0£ each financial year and of its Surplus or deficit for each finaneial year in accordance with the Tequirements of Sections 394 and 395 and which othenYi5e comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 5 continued...
Royal Lancashire Agricultural Soclety Balance Sheet- continued 31 December 2023 These financial statenients have been Prepared in accordance with the provisions applicable to charitable companies subiect to the small companies Tegime. The financial statements were approved by the Board of Trustees and authiSed for issue on 22 May 2024 and were si8ned on its behalf by: us ruste p aarke- Trustee The note5 form part of these financial 5tatement5 Page 6
Royal Lancashire Agricultural Society Note5 to the Financial Statement5 for the Year Ended 31 December 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the eharitable 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 Finanaal Reportins Standard applicable in the UK and Republic of Ireland IFIIS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reportins Standard applicable in the UK and Republic of treland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All income is recoliSed 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 tlie 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 ag8regate all cost related to the category. Where costs cannot be direetly 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 followins annual rates in order to Write off each asset over its estimated useful life. Plant and machinery 20°k on c05t Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds 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 donoT OT 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. Hire purchase and leasing commitnients Rentals paid under operatins leases are charsed to the Statement of Financial Activities on a straight line basis over the period of the lease. Page 7 continued...
Royal Lancashire Agricultural Society Notes to the Financial Statements- continued for the Year Ended 31 December 2023 ACTIVITIES FOR GENERATING FUND 2022 Ticket sales Concessions Sponsorship8 Trade stands Show jumping 96268 28,357 76,546 66,806 451 192,007 22,000 73,108 41,757 5,446 L 11 Craft stalls Food hall Lifestyle Showing- light horse Livestock entrAes Showing- heavy horse 751 4239 729 27,378 3.379 3,301 5,813 21,802 9220 743 32£712 377,833 NET INCOMF/(EXPENDrruRE) Net income/(expenditure) is stated after charging/lcrediting).' 2023 2022 Depreciation- owned assets Hire of plant and niachinery 17 27,743 13,470 TRUSTEES, REMUNERATION AND BENEFrrs There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 DecembeT 2022. Trustees, expenses There were no trustees, expenses paid for the yeaT ended 31 December 2023 nor for the year ended 31 December 2022. COMPARATIVES FOR THE STATEMENf OF FINANCIAL AcfIviTIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 3,740 Activities for generating fund Other ineome 377F33 10,586 Total 392,159 EXPENDrruRE ON Raising funds 305,255 Other 1635 Page 8 continued...
Royal Lancashlre Agricultural Society Notes to the Financlal Statements- continued for the Year Ended 31 December 2023 COMPARATIVES FOR THE STATEMENf OF FINANCIAL AcfiviTIES- continued Unrestritted fund Total 307,890 NET INCOME 84,269 RECONCILIATION OF FUNDS Total funds brought forward 131,789 TOTAL FUNDS CARRIED FORWARD 216,058 TANGIBLE FIXED ASSETS Plant and machinery COST Additions 500 DEPRECIATION Charge for year 17 NET BOOK VALUE At 31 December 2023 At 31 December 2022 DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2023 2022 Trade debtors VAT Prepayments 11581 33 546 21,511 12,160 21,511 Page 9 continued..-
Royal Lancashlre Agrlcultural Soclety Notes to the Flnanclal Statements- continued forthe Year Ended 31 December2023 CREDITORS: Amouwfs FALLING DUE WITHIN ONE YEAR 2023 2022 Trade creditors VAT Accruals and deferred income 7?87 217 2,785 20.864 10,034 17A21 23,866 MOVEMENf IN FUNDS Net movement in funds At 31.12.23 At 1.1.23 Unrestricted £unds General fund 216,058 11053) 214,005 TOTAL FUNDS 216,058 (2,053) 214,005 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 340?69 {342A22) {1053) TOTAL FUNDS 340,369 (341422) (2,053) Comparalives for movement in funds Net movernent in funds At 31.12.22 At 1.1.22 Umestricted funds General fund 131,789 84,269 216,058 TOTAL FUNDS 131,789 84,269 216,058 Page 10 continued...
Royal Lancashlre Agricultural Society Notes to the Financial Statement5- continued for the Year Ended 31 December 2023 MOVEMEwf IN FUNDS- continued Comparative net movernent in funds, included in the above are as follows.. Incoming resource5 Resource5 expended Movement in funds Uwestricted fimds General fimd 392,159 {307,890) 84,269 TOTAL FUNDS 392,159 (307,890) 84269 A cunent year 12 months and prior year 12 months combined position is as follows". Net movement in funds At 31.12.23 At 1.1.22 Unrestricted fimds General fund 131,789 82,216 214,005 TOTAL FUNDS 131,789 82,216 214,005 A current year 12 months and Prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 732528 (650.312) 82,216 TOTAL FUNDS 732,528 (650,312) 82,216 io. RELATED PARTY DISCLOSURES Sponsorship income was received indirectly from Colin Mu5toe a Trustee/Director via SenatOT International Ltd {of which Mr Mustoe is a Director) in the sum of £17,500 and from Sale5bury Hall Estate which trades as Manor Court (of which Mr Mustoe is a Partner) in the sum of £5,000 in the year ended 31 December 2023. PaEe 11
Royal Lancashire Agrlcultural Soclety Detailed Statement of Flnancial ArtNities for the Year Ended 31 December 2023 2023 2022 INCOME AND ENDOWMENTS Donations and legacies Donations 6,298 3,740 Activities for senerating fund Tieket sales Concessions Sponsorships Trade stands Show jumping Craft stalls Food hall Lifestyle Showing- light horse Livestock entries Showins- heavy horse 96,268 28,357 766 6606 (145) 7551 4,239 7,329 27,378 90 743 192,007 22,000 T3,108 41,757 3,379 3,301 5B13 21,802 324,n2 377,833 Other income Membership Other income 6,650 7,144 9,359 10586 Total incoming resources 340?69 391159 EXPENDITURE Other trading actItieS Hire of plant and machinery Competition costs Showsround expenditure Show entertainment Judges expenses Administration costs Printing and stationery Advertising Staff costs Donations Bank charses Membership expenses 27,743 24,392 234,677 17,773 7,856 4,363 3234 393 5211 6,000 1,587 380 13.470 24,976 213,785 20,953 4,482 6,822 3,016 4,724 4,346 4,000 1,626 3.055 340,009 305255 Support costs This page does not form part of the statutory financial statements Page 12
Royal Lancashlre Agricultural Society Detailed Statement of Financial Activities for the Year Ended 31 December 2023 2023 2022 Support costs Finance Plant and machinery 17 Governance costs Accountancy fees 296 2,635 Total resources expended 342,422 307,890 Net (expenditure)fincome 12,0531 84,269 This page does not form part of the statutory financial statements Page 13