REGISTERED COMPANY NUMBER: 02682537 (England and Wales) REGISTERED CHARITY NUMBER: 1008403 Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2024 for RoyaI Lancashire Agricultural Society Xeinadin Ground Floor Citygate Longridge Road Preston Lancashire PR2 5BQ
Royal Lancashire AgrIctural Society Contents of the Financial Statements for the Year Ended 31 December 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet 5 to 6 Notes to the Financial Statements 7 to 11 Detailed Statement of Financial Activities 12 to 13
Royal Lancashire Agricultural Society Report of the Trustees for the Year Ended 31 December 2024 The trustee5 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 December 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 applicabIe in the UK and RepubIic of Ireland (FRS 102) (effective l January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02682537 (England and Wales) Registered Charity number 1008403 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 J M Holtby Retired The trnstees are sorry to report that Mr J M Holtby died on 27 January 2025. Independent Examiner Xeinadin Ground Floor Citygate Longridge Road Preston IAncashire PR2 5BQ Bankers Barclays Bank plc 38 Fishergate Preston Lancashire PRI 2AD Page I
Royal Lancashire Agricultural Society Report of the Trustees for the Year Ended 31 December 2024 Approved by order of the board of trustees on 22 May 2025 and signed on its behalf by.. CGMU e - Trustee Page 2
Independent Examiner's Report to the Trustees of Royal Lancashire Agricultural Society Independent examiner's report to the trnstees of Royal Lancashire Agricultural Society ('the Company,) I report to the charity trustees on my examinatAon of the accounts of the Company for the year ended 31 December 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purpose5 of company law) you are responsibIe for the preparation of the accounts in accordance 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 under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examinatson 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) (b) of the 2011 Act. Independent examiner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because l 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 conftrm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by SectAon 386 of the 2006 Act; or the accounts do not accord with those records; or the accounts do not comply with the accounttng 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 examination. 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 charities preparing 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 connectÈon with the examination to which attention should be drawn in this report in order tt) enable a proper understanding of the accounts to be reached. KeÈth Roberts The Institute of Chartered Accountants in England and Wales Xeinadin Ground Floor Citygate Longridge Road Preston Lancashire PR2 5BQ 22 May 2025 Page 3
Royal Lancashire Agricultural Society Statement of Financial Activities for the Year Ended 31 Deeember 2024 2024 Unrestricted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 536 6,298 Activities for generating fund Other income 387,888 11,952 324,n2 9,359 Total 400376 340,369 EXPENDITURE ON Raising funds 363,973 340,009 Other 2,765 2,413 Total 366,738 342,422 NET INCOMF/(EXPENDITURE) 33,638 (2,053) RECONCILIATION OF FUNDS Total funds brought forward 214,005 216,058 TOTAL FUNDS CARRIED FORWARD 247,643 214,005 The notes form part of these financial statements Page 4
Royal Lancashire Agricultural Society Balance Sheet 31 December 2024 2024 Unrestricted fund 2023 Total funds Notes FIXED ASSETS TangibIe assets 383 CURRENT ASSETS Debtors Cash at bank and in hand 17,169 241,437 12,160 218,783 258,606 230,943 CREDITORS Amounts falling due within one year (11,346) (17.421) NET CURRENT ASSETS 247,260 213,522 TOTAL ASSEfs LESS CURRENT LJABILfTIES 247,643 214,005 NEf ASSErs 247,643 214,005 FUNDS Unrestricted funds 247,643 214,005 TOTAL FUNDS 247,643 214,005 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 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 foi 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. (b) The notes form part of these financial statements Page 5 continued...
Royal Lancashire Agricultural Society Balance Sheet - continued 31 December 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 22 May 2025 and were signed on its behalf by.. C G Mustoe- rustee P Clarke - Trustee The notes form part of these financial statements Page 6
RoyaI Lancashire Agricultural Society Notes to the Financial Statements for the Year Ended 31 December 2024 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 FinanciaI ReportAng Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l 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 histOTLcal 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 reItabIy. Expenditure Liabilities are recognised as expenditure as soon as theTe 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 reIiably. Expenditure is accounted for on an accruals basis and has been cIassified 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 OTder to write off each asset over its estimated useful life. Plant and machinery 20% on cost Taxation The charity is exempt from corporation tax on its charitable activities. Fund accountins 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 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 commitments Rentals paid under operating leases are charged 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 2024 ACTIVITIES FOR GENERATING FUND 2024 2023 Ticket sales Concessions Sponsorships Trade stands Show jumping Craft stalls Food hall LifestyIe Showing- Iight horse Livestock entries Showing- heavy horse 160,991 27,057 74,392 69,633 9,145 3,505 96,268 28,357 76,546 66,806 (145) 7,551 4,239 7,329 27,378 9,640 743 8,893 20,974 8,692 602 387,888 324,712 NET INCOMF/(EXPENDITURE) Net income/ (expenditure) is stated after charging/(uediting): 2024 2023 Depreciation - owned assets Hire of plant and machinery loo 34,031 17 27,743 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 December 2024 noT for the year ended 31 December 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 6,298 Activities for generating fund Other income 324,n2 9,359 Total 340,369 Page 8 confinued...
Royal Lancashire AgrAcultural Society Notes to the Financial Statements - continued for the Year Ended 31 December 2024 COMPARATIVES FOR THE ST ATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted fund EXPENDITURE ON Raising funds Other 340,009 2,413 Total 342,422 NET INCOMF/{EXPENDITURE) (2,053) RECONCILIATION OF FUNDS Total funds brought forward 216,058 TOTAL FUNDS CARRIED FORWARD 214,005 TANGIBLE FIXED ASSETS Plant and machinery COST At l January 2024 and 31 December 2024 500 DEPRECIATION At I lanuary 2024 Charge for year 17 100 At 31 December 2024 117 NET BOOK VALUE At 31 December 2024 383 At 31 December 2023 DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade debtors VAT Prepayments 17,169 11,581 33 17,169 12,160 Page 9 conttnued...
Royal Lancashire Agricultural Society Notes to the Financial Statements - continued for the Year Ended 31 December 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors VAT Accruals and deferred income 2,463 980 7,903 7287 10,034 11,346 17,421 MOVEMENT IN FUNDS Net movement in funds At 31.12.24 Atl.1.24 Unrestricted funds General fund 214,005 33,638 247,643 TOTAL FUNDS 214,005 33,638 247,643 Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 400,376 {366,738) 33,638 TOTAL FUNDS 400,376 (366,738) 33,638 Comparatives for movement in funds Net movement in funds At 31.12.23 Atl.1.23 Unrestricted funds General fund 216,058 (2,053) 214,005 TOTAL FUNDS 216,058 2,053) 214,005 Pase 10 conttnued...
Royal Lancashire Agricultural Society Notes to the Financial Statements - continued for the Year Ended 31 December 2024 MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 340269 (342,422) (2,053) TOTAL FUNDS 340,369 342,422) 2,053) A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 31.12.24 Atl.1.23 Unrestricted funds General fund 216,058 31,585 247,643 TOTAL FUNDS 216,058 31,585 247,643 A current year 12 months and prior year 12 months combined net movement in funds, incIuded in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds GeneraI fund 740,745 (709,160) 31,585 TOTAL FUNDS 740,745 709,160) 31,585 io. RELATED PARTY DISCLOSURES Sponsorship income was received indirectly from Colin Mustoe a Trustee/DiTector via Senator International Ltd (of which Mr Mustoe is a Director) in the sum of £17,500 and from SaEesbury 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 2024. Page 11
Royal Lancashire Agricultural Society Detailed Statement of Financial Activities for the Year Ended 31 December 2024 2024 2023 INCOME AND ENDOWMEf4rrs Donations and Iegacies Donations 536 6,298 Aetivities for generating fund Ticket sales Concessions Sponsorships Trade stands Show jumping 160,991 27,057 74,392 69,633 9,145 96,268 28,357 76,546 66,806 (145) I 11 Craft stalls Food haII LifestyIe Showing- light horse Livestock entries Showing- heavy horse 3,505 4,004 8,893 20,974 8,692 602 7,551 4,239 7,329 27.378 9,640 743 387,888 324,n2 Other income Membership Other income 1,925 10,027 2,709 6.650 11,952 9,359 Total incoming resources 400,376 340,369 EXPENDrruRE Other trading activities Hire of plant and machinery Competition costs Showground expenditure Show entertainment Judges expenses Administration costs Printing and stationery Advertising Staff costs Donations Bank charges Membership expenses 34,031 33,101 251,464 13,883 3,232 4,668 5,634 6,469 5,874 27,743 24,392 234,677 17,773 7,856 4,363 3,234 3,593 5,211 6,000 1,587 3,580 1,203 4,414 363,973 340,009 This page does not form part of the statutory financial statements Page 12
Royal Lancashire Agricultural Society Detailed Statement of Financial Activities for the Year Ended 31 December 2024 2024 2023 Support costs Finance Plant and machinery 100 17 Governanee costs Accountancy fees 2,665 2,396 Total Tesources expended 366,738 342,422 Net income/(expenditure) 33,638 2,053) This page does not form part of the statutory financial statements Page 13