COMPANY REGISTRATION NUMBER: 10735714 CHARITY REGISTRATION NUMBER: 1176889 Gosforth Agricultural Society Company Limited by Guarantee Unaudited Financial Statements 31 October 2024 SAINT & CO Chartered accountants 12113 Church Street Whitehaven Cumbria CA28 7AY
Gosforth Agricultural Society Company Limited by Guarantee Financlal Statements Year ended 31 October 2024 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities {including income and expendrture account) Statement of financial position Notes to the financial statements The following pages do not form part of the finanaal statements Detailed statement of financial activitie5 19 Notes to the detailed statement of financial activities 21
Gosforth Agricultural Soclety Company Limited by Guarantee Trustees. Annual Report Ilncorporating the Director's Report) Year ended 31 Ortober 2024 The trustees. who are also the directors for the purposes of company law. present their report and the unaudited financial statements of the charity for the year ended 31 October 2024. Reference and administrative details Registered charity name G05forth Agricultural Society Charity registration number 1176889 Company registratlon number 10735714 Principal ¢)ffice and registered Field Croft office Carleton Holmrook Cumbria England CA19 1 The trustees Mr F Gate Mrj LPark Ms E Ostle Ms M Pratt Mr B NTyson Mr J Hilton Mr J Nichol Ms L R Strand Mr D Hilton MrG Mounsey Mr R A Sibbald Independent examlner lan Scott BAIHonsl, FCA. DChA Saint & Co 12113 Church Street Whitehaven Cumbria CA28 7AY
Gosforth Agricultural Society Company Llmited by Guarantee Trustees, Annual Report Ilncorporatin8 the Dirertor's Report) {¢tyrfiwEdJ Year ended 31 October 2024 Structure• governance and managernent The company is a registered charity limited by guarantee. The charity was incorporated on 24 April 2017. RISK MANAGEMENT The directors have e¥amined the major strategic. business and operational risks which the charity faces and confimi that systems have been e5tabli5hed to enable regular reports be produced so that the necessary steps can be taken to lessen the risks. REMUNERATION All directors give their time freely and no directors remunerdtion was paid in the year. Objectives and artlvlties The objectives of the centre are to support and promote agricultural, and rural and allied industries, in Gosforth and the surrounding area and in particular. but not exclusively. by holding an annual agricultural and horticultural show and advancing agricultural education. We have referred to the guidance contsined in the Charity Commission's general guidance on publi benefit when reviewing our aims and objectives and in planning our future activities. Achlevements and perfomiance There were some worries prior to the show with gard to the erection of tents and many meetings were had before some volunteers were found to make sure our show and many others in Cumbria could go ahead. To those who turned up the show really appreciated it. It was a beautiful sunny day and stayed warm too, what a difference the weather makes. The crowds just kept coming, the show field was full. cars were turned away from the gates due to being to many for us to cater for. the show ended up with one of the highest gate takings ever. It turned out that our free car park was also full and many had resorted to parking on the roadside to Seascale. A very good tumout of trade stand5 many feBular attendees but plenty of new ones too- we are starting to find it difficult to accommodate the tKJokings. which is a nice position to be in. In general entrie5 were good especially in the sheep section where there were almost So entries in the Young Handler classes alone. The Handicraft section excelled themselves again with high entries and some good sponsorship for their classes. The vintage parade ahead of the grand parade was well received and all enjoyed Alan Tubman talking to the entries. Poultry were back after a few years away from the show, a very good show of birds. Horse entries remained much the same but the location of the Working hunter ring continues to be a sutcess and hopefulW more will come to use it. Unfortunately, we did not Eet a Cumberland and Wrestling Championship this year but there was still a large number of competitors for the tlasses we had. It is a brilliant spectator sport.
Gosforth Agricultural S¢Kiety Company Limited by Guarantee Trustees, Annual Report (Incorporating the Dirertor's Report) Year ended 31 October 2024 Financial review Following a surplus of £15,805 (£4,669 surplus 20231 on the general fund. there was a total of £114,248 in net assets on the general fund 1£98.443 20231- Restricted funds totalled £3,492 at 31 October 20241£4.108 20231. RESERVES POUCY It is the policy of the charity to maintain unrestritted fund5, which are the free reserves of the charity. at a level which equates to about 12 months unrestricted expenditure plus an allowance for any forecast shortfall on project expenditure. This provide5 sufficient furbds to cover management and administration and support costs. At the end of the financial period unrestricted reserves are £114,248. Plans for future periods Plans are already underway for the 2025 show due to tske place on 16th August 2025. Small company provisions This report has been prepared in accordance with the provistons applicable to companies entitled to the small companies exemption. The trustees. annual report was approved on 27 March 2025 and Signed on behalf of the board of trustees by.. Mrj LPark Trustee J L.BJ
Gosforth Agricultural Society Company Limited by Guarantee Independent Examiner's Report to the Trustees of Gosforth Agricuftural Society Year ended 31 October 2024 I report to the trustees on my examination of the financial statements of Gosforth Agricultural Society I'the charity'l for the year ended 31 October 2024. Responsibilities and basis of report As the trustees of the company land also its directors for the purpose5 of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2(XJ61'the 2(M)6 ACVI. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2C(J6 Act and are eligible for independent examination, I report in respect of my examination of the charitys accounts as carried out under section 145 of the Charities Art 20111'the 2011 Act'l- In carrying out my examination I have followed the Directions given by the Charity Commission under section 145I511bl of the 2011 Act. Independent examinerfs ststernent 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: accounting records were not kept in respect of the charity as required by section 386 of the 21XJ6 Act,. or the financial statement5 do not accord with those record5,' or the financial statements do not comply wtth the accounting requirements of section 396 of the 2(K16 Act other than any requirement that the accounts gwe 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 Prartice for accounting and reporting bv charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021.
Gosforth Agricultural Society Company Limited by Guarantee Independent Examiner's Report to the Trustees of Gosforth Agricultural Society Year ended 31 Ortober 2024 I have no concerns and have come across no other matters in connection wtth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. lan Scott BAIHonsl, FC4. DChA Saint & Co 12113 Church Street Whitehaven Cumbria CA28 7AY In(Jependent Examiner
Gosforth Agricultural Society Company Limited by Guarantee Statement of Flnancial Activities lincluding income and expenditure account) Year ended 31 October 2024 2024 Resirirted funds Total fund5 Total funds 2023 Unrestricted funds Income and endowments Donations and legacie5 Charitable activities Investment income 10,064 40.748 4,035 10.064 40,748 4,035 3,651 37,266 3.144 Total income 54.847 54,847 44,061 Expenditure Expenditure on charitable activitie5 Other expenditure Total expendlture 38.130 912 616 38.746 912 40,017 li 39.042 616 39,658 40,117 Net income and net movement in funds 15,805 16161 15,189 3,944 Reconciliation of funds Total funds brought forward 98.443 4.108 102.551 98.607 Total funds carried forward 114,248 3.492 117,740 102,551 The statement of financial activities intludes all gains and losses recognised in the year. All income and expenditure derive from continuing attivities. ThE nrtes on pa8es 9 to 17forni prtof thesefinanrial statemt
Gosforth Agricultural Society Company Limited by Guarantee Statement of Financial Posltlon 31 October 2024 2024 2023 Flxed a55etS Tangible fixed assets 15 60.420 57.648 Current assets Debtors Cash at bank and in hand 16 66.859 60,456 66,919 60,456 Creditor5: amounts fallln8 due within one year Net current assets 17 9,S99 15,553 57.320 44,903 Total assets less current liabilities 117,740 102.551 Net assets 117,740 102,551 Funds of the charity Restricted funds Unrestricted funds 3,492 114,248 4.108 98,443 Totsl charity funds 18 117,740 102,551 For the year ending 31 October 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2rx)6 relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit of its financial statements for the year in question accordance with section 476: The directors acknowledge their responbIlItIeS for complying with the requirements of the Act with respect to accounting records and the preparation of financial ststements. These financial statements have been prepared in accordance with the provisions applicable to ompanies subject to the small companies. regime. The statement of financial position continues on the following page. The notes on pages 9 to 17 form p4rt of these fJn•noal statemtrts.
Gosforth Agricultural Society Company Llmited by Guarantee Statement of Financial Position i<tyrfMw 31 October 2024 These financial statements were approved by the board of trustees and authorised for issue on 27 March 2025. and are signed on behalf of the board by: MrJLPark Trustee The rsOn we$9to 17fovrn wt Lrfth¢5e Ilnai•l ststenrts.
Gosforth Agricultural Society Company Limited by Guarantee Notes to the Financial Statements Year ended 31 Ortober 2024 General infomiation The charity is a public benefit entity and a private company limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Field Croft. Carleton. Holmrook. Cumbria. England. CA19 IYT. Statement of compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Companie5 Art 2CM)6. Ac¢ountinz policies Basis of preparation The financial statement5 have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterlin& which is the functional currency of the entity. Golng concern There are no material uncertainties aut the charity's ability to continue. Judgements and key wurces of estlmation uncertainty The preparation of the financial Statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those invofving estimations) that management hès made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows.. Accounting estimates and assumptions are made concerning the future and. by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follow5".
Gosforth Agricultural Society Company Limited by Guarantee Notes to the Financial statements{¢tyrfvKrfj Year ended 31 Ortober 2024 Accounting policies 1ronthmj Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted fvnd5 eam)arked by the trustees for particular future project or commitment. Restricted funds are subjetted to restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of two sub-classes= restricted income funds or endowment funds. Incoming resources All incoming sourceS are included in the statement of financial activitie5 when entitlement has passed to the charity.- it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categorie5 of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement 15 established. income from donated goods is measured at the fair value of the goods unless this is impractical to measijre reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when ceiVed if the value can be reliabty measured. No amounts are inclu(led for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestrKted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. io
Gosforth Agricultural Society Company Llmited by Guarantee Notes to the Finanaal Statements Year ended 31 October 2024 Accounting policie5 {¢tyrthl Resources expended Expenditure on raising funds include5 the costs of all fundraisin8 activities, event5, non-charitable trading artivities, and the sale of donated goods. Expenditu on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiarie5, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. All costs are allocated to expenditure categories reflecting the use of the resoufte. Direct costs attributable to a single activity a allocated directly to that activity- Shored costs are apprortioned between the actNlties they contribute to on a reasonablei justifiable and consistent basis. Tangible a$5ets Tangible assets are initially recorded at cost. and subsequently stated ot cost less any accumulated depreciation and impairn)ent losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation le55 any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation. is retognised in other recognised gains an(1105ses, unless it reverses a charge for impaim)ent that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognise(l in other recognised Eains and losses, excepl to which it offsets any previous revaluation gain, in which case the 1055 is shown within other recognised gains and losse5 on the statement of financial art¢vities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, le55 its residual value. over the useful economic life of that asset as follows= Buildings Fixtures and fittin8S 2% straight line 15% reducing balance Impalrment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also vieWed for Possible reversal at each reporting date. li
Gosforth Agricultural Society Company Limited by Guarantee Notes to the Financial statements1&1 Year ended 31 October 2024 Accounting policies (tN*) Impalmient of flxed a55etsl1th1d1 For the purposes of impairment testin& when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largelv independent of the cash inflows from other a55ets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination 15, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combinatbon, irrespective of whether other assets or liabilities of the charity are assigned to those units. Limited by zuarantee Every member undertakes, if the company is dissoed while he or she is a member or within 12 months after he or She ceases to be a member. to contribute such sum Inot exceedin8 £1) as may be deemed of him or her towards the payment of the debts and liabilities of the company incurred before he or she ceases to be a member. and of the costs, charges and expenses of winding up, and the adjustment of the rights and of the contributories among themselves. DoTration5 arrfl legaaes Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Grants RWM grant received Sponsorship NWS Grant 5.764 5.764 3,126 iio 3,126 iio 4,150 4.150 Other donations and legacles Charitable donations 150 150 415 415 10,064 10.064 3,651 3,651 12
Gosforth Agricultural Society Company Limited by Guarantee Notes to the Financial Statements(¢4) Year ended 31 October 2024 Charitable artivities Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Sale of goodslservices as part of direct charitable activities Trade sta115 Entry fees Gate and catalogue income Festive fling Coffee morning H&P Raffle 1,480 4,932 4,312 19.242 6,229 1,480 4.932 4.312 19,242 6,229 loo 971 3,214 3.135 26.954 7,357 88 3.214 3,135 26,954 7,357 971 40.748 40.748 37,266 37,266 Investment income Unrestricted Total Funds Unrestricted Total Fund5 Funds 2024 Funds 2023 Bank interest receivable Field rent received 956 3.079 956 3.079 507 2.637 507 2,637 4.035 4.035 3,144 3,144 Expenditure on charitable activitie$ by fund type Unrestrirted Funds Restricted Total Funds Funds 2024 G05forth show Support costs 32,964 5.166 32,964 5,782 616 38.130 616 38,746 Unrestricted Funds Restricted Total Funds Funds 2023 G05forth show Support costs 35,199 4,093 35.199 4,818 725 39,292 725 40.017 13
Gosforth Agricultural Society Company Limited by Guarantee Notes to the Flnancial statements(Cth*&1j Year ended 31 October 2024 Expenditure on charitsble activities by artivity type Artivities undertaken dirertly Support costs Total fvnds 2024 Total fund 2023 Gosforth show 32.964 5.782 38.746 40.017 10. Analysis of support Costs Anatysis of support costs G05forth show Totsl 2024 Total 2023 General office Finance costs 5.719 63 5,719 63 4,717 ioi 5.782 5.782 4,818 11. Other expenditure Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donation 912 912 l(K) 12. Net in¢ome Net income is stated after chargingjlcreditingl.. 2024 2023 Depreciation of tangible fixed assets 2.719 1,697 13. Staff costs The average head count of employees during the year was Nil12023.. Nill. No employee received employee beneftts of more than £60.( during the year12023.. Nil). 14. Trustee remuneration arKI expenses No remuneration or other benefrts from employment with the charity or a related entity were received by the trustees. 14
Gosforth Agricultural Society Company Llmited by Guarantee Notes to the Flnancial 5tatementSl¢•rfv*ulJ Year ended 31 October 2024 15. Tangible fixed assets Freehold property Plant and Fixtures and machinery fittings Total Cost At l November 2023 Additions 44.750 2.877 14,692 5.491 62,319 5,491 At 31 October 2024 44,750 2,877 20,183 67,810 Depreciation At l November 2023 Charge for the year 472 4.199 2,661 4.671 2,719 At 31 October Z024 530 6,860 7,390 Carrying amount At 31 October 2024 44.750 2.347 13,323 60,420 At 31 October 2023 44.750 2.405 10.493 57.648 16. Debtors 2024 2023 Prepayment5 and accrued income 60 17. Creditors: arnounts falliry due within one year 2024 2023 Trade creditors Accruals and deferred income 9.599 11.061 4,492 9.599 15,553 Is
Gosforth Agricultural Society Company Limited by Guarantee Notes to the Financial StatementSlc•ilwwxdl Year ended 31 October 2024 18. Analysis of tharitable funds Unrestricted funds At l November 2023 At 31 October 2024 Income Expenditure General funds 98,443 54.847 139.0421 114,248 At l November 2022 At 31 October 2023 Income Expenditu General funds 93.774 44,061 139,3921 98.443 Restrirted funds At l November 2023 At 31 October 2024 Income Expenditure Restricted Fund 4.108 16161 3.492 At l November 2022 At 31 October 2023 Income Expenditure Restricted Fund 4,833 172SI 4.108 16
Gosforth Agricultural Society Company Limited by Guarantee Notes to the Financial Statement5 (¢tyrfwwiEdJ Year ended 31 October 2024 19. Analysis of net assets between fund5 Unrestricted Fund5 Restrirted Total Funds Fund5 2024 Tangible fixed assets Current assets Creditors less than l year Net assets 56,928 66,919 19.5991 3,492 60,420 66,919 19.5991 114.248 3,492 117,740 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than l year Net assets 53,540 60,456 115,5531 4.108 57,648 60,456 {15,5531 98,443 4,108 102.551 17
Gosforth Agricultural Society Company Llmited by Guarantee Management Information Year ended 31 October 2024 The following pages do not forni part of the financlal SLitements. 18
Gosforth Agricultural Society Company Limited by Guarantee Detailed Statement of Financial Actlvities Year ended 31 October 2024 2024 2023 Income and endowmeT Donations and legacies RWM grant received Sponsorship NWS Grant Charitable donations 5.764 3,126 iio 4.150 150 415 10.064 3,651 Charitsble activities Sale of goodslservices as part of direct charitable activities Trade stalls Entry fees Gate and catalogue income Festive fling Coffee morning H&P Raffle 1.480 4,932 4.312 19,242 6,229 100 971 3,214 3,135 26,954 7.357 40,748 37,266 Investment income Bank interest receivable Field rent received 956 3,079 507 2,637 4.035 3,144 T¢Xal income 54,847 44,061 19
Gosforth Agricultural Society Company Limited by Guarantee Detailed Statement of Financial Artlvitiesimrfè*dJ Year ended 31 Ortober 2024 2024 2023 Expendlture Expenditure on charitsble artfvities Prizes Fling expenditure Rent and rates Sundries Advertising Repairs and maintenan Insurance Affiliation Field expenses Judges expenses First aid cover Legal and professional fees Coffee morning expenses Printing. Postage and stationery Depreciation Marquee hi Attractions Main attractio Bank charges 7.907 1,450 4,878 5.735 4,658 155 1.102 1,204 1,306 240 4,467 640 1,025 3.020 139 3,531 1,697 5,040 1,985 3.972 ioi 1,123 771 1,253 232 3,387 920 1.150 2.632 2,719 4,871 1.620 770 63 38.746 40,017 Other expenditure Donation 912 Total expenditure 39.658 40,117 Net income 15.189 3,944 20
Gosforth Agricultural Society Company Limlted by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 October 2024 2024 2023 Expenditure on charitable activitie5 Gosforth show Activitie5 undertoken dirertfy Prizes Fling expenditure Rent and rates Sundries Advertising Repairs & maintenance Insurance Affiliation Field expenses Judges expenses First aid cover Coffee morning expenses Printing, posting and stationery Marquee hire Attractions Main attraction 7.907 1,450 4.878 5,735 4.658 155 1,102 1,204 1.306 240 4,467 640 1,025 139 3.531 5,040 1,985 3,972 1.123 771 1,253 232 3.387 920 1,150 2,632 4,871 1,620 770 32,964 35,199 Support costs Legal and professional fees Depreciation Bank charges 3,020 1.697 ioi 2,719 63 5,782 4,818 Expenditure on charitable arti¥itie5 38,746 40.017 21