CHARITY REGISTRATION NUMBER: 1178874
The Penrith Agricultural Society Unaudited Financial Statements
31 October 2022
SAINT AND CO
Chartered accountants 4 Mason Court Gillan Way Penrith 40 Business Park Penrith Cumbria CA11 9GR
The Penrith Agricultural Society
Financial Statements
Year ended 31 October 2022
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 6 |
| Statement of financial activities | 7 |
| Statement of financial position | 8 |
| Notes to the financial statements | 9 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 19 |
| Notes to the detailed statement of financial activities | 20 |
The Penrith Agricultural Society
Trustees' Annual Report
Year ended 31 October 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 October 2022.
Chair's report
The current economic climate and post covid world has put many obstacles in the way of many agricultural events in the UK, however I am pleased to share with you that The Penrith Agricultural Society had one of the most successful shows to date both financially and with great numbers of people visiting the show.
The year started with the new show secretary, Andy Ryder, Pedigree Livestock Services planning the first live show since 2019, this was successfully delivered by his dedicated team at the show office, which is based in the beautiful Eden Valley countryside. Without this team the successful running of the show would prove very difficult.
A new treasurer was also put in place, only 2 weeks before the show! The finances are now handled by Alice Beattie (David Allen Accountants) this young lady worked above and beyond her remit, it’s a joy to work with young people who are showing an interest in rural events, these events just don’t happen it takes months of planning with many volunteers who give their time and knowledge to help deliver such events.
The show president Mr Stephen Lancaster and his wife Judith carried out their presidential duties on show day with a professional manner, visiting trade stands, exhibitors and presenting prizes.
The foundations are now in place with trustees and committee members to deliver future Penrith Agricultural shows for future generations to enjoy.
- 1 -
The Penrith Agricultural Society
Trustees' Annual Report (continued)
Year ended 31 October 2022
| Reference and administrative | details | |
|---|---|---|
| Registered charity name | The Penrith Agricultural Society | |
| Charity registration number | 1178874 | |
| Principal office | c/o Pedigree Livestock Services Limited | |
| Holme House | ||
| Ainstable | ||
| Carlisle | ||
| CA4 9RH | ||
| The trustees | ||
| F A Kidd | ||
| M J Bland | ||
| R C Utting | ||
| R W Gardiner | ||
| S J Little | ||
| C J Wilson | ||
| S C Bland | ||
| R W Fisher | ||
| R Sharp | (Appointed 7 March 2022, Retired 15 February 2023) | |
| N Little | (Appointed 7 March 2022) | |
| Independent examiner | David Andrew Liddle, BA(Hons), FCA | |
| 4 Mason Court | ||
| Gillan Way | ||
| Penrith 40 Business | Park | |
| Penrith | ||
| Cumbria | ||
| CA11 9GR |
- 2 -
The Penrith Agricultural Society
Trustees' Annual Report (continued)
Year ended 31 October 2022
Structure, governance and management
Governing Document
The CIO is a charitable incorporated organisation and is governed by a constitution dated 15th June 2018. It was set up to take over from The Penrith Agricultural Society (Charity Number 701320). The transfer of the assets from the predecessor charity to the CIO took place on 1st November 2018. The charitable purposes of the CIO are identical to those of the unincorporated charity.
The information in this Trustees’ Report relates to the period from 1 November 2018, with effect from which date the CIO became operational.
Appointment of Trustees
The Trustees of the CIO are determined by the members at the annual general meeting. Membership of the general committee is open to individuals who are interested in furthering the works of the CIO. Membership of the subcommittees is determined by the specific interests of the individuals.
The trustees of the Guardians of Eden Trust which administers the bursaries are elected each year at the annual general meeting.
Organisational Structure
The Penrith Agricultural Society is an independent charitable incorporated organisation.
The control of the CIO is in the hands of the general committee with subcommittees for the various show activities such as Cattle, Sheep, Horse and industrial sections together with finance and general administration and the guardians of eden bursary subcommittees.
The officers are responsible for the overall management and control of the CIO.
Risk Management
The committee have examined the major strategic, business and operational risks which the CIO faces and confirms that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
Objectives and activities
The Object of the CIO
The objects of the CIO are the advancement of agriculture for the public benefit by -
-
Enduring improvements in the breeding of stock, the management of land and in the general promotion of agriculture.
-
The organisation of the Penrith Agricultural Show.
How our activities achieve public benefit
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
- 3 -
The Penrith Agricultural Society
Trustees' Annual Report (continued)
Year ended 31 October 2022
Achievements and performance
The Chairman will give a full report on the activities of the CIO at the annual general meeting.
Financial review
The Penrith Agricultural Society are pleased to note that 2022 has been a profitable year, hosting the first show since 2019.
The year started with the annual dinner being held at the Roundthorn Hotel, there was also a collection for the society's charity of the year Penrith Mountain Rescue raising £281.
The new show secretary Andy Ryder and his team worked with a diligence attitude to arrange a very successful 2022 show which was held at Brougham Hall show field, a record attendance was seen due to the warm sunny weather which generated an income of £49,830.
The society continues to look at running costs of the show and every opportunity to reduce costs have been implemented.
The direct debit system for membership will continue and it is hoped that this will increase membership to the society.
A new treasurer was in place just weeks before the show, bringing a wealth of knowledge to help generate much needed income for the future running of the society.
Reserves Policy
The CIO held £51,572 in unrestricted funds and £2,971 in restricted funds in reserves at the start of the year, which had increased at the end of the year to £73,382 in unrestricted and £2,971 in restricted funds.
The CIO holds a healthy bank balance with £85,010 (2021 - £38,628) held in the bank.
The level of reserves is monitored and reviewed by the trustees as necessary and at least once each year.
Investment Powers and Restrictions
The officers and trustees have the power to invest in such assets as they see fit.
- 4 -
The Penrith Agricultural Society
Trustees' Annual Report (continued)
Year ended 31 October 2022
Plans for future periods
Penrith Show is thought of as one of the best shows in the area, so the CIO plans to keep running the show largely as at present.
The success of the show on the day is largely weather dependent and we must keep an eye on costs to minimise any losses if there is bad weather one year with reduced gate entry fees. Significant expenditures are regularly put out to tender to ensure value for money.
Trustees' Responsibilities Statement
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the applicable Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material
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departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
-
charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
F A Kidd Trustee
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The Penrith Agricultural Society
Independent Examiner's Report to the Trustees of The Penrith Agricultural Society
Year ended 31 October 2022
I report to the trustees on my examination of the financial statements of The Penrith Agricultural Society ('the charity') for the year ended 31 October 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
David Andrew Liddle, BA(Hons), FCA Independent Examiner
4 Mason Court Gillan Way Penrith 40 Business Park Penrith Cumbria CA11 9GR
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The Penrith Agricultural Society
Statement of Financial Activities
Year ended 31 October 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 20,216 | – | 20,215 | 5,883 |
| Charitable activities | 5 | (4,203) | – | (4,203) | – |
| Other trading activities | 6 | 101,144 | – | 101,144 | 11,564 |
| Investment income | 7 | 92 | – | 92 | 69 |
| ---------------------------------- | --------------- | ---------------------------------- | ----------------------------- | ||
| Total income | 117,249 | – | 117,248 | 17,516 | |
| ================================== | =============== | ================================== | ============================= | ||
| Expenditure | |||||
| Expenditure on charitable activities | 8,9 | 95,439 | – | 95,438 | 10,520 |
| ---------------------------------- | --------------- | ---------------------------------- | ----------------------------- | ||
| Total expenditure | 95,439 | – | 95,438 | 10,520 | |
| ================================== | =============== | ================================== | ============================= | ||
| ---------------------------------- | --------------- | ---------------------------------- | ----------------------------- | ||
| Net income and net movement in funds | 21,810 | – | 21,810 | 6,996 | |
| ================================== | =============== | ================================== | ============================= | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 51,572 | 2,971 | 54,543 | 47,547 | |
| ---------------------------------- | ------------------------ | ---------------------------------- | ----------------------------- | ||
| Total funds carried forward | 73,382 | 2,971 | 76,353 | 54,543 | |
| ================================== | ======================== | ================================== | ============================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 17 form part of these financial statements.
- 7 -
The Penrith Agricultural Society
Statement of Financial Position
31 October 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 13 | 3,775 | 8,635 |
| Current assets | |||
| Stocks | 14 | 520 | 4,938 |
| Debtors | 15 | 37 | 2,342 |
| Cash at bank and in hand | 85,010 | 38,628 | |
| ----------------------------- | ----------------------------- | ||
| 85,567 | 45,908 | ||
| Creditors: amounts falling due within one year | 16 | 12,989 | – |
| ----------------------------- | ----------------------------- | ||
| Net current assets | 72,578 | 45,908 | |
| ----------------------------- | ----------------------------- | ||
| Total assets less current liabilities | 76,353 | 54,543 | |
| ============================= | ============================= | ||
| Funds of the charity | |||
| Restricted funds | 2,971 | 2,971 | |
| Unrestricted funds | 73,382 | 51,572 | |
| ----------------------------- | ----------------------------- | ||
| Total charity funds | 17 | 76,353 | 54,543 |
| ============================= | ============================= |
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
F A Kidd Trustee
The notes on pages 9 to 17 form part of these financial statements.
- 8 -
The Penrith Agricultural Society
Notes to the Financial Statements
Year ended 31 October 2022
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Holme House, Dale, Ainstable, Carlisle, CA4 9RH.
2. Statement of compliance
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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements 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 sterling, which is the functional currency of the entity.
The CIO meets the definition of a public benefit entity under FRS102.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation 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.
Significant judgements
There are no judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no 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.
- 9 -
The Penrith Agricultural Society
Notes to the Financial Statements (continued)
Year ended 31 October 2022
3. Accounting policies (continued)
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 funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected 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 resources are included in the statement of financial activities 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 categories of income:
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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.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure 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 received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted 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.
- 10 -
The Penrith Agricultural Society
Notes to the Financial Statements (continued)
Year ended 31 October 2022
3. Accounting policies (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are stated at cost less any accumulated depreciation and impairment losses.
The Charity has a policy were items over £300 are capitalised.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset. The following depreciation rates for assets transferred to this CIO have been applied to the original cost of the assets rather than the transfer value.
Show and Office Equipment
- 25% Reducing Balance/10% Straight Line
Impairment 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 reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
- 11 -
The Penrith Agricultural Society
Notes to the Financial Statements (continued)
Year ended 31 October 2022
3. Accounting policies (continued)
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 1,178 | 1,178 | 3,251 | 3,251 |
| Sponsorship | ||||
| Sponsorship | 16,495 | 16,495 | 455 | 455 |
- 12 -
The Penrith Agricultural Society
Notes to the Financial Statements (continued)
Year ended 31 October 2022
4. Donations and legacies (continued)
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Subscriptions | ||||
| Subscriptions | 2,543 | 2,543 | 2,177 | 2,177 |
| ----------------------------- | ----------------------------- | ------------------------ | ------------------------ | |
| 20,216 | 20,216 | 5,883 | 5,883 | |
| ============================= | ============================= | ======================== | ======================== | |
| Charitable activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Opening stock | (4,938) | (4,938) | (4,938) | (4,938) |
| Sale of books | 215 | 215 | – | – |
| Closing stock | 520 | 520 | 4,938 | 4,938 |
| ------------------------ | ------------------------ | ------------------------ | ------------------------ | |
| (4,203) | (4,203) | – | – | |
| ======================== | ======================== | ======================== | ======================== | |
| Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Fundraising events | – | – | 11,214 | 11,214 |
| Gate and Catalogue Receipts | 49,830 | 49,830 | – | – |
| Trade Stands | 22,384 | 22,384 | – | – |
| Entry Fees | 6,503 | 6,503 | 350 | 350 |
| Bar takings | 22,427 | 22,427 | – | – |
| ---------------------------------- | ---------------------------------- | ----------------------------- | ----------------------------- | |
| 101,144 | 101,144 | 11,564 | 11,564 | |
| ================================== | ================================== | ============================= | ============================= | |
| Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Bank interest receivable | 92 | 92 | 69 | 69 |
| =============== | =============== | =============== | =============== | |
| Expenditure on charitable activities by fund type | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Penrith Show | 83,617 | 83,617 | 6,266 | 6,266 |
| Support costs | 11,822 | 11,822 | 4,254 | 4,254 |
| ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | |
| 95,439 | 95,439 | 10,520 | 10,520 | |
| ============================= | ============================= | ============================= | ============================= |
5. Charitable activities
6. Other trading activities
7. Investment income
8. Expenditure on charitable activities by fund type
- 13 -
The Penrith Agricultural Society
Notes to the Financial Statements (continued)
Year ended 31 October 2022
9. Expenditure on charitable activities by activity type
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Penrith Show | 83,617 | – | 83,617 | 6,266 |
| Governance costs | – | 11,822 | 11,821 | 4,254 |
| ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | |
| 83,617 | 11,821 | 95,438 | 10,520 | |
| ============================= | ============================= | ============================= | ============================= |
10. Net income
| Net income is stated after charging/(crediting): | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Depreciation of tangible fixed assets | 1,435 | 1,554 |
| ======================== | ======================== | |
| Independent examination fees | ||
| 2022 | 2021 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 740 | 725 |
| =============== | =============== |
11. Independent examination fees
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
No expenses have been incurred by the trustees during the period.
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The Penrith Agricultural Society
Notes to the Financial Statements (continued)
Year ended 31 October 2022
| 13. | Tangible fixed assets | |||
|---|---|---|---|---|
| Freehold | ||||
| property | Equipment | Total | ||
| £ | £ | £ | ||
| Cost | ||||
| At 1 November 2021 | 3,425 | 10,620 | 14,045 | |
| Disposals | (3,425) | – | (3,425) | |
| ------------------------ | ----------------------------- | ----------------------------- | ||
| At 31 October 2022 | – | 10,620 | 10,620 | |
| ======================== | ============================= | ============================= | ||
| Depreciation | ||||
| At 1 November 2021 | – | 5,410 | 5,410 | |
| Charge for the year | – | 1,435 | 1,435 | |
| ------------------------ | ----------------------------- | ----------------------------- | ||
| At 31 October 2022 | – | 6,845 | 6,845 | |
| ======================== | ============================= | ============================= | ||
| Carrying amount | ||||
| At 31 October 2022 | – | 3,775 | 3,775 | |
| ======================== | ============================= | ============================= | ||
| At 31 October 2021 | 3,425 | 5,210 | 8,635 | |
| ======================== | ============================= | ============================= | ||
| 14. | Stocks | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Raw materials and consumables | 520 | 4,938 | ||
| =============== | ======================== | |||
| 15. | Debtors | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Trade debtors | – | 180 | ||
| Prepayments and accrued income | – | 2,128 | ||
| Other debtors | 37 | 34 | ||
| --------------- | ------------------------ | |||
| 37 | 2,342 | |||
| =============== | ======================== | |||
| 16. | Creditors: amounts falling due within one year | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Trade creditors | 4,425 | – | ||
| Social security and other taxes | 8,564 | – | ||
| ----------------------------- | --------------- | |||
| 12,989 | – | |||
| ============================= | =============== |
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The Penrith Agricultural Society
Notes to the Financial Statements (continued)
Year ended 31 October 2022
17. Analysis of charitable funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 November | 31 October | ||||
| 2021 | Income | Expenditure | 2022 | ||
| £ | £ | £ | £ | ||
| General funds | 51,572 | 117,249 | (95,439) | 73,382 |
|
| ============================= | ================================== | ============================= | ============================= | ||
| At | At | ||||
| 1 November | 31 October | ||||
| 2020 | Income | Expenditure | 2021 | ||
| £ | £ | £ | £ | ||
| General funds | 44,576 | 17,516 | (10,520) | 51,572 |
|
| ============================= | ============================= | ============================= | ============================= | ||
| Restricted funds | |||||
| At | At | ||||
| 1 November | 31 October | ||||
| 2021 | Income | Expenditure | 2022 | ||
| £ | £ | £ | £ | ||
| Guardians of Eden | 2,971 | – | – | 2,971 | |
| ======================== | =============== | =============== | ======================== | ||
| At | At | ||||
| 1 November | 31 October | ||||
| 2020 | Income | Expenditure | 2021 | ||
| £ | £ | £ | £ | ||
| Guardians of Eden | 2,971 | – | – | 2,971 | |
| ======================== | =============== | =============== | ======================== | ||
| 18. | Analysis of net assets between funds | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Tangible fixed assets | 3,775 | – | 3,775 | ||
| Current assets | 82,596 | 2,971 | 85,567 | ||
| Creditors less than 1 year | (12,989) | – | (12,989) | ||
| ----------------------------- | ------------------------ | ----------------------------- | |||
| Net assets | 73,382 | 2,971 | 76,353 | ||
| ============================= | ======================== | ============================= | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2021 | |||
| £ | £ | £ | |||
| Tangible fixed assets | 8,635 | – | 8,635 | ||
| Current assets | 42,937 | 2,971 | 45,908 | ||
| Creditors less than 1 year | – | – | – | ||
| ----------------------------- | ------------------------ | ----------------------------- | |||
| Net assets | 51,572 | 2,971 | 54,543 | ||
| ============================= | ======================== | ============================= |
- 16 -
The Penrith Agricultural Society
Notes to the Financial Statements (continued)
Year ended 31 October 2022
19. Related parties
There have been no related party transactions during the period.
- 17 -
The Penrith Agricultural Society
Management Information
Year ended 31 October 2022
The following pages do not form part of the financial statements.
- 18 -
The Penrith Agricultural Society
Detailed Statement of Financial Activities
Year ended 31 October 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations | 1,179 | 3,251 |
| Sponsorship | 16,495 | 455 |
| Subscriptions | 2,542 | 2,177 |
| ----------------------------- | ------------------------ | |
| 20,216 | 5,883 | |
| ----------------------------- | ------------------------ | |
| Charitable activities | ||
| Opening stock | (4,938) | (4,938) |
| Sale of books | 215 | – |
| Closing stock | 520 | 4,938 |
| ------------------------ | ------------------------ | |
| (4,203) | – | |
| ------------------------ | ------------------------ | |
| Other trading activities | ||
| Fundraising events | – | 11,214 |
| Gate and Catalogue Receipts | 49,830 | – |
| Trade Stands | 22,384 | – |
| Entry Fees | 6,503 | 350 |
| Bar takings | 22,427 | – |
| ---------------------------------- | ----------------------------- | |
| 101,144 | 11,564 | |
| ---------------------------------- | ----------------------------- | |
| Investment income | ||
| Bank interest receivable | 92 | 69 |
| --------------- | --------------- | |
| ---------------------------------- | ----------------------------- | |
| Total income | 117,249 | 17,516 |
| ================================== | ============================= | |
| Expenditure | ||
| Expenditure on charitable activities | ||
| Rent | 600 | – |
| Insurance | 1,470 | 1,862 |
| Other establishment | 4,637 | 2,850 |
| Legal and professional fees | 9,016 | 2,765 |
| Telephone | 1,120 | 357 |
| Other office costs | 1,685 | 1,132 |
| Depreciation | 1,435 | 1,554 |
| Show costs | 75,476 | – |
| ---------------------------------- | ----------------------------- | |
| 95,439 | 10,520 | |
| ---------------------------------- | ----------------------------- | |
| ----------------------------- | ----------------------------- | |
| Total expenditure | 95,439 | 10,520 |
| ============================= | ============================= | |
| ----------------------------- | ----------------------------- | |
| Net income | 21,810 | 6,996 |
| ============================= | ============================= |
- 19 -
The Penrith Agricultural Society
Notes to the Detailed Statement of Financial Activities
Year ended 31 October 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Expenditure on charitable activities | ||
| Penrith Show | ||
| Activities undertaken directly | ||
| Rent | 600 | – |
| Insurance | 1,470 | 1,862 |
| Other Establishment Costs | 4,636 | 2,850 |
| Depreciation | 1,435 | 1,554 |
| Show costs | 75,476 | – |
| ----------------------------- | ------------------------ | |
| 83,617 | 6,266 | |
| ----------------------------- | ------------------------ | |
| Governance costs | ||
| Accountancy Fees | 888 | 1,390 |
| Honoraria | 8,074 | 1,375 |
| Annual Dinner (Net Cost) | 54 | – |
| Computer and Website Costs | 1,120 | 357 |
| Office Expenses | 1,686 | 1,132 |
| ----------------------------- | ------------------------ | |
| 11,822 | 4,254 | |
| ----------------------------- | ------------------------ | |
| ----------------------------- | ----------------------------- | |
| Expenditure on charitable activities | 95,439 | 10,520 |
| ============================= | ============================= | |
Show Costs |
||
| Marquees | 10,534 | |
| Town band | 350 | |
| Entertainments | 4,274 | |
| Equipment rental | 6,403 | |
| PA system | 1,920 | |
| First aid | 2,275 | |
| Security | 1,957 | |
| Catalogues | 2,093 | |
| Sundry services | 10,185 | |
| Schedules | 1,245 | |
| Rosettes, prize cards and badges | 1,481 | |
| Prize money | 12,530 | |
| Judges expenses | 1,346 | |
| Bar costs | 10,870 | |
| Toilet facilities | 4,588 | |
| Property costs | 3,425 | |
| Total | 75,476 |
- 20 -