THE PENRITH AGRICULTURAL SOCIErY
TRUSTEES. REPORT
FOR THE YEAR EhlDED 31 OCTOBER 2024
The trustees present their annu31 report and financial statements for the yearended 31 October 2024.
The financi31 statements have been prepared in accordance with the accounting policie5 set out in note I to the financial
staternents and comply with the CIO'S 8overning docurnenL the Charities Ait 2011 and"Accounting and Reporting by Charities..
Statementof Recornmended Practice applicabletocharities preparingtheir aciount5 in aicordance with the Financial Reporting
Standar(J applicable in the UK and Republic of Ireland IFRS 1021" leffertive l January 20191.
Oblectlves and attlvltles
The objects of the CIO are the advancement of a8ri£ukure for publk benefft by-
l. Enduring improvements in the breeding of stock. the man38ement of land and in the general promotion of agriculture.
2. The organisation of the Penrith Agricultural Show.
Publlc beneflt
The trustees have paid due regard to 8uidaThce issued by the Charity Commission in deciding what activities the CIO should
undertake.
AchlevemeTht5 and performance
Significont octivityes ondo£hievements Ogoinst obJectt¥es
The Chalrman will 8lve a full report on ihe activities of the CIO at ihe annual general meeting.
Flnanclal revlew
The Penrith Show returned In full swing this year with e¥ery sectlon going ahead as planned. Thls contrlbuted to an increase in
revenue by £25.090.
Wlth an Increase in revenue seen and a 118hi controlon costs.theSociety wasable toachieve a proflt of £13,933 for the financlal
year ended 31 Ortober 2024.
ash in hand remalnder stèble throughout the year. with the current account showing a healthy balance gf £60,384 and the
guilding Society account showing a balance of É28,841 at 31 Odober 2024.
The Soclety and its trustees continue to keep a close check on costs and take every opportunity to maximlse Prof$. 2024 saw
Penrirh Agrlculturèl Society become pèrt of The Penrith Lottery.
Reserves pollcv
TheCIO held £72,422 In unrestrSrted fundsand £2.9711Th restrittedfundsln reservesatthe stsrt oftheyear, whlch had increased
at the end of the year to £86.355 In uThrestrided and £2.971 In rerItted funds.
The CIO holds a healthy bank balance wih £89,22512023- £78.2491 held in the bank.
The level of reserves is monitored monthly with The show rreasurer.
Investment Powers and Restrielion$
The officers and trustees have the power to invest in such assets as they see fit.
Major rlsks
The committee have examined the rnaior straregic. business and operaiional ris which theCIOfaces and confirmsthat systems
have been established to enable regular reports to be produced so the necessary sreps can be taken ro lessen these risks.
THE PENRITH AGRICULTURAL SOCIErY
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR EhlDED 31 OCTOBER 2024
Plans forllrture ptrlods
Penrith Show i5thouBht of 35 one otthe best show5 in the area. sothe CIO plans to keep runningthe show largelya5 at present.
The 5ucce55 of the show on the day is largety weather dependent fflu keep an eye on costs to rninimi5e any1055e5 if
there 15 bad weather one year with reduced gate entry fees. Significant expenditure5 are regularly put out to tender to ensure
value for rnonev.
strurtLire* governance and manapment
The CIO is a charitable incorporated or83nisation and is governed by a constitution dated 15th June 2018. It was set up to take
over from The Penrith A8ri£ultural Sotiety (Charity Number 7013201. The transfer of the assÈts from the predecessor charlty to
the CIO ti)ok place on 1st November 2018. The charitable purp¢)ses of the CIO are identitèl to those of the unincorporated
charitv.
The informatlon sn thls Trustees. Report relates to the perlod from l November 2018. wlth effe¢t from whlch date the CIO
became operational.
The irustees who served durlng ihe year and up iothe dale of signatute of the financial statements were..
FAKidd
(Resigned 23 July 20241
M J Bl8nd
(Resigned 29 January 20241
R C Utting
R W Gardlner
CJ Wilson
S C Blènd
(Resigned 29 January 20241
IResi8ned 26 January 2024
R W Fisher
N Little
C Stoddart
R Wwoof
O J Thomllnson
(Appointed 26 Septernber 20241
(Appointed 12 August 20241
(Appointed l February 20241
Recmltment and appolnknent of trustees
The Tru5tee5 of the CIO are determined by the members at the •nnuèl Beneral meeting. Membership ofthe general committee
15 open to individua15 who 4re interested in fvrthering the works of the CIO. Membership of the 5ubwmrnittee5 15 determined
by the Specific interests of the individual5.
Thetrustees of the Guardians of EdenTrust whith •drninisterstheiMJrsaries areele¢ted earh yeatattheannual general meeting.
Oryanlsatoonal stnthre
The Penrith Agricultural Society 15 an independent charitable incorpDrated organisation.
The control of the CIO 15 in the hand5 of the general comrnitlee with subiotnrnittees for the variou5 show activities such a5
ttle, Sheep, Horse and industrial sectionstogetherwith hnarKe and general administtation the guardian5 of eden bursary
subcommittees.
The officer5 arÈ responsible forthe oveTrll management and control of the CIO.
THE PENRITH AGRICULTURAL SOCIErY
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR EhlDED 31 OCTOBER 2024
The trustees, report was approved by the Board of Tru5tee5.
R W Gardiner
Trustee
6 February 2025
**Charity registration number 1178874 (England and Wales)**
## **THE PENRITH AGRICULTURAL SOCIETY**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 OCTOBER 2024**
## **THE PENRITH AGRICULTURAL SOCIETY**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|R C Utting||
|---|---|---|
||R W Gardiner||
||S J Little||
||C J Wilson||
||N Little||
||C Stoddart|(Appointed 26 September 2024)|
||R W Woof|(Appointed 12 August 2024)|
||O J Thomlinson|(Appointed 1 February 2024)|
|**Charity number (England and Wales)**|1178874||
|**Principal address**|c/o Holme House||
||Dale||
||Ainstable||
||Carlisle||
||CA4 9RH||
|**Independent examiner**|David Andrew Liddle BA(Hons), FCA||
||4 Mason Court||
||Gillan Way||
||Penrith 40 Business Park||
||Penrith||
||Cumbria||
||CA11 9GR||
## **THE PENRITH AGRICULTURAL SOCIETY**
## **CONTENTS**
||**Page**|
|---|---|
|Chair's report|1 - 2|
|Trustees' report|3 - 5|
|Statement of trustees' responsibilities|6|
|Independent examiner's report|7|
|Statement of financial activities|8|
|Statement of financial position|9|
|Notes to the financial statements|10 - 18|
## **THE PENRITH AGRICULTURAL SOCIETY**
## **CHAIR'S REPORT**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
The 20th July 2024 saw Penrith Show host its 190th year as an agricultural show.
Like every other show over the last few years we’ve had our fair share of ups and downs, uncertainties and issues but in true fashion, resilience and determination we managed to pull another fantastic show out of the bag, as I'm sure you are all aware the actual day of the show is an accumulation of months of planning.
Once again, the show field looked spectacular and the weather was on our side well at least until the evening there lots for everyone to see and get involved in, sadly due to lack of entries and the bird flu issues we had no poultry show this year and at this present time we are not too sure what the future holds for the poultry section but we will remain optimistic.
In the rabbit tent this once again proved a great attraction and this was also Laurels final time organising the rabbits at Penrith show, we thank her for all her hard work over the years.
Our cattle entries in particular the dairy section was a sight to behold once again with ring number one full of some of the top names in the dairy industry showcasing some of the finest animals in the north of England.
Our biggest issue with the cattle section is the ongoing TB restrictions within our area which unfortunately are out of our control and remain one of the biggest issues with numbers.
In the sheep lines Craig took up the helm to organise the penning and overall organisation in the run up to the show and on show day and what a Stirling job he did with just shy of the 1000 entries.
The horse section this year was led by our very own Amy Graham who works for Pedigree Livestock Services, she worked tirelessly to ensure we had a good number of entries on the day and has big plans a foot for the 2025 show.
The dry stone walling again attracted a large number of entrants who not only compete on the day but for those spectators looking on they give a fine display of the art of dry-stone walling.
The food hall and rural craft tents were filled to capacity, having to alter marquee sizes at the very last minute to accommodate everyone and there was something for everyone.
The HMHG section attracting all ages and the trophies been fiercely fought for, it was great to see everyone's hard work on full display for all to see.
On the field itself to those who organised the children's entertainment to give parents a few moments of light relief thank you.
The vintage tractors and now classic car section always proves a hit as they are polished within an inch of their lives and driven round the main ring with beaming smiles on their faces.
As a society we are extremely grateful to all our exhibitors in every section for supporting us, to all the visitors you truly make the show a worthwhile event for us to put on.
To all the trade stands and sponsors we give a massive thankyou to you for your continued support this is one area which is getting harder each year as we along with all the other local shows are fighting for their support and their pot of money is shrinking each year and they are having to justify every penny they spend.
And my final few words firstly to Pedigree Livestock Services for their continued support undertaking the secretarial duties we thank you.
To my fellow trustees who act on behalf of the society our numbers have grown this year with Oliver Thomlinson, Richard Woof and Craig Stoddart joining us it is our remit and aim as trustees to ensure the show goes from strength to strength and remains an integral part of the local agricultural calendar especially in these challenging times.
- 1 -
## **THE PENRITH AGRICULTURAL SOCIETY**
## **CHAIR'S REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
Final thank yous
To our retiring president Bob Timmins, it was a pleasure to spend time with yourself and Anne on the day and walk round the show and see it in all its glory.
And finally, to you the society members thank you for placing your trust in myself to be the chairman of Penrith Agricultural Society.
To each and every one of you who does your bit to support the show no matter how big or small.
To the Helme, Holliday and Fisher families for the use of the land for the show.
As I come to the end of my report for the 2025 AGM I like everyone else wonder where our industry is heading and with uncertain times ahead it now more than ever that we need to remain proactive and stand together to showcase what we are good at and for Penrith Agricultural Society that is putting on a fantastic event for the community.
## **Chairman**
Date: 6 February 2025
- 2 -
## **THE PENRITH AGRICULTURAL SOCIETY**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
The trustees present their annual report and financial statements for the year ended 31 October 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CIO's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
## **Objectives and activities**
The objects of the CIO are the advancement of agriculture for the public benefit by -
1. Enduring improvements in the breeding of stock, the management of land and in the general promotion of agriculture.
2. The organisation of the Penrith Agricultural Show.
## **Public benefit**
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the CIO should undertake.
## **Achievements and performance**
## _Significant activities and achievements against objectives_
The Chairman will give a full report on the activities of the CIO at the annual general meeting.
## **Financial review**
The Penrith Show returned in full swing this year with every section going ahead as planned. This contributed to an increase in revenue by £25,090.
With an increase in revenue seen and a tight control on costs, the Society was able to achieve a profit of £13,933 for the financial year ended 31 October 2024.
Cash in hand remainder stable throughout the year, with the current account showing a healthy balance of £60,384 and the Building Society account showing a balance of £28,841 at 31 October 2024.
The Society and its trustees continue to keep a close check on costs and take every opportunity to maximise profits. 2024 saw Penrith Agricultural Society become part of The Penrith Lottery.
## **Reserves policy**
The CIO held £72,422 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 £86,355 in unrestricted and £2,971 in restricted funds.
The CIO holds a healthy bank balance with £89,225 (2023 - £78,249) held in the bank.
The level of reserves is monitored monthly with the show treasurer.
## **Investment Powers and Restrictions**
The officers and trustees have the power to invest in such assets as they see fit.
## **Major risks**
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.
- 3 -
## **THE PENRITH AGRICULTURAL SOCIETY**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
## **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.
## **Structure, governance and management**
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.
The trustees who served during the year and up to the date of signature of the financial statements were: F A Kidd (Resigned 23 July 2024) M J Bland (Resigned 29 January 2024) R C Utting R W Gardiner S J Little C J Wilson S C Bland (Resigned 29 January 2024) R W Fisher (Resigned 26 January 2024) N Little C Stoddart (Appointed 26 September 2024) R W Woof (Appointed 12 August 2024) O J Thomlinson (Appointed 1 February 2024)
## **Recruitment and 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.
- 4 -
## **THE PENRITH AGRICULTURAL SOCIETY**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
The trustees' report was approved by the Board of Trustees.
R W Gardiner
**Trustee**
6 February 2025
- 5 -
## **THE PENRITH AGRICULTURAL SOCIETY**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
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 trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the CIO and of the incoming resources and application of resources of the CIO for that year.
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 Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the CIO and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 6 -
## **THE PENRITH AGRICULTURAL SOCIETY**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE PENRITH AGRICULTURAL SOCIETY**
I report to the trustees on my examination of the financial statements of The Penrith Agricultural Society (the CIO) for the year ended 31 October 2024.
## **Responsibilities and basis of report**
As the trustees of the CIO you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the CIO’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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 that in any material respect:
- 1 accounting records were not kept in respect of the CIO as required by section 130 of the Charities Act 2011.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
## **David Andrew Liddle BA(Hons), FCA**
4 Mason Court Gillan Way Penrith 40 Business Park Penrith Cumbria CA11 9GR
Dated: .........................
- 7 -
## **THE PENRITH AGRICULTURAL SOCIETY**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
18,251
-
Other trading activities
**4**
102,028
-
Investments
**5**
1,355
-
**Total income**
121,634
-
**Expenditure on:**
Charitable activities
**6**
107,701
-
**Total expenditure**
107,701
-
**Net income/(expenditure) and**
**movement in funds**
13,933
-
**Reconciliation of funds:**
Fund balances at 1 November
2023
72,422
2,971
**Fund balances at 31 October 2024**
86,355
2,971|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
18,251
21,731
-
102,028
74,485
-
1,355
328
-
121,634
96,544
-
107,701
97,504
-
107,701
97,504
-
13,933
(960)
-
75,393
73,382
2,971
89,326
72,422
2,971|**Total**
**2023**
**£**
21,731
74,485
328
96,544
97,504
97,504
(960)
76,353
75,393|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 8 -
## **THE PENRITH AGRICULTURAL SOCIETY**
## **STATEMENT OF FINANCIAL POSITION**
## _**AS AT 31 OCTOBER 2024**_
|**Notes**
**Fixed assets**
Tangible assets
**12**
**Current assets**
Stocks
**13**
Debtors
**14**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
**15**
**Net current assets**
**Total assets less current liabilities**
**The funds of the CIO**
Restricted income funds
**16**
Unrestricted funds
**17**|**2024**
**£**
-
4,184
89,225
93,409
(7,042)|**2023**
**£**
**£**
2,959
520
6,012
78,249
84,781
(12,437)
86,367
89,326
2,971
86,355
89,326|**£**
3,049
72,344|
|---|---|---|---|
||||75,393|
||||2,971
72,422|
||||75,393|
The notes on pages 10 to 18 form part of these financial statements.
The financial statements were approved by the trustees on 6 February 2025
R W Gardiner
**Trustee**
- 9 -
## **THE PENRITH AGRICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
## **1 Accounting policies**
## **Charity 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.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the CIO's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The CIO is a Public Benefit Entity as defined by FRS 102.
The CIO has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the CIO. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the CIO is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the CIO has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the CIO has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 10 -
## **THE PENRITH AGRICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Show & office equipment
25% reducing balance/10% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
The CIO has a policy where items over £300 are capitalised.
## **1.7 Impairment of fixed assets**
At each reporting end date, the CIO reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
## **1.9 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
- 11 -
## **THE PENRITH AGRICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
## **1 Accounting policies**
**(Continued)**
## **1.10 Financial instruments**
The CIO has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the CIO's balance sheet when the CIO becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the CIO’s contractual obligations expire or are discharged or cancelled.
## **2 Critical accounting estimates and judgements**
In the application of the CIO’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
- 12 -
## **THE PENRITH AGRICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
## **3 Income from donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Donations|1,850|500|
|Sponsorship|13,397|17,255|
|Subscriptions|3,004|3,976|
||18,251|21,731|
|**Income from other trading activities**|||
||**Unrestricted**|**Unrestricted**|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Entry fees|7,884|4,854|
|Gate takings|50,775|26,438|
|Bar takings|21,095|16,691|
|Trade stands|22,274|26,502|
|Other trading activities|102,028|74,485|
- **4 Income from other trading activities**
- **5 Income from investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Interest receivable|1,355|328|
- 13 -
## **THE PENRITH AGRICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
## **6 Expenditure on charitable activities**
||**Penrith Show**|**Penrith Show**|
|---|---|---|
||**2024**|**2023**|
||**£**|**£**|
|**Direct costs**|||
|Depreciation and impairment|1,720|1,017|
|Rent|1,600|2,600|
|Insurance|1,797|1,596|
|Other establishment costs|5,052|5,579|
|Show costs|80,978|74,602|
||91,147|85,394|
|**Share of support and governance costs (see note 7)**|||
|Support|2,408|3,441|
|Governance|14,146|8,669|
||107,701|97,504|
|**Analysis by fund**|||
|Unrestricted funds|107,701|97,504|
## **7 Support costs allocated to activities**
||**Penrith Show**|**Penrith Show**|
|---|---|---|
||**2024**|**2023**|
||**£**|**£**|
|Annual Dinner|(89)|81|
|Computer & Website costs|675|1,266|
|Office expenses|1,822|2,094|
|Governance|14,146|8,669|
||16,554|12,110|
||**2024**|**2023**|
|**Governance costs comprise:**|**£**|**£**|
|Accountancy|1,260|775|
|Honoraria|12,886|7,894|
||14,146|8,669|
- 14 -
## **THE PENRITH AGRICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
|**8**
**Net movement in funds**
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
**9**
**Independent examination fees**
Fees payable to the independent examiner for:
Independent examination of the financial statements|**2024**
**£**
1,720
**2024**
**£**
810|**2023**
**£**
1,017|
|---|---|---|
|||**2023**
**£**
775|
## **10 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the CIO during the year.
## **Key Management Personnel**
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £1,219 (2023:£1,486).
## **11 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 15 -
## **THE PENRITH AGRICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
|**12**
**Tangible fixed assets**
**Cost**
At 1 November 2023
Additions
At 31 October 2024
**Depreciation and impairment**
At 1 November 2023
Depreciation charged in the year
At 31 October 2024
**Carrying amount**
At 31 October 2024
At 31 October 2023
**13**
**Stocks**
Finished goods and goods for resale
**14**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**Show & office**
**equipment**
**£**
10,911
1,630
12,541
7,862
1,720
9,582
2,959
3,049
**2024**
**2023**
**£**
**£**
-
520
**2024**
**2023**
**£**
**£**
22
1,535
4,162
3,727
-
750
4,184
6,012|**Show & office**
**equipment**
**£**
10,911
1,630
12,541
7,862
1,720
9,582
2,959
3,049
**2024**
**2023**
**£**
**£**
-
520
**2024**
**2023**
**£**
**£**
22
1,535
4,162
3,727
-
750
4,184
6,012|
|---|---|---|
|||12,541|
|||7,862
1,720|
|||9,582|
|||2,959|
|||3,049|
|||**2023**
**£**
520|
|||**2023**
**£**
1,535
3,727
750|
|||6,012|
- 16 -
## **THE PENRITH AGRICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
## **15 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
|Trade creditors
Accruals and deferred income|**2024**
**£**
6,610
432
7,042|**2023**
**£**
9,561
2,876|
|||12,437|
## **16 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
|**At 1 November**
**2023**
**At 31**
**£**
2,971
**Previous year:**
**At 1 November**
**2022**
**At 31**
**£**
Guardians of Eden
2,971
Guardians of Eden|**October**
**2024**
**£**
2,971|
|---|---|
||**October**
**2023**
**£**
2,971|
## **17 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|**At 1 November**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**£**
**£**
**£**
General funds
72,422
121,634
(107,701)
**Previous year:**
**At 1 November**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**£**
**£**
**£**
General funds
73,382
96,544
(97,504)|**October**
**2024**
**£**
86,355|
|---|---|
||**October**
**2023**
**£**
72,422|
- 17 -
## **THE PENRITH AGRICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
## **18 Analysis of net assets between funds**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
**At 31 October 2024:**
Tangible assets
2,959
-
Current assets/(liabilities)
83,396
2,971
86,355
2,971
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
**At 31 October 2023:**
Tangible assets
3,049
-
Current assets/(liabilities)
69,373
2,971
72,422
2,971|**Total**
**2024**
**£**
2,959
86,367|
|---|---|
||89,326|
||**Total**
**2023**
**£**
3,049
72,344|
||75,393|
## **19 Related party transactions**
The charity has paid £11,400 (2023 - £5,400) to Pedigree Livestock Services Ltd for administration fees in the year. Andrew Ryder is a director of this company.
There were no other related party transactions in the year.
- 18 -
THE PENRITH AGRICULTURAL SOCIErY
INOEPENDENf EXAMINER'S REPORT
TO THE TRUSTEES OF THE PENRITH AGRICULTURAL SOCIETY
I reportto the trustees on my examinatvJn of finanthal ststernents of The Penrith A4ncultutal Society (the CIO) ft)r the year
ended 31 October 2024.
Re5POnslbllltl¢s •nd b*sls of rewt
A5 the trustees of the CIO you are responsth for the pIralKIN of the fin4n¢i•l 5trtements irt •¢tordanre wlth the
requlrements of the Charrt*5 Art 2011.
I report lrt respert of my examlnatlon ef the OO'S IIDanc411 statements carrled out under sectlon 145of the Charltles Act 2011.
In carryln8 otsr my examlnatlon I hab* foliow*d the Directx)ns 8Nen ty the Charity c0rnm1ssK undtr settl¢)n 14515llbl of the
Charitie5 Att 2011.
lThd•pendent •x•mlnw's st•t•mqrt
Your arreniion Is drawn to the factthatthe charrty ha5 prtpa¥ed thefinanclal sts*ments In accofdancewiih the relevantverslon
of the 5tatemenr of Recommended Prattke applICab io charldes preparln8 thelr flt)ènc5al ststements In accordancè with the
Flnanc+al Reportln£ Standard appllcable In the UK and Republlc of Irelané IFRS 1021 In preference to the AtCOYn¢ln8 and
Reportin8 by Charltles." Staternent of Recommended Prn¢tloi$5ued on l Apnl 2)shlehI5 referredto In the extant regulatlons
but hès now been ¥ththdrawn. l under5t•nd that this ha5 teen tk>ne In order for the flThonclal 5taterr*nrs to provlde a true and
falrvlew In ateord•n¢t wlth UK GeneTrlty kcepted kcountlnrf Pracike.
I hive complettd my *NAmlnatloh. l ¢¢nArm thai no rnètters to attenthjn connectth the examlnatlon
Élvln8 rne£aust to belle that In any mètertol respett..
accountlnÉ records **re not kept in respert of tho CIO•s required by 5ertvJn 130 of the Ch•rltle5 Art 2011.
the fln•ncial ststerrents (k) not accord wrth those cordS,. or
the financial stateN*nts do not ts)mpty with the •pplk•ble requlfernents eoncernlng ihe form and content ol financlèl
atements set out In thè Charitle5lAccountsand Reports) AeguL7tlor*$ 211)8 orherthan any requlrementthat the flnanclal
sla1ement$8e a irue •rtd flirvw, whKh is not a matter consldered as part ol an Inthpendentexamlnalbn.
I have no concerns and hwt tDmt across no other matter5 In connertbn th the examlnaiion to wh4ch attentlon should be
dtawn In thls report In Drder tO¢nab J propv yn1ler5tsnd80* ihe flnanclèl 5ratements to be reached.
d Andmw Lkldl• BAIHon51, FCA
4 Mason Court
Glllan Way
Penrlth 40 8u51ne55 Park
Penrith
Curnbria
CAII 9GR