REGISTERED COMPANY NUMBER: 02205153 (England and Wales) REGISTERED CHARITY NUMBER: 700289
CARTMEL AGRICULTURAL SOCIETY (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Scott & Wilkinson Dalton House 9 Dalton Square LANCASTER LA1 1WD
CARTMEL AGRICULTURAL SOCIETY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
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Page
Trustees' Report 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6 to 7
Notes to the Financial Statements 8 to 12
Detailed Statement of Financial Activities 13 to 14
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CARTMEL AGRICULTURAL SOCIETY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities Objectives and aims
The principal objective of the company is to raise the profile of the agricultural industry in the area by the improvement of the breed of stock, encouragement of home industries, improvement to tillage, the management of grasslands and other rural affairs, to organise, promote, manage and conduct for charitable purposes only, Agricultural Shows and exhibitions of all kinds. The principal activity of the company during the year was the holding of Cartmel Agricultural Show. The trustees confirm that they have referred to the general guidance on public benefit issued by the Charity Commission when reviewing and planning the charity's aims and objectives.
Financial review
Investment policy and objectives
Under the memorandum and articles of association, the charity has the power to invest surplus funds where the directors deem appropriate. At present the majority of funds are invested in a Charity Capital account which is held with the Furness Building Society. At the present time, the directors consider this to be appropriate to the charity's needs and is kept under regular review.
Reserves policy
The directors have established a policy whereby unrestricted funds not committed or invested in tangible fixed assets ('the free reserves') held by the charity should be equivalent to 12 months of the resources expended, which equates to around £80,000 in general funds. Free reserves are invested so that they are available in the case the Society has a year where the show has to be cancelled and incurs considerable losses. At present, the free reserves are £117,846 (2022: £137,060) which exceeds the limits of the policy. However, the potential losses incurred should a show be cancelled due to adverse weather conditions, the directors consider the current free reserves not to be unreasonable.The terrible weather seen for the 2023 show has been the worst in recent times resulting in a greatly reduced visitor turnout and highlights the need to have sufficient reserves to sustain a poor year of fundraising.
Plans for future periods
The 2024 show is presently being arranged, promising a wide range of events to appeal to all visitors. The charity is confident of a positive future, although mindful of ever increasing costs.
Structure, governance and management Governing document
The organisation is a charitable company limited by guarantee, incorporated on 11 December 1987 and registered as a charity on 16 June 1988. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association.
In the event of the winding up of the charitable company, the liability of the members is not to exceed £5 each.
Recruitment and appointment of new trustees
Under those articles, the members of the Management Committee must be approved at a general meeting with a majority of not less than three-fourths from those members entitled to vote. One third of the elected members must retire by rotation at the AGM. All members are eligible for re-election. The affairs of the Association should be conducted by a committee of officers, members and elected members.
Organisational structure
The charity has a Management Committee that meets bi-monthly and is responsible for the strategic direction, policy and day to day running of the charity. At present the Committee has 43 members.
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CARTMEL AGRICULTURAL SOCIETY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2023
Structure, governance and management
Induction and training of new trustees
Induction and training of a new trustee will be undertaken by the combined guidance of the existing trustees and the Charity's appointed legal and professional advisors.
Risk management
The directors have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Reference and administrative details Registered Company number 02205153 (England and Wales)
Registered Charity number 700289
Registered office
High House Woodhouse Milnthorpe KENDAL LA7 7LY
Trustees
Mr R I Coward Mr R F Philipson Mr J L Bird Mr R Casson
Directors
Mr R F Philipson Mr P D Lawrence Mr J L Bird
Society Officials
Mrs D Ainsworth President Mr J Voakes President elect Mr J L Bird Chairman Mrs S E Dickinson Secretary Mrs J Barnes Treasurer Lord Cavendish Patron
Company Secretary
Mrs S E Dickinson
Independent Examiner
Scott & Wilkinson Dalton House 9 Dalton Square LANCASTER LA1 1WD
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CARTMEL AGRICULTURAL SOCIETY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2023
Reference and administrative details
Bankers
National Westminister Bank Plc 10 Elephant Yard KENDAL LA9 4LZ
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on ...... March 2024 and signed on its behalf by:
........................................................................ Mr J L Bird - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CARTMEL AGRICULTURAL SOCIETY
Independent examiner's report to the trustees of Cartmel Agricultural Society ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in 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.
T M Preece FCCA
Scott & Wilkinson Dalton House 9 Dalton Square LANCASTER LA1 1WD
Date: ...... March 2024
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CARTMEL AGRICULTURAL SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2023
| 2023 Unrestricted fund Notes £ Income and endowments from Donations and legacies 6,327 Charitable activities Show income 49,050 Investment income 2 2,050 Other income 1,500 Total 58,927 Expenditure on Charitable activities Show expenditure 79,689 NET INCOME/(EXPENDITURE) (20,762) Reconciliation of funds Total funds brought forward 147,428 Total funds carried forward 126,666 |
2022 Total funds £ 22,906 88,263 606 3,500 115,275 99,979 15,296 132,132 147,428 |
|---|---|
The notes form part of these financial statements
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CARTMEL AGRICULTURAL SOCIETY
BALANCE SHEET 31 OCTOBER 2023
| 2023 Unrestricted fund Notes £ Fixed assets Tangible assets 7 8,820 Current assets Debtors 8 10,297 Cash at bank and in hand 111,148 121,445 Creditors Amounts falling due within one year 9 (3,599) Net current assets 117,846 Total assets less current liabilities 126,666 NET ASSETS 126,666 Funds 10 Unrestricted funds 126,666 Total funds 126,666 |
2022 Total funds £ 10,368 19,207 120,167 139,374 (2,314) 137,060 147,428 147,428 147,428 147,428 |
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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CARTMEL AGRICULTURAL SOCIETY
BALANCE SHEET - continued 31 OCTOBER 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ...... March 2024 and were signed on its behalf by:
............................................. Mr J L Bird - Director
............................................. Mr R F Philipson - Director
The notes form part of these financial statements
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CARTMEL AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
1. Accounting policies
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 2% Straight line Plant and machinery - 20% Reducing balance Computer equipment - 25% Straight line
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the directors.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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CARTMEL AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
2. Investment income
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2023 2022
£ £
Bank interest receivable 2,050 606
Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
2023 2022
£ £
Depreciation - owned assets 1,494 1,982
Deficit on disposal of fixed assets 54 -
Trustees' remuneration and benefits
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3. Net income/(expenditure)
4. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 October 2023 nor for the year ended 31 October 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2023 nor for the year ended 31 October 2022.
5. Staff costs
The average monthly number of employees during the year was as follows:
| 2023 | 2022 |
|---|---|
| Administration 1 |
1 |
No employees received emoluments in excess of £60,000.
6. Comparatives for the statement of financial activities
| Comparatives for the statement of financial activities | |
|---|---|
| Unrestricted | |
| fund | |
| £ | |
| Income and endowments from | |
| Donations and legacies | 22,906 |
| Charitable activities | |
| Show income | 88,263 |
| Investment income | 606 |
| Other income | 3,500 |
| Total | 115,275 |
| Expenditure on | |
| Charitable activities | |
| Show expenditure | 99,979 |
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CARTMEL AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
6. Comparatives for the statement of financial activities - continued
| Unrestricted | ||||||
|---|---|---|---|---|---|---|
| fund | ||||||
| £ | ||||||
| NET INCOME | 15,296 | |||||
| Reconciliation of funds | ||||||
| Total funds brought forward | 132,132 | |||||
| Total funds carried forward | 147,428 | |||||
| 7. | Tangible fixed assets | Short | Plant and | Computer | ||
| leasehold | machinery | equipment | Totals | |||
| £ | £ | £ | £ | |||
| Cost At 1 November 2022 |
7,460 | 60,639 | 552 | 68,651 | ||
| Disposals | - | (1,287) | - | (1,287) | ||
| At 31 October 2023 | 7,460 | 59,352 | 552 | 67,364 | ||
| Depreciation At 1 November 2022 |
3,877 | 53,854 | 552 | 58,283 | ||
| Charge for year | 149 | 1,345 | - | 1,494 | ||
| Eliminated on disposal | - | (1,233) | - | (1,233) | ||
| At 31 October 2023 | 4,026 | 53,966 | 552 | 58,544 | ||
| Net book value | ||||||
| At 31 October 2023 | 3,434 | 5,386 | - | 8,820 | ||
| At 31 October 2022 | 3,583 | 6,785 | - | 10,368 | ||
| 8. | Debtors: amounts falling due within one year | |||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| Trade debtors | 5,766 | 15,825 | ||||
| Prepayments | 4,531 | 3,382 | ||||
| 10,297 | 19,207 |
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CARTMEL AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
9. Creditors: amounts falling due within one year
| Trade creditors Accruals and deferred income 10. Movement in funds Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1/11/22 £ 147,428 147,428 Incoming resources £ 58,927 58,927 At 1/11/21 £ 132,132 132,132 |
2023 2022 £ £ 2,375 392 1,224 1,922 3,599 2,314 Net movement At in funds 31/10/23 £ £ (20,762) 126,666 (20,762) 126,666 Resources Movement expended in funds £ £ (79,689) (20,762) (79,689) (20,762) Net movement At in funds 31/10/22 £ £ 15,296 147,428 15,296 147,428 |
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CARTMEL AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
10. Movement in funds - continued
Comparative net movement in funds, included in the above are as follows:
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Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 115,275 (99,979) 15,296
TOTAL FUNDS 115,275 (99,979) 15,296
A current year 12 months and prior year 12 months combined position is as follows:
Net
At movement At
1/11/21 in funds 31/10/23
£ £ £
Unrestricted funds
General fund 132,132 (5,466) 126,666
TOTAL FUNDS 132,132 (5,466) 126,666
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are
as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 174,202 (179,668) (5,466)
TOTAL FUNDS 174,202 (179,668) (5,466)
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A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
11. Related party disclosures
There were no related party transactions for the year ended 31 October 2023.
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CARTMEL AGRICULTURAL SOCIETY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2023
| Income and endowments Donations and legacies Social events Sponsorship Donations Investment income Bank interest receivable Charitable activities Subscriptions Trade stand fees Special prizes Entry fees Gate receipts Sale of catalogues Advertising Other income Marquee hire Total incoming resources Expenditure Charitable activities Wages Rent, rates and insurance Printing, stationery and sundry Advertising Prize money, engraving cups and rosettes Repairs and renewals Fitting up show field Marquee hire Judges, helpers, security and car parking Office costs Travel and subsistence Entertainment and refreshments Online ticket sale fees Bad debts written off Depreciation of tangible fixed assets Carried forward |
2023 £ 1,965 4,299 63 6,327 2,050 1,843 12,470 150 9,824 23,563 270 930 49,050 1,500 58,927 7,199 5,496 1,905 2,171 8,710 243 14,573 17,618 3,749 1,552 266 10,423 1,236 100 1,494 76,735 |
2022 £ 18,481 4,425 - 22,906 606 2,081 12,921 10 9,300 61,291 1,779 881 88,263 3,500 115,275 7,200 4,266 6,087 3,256 11,603 - 14,219 12,765 8,503 1,297 314 25,476 583 - 1,982 97,551 |
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This page does not form part of the statutory financial statements
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CARTMEL AGRICULTURAL SOCIETY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2023
| Charitable activities Brought forward Loss on sale of tangible fixed assets Support costs Governance costs Wages Office costs Accountancy fees Travel and subsistence Total resources expended Net (expenditure)/income |
2023 £ 76,735 54 76,789 800 274 1,794 32 2,900 79,689 (20,762) |
2022 £ 97,551 - 97,551 800 229 1,368 31 2,428 99,979 15,296 |
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This page does not form part of the statutory financial statements
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