Company Registration Number N1051720 Charity Registration Number NIC103252 County Fermanagh Farming Society Limited (Charitable Company Limited by Guarantee) Annual Report & Unaudited Financial Statements For the Year Ended 31 December 2022
County Fermanagh Farming Society Limited (Charitable Company Limited by Guarantee) Contents Page Company Information Directors, Report Independent Examinerfs Report statement of Financlal Activltles Statement of Financlal Posltion 9-10 Notes to the Financial Statements 11-17
County Fermanagh Farming Society Limited (Charitable Company Limited by Guarantee) Company Information Board of dire¢tors John James Gunn Lord Anthony Hamilton Edith Marion Henderson John Adrian Trevor Irvlne Edward Kingdom Rogers Company secretary Ann Orr Registered office Exhibltlon and Auctlon Centre Old Tempo Road Ennisklllen Co. Fermanagh BT74 48A Company number N1051720 Charlty number NIC103252 Independent Examiners CavanaghKelly Chartered Accountants 36-38 Northland Row Dungannon Co Tyrone BT71 6AP Bankers Ulster Bank 16 Darling Street Ennlsklllen Co. Fermanagh BT74 7ER Allled Irish Bank 2 4 East Bridge Street Ennisklllen Co. Fermanagh BT74 7BT
County Fermanagh Farmlng Soclety Limited (Charitable Company Limited by Guarantee) Directors, Report for the year ended 31 December 2022 The Dlrectors, who are the trustees for the purpose of charTty law, have pleasure in presenting their report and the unaudited financial statements of the charitable company for the year ended 31 December 2022. The flnanclal statements have been prepared in accordance wlth the Statement of Recornmended Practice "Accounting and Reportlng by Charities" (FRS 102) and the Companies Act 2006. Reference and Admlnlstratlon Details The reference and administration details of the charlty are as shown on page 2. Objectives and Actlvltles The objects of the charltable company shall be to: advance, promote and Improve agrlculture In all its branches and In allled home industries in particular by the holding of an annual show or shows, exhlbitions and demonstrations of equipment and technlques. promote the beneflts of the Inhabitants in Fermanagh and Its envlrons (the area of benefit) through the advancement of educatlon, In partlcular by promoting a knowledge and understanding of rural affairs, rural development and envlronmental Issues and an Interest in the agrlcultural industry in general, and the provlslon of facilities in the Interest of social welfare for creation and other lelsure tlme occupations wlth the object of improving the condltions of life of the said Inhabltants. and advance and encourage the protectlon and safeguardlng of the environment. Publlc Beneflt statement The dlrectors of County Fermanagh Farmlng Soclety Limlted conflrm that they have complled wlth thelr duty under section 4(6) of the Charltles Act (Northern Ireland) 2008 to have regard to the Charlty Commlsslon for Northern Ireland's guidance on publlc beneflt and that the public benefit requirement has Informed the activities of the charitable company in the year ended 31 December 2022. Ach5evements and Performance The board of directors is confident that the charlty contlnues to meet its performance objectlves to benefit the local community. The charity continues to receive funding from the main show they run each year. Financial review Financial Performance During the year ended 31 December 2022, the charity had net outgolng resources of £2,360 (2021: net outgoing resources £11,405). The Fermanagh County show run In 2022 was the first slnce the COVID-19 pandemlc and subsequent lockdown. The 2022 show was small in comparison to shows run prior to COVID-19. The society recelved funding from DAERA, Fermanagh and Omagh Dlstrict Councll, Northern Ireland Regional Food Programme and Vaughan Trust. Reserves Pollcy As a charity, the company is heavlly rellant on the Income generated by the Fermanagh County Show. The board considers It necessary to maintaln at least £90,000 of reserves to enable the company to continue to operate should there be any unexpected fall in incoming resources.
County Fermanagh Farming Society Llmited (Charitable Company Limited by Guarantee) Directors. Report for the year ended 31 December 2022 (continued) Rlsk management The directors have examined the major strategic, business and operational risks which the charlty faces and confirm that systems have been establlshed to enable regular reports to be produced so that the necessary steps can be taken to manage these rlsks. structure, Governance and Management. Organlsational Structure The charftable company is a company limited by guarantee, not havlng a share capital. The charltable company was establlshed under a Memorandum of Associatlon which established the objects and powers of the company and Is governed under Its Articles of Assoclatlon. In accordance wlth the Articles of Assoclation, the members to retire by rotation shall be those who have been longest In office since thelr last election, and the relevant motion wlll be put at the Annual General Meetlng. A retiring member shall be eligible for re- election. Directors The dlrectors who have served durlng the year are the same as those listed on page 2 Taxation Status The company is recognlsed as a charlty by HM Revenue & Customs. Accordlnglyi the company has availed of the exemption5 contalned in Chapter 3 Part II Corporatlon Taxes Act 2010 and Sectlon 256 Taxat5on of Chargeable Galns Art 1992. Dlrectors. responslbilitles The dlrectors are respon51ble for preparing the flnanclal statements In accordance wlth appllcable law and United Klngdom Accountlng Standards (Unlted Klngdom Generally Accepted Accounting Practice). Company law requIS the direttors to prepare financlal statements for each flnanclal year whlch give a true and falr view of the state of the affalrs of the charltable company and of the incoming resources and appllcation of resources, Including the income and expendlture, of the charitable company for that year. In preparing these financlal statements the Dlrectors are required to: select Suitable accountlng pollcles and apply them consistently; observe the methods and principles in the Charlties SORP (FRS 102); make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financlal statements; and prepare the financlal statements on the going concern basis unless it is inapproprlate to presume that the charitable company will contlnue in operation.
County Fermanagh Farming Socffiety Llmited (Charitable Company Limited by Guarantee) Directors. report for the year ended 31 December 2022 (continued) The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Att 2006. They are also responsible for safeguardlng the assets of the charitable company and hence for taking reasonable steps for the prevention and detectlon of fraud and other irregularlties. Small Companies Exemptlon The above report has been prepared In accordance with the speclal provlsions relatlng to small companies withln Part 15 of the Companies Act 2006. This report was approved by the board and slgned on its behalf by: tary Date:
County Fermanagh Farming Society Llmited (Charitable Company Llmited by Guarantee) Independent Examiner's Report to the members on the unaudited financial statements of County Fermanagh Farming Society Limited for the year ended 31 December 2022 We report on the financlal statements of the company for the year ended 31 December 2022 which are set out on pages 8 to 17. Respectlve Responslbllitles of Directors and Independent Examiner As the charitable company's directors, who are the trustees for Ihe purpose of charity law, you are responslble for the preparation of the financial statements In accordance with the requirements of the Companies Act 2006. Having satisfled ourselves that the charitable company Ss not subject to audit under company law, and Is ellglble for independent examination, it Is our responsibillty to: examlne the accounts under section 65 of the Charities Act (Northern Ireland) 2008; follow the procedures lald down In the general Directions given by the Charlty Commission for Northern Ireland under sectlon 65(9)(b) of the Charltles Act (Northern Ireland) 2008. and state whether partlcular matters have come to our attentlon. Basis of Independent Examlner's Report We have examined your charitable company's flnanclal statements as requlred under sectlon 65 of the Charlties Act (Northern Ireland) 2008 and our examlnatlon was carried out in accordance wlth the general dlrectlons given by the Charity Commission for Northern Ireland under sectlon 65(9)(b) of the Charltles Act (Northern Ireland) 2008. The examlnatlon Included a review of the accountlng records kept by the charltable company and a comparison of the accounts presented wlth those records. Tt also Includes conslderatlon of any unusual Items or disclosures in the accounts and seeking explanatlons from you as charitable company Dlrertors concerning any such matters. Our role Ss to state whether any materlal matters have come to our attention glving us cause to believe: That accounting records were not kept In accordance wlth section 386 of the Companles Act 2006; or That the accounts do not accord with those accountlng records; or That the accounts do not comply with the accountlng requlrements of sectlon 396 of the Companies Act 2006 and with the methods and principles of the Charltles Statement of Recommended Practlce appllcable to charities preparlng their accounts in accordance wlth the Flnanclal Reporting Standard appllcable in the UK and Republic of Ireland; or That there is further information needed for a proper under5tandlng of the accounts to be reached.
County Fermanagh Farming Society Limited (Charitable Company Llmited by Guarantee) Independent Examiner's Report to the members on the unaudited financial statements of County Fermanagh Farming Society Limited for the year ended 31 December 2022 (Continued) Independent Examinerf5 Statement We have completed our examination and have no concerns In respect of the matters listed above and, in connection with following the directions of the Charity Commlsslon for Northern Ireland, we have found no rnatters that require drawlng to your attentlon. CAVANAGHKELLY Chartered Accountants & Statutory Audltors 36-38 Northland Row Dungannon Co. Tyrone BT716AP Date:
County Fermanagh Farming Society Limited (Charitable Company Limited by Guarantee) ststement of Financial Activities (Ancluding an Income and Expenditure Account) For the year ended 31 December 2022 Note Unrestricted Funds Restricted Funds Total 2022 Total 2021 rncome and Endowments from: Charltable actlvlties Total 42,306 42,306 9,970 9,970 52,276 52,276 11,173 Expendlture on: Charitable Actlvlties (11,851) 9,970 (1,881) (11,575) Interest payable and simllar Charges (526) (526) (71) Interest recelvable and slmilar Income 47 47 241 Net movement In funds (12,330) 9,970 (2,360) (11,405) Total funds brought forward at l January 244,512 30,000 274,512 285,917 Total funds carrled fornard at 31 December 232,182 39,970 272,152 274,512 The above Statement of Financlal Actlvltles Includes all informatlon as requlred to be dlsclosed by the Companles Act 2006. All of the actlvlties of the company are classed as contlnuing. There is no difference between the net incomlng resource5 for the year stated above and their historlcal cost equivalents. The notes on pages 11 to 17 form part of the financial statements.
County Fermanagh Farming Society Limited (Charitable Company Limited by Guarantee) statement of Financial Position (Balance Sheet) As at 31 December 2022 Note 2022 2021 Non-current Assets Propety, Plant and equipment 183,450 178,163 Current Assets Debtors Cash at bank on deposlt Cash at bank and in hand io li 18,463 31,339 31,347 Payables: Amounts falllng due within one year 91,414 99,041 12 Net Current Assets Total assets current Ilabilltles 272,152 274,512 Provisions for Ilabilltles Net Assets 13 272 152 274 512 Represented by: Unrestrlcted Funds Restrlcted Funds 14 232,182 244,512 272 152 274 512 The directors, statements on the following page forms part of the Statement of Flnanclal Position. The notes on pages 11 17 form part of the flnancial ststements.
County Fermanagh Farmlng Society Limited (Charitable Company Limited by Guarantee) Statement of Flnancial Position as at 31 December 2022 (continued) These flnanclal statements have been prepared In accordance wlth the provisions applicable to small companies regime withln Part 15 of the Companies Act 2006. For the financial year ended 31 December 2022 the company was entitled to exemption from audlt under section 477 of the Companies Act 2006. The directors confirm that the members have not required the company to obtain an audit of its financlal statements for the year In questlon In accordance with sertion 476 of the Companies Act 2006. The dlrectors acknowledge thelr responslblllties for ensurlng that the charitable company keeps accounting records whlch comply wlth Section 386. and for preparlng flnancial statements whlch give a true and fair view of the state of affalrs of the charitable company as at the end of the financial year and of its Incomlng or outgoing resources for the financlal year In accordance with the requlrements of sectlons 394 and 395 and which otherwlse comply wlth the requirements of the Companies Act 2006 relatlng to flnanclal statements, so far as appllcable to the charltable company. The notes on pages 11 to 17 form an integral part of the flnancial statements. The flnancial statements were approved and authorlsed for Issue by the Board of Directors and signed on thelr behalf by: tho milton John Adr Dlracto n Trevor Irvlne Directo Date: Company Reglstration Number: N1051720 Charlty Registration Number: NIC103252 LO
County Fermanagh Farmlng Society Llmlted (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 December 2022 l. General Xnformation County Fermanagh Farmlng Society Limited is a charitsb5e company Ilmited by guarantee Incorporated in Northern Ireland. In the event of the charltable company being wound up, the liability in respect of the guarantee is Ilmlted to £1 per member of the charitable company. The address of the registered office Is as shown on page 2. The charltable company constitutes a public beneflt entity as deflned by FRS 102. 2. Accounting pollcle5 The followlng accounting policies have been applied consistently In dealing wlth Items whlch are consldered materlal In relatlon to the company's financial statements. statement of Compllance The financlal statements have been prepared In accordance wlth Accountlng and Reporting by Charites: Statement of Recommended Practlce (SORP) applicable to charitles preparing their financlal statements in accordance wlth the Flnanclal Reportlng Standard appllcable in the UK and Republlc of Ireland (FR5 102) effective l January 2021 (Second Edltion), the Financial Reporting Standard appllcable in the United Klngdom and Republic of Ireland (FRS 102) and the Companles Act 2006. Basls of Preparation The flnancial statements are prepared on a going concern basls under the historical cost convention unless otherwlse stated In the relevant accounting pollcy. Hlstorical cost Is generally based on the falr value of the consideratlon glven in exchange for assets. Cash Flow Statement The charltable company has applied Update Bulletln 2 as publlshed on 5 Ortober 2018 (effectlve l January 2021) and does not Include a cash flow statement on the grounds that it Is applying FRS 102 Sectlon IA. Income and Endowments (l) Donatlons, Legacies and Other Tradlng Activitles Donation and legacy income including incoming resources from gifts, donations and grants is recognised in full in the Statement of Flnancial Activitles when recelvable. Other tradlng activities are commerclal actlvltles which are recognised as earned when the related goods and services are provided.
County Fermanagh Farming Society Llmited (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 December 2022 (continued) (li) Income from Charltable Activities Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditlons. It Is recognised as earned as the related servios or good5 are provided. Grant income included In this category provides funding to support projects and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. 2.5 Expenditure Expenditure Is recognised when a Ilability Is Incurred. Contractual arrangements and performance related grants are recognlsed as goods and servlces are supplled. Where costs cannot be directly attrlbuted to a partlcular heading they have been allocated to actlvities on a basls conslstent with use of resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities. (l) Charltable Actlvltles This comprlses all the resources applied by the charltable company In undertaklng Its work to meet its charitable objectives. Charitable activities will include the costs of governance arrangements whlch relate to the general running of the charitable company. Property, Plant and Equipment and Depreclatlon Property, plant and equlpment are Inltlally recorded at cost. Depreciatlon Is calculated to write off the origlnal cost less the estlmatsd resldual value of fixed assets over their expected useful Ilves. Freehold Showground Showground Development Fixtures & Equlpment No depreciation 20/0 Straight Llne IOOh Reduclng Balance Fund accountlng The charity had two types of funds for whlch It Is responsible at the year end: (i) Unrestrlcted fundg These are funds whlch are expendable at the di5cretlon of the directors in furtherance of the objects of the charity. In additions, funds may be held order to flnance capital investment and working capital. (li) Restricted funds Income received for specific purposes. Such purposes are wlthin the overall aims of the charlty. Taxation The company has charitable status and is therefore not Ilable to Corporation Tax. 12
County Fermanagh Farming Society Llmlted (Charitable Company Llmlted by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2022 (continued) Trade and other payables Trade and other payables are inltially recognlsed at falr value and thereafter stated at Cost. 2.10 Critical a¢countlng estlmates and Judgements In the application of the Charity's accounting policies, the Trustees are requlred to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estlmates and associated assumptions are based on historlcal experience and other factors that are considered to be relevant. Actual results may differ from these estlmates. The estimates and underlylng assumptlons are revlewed on an ongolng basis. Revlslons to accounting estimates are recognised In the period in which the estimate Is revlsed were the revlslon affects only that perlod, or in the perlod of the revision and future perlods were the revlslon affects both current and futu perlods. Crltical judgements in applying the entity s accounting policles There are no crltical judgements in applying the company's accounting pollcies. Critical accounting estimates and assumptions There are no accounting estlmates in applying the company's accountSng pollcles. 2.11 Cash & Cash Equlvalents Cash is represented by cash In hand and deposlts with flnanclal Instltutlons repayable wlthout penalty on notice of not more than 24 hours. Cash equivalents are hlghly liquld Investments that mature In no more than three months from the date of acqulsitlon and that are readily convertlble to known amounts of cash wlth Inslgniflcant rlsk of change in value. 13
County Fermanagh Farming Society Limited (Charltable Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2022 (continued) Income and Endowments Charltable artivities Unrestri¢ted Funds Restricted Funds Totsl 2022 Total 2021 Subscriptlons and donatlons Entry fees Gate recelpts Trade stands DAERA Bounce Back Support Scheme Miscellaneous sponsorships Fermanagh and Omagh Distrlct Council sponsorshlp Vaughan's Trust Northern Ireland Regional Food Programme Dept. for Communitles COVID- 19 Charltles Grants Rent other Income Total Income from Charltable Actlvltles 210 491 19,130 7,521 210 491 19,130 7,521 9,970 io 9,970 1,805 5,000 1,805 5,QOO 3,985 3,293 3,985 3,293 10,263 500 371 42,306 500 371 52,276 900 9,970 11,173 Income for the year ended 31 December 2021 comprised: unrestrlcted £11,163 and restrlcted £10. 14
County Fermanagh Farming SocFety Limited (Charitsble Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2022 (continued) Resources Expended Charltable Activities Unrestrlcted Funds Restrlcted Funds Total 2022 Total 2021 Prizes Office expenses - postage, statlonery Advertising and promotional Rent Heat, Ilght and power Telephone and Internet County Show staglng costs Securityi health and safety Judges and stewards Shuttle buses Trophles and engravlng Hospltality and entertainment Secretarial and administratlon salaries Accountancy Insurance Companles House penalty, costs and professional fees Conference and afflliation fees Mlscellaneous expenses Depreclatlon 6,972 1,230 6,972 1,230 362 5,349 4,533 479 1,440 Ll,058 1,396 760 1,480 235 3,825 8,291 5,349 4,533 479 1,440 11,058 1,396 760 1,480 235 3,825 8,291 40 5,000 50 1,384 7,200 1,200 801 1,200 801 1,452 745 1,490 loo 202 4,806 loo 202 4,806 115 129 4,781 Total R•sour¢•s Expended Expendlture for the year ended 31 December 2021 comprlsed: unrestricted £22,738 and restrlcted £10. Net Income / (expendlture) for the year Net Income / (expenditure) Ss stated after charglng: 2022 2021 Depreciation of property, plant and equspment Independent examiner's remuneration Companles House penaltles, costs and accountants, fees 4,806 1,200 4,781 1,452 Independent Examlner's Remuneratlon The independent examiner's remuneration amounts to an Independent examlnatlon fee of £1,200 (2021: £1,452) and other accountants, fees of £- (2021: £576). 15
County Fermanagh Farming Society Limlted (Charitable Company Llmited by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2022 (continued) Dlrectors Emoluments The directors received no emoluments durlng the period. Liabillty of members The organlsatlon Is a company Incorporated under guarantee and does not have share capital. The Ilability of each member is limited to an amount not exceeding £1. Propertyi plant and equipment Freehold Showground Showground Development Flxtures & Equipment Total Cost At 1st Jan 2022 70,000 L48,092 45,051 263,143 Additions At 315t Dec 2022 148 092 273 236 Depr¢¢lation At 1st Jan 2022 Charge for year At 31SE Dec 2022 56,303 28,677 84,980 Net Book Values At 31st Dec 2022 183 450 At 31st Dec 2021 178 163 10. Recelvables 2022 2021 DAERA fundlng NI Regional Food Programme Fermanagh and Omagh District Council Trade debtors 9,970 3,293 5,000 200 18,463 16
County Fermanagh Farming Society Llmited (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2022 (continued) ii. Cash at bank on deposit 2022 2021 Flrst Trust Bank Fixed Term deposit Ulster Bank Limited Business Reserve 30,475 872 31,339 31,339 31,347 12. Payables: Amount falling due wlthin one year 2022 2021 Trade and other creditors Accrued Expendlture Credit card 1,490 1,200 2,533 179 2,712 13. Analysls of Net As$et5 Unrestrlthd Funds 2022 Restrlcted Funds 2022 Total 2021 Tangible flxed assets Current A55ets Current Llabilities Deferred Grants 143,480 91,414 (2,712) 39,970 183,450 91,414 (2,712) 232,182 39,970 272,152 14. Analysls of funds Unrestricted Funds 2022 Restricted Funds 2022 Total 2021 Opening as at l January Surplus / (deficlt) for the year 244,512 (12,330) 30,000 9,970 274,512 (2,360) Closing as at 31 December 232 182 272 152 15. Contlngent Liabilities A contingent liability exists to repay grants received should certaln condltions not be fulfilled by the company. 17