County Fermanagh Farming Sodety Limited (Charitable Company Limited by Guarantee) Directors. Report for the year ended 31 December 2022 The Directors, who are the trustees for the purpose of charTty law, have pleasure in psentIng their report and the unaudited financial statements of the charttable company for the year ended 31 December 2022. The financial statements have been prepared In accordance with the Statement of Recommended Practice -Accounting and Reportlng by Charitles" (FRS 1021 and the Companies Act 2006. Reference and Administratlon D¢tsils The referentr and administration details of the charity are as shown on page 2. Objertlves and Activitses The objects of the charitable company shall be to: advance. promote and irnprove agricuthre in all its branches and In allied home industries in particular by the holding of an annual show or shows, exhibitions and demonstrations of equipment and techniques; promote the benefits of the inhabitants in Femianagh and its environs (the area of benefit) through the advancement of education, in particular by promoting a knowledge and understanding of rural affair5, rural development and envlronmental issues and an interest in the agricultural industry in general, and the provision of facilities in the interest of soual welfare for recreation and other leisure time occupations with the object of improving the conditions of life of the said inhabitsnts; and advan and encourdge the protection and safeguarding of the environment. Publlc Beneflt Statement The directors of County Fernianagh Famiing Society mited confirm that they have complied with their duty under sertion 4(6) of the Charities Act (Northem Ireland) 2008 to have regard to the Charity Commission ft)r Northern Ireland's guidan on public benefit and that the public benefit requirement has Informed the activities of the harlble company in the year ended 31 December 2022. Achievements and Perforniance The board of directors is confident that the charity contlnues to meet Éts perfomian objectives 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 DeTber 2022. the charity had net outgoing resour of £2.360 (2021: net outgoing resourTr5 £11,405). The Fermanagh County show run in 2022 was the first Sin the COVID-19 pandemlc and subsequent lockdown. The 2022 show wa5 small in comparison to Shows run prior to COVID-19. The soaety reIved funding from DAEIiA, Fermanagh and Omagh District Council. Northern Ireland Regional Food Programme and Vaughan Trust. Reserves Pollcy A5 a charity. the company is heavily reliant on the income generated by the Fernianagb County Show. The board consider5 it necessary to maintain 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 Limited (Charltsble Company Limited by Guarantee) Directors. Report for the year ended 31 December 2022 (continued) Risk management The directors have examlned the major strategic. business and operational risks which the charlty faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to manage these rFsks. structure, Governance and managenn Oryanisational Structure The charitable company is a company limited by guardntee. not having a share capital. The charitable company was established under a Memorandum of Jiw)ciatlon which established the objects and FK)weF5 of the company and is governed under its Articles of Associatlon. In accordan wlth the Artfides of Assoclation, the rnembers to retire by rotation shall be those who have been longest in office since their last election. and the relevant motion will be put at the Annual General Meeting. A retiring member shall be eligible for re- electlon. Directors The directors who have served during the year are the same as those listed on page 2 Taxatlon Status The company is recognlsed as a charfjty by HM Revenue & Customs. Accor<llngly. the company has availed of the exemptions contained in Chapter 3 Part II Corporation Taxes A¢i 2010 and Section 256 Taxation of Chargeable Galns Act 1992. Dlrertors. responsibilities The directors are responsible for preparing the financlal statements In accordance wlth appllcable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting practi). Company law requires the dlrectors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable cornpany and of the incoming resour5 and application of reSoUs. including the income and expendItu, of the charitable company for that year. In pparing these financial Statements the Directots are required to: sèlect suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP (FRS 102): make judgernents and estimates that are reasonable and prudent. state whether applicable UK AccoLEnting Standards have been followed. subject to any materlal departures dlsclosed and explained in the financial statements- and prepare the financial statements on the going conr basis unless it is inapproproate to presume that the charitable company wlll contlnue in operation.
County Fermanagh Farming Society Limited (Charitable Company Limited by Guarantee) Directors. report for the year ended 31 December 2022 (continued) The directors a responslble for keeping adequate accounting CordS that disclose wlth reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financlal statements comply with the Companles Act 2006. They are also spOnSIble for safeguarding the assets of the charitable company and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularities. Small Companies Exemption The above report has been prepared in accordan wlth the special provisions relating to small companies within Part 15 of the Companies Act 2006. Thi5 report wa5 approved by the board and signed on its behalf by: Sécr tary Date: