Company Reglstratlon Number N1051720 Charity Registration Number NIC103252 County Fermanagh Farming Soclety Llmlted (Charitable Company Limited by Guarantee) Annual Report & Unaudlted Financial Statements For the Year Ended 31 December 2023
County Fermanagh Farming Society Llmited (Charitable Company Limited by Guarantee) Contents Page Company Informatlon Dlrectors, Report Independent Examlner's Report Statement of Flnanclal Actlvltles Statement of Flnancial Posltlon 9-10 Notes to the Flnanclal Statements 11-17
County Fermanagh Farming Soclety Limited (Charitable Company Limited by Guarantee) Company Information Board of directors John James Gunn Lord Anthony Hamilton Edith Marion Henderson John Adrian Trevor Irvine Edward Kingdom Rogers Company secretary Ann Orr Registered office Exhlbition and Auctlon Centre Old Tempo Road Ennlsklllen Co. Fermanagh BT74 4BA Company number N1051720 Charlty number NIC103252 Independent Examlners CavanaghKelly Chartered Accountants 36-38 Northland Row Dungannon Co Tyrone BT71 6AP Bankers Ulster Bank 16 Darllng Street Ennlsklllen Co. Fermanagh BT74 7ER
County Fermanagh Farming Society Limited (Charitable Company Limited by Guarantee) Directors. Report for the year ended 31 December 2023 The Directors, who are the trustees for the purpose of charity law, have Pleasu in presenting their report and the unaudited financlal statements of the charitable company for the year ended 31 December 2023. The financial statements have been prepared in accordance wlth the Ststement of Recommended Practlce "Accounting and Reportlng by Charltles- (FRS 102) and the Companles Act 2006. Reference and Admlnistration Detalls The reference and admlnistration detalls of the charity are as shown on page 2. Objectlves and Activltles The objects of the charitable company shall be to: i) advance, promote and Improve agrlculture in all Its branches and In allled home industrles in partlcular by the holding of an annual show or shows, exhlbltions and demonstratlons of equlpment and technlques. promote the benefits of the inhabitants In Fermanagh and its envlrons (the area of beneflt) through the advancement of educatlon, In partlcular by promotlng a knowledge and understandlng of rural affalrs, rural development and envlronmental issues and an Interest In the agrlcultural Industry In general, and the provlsSon of facllltles In the Interest of soclal welfare for recreatlon and other leisure tlme occupatlons with the object of Improvlng the conditions of Ilfe of the said inhabltants. and advance and encourage the protertlon and safeguardlng of the envlronment. Publlc Beneflt statement The dlrectors of County Fermanagh Farmlng Soclety Llmlted confirm that they have complled wlth their duty under sectlon 4(6) of the Charltles Act (Northern Ireland) 2008 to have regard to the Charlty Commlssion for Northern Ireland's guidance on publlc beneflt and that the publlc beneflt requSrement has informed the activltles of the charltable company In the year ended 31 December 2023. Achlevements and Performance The board of dlrectors Is confldent that the charlty continues to meet Its performance objectlves to benefft the local communlty. The charlty contlnues to recelve fundlng from the maln show they run each year. Flnanclal revlew Flnanclal Perforniance Durlng the year ended 31 December 2023, the charlty had net outgolng resources of £5,680 (2022: net outgolng resources £2,360). Reserves Pollcy As a charity, the company Is heavily reliant on the income generated by the Fermanagh County Show. The board considers It necessary to malntaln at least £90,000 of reserrfes to enable the company to continue to operate should there be any unexpected fall in Incoming resources.
County Fermanagh Farming Society Limited (Charitable Company Limited by Guarantee) Directors. Report for the year ended 31 December 2023 (continued) Rlsk management The dlrectors have examined the major strategic, business and operational risks which the char(ty 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. OrganAsational Strurture The charitable company is a company limited by guarantee, not havlng a share capltal. The charStable company was establlshed under a Memorandum of Association whlch established the objects and powers of the company and Is governed under Its Articles of Assoclation. In accordance wlth the Artlcles of Assoclatlon, the members to retlre by rotatlon shall be those who have been longest In office slnce thelr last electlon, and the relevant motlon wlll be put at the Annual General Meetlng. A retlrlng member shall be ellglble for re- electlon. Dlrectors The directors who have served durlng the year are the same as those Ilsted on page 2 Taxation Ststus The company Is recognised as a charfty by HM Revenue & Customs. Accordlngly, the company has avalled of the exemptions contained In Chapter 3 Part II Corporatlon Taxes Act 2010 and Sectlon 256 Taxation of Chargeable Gains Act 1992. Dlrectors, responslbllltles The dlrectors are responslble for preparlng the flnanclal statements In accordance wlth appllcable law and United Kingdom Accountlng Standards (United Kingdom Generally ACpted Accountlng Practlce). Company law requires the directors to prepare flnancial statements for each flnanclal year whlch glve a true and falr view of the state of the affairs of the charltable company and of the incoming resources and appllcation of resources, Includlng the income and expendlture, of the charitable company for that year. In preparlng these flnanclal staternents the Dlrectors are required to: select sultable accountlng pollcles and apply them conslstently observe the methods and prlnciples In the Charltles SORP (FRS 102); make judgements and estlmates that are reasonable and prudent. state whether applicable UK Accountlng Standards have been followed, subject to any material departures disclosed and explalned in the flnancial statements. and prepare the financial statements on the going concern basls unless St Is inapproprlate to presume that the charltable company will contlnue in operation.
County Fermanagh Farming Society Limited (Charitable Company Limited by Guarantee) Directors. report for the year ended 31 December 2023 (continued) The dlrectors are responslble for keeping adequate accounting records that disclose with reasonable accuracy at any time the flnanclal positlon of the charltable company and enable them to ensure that the financlal ststements comply wlth the Companies Act 2006. They are also responslble for safeguardlng the assets of the charltable company and hence for taklng reasonable steps for the prevention and detectlon of fraud and other irregularltles. Small Companles Exemptlon The above report has been prepared In accordance with the speclal provlsions relatlng to small companies wlthln Part 15 of the Companles Act 2006. port was approved by the board and slgned on its behalf by: Sec Date:
County Fermanagh Farming Society Llmlted (Charitable Company Limited 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 2023 We report on the flnanclal statements of the company for the year ended 31 December 2023 whlch are set out on pages 8 to 17. Respectlve Responsibilitles of Dlrectors and Independent Examlner As the charitable company's dirertors, who are the trustees for the purpose of charlty law, you are responsible for the preparatlon of the financial statements In accordance with the requlrements of the Companies Act 2006. Having satisfied ourselves that the charitable company is not subject to audlt under company law, and Is ellglble for Independent examlnatlon, it Is our responsibillty to: examlne the accounts under sectlon 65 of the CharltSes Act (Northern Ireland) 2008; follow the proodures lald down In the general Dlrectlons glven by the Charlty Commisslon for Northern Ireland under sectlon 65(9)(b) of the Charltles Act (Northern Ireland) 2008; and state whether partlcular matters have come to our attention. Basls of Independent Examlner's Report We have examlned your charitsble company's financial statements as requlred under sectlon 65 of the Charltles Act (Northern Ireland) 2008 and our examination was carried out In accordance wlth the general directions glven by the Charlty Commlsslon for Northern Ireland under sectlon 65(9)(b) of the Charlties Act (Northern Ireland) 2008. The examlnatlon Included a revlew of the accountlng records kept by the charltable company and a comparison of the accounts presented wlth those records. It also Includes conslderatlon of any unusual Items or dlsclosures In the accounts and seeklng explanatlons from you as charltable company Dlrectors concernlng any such matters. Our role Is to state whether any materlal matters have come to our attentlon glvlng us cause to belleve: That accountlng records were not kept In accordance with sectSon 386 of the Companies Act 2006. or That the accounts do not accord wlth those accountlng records; or That the accounts do not comply with the accountlng requirements of sectlon 396 of the Companies Act 2006 and wSth the methods and principles of the Charities Statement of Recommended Prattio appllcable to charltles preparlng thelr accounts in accordance wlth the Flnancial Reportlng Standard applScable in the UK and Republlc of Ireland. or That there Is further information needed for a proper understandlng of the accounts to be reached.
County Fermanagh Farming Society Llmited (Charitable Company Limited 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 2023 (Continued) Independent Examlnerfs Statement We have completed our examinatlon and have no concerns in respect of the matters Ilsted above and, In connection with following the dlrectlons of the Charlty Commission for Northem Ireland, we have found no matters that require drawing to your attention. CAVANAGHKELLY Chartered Accountants & Statutory Auditors 36-38 Northland Row Dungannon Co. Tyrone BT71 6AP Date:
County Fermanagh Farming Society Limited (Charitable Company Limited by Guarantee) Statement of Financial Activities (including an Income and Expenditure Account) For the year ended 31 December 2023 Note Unrestricted Funds Restrlcted Funds Total 2023 Total 2022 Xncome and Endowments from: Charltable actlvltles Total 90,207 90,207 52,276 52,276 90,207 Expendlture on: Charitable Actlvities 600 (4.998) {600) (5,598) (1,881) Interest payable and slmllar charyes (461) (461) (526) Interest receivable and slmSlar Income 379 379 47 Net movement In fund8 (5,080) (600) {5,680) (2,360) 11,170 Transfer between funds (11,170) Total funds brought forward at l January 232,182 39,970 272,152 274,512 Total funds carrfed fonvard at 31 December 238,272 28,200 266,472 272,152 The above Statement of Flnanclal Actlvltles Includes all Informatlon as required to be dlsclosed by the Companles Act 2006. All of the actlvltles of the company are classed as contlnulng. There Is no dlfference between the net Incomlng resources for the year stated above and their historlcal cost equlvalents. The notes on pages 11 to 17 form part of the flnancial statements.
County Fermanagh Farming Society Llmited (Charitable Company Limited by Guarantee) Statement of Financial Posltlon (Balance Sheet) As at 31 December 2023 Note 2023 2022 Non-current Assets Property, Plant and equipment 184,143 183,450 Current Assets Debtors Cash at bank on deposlt Cash at bank and In hand io li 18,463 31,339 31,718 85,421 91,414 Payables: Amounts falllng due wlthln one year 12 Net Current Assets Total assets less Curront Ilablllties 266,472 272,152 Provlslons for Ilabllltle• 13 266 472 272 152 R•presented by: Unrestdcted Funds Restrlcted Funds 14 238,272 232,182 266 472 272 152 The dlrectors, statements on the followlng page forms part of the Ststement of Flnanclal Posltlon. The notes on pages 11 - 17 form part of the flnanclal statements.
County Fermanagh Farming Society Limited (Charitable Company Limited by Guarantee) Statement of Financial Position as at 31 December 2023 (continued) These flnanclal statements have been prepared In accordance wlth the provlslons applicable to small companles regime wlthln Part 15 of the Companies Act 2006. For the flnancial year ended 31 December 2023 the company was entitled to exemption from audit 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 financial statements for the year in question in accordance with sectlon 476 of the Companies Act 2006. The dlrectors acknowledge their responslbllities for ensurlng that the charltable company keeps accountlng records whlch comply wlth Sectlon 386. and for preparlng flnanclal statements whlch glve a true and falr vlew of the state of affalrs of the charltable company as at the end of the flnancial year and of Its Incomlng or outgolng resources for the financlal year in accordance wlth the requlrements of sectlons 394 and 395 and whlch otherwise comply wlth the requlrements of the Companles Act 2006 relatlng to flnanc5al statements, so far as appllcable to the charitable company. The notes on pages 11 to 17 form an Integral part of the flnanclal statements. The flnanclal statements were approved and authorised for Issue by the Board of Dlrectors and signed on their behalf by: Lord Ant Dlrector mllton rlan Trevor Irvlne or Date: Company Reglstratlon Number: N1051720 Charlty Reglstratlon Number: NIC103252 io
County Fermanagh Farming Society Limited (Charitable Company Limited by Guarantee) Notes to the Financlal Statements For the year ended 31 December 2023 l. General Information County Fermanagh Farmlng Soclety Limited is a charitsble company Ilmlted by guarantee Incorporated In Northern Ireland. In the event of the charltable company being wound Upi the liablllty In respett of the guarantee is limited to £1 per member of the charltable company. The address of the registered office Is as shown on page 2. The charltable company constitutes a publlc benefit entlty as deflned by FRS 102. 2. Accountlng pollcles The followlng accountlng policies have been applied conslstently in deallng wlth Items whlch are consldered material In relatlon to the company's flnanclal statements. 2.1 Statement of Compllance The flnanclal statements have been prepared In accordance with Accountlng and Reportlng by Charltes: Statement of Recommended Practlce (SORP) appllcable to charltles preparlng thelr financial statements In accordance with the Flnanclal Reportlng Stsndard appllcable in the UK and Republlc of Ireland (FRS 102) effectlve l January 2022 (Second Edltlon), the Financlal Reporting Standard appllcable in the United Kingdom and Republlc of Ireland (FRS 102) and the Companles Act 2006. Basls of Pr•paratlon The flnancial statements are prepared on a golng concern basls under the hlstorlcal cost conventlon unless otherwlse stated In the relevant accountlng pollcy. HSstorlcal cost Is generally based on the fair value of the conslderatlon glven In exchange for assets. 2.3 Cash Flow Statement The charftable company has applled Update Bulletin 2 as publlshed on 5 October 2018 (effectlve l January 2022) and does not Include a cash flow statement on the grounds that it Is applylng FRS 102 Sectlon IA. Income and Endowments (l) Donatlong Legacles and Other Tradlng Artlvltles Donatlon and legacy income Includlng Incomlng resources from glfts, donatlons and grants is recognised In full In the Statement of Flnanclal Actlvltles when recelvable. other tradlng activities are commerclal activltles whlch are recognlsed as earned when the related goods and services are provided. li
County Fermanagh Farming Society Llmited (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 December 2023 (continued) (11) Income from Charitable Activities Income from charltable activltles Includes income received under contract or where entitlement to grant fundlng Is subject to speclflc performance condltlons. It Is recognised as earned as the related serrflces or goods are provided. Grant Income Included In thls category provides fundlng to support projects and is recognlsed where there Is entitlement, certalnty of receipt and the amount can be measured with sufficlent reliablllty. 2.5 Expenditure Expendlture Is recognlsed when a Ilability is incurred. Contractual arrangements and performance related grants are recognised as goods and services are supplled. Where Costs cannot be dlrectly attrlbuted to a particular heading they have been allocated to actlvities on a basls conslstent wlth use of resources. Staff costs and overhead expenses are allocated to actlvltles on the basls of staff tlme spent on those actlvltles. (l) Charltable Actlvltles Thls comprlses all the resources applSed by the charltsble company In undertaklng Its work to meet Its charltable objectlves. Charltable activltles will Include the costs of govemance arrangements whlch relate to the general runnSng of the charltable company. Property. Plant and Equlpment and Depreclation Propertyi plant and equipment are initlally recorded at cost. Depreclatlon Is calculated to wrlte off the orlglnal cost less the estlmated resldual value of flxed assets over thelr expected useful Ilves. Freehold Showground Showground Development Flxtures & Equlpment No depreclation 2% Stralght LSne IOOh Reduclng Balance Fund accountlng The charlty had two types of funds for whlch It Is responslble at the year end: (i) Unrnstrlcted fund• These are funds which are expendable at the discretion of the dlrectors In furtherance of the objetts of the charlty. In addltlons, funds may be held In order to flnance capltal Investment and working capltsl. (11) Restrlcted funds Income received for specific purposes. Such purposes are withln the overall alms of the charity. Taxation The company has charitable status and is therefore not Ilable to Corporation Tax. 12
County Fermanagh Farming Society Limlted (Charitable Company Limited by Guarantee) Notes to the Financlal Statements For the Year Ended 31 December 2023 (continued) 2.9 Trade and other payables Trade and other payables are Initially recognlsed at fair value and thereafter ststed at cost. 2.10 Critical accountlng estimates and Judgements In the appllcation of the Charlty's accountlng pollcles, the Trustees are requlred to make Judgements, estlmates and assumptlons about the carrylng value of assets and Ilabilltles that are not readily apparent from other sources. The estimates and associated assumptlons are based on historical experlence and other factors that are considered to be relevant. Actual results may differ from these estimates. The estlmates and underlylng assumptlons are revlewed on an ongolng basls. Revlslons to accountlng estlmates are recognlsed In the perlod In whlch the estimate Is revlsed were the revlslon affects only that perlod, or In the perlod of the revlslon and future perlods were the revlslon affects both current and future periods. Criticaljudgements in applying the entity's accountlng pollcles There are no critical Judgements In applying the company's accountlng pollcles. Critical accounting estimates and assumptlons There are no accountlng estlmates In applylng the company's accountlng pollcles. 2.11 Cash & Cash Equlvalents Cash Is represented by cash In hand and deposlts wlth financSal Instltutlons repayable wlthout penalty on notlce of not more than 24 hours. Cash equlvalents are hlghly Ilquld Investments that mature In no more than three months from the date of acqulsltlon and that are readSly convertlble to known amounts of cash wlth Insignlficant rlsk of change In value. 13
County Fermanagh Farming Soclety Limited (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2023 (continued) Income and Endowments Charltable activitle$ Unrestricted Funds Restrlded Funds Total 2023 Total 2022 Subscrlptlons and donatlons Entry fees Gate receipts Trade stands & advertlsing DAERA Boun Back Support Mlscellaneous sponsorshlps Fermanagh & Omagh Dlstrlct Councll Vaughan Trust Nl Reglonal Food Programme Rent Other Income Total Income from Charltable Actlvitles 240 1,117 45,235 19,315 240 1,117 45,235 19.315 210 491 19,130 7,521 9,970 1,805 5,000 21,025 21,025 2,775 2,775 3,985 3,293 500 371 52,276 500 500 90,207 90,207 Income for the year ended 31 Dember 2022 comprlsed: unrestrlcted £42,306 and restrlcted £9,970. 14
County Fermanagh Farming Society Llmited (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2023 (continued) Resources Expended Charitable Activltles Unrestrlcted Funds Restricted Funds Total 2023 Total 2022 Prlzes offl expenses Advertlsing & promotlonal Rent Heat, Ilght and power Telephone & broadband County Show staglng costs Security, health & safety Judges & stewards Shuttle buses Trophles and engravlng Hospitallty & entertainment Secretarlal & admlnistratlon salarles Accountan Insurance conferen and afflllatlon fees Mlscellaneous expenses Depreclatlon 21,918 2,406 11,164 5,050 350 1,693 21,748 1,000 21,918 2,406 11,164 5,050 350 1,693 21,748 1,000 6,972 1,230 5,349 4,533 479 1,440 11,058 1,396 760 1,480 235 3,825 8,291 1,200 801 loo 202 4,806 2,317 7,323 9,554 1,800 1,921 254 1,203 5,504 2,317 7,323 9,554 1,800 1,921 254 1,203 6,104 600 Total ReVr Expended 600 Expendlture for the year ended 31 December 2022 comprlsed: unrestrtcted £54,157 and restrlcted £-. Net Income / (expendlture) for the year Net Income / (expendlture) Is stated after charglng: 2023 2022 Depreclation of propertyi plant and equlpment Independent examlner's remuneration 6,104 1,800 4,806 1,200 Independent Examlner's Remuneratlon The independent examlnerfs remuneration amounts to an independent examlnation fee of £1,800 (2022: £1,200) and other accountsnts, fees of £- (2022: £-). 15
County Fermanagh Farming Society Limited (Charitable Company Limited by Guarantee) Notes to the Financlal Statements For the Year Ended 31 December 2023 (continued) Directors Emoluments The directors received no emoluments durlng the perlod. Liabillty of members The organlsation Is a company Incorporated under guarantee and does not have share capltal. The Ilabllity of each member is limited to an amount not exceeding £1. Propertyi plant and equlpment Fr•ehold Showground Showground Development Flxturns & Equlpment Total At i%t Jan 2023 70,000 Addltions 148,092 55,144 273,236 At 31st Dec 2023 148 092 280 033 Depreclatlon At 1st Jan 2023 Charge for year At 31st Dec 2023 59,265 30,521 89,786 Net Book Valuq$ At 31st Dec 2023 184 143 At 31st Dec 2022 183 450 10. Recelvables 2023 2022 DAERA fundlng NI Regional Food Programme Fermanagh and Omagh Distrlct Council Trade debtors 9,970 3,293 5,000 200 18,463 16
County Fermanagh Farmlng Society Limited (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2023 (continued) 11. Cash at bank on deposlt 2023 2022 Ulster Bank Limlted Business Reserve 31,718 31,339 31,718 31,339 12. Payables: Amount falllng due wlthln one year 2023 2022 Trade and other credltors Accrued Expendlture Credlt card 3,003 89 2,533 179 13. Analysls of Net Assets Unrestrlcted Funds 2023 Restricted Fund8 2023 Total 2023 Tanglble flxed assets Current Assets Current Llabllltles 155,943 85,421 (3,092) 238,272 28,200 184,143 85,421 (3,092) 266,472 28,200 14. Analysis of funds Unrestrlcted Funds 2023 Restrlcted Funds 2023 Total 2023 Openlng as at l January Surplus / (deficit) for the year Transfer between funds 232,182 (5,080) 11,170 39,970 (600) (11,170) 272,152 (5,680) Closing as at 31 December 238 272 266 472 15. Contlngent Llabilities A contingent liablllty exlsts to repay grants received should certain condltions not be fulfilled by the company. 17