North Antrim Agricultural Association Ltd 5 Linenhall Street Ballymoney BT53 6DP NP000050 Company Accounts for the Year Ended: 31" October 2022 Prepared by Stephen White M.I.A.T.I NORTH ANTRIM AGRICULTURAL ASSOCIATION LTD REPORT OF THE DIREcfoRS FOR THE YEAR ENDED 31ST ocfoBER 2022 Financial Statements The Board of Directors present their annual report and financial statement for the year ended 31st Ortober 2022, Activlties The principle activity of the Association is to organise the annual Ballymoney Agrlcultural Show. Dlrertors and thelr Intere The 8oard of Directors do not recommend payment of a Dlvldend for the Year Ended 31st October 2022. Consequently the surplus for the year of £4,305 wlll be transferred from the reserves. The Interests of the dlrectors In the shares of the company are as follow5: Ordlna Shares 2021 C Calderwood T Gilmour l Morrison io 50 30 io io 50 30 G Thompson O M Blair S Morrison io 10 10 io io J Hanna J McConaBhie R Shaw R Beattie 20 io 20 io 20 loo 20 loo P Bartlett C Clarke M McAllster N McGlnley R Beattie loo 20 loo 20 loo 20 loo 20 io 520 510 NORTH ANTRIM AGRICULTURAL ASSOCIATION LTD REPORT OF THE DIREcfoRS FOR THE YEAR ENDED 31ST ocfoBER 2022 Statement of Directors Responslblllties Company Law requires the directors to prepare financial statements for each financlal year, which glve a true and falr view of the state of the company affrdirs as atthe end of the financial year. In preparln8 those financial statements, the directors are requlred to. * Selett sultable accounting pollcles and then apply them * Makejudgements and estimates that are reasonable and prudent Prepare the financlal statements on the going concern basis unless It Is inappropriate to presume that the company will continue in business The dlrectors are responsible for keeping proper accounting records whlch disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the one responsible for safeguarding the assets of the company and hence for taklng reasonable steps for the preventlon and detection of fraud and other irregularlties By Order he Board Date 22 Chalrman: N McGinley NORTH ANTRIM AGRICULTURAL ASSOCIATION LTD COMPANY INFORMATION COMPANY REGISTRATION NUMBER NI CHARITY NUMBER NP000050 N IC107787 PRESIDENT PAST PRESIDENTS JAMES MORRISON FRAgs FRANK MCCLURE JOSEPH PAThON CBE, FRAgs DIRECTORS N MCGINLEY (Chairman) G THOMPSON (Vice Chairman) P BARTLETT {Kilraughts YFC) R BEAThIE {Finvoy YFC) M BLAIR C CALDERWOOD C CLARKE T GILMOUR J HANNA J MCCONAGHIE M MCALISTER (Moycralg YFC) I MORRISON S MORRISON R SHAW SECRETARY A MCLAUGHLIN T GILMOUR L MCGINLEY TREASURER ASSISTANT TREASURER EX-OFFICIO MEMBERS D DUNLOP C MCMULLAN R SHANNON L CAMPBELL B HENRY SAFETY OFFICERS J MORRISON J HANNA D DUNLOP C CLARKE REGISTERED OFFICE 5 LINENHALL sfREEr BALLYMONEY, BT53 6DP ACCOUNTANTS rEPHEN WHITE ACCOUNTING & TAXATION SERVICE5 IA MAIN STREET, BALLYMONEY, BT53 6AN BANKERS DANSKE BANK 6 HIGH STREET, BALLYMONEY, BT53 6AG NORTH ANTRIM AGRICULTURAL ASSOCIATION LTD MODIFIED BALANCE SHEEr FOR THE YEAR ENDED 31ST ocfoBER 2022 2022 2021 FIXED ASSETS 39431 40963 CURRENT ASSErs CASH AT HAND AND IN BANK DEBTORS 17768 24417 42185 19469 19469 CURRENT LIABILITIES EXPENSES ACCRUED CREDITORS 750 750 8772 NET CURRENT ASSETS 32663 18719 TOTAL ASSEfs LESS CURRENT LIABILITIES 72094 59682 DEFERRED CAPSTAL GRANTS COMMUNITY FOUNDATION GRANT DEFERRED 25 30 2500 2530 25 NET ASSETS 72069 57152 CAPITAL AND RESERVES SHARE CAPITAL REVALUATION RESERVE RESERVES BROUGHT FORWARD O/S 2021 CC & GBC RECOVERY GRANT DEFERRED COMMUNITY FOUNDATION ERROR AMMENDMENTTO LAST YEAR SURPLUS/DEFICIT FOR THE YEAR 5005 13600 38547 9644 5005 13600 52710 2500 -300 -13863 57152 2773 72069 NORTH ANTRIM AGRICULTURAL ASSOCIATION LTD 5 LINEN HALL STREEr BALLYMONEY BT53 6DP NP000050 The foregolng Statements were approved and signed on". OX3 Date Chairman N McGinley Vice Chairman G Thom Treasurer T Gilmour Secretary A McLaughlin NORTH ANTRIM AGRICULTURAL ASSOCIATION LTD SHOW INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST OCTOBER 2022 INCOME 2022 2021 SHOW RECEIPTS SPONSORSHIP VIRTUAL SHOW ENTRIES SHOWGROUNDS HIRE 6755 360 88 70 2850 FUNDRAISERS ENTRY FEES GATE RECEI PTS, CATALOGUES DAERA FOOD PROJECT TRADERS FEES a CC&GBC LARGE EVENTS FUND DAERA BOUNCEBACK GRANT SUBSCRIPTIONS 596 5022 24821 2975 10399 11178 6084 2595 73275 518 EXPENSES SHOW PRIZES JUDGES EXPENSES CATERING COSTS 10087 1739 4195 320 ENTERTAINMENT COSTS MEDICAL COSTS EQUIPMENT HIRE MISCELLANEOUS SHOW COSTS TELEPHONE & POSTAGE MEMBERSHIP FEES SECRETARYS WAGES REPAIRS & MAINTENANCE SOFfwARE SUBSCRIPTION PREMISES COSTS BANK CHARGES PROFESSIONAL FEES 1140 1919 10624 2994 685 356 551 270 6906 17007 6608 425 900 2026 259 950 900 364 239 990 INSURANCES MISCELLANEOUS EXPENSES DEPRECIATION CHARGE FOR YEAR AMORTISATION OF GRANT 2194 686 1532 2052 93 1574 BAD AND DOUBTFUL DEBTS PRINTING, STATIONERY AND ADVERTISING 4308 CORPORATION TAX TOTAL EXPENDITURE NET SURPLUSIDEFICIT 70502 14381 2773 -13863 NORTH ANTRIM AGRICULTURAL ASSOCIATION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2022. l. Accounting policles Company Information North Antrim Agricultural Association is a private company limited by shares incorporated in Northern Ireland. The registered office is % Linenhall Street, Ballymoney, BT53 6DP. 1.1 Accounting convention These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Statendard applicable in the UK and Republic of Ireland, (FRS 102) and the requirements of the Industrial and Provident Societies Act (Northern Ireland) 1969. The disclosure requirements of section IA of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statemetns are rounded to the nearest £. The principle accounting policies adopted are set out below. 1.2 Turnover Turnover represents amounts receivable for show receipts, grants and rent receivable. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. 1.3 Tangible fixed assets Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over Its expected useful life, as follows: Buildings 2% Straight Line Cattle Shed 15% Reducing Balance Ni5sen Hut 15% Reducing Balance Cattle Pens 15% Reducing Balance Sheep Hurdles 15% Reducing Balance Equipment 15% Reducing Balance Computer Equipment 25% Straight Line Road Improvement5 15% Reducing Balance NORTH ANTRIM AGRICULTURAL ASSOCIATION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST ocfoBER 2022 CONT'D 1.4 Impairment of fixed assets At each reporting end date. the company reviews that carrying amounts of its tangible assets to determine whether there is any indication thatthose assets have suffered an impairment loss. If any such indication exists, the recoverable amount is estimated in order to determine the extent of the impairment loss lif any). Where it is not P055ible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset {or cash-generating unit) is estlmated to be less than its carrying amount, the carrying amount of the asset lor cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if the reasons for the loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash- generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss is recognised immedlately in profit or loss, unless the relevant asset Is carried at a revalued amount, in whlch case the reversal of the impairment loss is treated as a revaluation increase. 1.5 Cash at bank and In hand Cash at bank and in hand are basic financial assets and include cash In hand, deposits held at call wlth banks, other short term liquid Investments and original maturities of th￿e months or less, and bank overdrafts. Bank overdrafts are shown within borrowings In current liabilities. 1.6 Financial instruments The company has elected to aplly the provisions of Scetion 11 'Basic Financial Instruments, and Settion 12 '0ther Financial Instruments15sues' of FRS 102 to all of its financial instrurnents. Finanical instruments are recognised in the company's Balance sheet when the company 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 too 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. NORTH ANTRIM AGRICULTURAL ASSOCIATION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST ocfoBER 2022 CONT'D Basic financlal assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at transaction price including 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 are classified as receivable within one year are not amortised. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilitie5. Classlficatlon of financlal Ilabllltles Financial liabilities and equity are classified according to the substance of the contractual arrangements entered into. An equtiy instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 1.7 Basic financlal liabilbties Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at tranaction proce unless the arrangement constitutes a financlng transaction, where the debt instrument is measured at the present value of the future payments dlscounted at 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 busine55 from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, thet are presented a5 non- current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 1.8 Equity instruments Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. 1.9 Government Grants Grants received in respect of capital items are credited to deferred income and amortised to the profit and loss account as the same rate as that used to depreciate the items. Grants of a revenue nature are credited to the profit and loss account in the period to which they relate. NORTH ANTRIM AGRICULTURAL ASSOCIATION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST ocfoBER 2022 CONT'D 2. Taxation 2022 2021 UK Corporation Tax at 19% Current Year12022 - 19%) Adjustments in respect of prior periods. The company Is liable to corporation tax only on its bank interest and rental income. f) 3. Debtors 2022 2021 Debtors and Prepayments 42185 4. Credltors 2022 2021 Sundry Creditors and Accruals 9522 750 5. Deferred Capltal Grants Openlng Grants Closln8 Balance Received Balance Cost Equipment 990 990 Opening Closing Balance Released Balance Amortisation Equipment 960 965 Openlng Balance Closlng Balance Net Book Value Equipment 30 25 6. Contingent Liability The company has a liability to repay grant monies received should it fail to meet the conditions set out in the relevant letters of offer. NORTH ANTRIM AGRICULTURAL ASSOCIATION LTD INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st ocfoBER 2022 INCOME SHOW INCOME GATE RECEIPTS TRADERS FEES ENTRY FEES SPONSORSHIP £ 24,821.00 £ 10,399.00 £ 5,022.00 £ 6,755.00 £ 46,997.00 GRANTS CC&GBC LARGE EVENTS FUND DAERA FOOD GRANT DAERA BOUNCEBACK GRANT £ 11,178.00 £ 2,975.00 £ 6,084.00 £ 20,237.00 MISC INCOME SHOWGROUNDS HIRE MEMBERSHIP & SUBSCRIPTIONS FUNDRAISING £ 2,850.00 £ 2.595.00 596.00 £ 6,041.00 £73,275.00 EXPENSES SHOW EXPENSES PRIZES PRINTING & ADVERTISING COSTS JUDGES EXPENSES CATERING COSTS ENTERTAINMENT COSTS MEDICAL COSTS EQUIPMENT HIRE MISCELLANEOUS SHOW COSTS £ 10,087.00 £ 4,308.00 £ 1,739.00 £ 4,195.00 £ 1,140.00 £ 1,919.00 £ 10,624.00 £ 2,994.00 £ 37,006.00 RUNNING COSTS ADMIN COSTS MEMBERSHIP FEES SECRETARY'S WAGES REPAIRS & MAINTENANCE PREMISES COSTS £ 1,585.00 356.00 £ 6,906.00 £ 17,007.00 £ 2,026.00 259.00 950.00 £ 2,194.00 686.00 £ 31,969.00 BANK CHARGES PROFESSIONAL FEES INSURANCES MISCELLANEOUS EXPENSES NON TrADING DEPRECIATION CHARGE FOR YEAR AMORTISATION OF GRANT £ 1,532.00 5.00 £ 1,527.00 £70,502.00 NET SURPLUS FOR THE YEAR £ 2,773.00 NORTH ANTRIM AGRICULTURAL ASSOCIATION LTD BALANCE SHEET AS AT 31st OCTOBER 2022 FIXED ASSETS AS PER SCHEDULE £ 39,431.00 CURRENT ASSETS DEBTORS £ 24,417.00 CASH AT HAND AND IN BANK £ 17,768.00 £ 42,185.00 CURRENT LIABILITIES CREDITORS £ 8,772.00 EXPENSES ACCRUED £ 750.00 £ 9,522.00 NEf CURRENT ASSErs £ 32,663.00 TOTAL ASSETS LESS CURRENT UABIUTIES £ 72,094.00 DEFERRED CAPITAL GRANTS 25.00 NET ASSETS £ 72.069.00 CAPITAL AND RESERVES SHARE CAPITAL £ 5,005.00 REVALUATION RESERVE £ 13,600.00 RESERVES BROUGHT FORWARD £ 38,547.00 O/S 2021 CC&GBC RECOVERY GRANT £ g,644.00 DEFERRED COMMUNITY FOUNDATION £ 2.500.00 £ 12,144.00 SURPLUS FOR THE YEAR £ 2,773.00 £ 72,069.00 NORTH ANTRIM AGRICULTURAL ASSOCIATION LTD SCHEDULE OF FIXED ASSETS AS AT 31st OCTOBER 2022 LAND AT COST £ 1,294.00 BUILDINGS AT COST DEPRECIATION CHARGE @ 31st OCTOBER 2021 DEPRECIATION CHARGE THIS YEAR £ 57,847.00 £ 20,086.00 £ 1,157.00 £ 36,604.00 CArrLE SHED AT COST DEPRECIATION CHARGE @ 31st OCTOBER 2021 DEPRECIATION CHARGE THIS YEAR £ 2,704.00 £ 2,032.00 ioi.00 571.00 NISSAN HUT AT COST DEPRECIATION CHARGE @ 31st OCTOBER 2021 DEPRECIATION CHARGE THIS YEAR £ 7,932.00 £ 7,713.00 33.00 186.00 CArrLE PENS AT COST DEPRECIATION CHARGE @ 31st OCTOBER 2021 DEPRECIATION CHARGE THIS YEAR 990.00 962.00 4.00 24.00 SHEEP HURDLES Af COST DEPRECIATION CHARGE @ 31st ocfoBER 2021 DEPRECIATION CHARGE THIS YEAR £ 1,000.00 896.00 16.00 88.00 EQUIPMENT AT COST ADDITIONS AT COST £ 5,172.00 £ 3,780.00 LESS GRANT RECEIVED £ 3.780.00 £ DEPRECIATION CHARGE @ 31st OCTOBER 2021 £ 4,756.00 DEPRECIATION CHARGE THIS YEAR 63.00 353.00 COMPUTER MANAGEMENTSYSTEM @ COST DEPRECIATION CHARGE @ 31st OCTOBER 2021 DEPRECIATION CHARGE THIS YEAR 500.00 250.00 125.00 125.00 ROAD IMPROVEMENTS @ COST DEPRECIATION CHARGE @ 31st OCTOBER 2021 DEPRECIATION CHARGE THIS YEAR £ 4,800.00 £ 4,581.00 33.00 186.00 NETBOOKVALUE £ 39,431.00 North Antrim Agricultural Association Ltd 5 Linellhall Street Ballymoney BT53 6DP IV000050 Accountants Certificate In accordance with the instructions given to us, we have prepared the attached Company Accounts, without carrying out an audit, from the books and records of the businesses and from the inforniation and explanations supplied to us. We hereby certify that they are in accordance therewith. Stsphen vlljite M.I.A.T.I IA Main Street Ballymoney BT53 6AN