REGISTERED COMPANY NUMBER., SC219601 lswtlandl REGISTEIIED CHARITY NUMBER.. SC022355 Report ofthe Trustees and Flnanclal Statements forthe Year Ended 31st December 2024 for Black Isle Farmers, SIety Frzme Kennedy Ltd 4th Floor Metropolitan House 31-33 kligh Street Inverness IVI IHT
Black Isle Farmers, Soclety Contents of the Flnan¢lal Statement5 for the year ended 31st December 2024 Pa¥e Report ofthe Trustees Report of the IndepeDdentAuditors 6 to 9 Statement of Flnan¢lal Actlvltlès io Balance Sheet li Cash Flow Stattment 12 Note5to the Cash Fl¢)w Statemènt 13 Note5to the Flnanclal Statements 14 to 24 Detalled Statementijf FlnanclalActlvltlès 25 to 27
slack Isle Farmols, So¢lety Report of the Trustees lor the year endtd 31st December 2024 The trustees who are also director5 tsf the charity for the purpose5 01 the Cornpanle5 Act 2006, present thelr report wlth the financial statements of the charity for the year ended 31st December 2024. The trustees have adopted the provisions of Accountin8 and Reporting by Charities= Ststement of Recommended Practlce èpplicable to charitie5 preparlng their atcounts in 8ccordance with the Flnancial Reportlng Stsndard applicable in the VK and Republic ol Ireland IFRS 1021 (effective l January 20191. ObjÈrtlvè5 and actlvltles Objectives and alms Black Isle Farmers exlsts io promote the Interests of farmln& agrfculture and the country51de to the general public wSth the main medium for this beln8 the annual Black Isle Show, held on its purpose-bullt permanent site at Mannsfteld, Mulr of Ord on the f5rst Thursday In Au8USt each year. Other annual events normally include,. a ploughing match held on Black Isle farms on the first Saturday of February,. a b3rbeque on the second Saturday in July.. a trophy presentatlon, dlnner and dance at the start ol November,. a dlnner for Past Presidents and General Commlttee members In December. In addltlon. many mernbers ol the Society contrlbute theii tlme, Èxpthence and expertlse In educating primary school children In conjunttion with RHET (Royal Htghland Education Trustl through vlslts to local schools and more notably slnce 2(9 the So¢lety hosted an event In June where around 300 chlldren visit Mannsfield Showground and are shown all aspects of rnodern farmin8 practlces by means of practlcal demonstrations 8iven by Society members. Thts has not been posslble slnce Covld-19 due to various restrictlons. Since 2014 thls eve#t has gr<Mn due to its popularity and now takes place overtwo consecvtive days In late May/eady June. Durlng the annual Black 151e show the General Committee members, volunteets and Trusteés undertake an education and advlsory role wher@ they are clearly Identlfiable to the public The tharity will continue to make contributions to the work ol educational trusts such as the Northern Countryside Inltiative, RHET (Royal Highland Educational Trust) etc where their work and objective5 are slmilar to that of the Black Isle Farmers. Society. The Trustee5 inaugurated a Bursary Scheme in 2014 which 15 avai13ble to students and young petrple frorn the Highlands and Island5 to study and gain 9alIfiCatIOnS in a rural or agricUltu11Y related sublect. Practlcal and vocatlonal COUTses are alsg considered for an award from this fund. The Bursary Scheme awarded £2200 Sn 2024 1É4508 In 20231, to encoura8e Bnd help students and young people in these dlffScult tlmes. 2024 saw seven appllcations. The policy of the General Committee and the Trustees is to improve for the benefit of the visitln8 public the facllities avail3ble to them on the permanent show-lield at Mannsfleld. This programme of capital InvestmÈnt has amounted to Dver £1.600,000 in the last 16 years vlt buildlng 3 permanent tollet blocks, tarrlng all ihe previously metalled roadways, building 7 purpose bvllt sheds to offsèt the rlsln8 annual tosts of marquee hire. builéing permanent pay-booth5, purchaslng and upgradlng cattle and sheep Bate5, InSt211ation of permanent electriclty supplles. Installation of solar panels and many more capStal Items to make the Society more self-suffitient and help with future pioofing against f15in8 COSt5. Contributlon made byVoluntÈer5 There are many volunteers, members DI the Society, General Committee members, Trustees and othets who 8lve freely of their time to run the è¢tivities of the charity. The tlme and expertise, whlch they Ireely give, benefits the charity flnanclally and this allows the charlty to achieve a surplus which can then be Spent on achlevin8 Its objectives. In 2019 the contribution made by these volunteers to the many projects undertaken has been estimated in terms ol costs Saved of around E60.000 in term5 of time 8lven. expertlse and machlnery and equipment contrlbutSons. Pa8e I
Black 14e Farmerf Soclety Report of the Trustèès for the year ehded 31st 0Qrnber 2024 Achlevèments and performance Athlevements and performantt previously mentioned, the charlty has Improved Its facilltie5 greatty over the last 20 years. These Improvements have added to the enloyment of the annual Black Isle Show by the general public and to ensure their contlnued attendance. In thls current year there has been no ¢apltal expendlture but the is always ongolng maintenance and repair5 whlth has to be undertaken to ensure that the condltion of exlsting capital equlpmeni Is kept at ? hlgh standard for future years. Flnan¢121 revlew Reserves pollcy The trustees constsntly monitor the cash reserves and have agreed that this fi8urp should not fall below £170,000. This is the amount ol money that the trustees estimated it would cosi in unrecoverable fees and servitrs if the Black 151e Show had to be cancelled lor any unforeseen ¢ircum5tances In the lead up before the show. The present level of undesignated unrestricted resetves availèble to the charity are £714,16312023 £656.5251 which includes tangible rixed asset5 to a value OF £350.51612023 £361,628). Thls leaves liquid re5eTves of £277,105 12023 - £214,098) at 31 December 2024 Fulure plans The Soclety ha5 Invested In dedlcated Ilve5tock exhlbluon sheds and ihls h3$ attracted caitle and sheep breed socletles national shows" Cattle breeds -Llmovsln, Aberdeen Aneus, Hlghland and Slmmental. Charolais in 2017,. and Hlghland Sn 2018. Sheep breed5- North Country Chevlot, Zwartbles, Ja¢ob, Blue Faced Leicester and Beltex. The bullding of these faciliti& has helped to at least maintain cattle numbErs tomSns forward to thè Show but 5P@olically has helped to increase numbers of Sheep entered. For 2018 the commlttee agreed that the 5oclety should have a local cattle class thereby en¢ouragln8 competltors who arÈ local Soclety mernbers. In 2024 the Society On again held a "Trartor Push" competltlon cn the Wednesday evenlng prior to the Show hopefully attractlng teams of 5 people from local charltles and volunteer 8roups and the Society h85 Put up a prize pot to the winneT5. Followln8 two cancellatlons due to Covid-19, Ihe 2022 show was able to be held, and Saw a healthy feturfi to as manv of the previou5 activitie5 as posslble. The trustees continue to maintsin a close watch on cost5 and income streams anil trersds durlng 2024. and Into 2025. Siru¢turei governancè and MageMent Govemlng document The tharity Is contmlled by Its governlng document, a de of trust, and constitutes a Ilmlted company. limited by guarantee, as defined by the Companies Act 2CIJ6. The organisation is a charitable company limited by guar8nteÈ. The company was established under a Memorandym and Articles ol Association whl¢h established the oblects and powers ol the charStable company and Is governed under it5 Article5 of As$Dclatlon. Page 2
Bla£k Isle FarmÈrs' Soclety Report of the Trustees for the year ended 31st December 2024 Structure, governan¢e and manogemet)t Re¢rultment and aPPDiritment of new trustees The trustee5 are ele¢ied by the members ol the General Committee, whlch number$ 65 people. The trustees serve term which is set down at number 51 in the Article5 of Assoclatlon. At General CommSttee meetlWl85 ihere are around 30 members present. Trustees serve on the General Committee for a nmber of years to familiarise themselves as to the running of the charliy. When a cèndldate shows aptitude and Is willlng to serve as H trustee then th are proposed at the Annual General Meeting to the post of Junlor Vlce President which is the first"runB" of the mana8emeDt ladder. The board ol trustees, whlch has 11 rnembers, administer5 the charity. The board meets regularly as and when required. There are svb-committee5 covering ploughing match, horse, live5totk, capltal Improvements, show8round etc. An adminlstrator has been ernpltsyed by the Society on 3 year to year basis to manage the day ro day operation5 of the charSty. To facilitate effective operatlOn5, the administrator, wlthSn terms of delegation approved by the trustees, lor operational matter5 induding finance, engagement of contractors and 5ervlces supplied to the charlty. Rlsk managemènt The trustees have a duty to identify and review ¢he iisks to which the charfty is e¥posed and to ensure appropriate controls are In place to provlde reasoDable 355uran¢e a8alnst fraud and error. The trustees have a rSsk management strategy which ¢omprlses'.- - an annual revlew of the risks the charlty may face,. - the esiabllshment of systems and procedvres to mitigate those rlsks Identified in the plan,. and the Implementation of procedures designed to mlnimise any potential Impact on the tharlty should those rSsks rnateilallse. This work has identified only a few minor new risks but it has resulted In better emergency procedure5 an contln8en¢y plans and ha5 given the impetus for better plannlng. Partlcular attentlon has focused on non-flnantlal rlsks arising from lire, health and safety of the public at the Black Isle Show wlth the appointment of & Health and S3fety speclalSst flrm who provlde the expertise In thls field. A key element in the management of flnancial risk 55 the settlng of a resewve5 pollcy and its regular review by trustees. The maln risk to the charity has always been the potentlal cancÈllailon of the Black Isle Show at the last minute due to circumstances out with the control of the trustees such as weather, outbreak of disease, natural disasters etc, when all the 5eFvi¢es have been engaged and pald lor and no refund5 can be obtained. Thls amount was prewou51y estimated at around £170.000 oThd is constantly under review which has helped the twstees minimise thè position they found themseeS in during thls financial year when Covid 19 forced the ¢antÈllation of the Show In August 2020 and August 2021. RefÈrèn¢e and admlnlstratlve details Registered Company number SC21960115cotlandl fleglstered Charlty number SC022355 Registered offitè 4th Floor MetropolStan House 31-33 Hlgh Street Invernes5 Inverness-shlre Ivi IKr Page 3
Blatk Isle Farniers, Soclety Report of thè Trustees forth• year ended 31st December 2024 Yrustees A D Gammle IresSgned 31.12.20241 T Henderson D M3cleod l Mccallum (resigned 31.12.20241 F Mcken2Se (resigned 31.12.20241 D J Mckenzie (resigned 31.12.20241 JGMair C C Nlcol J M Cameron D H M8clver A Grant lappointed 29.1.20241 N J Maclver lappointed l.1.20251 S K MacLennan (appointed l.1.20251 G A Maclver lappolnted l.1.20251 Audltors Frame Kennedy Ltd 4th Floor Metmpolltan House 31-33 High Street Inverness Ivi IHT 5t*ement of tru5tees' re$poDglbllltles The trustees (who are also the dirertors of Black Isle Farmer5, So¢lety for the purposes of tompany lawl are respon51ble for preparing the Report of the Trustees and the flnancial statements In accoidaD¢e wlth appllcable law aThd United Kingdom Accounting Stafidards Iunlted Kln8dom Generally Actepted A¢countlng PrartI). Company law requlres the trustee5 to prepare flnancial statement5 for eaih financlal year. Under that law, the trStee5 have elected to prepare the flnancial statements In accordance with United Kin8dom Generally Accepted Accounting Prattlce Iunited Klngdom Accountln8 Standard5 and applicable lawl. Under company law the trustees must not approve the flnanclal statements unless they are sa5r1ed that they glve a true and lair view of the 5tJte of affalrs ol the tharitèble company and of the IncotnSn8 resources and appllcation of re50urce5, Including the Incorne and expendlture, of the charltable company for that period. In pieparln8 those financlal statement5, the trustees are required to select sultable accountlng poSicles and then apply them consistenily.. observe the methods and prinaple5 in thÈ CharStles SORP; make ludgements and estimates that are reasonable and prudent., prepare the financlal Statements on the golng concern basi5 unles5 It Is Inappropriate to presume that the charitable company will ctsntinue in buslness. The tru5tee5 are responslble lor keeping proper actountln8 cordS whlch dlsclose wlth reasonable accuracy at anv time the Ilnanclal Position of the charltable company and to enable them to ensure that the linan¢Sal st4iements comply with the Companles Act 2(X)6. They are also responsible for safeguarding the assets of the charitable company and hence lor taklng reasonable steps for the preventlon and detection of Iravd and other Irregularlties. In so far as the t¥ustees are aware.. there is no relevènt audit information of whlch the charltable tompany's audltors are unaware; and the trustees have taken all steps that they ought to have taken to make themsefves awa of any relevant 3udlt information and to establish thatthe audltors are aware of that Information. Pa8e 4
Black Isle Farmers, Society Report of the Tryslees for theyear onded 31st DÈcember 2024 Auditors The auditors, Frame Kennedy Ltd, will be proposed for re-appointment at the forthcornin8 Annual General Meetlng. Approved by order of the board of trustees on 18 December 2025 afid slgned on Its behalf bv.. GAMa r- Trustee Page 5
Reportotthe Independent Audltor5to tht Trustees and Members of Black Isle Farmers, SDclety auallfted oplnlon We have audlted the ffnanclal statements of Black Isle Farmer5, Society Ithe"th8ritable company") for the year ended 31 December 2024 which comprlse the Statement of Flnancia1 Activities, the Balance SheeL the Cash Flow Statement and notes to the fSnanclal statements, Includin8 o summ8ry of significant accountlng poll¢les. The financial reporting framework that has been applied In thelr preparation 15 applitèble law and United Kingdom Accounting Standards, including FR5102 'ThÈ Flnanci81 AÈporting Standard appllcable in the UK and Republic of Ireland" Iunlted Kingdom General Accountlng Practicel. In our opSnion, except for the matter descrlbed Sn the 8asis for qualllled oplnion sertloD of our repDrL the finan¢lal ststement5'. glve a true and falr vSew of the state of the charftable company'5 affair5 as at 31 December 2024 and of its incomlng resources and applScation of resourtes, intluding its Income and expenditure, for the year then ended.. have been properly prepared in accordan¢E wlth United Klngdom Generally Accepted Accounting Practice.. and have been prepared in tctordancÈ wlth the requirement5 of the Companies Act 2006, the Charities and Trustee Investment (Scotland l Act 2005 and Regulatlon 8 of the Charities COUnt5 (Scotlandl Regulations 2006. Basis fw qualllled oplnlon The charitable compaThy's incorne indudes monle5 collected at the gates on the two day5 of thelr annual agricultural show. As a result of Incomplete and unreconclled gate record5, we weie unable to re¢on¢lle amount5 received frorn the gates to the records of people in at¢end4nce. We were therefore Unable to obtain sufficient appropriate audit evldence regardlng the completeness ol thi5 Income. Con5equentlyJ we were unable to determine whether any adlustments to the recorded amounts were necessary. We condurted our audit in accordance with Internation31 Standards on Audldng IUKI IISAS IUKII and applicable law. Our responsibilities under those st3ndard5 are further described in the Audltors, responslblllty for the audSt of the fiancial statements section of our report. We are independent ol the charltable company In accorC$an wlrh ethical requirements th)t are relevant to our audit of the flnanclal staternent5 In the UK, including the FRCS Ethlcal Standard, and the provislons foT small entities, In the circumstan¢e5 set out note 19 to the financial Statements, and we have fulfilled otsr ethlc31 responsibllitle5 in accordance with these requirements. We belIe that the audit evldence we have obtalned Is sufflclent and appropriate to wcvide a basls for our qualified opinion. oncluslon5 relatlng to goin¥ ¢Dn¢ern In auditlng the fInanal stalements, we have £ontluded that the t¥ustees' use of the going concem b35is of attountln8 in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not Identllled any mater131 uncert3lntles relatlns to events or conditions that, Indlvldually or collectively* may cast slgnlflcant doubt on the charitable Company's ablllty to continue as a Rolng concern lor a pÈYlod of at least twelve months from when thÈ linandal statements are authorised lor Issue. Our responslbillles and the re5pon5ibllities of the trustees wlih respect to goin8 concern are described In the levant sectlons of this reporL Other mètter- tomparatlve Informatloh The financial statements for the year ended 31 DÈcember 2024 Include comparatlve Informat50Th lor the year ended 31 December 2023. The finanual statements for the year ended 31 December 2023 were not audlted. As such we do not express an opinion on the prior year comparative Information. PaBe 6
Report of the Indèpendent Audliors to thè Trusiees and Members ol Black Isle Farmtrs, Socleiy Other informatlon The trustees are re5ponslble for the other Inlormarlon. The other inlormatlon comprises the information included in the knnual Report, other thèn the financial statements and ou¥ Report of the Independent Audttors thereon. Our opinlon on the f5nancial Statements does not cover the other informatlon and. except to the extent otherw6se expllcitly stated In our repon, we do not express any form ol assurance conclusion thereon. In connertlon with our audit of the financial ststements, our responslblllty is to read the other Inforrnation and, In doln8 SO, COll5ider whether the other Information is materially Snconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mSssiated. If we Identify such materlal Inconslstencies or appaient materlal misstatements. we are requlred to determlne whEther thls glves rise to i material misstaternent In the financial statements themselves. If, based on the work we have perforrned, we conclude that there 15 a material mlsstatement of thls othei information, we are required to report that fact. We have nothing to report in thi5 regard. Oplnlons on other matters pre5crlbed by the CompanlesA¢t 2006 In our oplnion, based on the WDrk undertaken in the course ol the audit.. the inform/tSon 8lven In the Report ol the Trustees for the finan¢Sal year for which the flnan¢ial statemenrs are prepared Is consistent wlth ihe Ilnanclal statements,. and the Report of the Trustees has been prepared in accordance with applicable legal requlrements, Matters on whlch we are requlred to report by exceptlon Except lor the Matter described in the Yasis for qualified oplnlon sectlon. In the Ilght of the knowledge and understanding ol the charitable tompany and Its envlronment obtalned In the course of the 4u(fit, we have not identilled rnatÈdal misstatements in the director5, report, 5ncluded wlthln the Report ol the Trusiees. ArisiTrB solely from the limltation of scope of ourwork reladn8 to 8ate Income referred to above-. we have not obtalned all the InforrnatSon and explanatlons that we cons¢dered necessary forthe purposes of our audlt; and we were unable to dete¥mlne whether adequ3te ac¢ountinB records had been kept. Except for the matier descrlbed in the Basis for qualified oplnion Section. we have nothlng to report In respect of the following matters where the Companles Act 2006 the Charities Accounts IScotl8ni41 RegUlaonS 2006 requlres u5 to report to you if, in our opinion.. returns adequate and proper or our audit hwe not been re1Ve Imm branches not vlslted by us,. or the fln8ncial staternents are not In agreementwlth the accountln8 records and turns,. or certain disclosures of trustees, remuner8tion 5pecilied by law are not made. the trustees were not entitled to tske advantage of the 5rnall companies exemption from the requirement to prepare a Strate8lc Report or In preparing the Report of theTrustees. Responslbllltles of trustèes explained more fully In the Statement of Trustees, Re5ponsibillties. the tru5tee$ are spOnSIble ftsr the preparation of the flnanclal statements anil for being satisfied that they give a true and fair view, and for such Internal tontrol as the trustees determlne is necessary to enable the preparation of financial statements that are free from material mlsstatement, whether due to fT¥ud or error. In preparing the financlal statements, the trustees are responsible lor assesslnE the ¢haritsble company's ability to continue as a going concem, dls¢losing* as appllcable, matters related to going concern ènd tjslng the going concern ba515 Df accounting unless the trustee5 either Intend tts liquldate the charitable company tsr to cease operation5, or have no reèlistic alternatlve but to do so. Page 7
Report ofthe IndependentAudSior5 tothe Trustee$ and Members of Black Isle Farmers, So¢letv Our respon$5b115tles for the auditof the IFnanclal statements Our objectives are to obtaln re8sonab1e assurance about whether the financial statements as 8 whole 3re free from materi31 misstatement, whether due to fraud or error. and to Issue a Report of the Independent Auditors that Includes our opinion. Reasonable assurance is a hlgh level of assurance, but Is not a guarantee that an aud5t conducted in accordance wlth ISAS IUKI will always detect a materlal mlsstatèment when It exists. Mlsstatements can ar1se from fraud or error and 8re considered materlal Sf. indlvidu311y or In the agErate. they could reasonably be expected to influence the econornic declslons of userg taken on the basls ofthe5e finandal statements. The extent to whlch our procedure5 are capable of detecting Irre8ularitSe5, includlng fravd Is detalled below.. IdentlfylnE and re5pondln8 to ris ol material m15Statements due to fraud To Identlfy rlsks of material rnisstatement due to fraud I'fraud fSsks"I, we assessed events or conditions that could indicate an incentive or pressure to cornmit fraud or provlde an opportunlty to Commit f¥aud. Our risk assessment procedurps Included-. Enquiring of trustees and management as to the charitable compan¢s pollcies and procedures io Prevent and detect fraud as well as whether they have khowledge Ol any actual, suspected or alleged fraud. Readlng committee mitSUtes. Using analytical pro¢eilure5 to Identlfy any unusual or unexpected relationships. We communi¢ated identlfled fraud risks throughout the audit tearn and remained alert to any indications of fraud throughout the audit. As requlred by auditin8 Standards. we perform procedure5 tu address the risk of management overfSde of controls and the risk ol fraudulent rÈvenue recognition, In partlcular the rtsk that charilable In<omÈ Is recorded In the incorrect actounting period. thÈ r15k that management m3y be In a position to make inappropriate accounting entrSes, and the risk ol bias in account1 estlma¢es and judgements. We dld not identlfy any addltlonal fraud risk5. We performed procedures Including.. Identlfyinglourrbal entries to test based on risk criteria and comparing the Identified entrte5 to $ppOrtIng docurnentation. Assessing signllicant accountlng estlmates for bias. IdentSfylng and iespondSng to rlsks of materlal mis5tatEment due to non-compliance with laws and latIOnS We Identifled areas ol laws and regulations that could re3$0nably be expEded to have a material ellect on the flnanclal statements from our general commerclal and Sector experIen and through discu55ion with thE trustees and other management las requ5red by auditing 5tandardsl. We discussed wth the trustees and other management the policies and ProdureS regardlng compll8nce with laws and regulations. We communicated identified law$ gulationS throughout our team and remained alert to any Ind1£aonS of non-complianee throuBhout the audit. The potential effert of these law5 and re8ulations on the financi31 statements varles conslderably. Flr5tly, the charitable companyls subject to laws 2nd regulatlons that dlrectly affert the financial statement5 including financlal reportlrsg le8islation lin¢ludlng the Charities SORPI and t8xatSon legislation and we assessed the extent of compllance with these laws and regulations a5 part ol ou¥ procedures on the related Ilnanclal statement Items. Page 8
Report of the Independent Audltors to the Trustees and Member5 of Black Isle Farmers. Sodetv Secondly, the charitable Company is subject to rnany other laws and regulatlons where the consequences of non-compliance ¢ould have a material ellect on amount5 or disclosures in the 1Snancial ststements, for Instance through the imposltlon of lines or Iltlgatlon. We identilled the Followin8 8rea5 as those m051 like to have 3n effect.. health safety, employment law and aspects of company and charity lÈglslation. recognising the nature ol the ¢hèrit3ble ¢ompany'5 a¢tlvities and its legal form. Auditlng Standards Ilrnit the reqvirEd audit procedure5 to idÈntifv non-compliance with these lav and regulatlons to enquiry of the trustees and other mana8ement and Inspectlon of regulatory and legal correspondence. If any. Therefore, If 3 breach of operational regulations is not d¢sclosed to us or evident from relevant correspondenc& an audit w511 not detect that breach. Context of the ablllty to detect fraud or breaches ol law or regulatio Owing to the inherent Ilmltètlons of an audlt, there is an unavoidablÈ risk that we may not have detec some materlal rn15Statements In the financial statements. even though we have properfy planned and performed our audit in aciordance with audlting standards. For example, the further removed non-compliance wtth laws and regulatlons is from the events and transaction5 reflected In the fsnanclal statements. the less likely the Inherently Ilmited procedures requlred by auditlTr8 Standards would identlfy It. In addition. 35 with any audit. there remalns a hlgher risk of non-detectlon of Iraud, as these may involve Collusion, forgery. intentional omissions. mlsrepresentations, or the overrlde of Internal Controls. Our audit pro¢edures are designed to detect mateyial m155t8tement. We a not responsible for preventlng non-compliante or fraud and cannot be expected to detect non-complihnre wlth all law5 and reEulatlons. A further descriptlon ol our respon51bllities for the audSt of the financlal statements Is located on the Flnanclal Reportin8 Council's website at www.frc.org.uklauditorsresponslbllltlÈs. This de5CriPtion forms part of our Report of the Independent Aud5tors. Use of our report This report Is made solely to the charltable company's members. as a body, In accordan wlth Chapter 3 01 Part 16 of the Companles Act 2006, and to the charitable company's tru5tee5, as a body* in accordance wlth Regulat¢on 10 of the Charities Accounts (Scotlandl RegUlaon$ 2QD6, Our audit work has been undertaken so that we mi8ht state to the charitable tompanrfs members and the trustees those matters we are reguired to state to them In an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charltable company and the charitable company's members a$ 4 body, lor our audlt work, for this report, orfor the opinions we have formed. Stuart Mcmartln B.Sc. FCA15enior Statutory Auditor) lor and on behalf ol Frame Kennedy Ltd Eli8lble to act as an ayditor in terms of Section 1212 of the Companles Act 2006 4th FIooT Metropolitan House 31.33 HSgh Street Inverness IVI IFIT Date.. 18 December 2025 Pa8e 9
Bla¢k Isle Farmers. Soclety Statement of flnanclal Actlvltles for the yeai ended 31st December 2024 2024 Totsl funds 2023 Total fvnds Unrestf4CtÈd fund Restrltted fund Notes Incorne and endowmeJ)ts from Donations and legacies 2,667 2.667 3,709 Charitsblè a£tlvltlès General 536.096 536096 450,125 Investment Income Other Income 5.570 47.675 5,570 47,675 3,945 39,951 Total 592.008 592008 497,730 ExpendlturÈ on Raisine funds 189 1,934 Charltablt Attivitles General 539.222 8A97 547,719 491,88S Totsl 539AIJ 8A97 547 908 493,819 Net galns on Investrnent5 5.041 5.041 6.569 NET INCOMEIIEXPENDITUREI 57.638 18A971 49.141 10,480 Re¢oTh¢lllatlon of funds Total funds brought forward 656,525 81,657 738,IBZ 727,702 Totsl fund$ carried lowward 714,163 73,160 78Y.323 738,182 The notes form part of these finantlal statements Pa8e 10
Bla¢k Isle Farmers, Sotrtrtv Balance Sheet 31st December 2024 2024 Total funds 2023 Total funds Unrestrtcled fund Rèstrlcted fund Notes FIKed assets Tan8ible assets ItFvestrnents 12 13 350.516 135 209 73.160 423,676 135,209 443,285 127,610 485,7Z5 73.160 558085 570,895 Cuyrent assets Stocks Debtors Cash at bank and in hand 14 2.476 36,172 238 457 2.476 36.172 238,457 4,022 3.187 206,889 277,105 277.105 214,098 Credltors Amounts fallingdue wlthln one year 16 148.6671 148.6671 146,811 Net cuirènt 228A38 228.438 167,287 Total a55ets les$ current Ilabilities 714.163 73,160 787,323 738,IB2 NET ASSETS 714,163 787 73.160 a23 738,182 Fufids Unrestricted funds Restrlcied funds 17 714,163 73.160 656,525 81,657 Total fund$ 787.323 738,182 These linanclal statements have been prepared in accordance with the provtslon5 Bpplicable to charltable companles sublect to the 5rnall companies regime. The financial staten7ents were approved by the Board of Tiustees and authorlsed for sssue on 18 December 2025 and were signed on its behalf bv.. Iver- Trustee The note5 form part of these Ilnancial statements Page 11
Blatk Isle Farmers. Soclety Cash Flow Statemetht for the year ended 31st December 2024 2024 2023 Notes Cash flows from operatlng a¢tlvltles Cash generated from operation5 75.217 87.129 Net cash provided by operatin8 activities 75,217 87,129 Cash flows from investing artivitie5 Purchase of tangible fixed èssets Purthase of fixed asset Investments Interest received Dlvldends recelved 146,6611 12,5581 2,S31 3,039 15,5591 12,1391 1,368 2,577 Nel cash used in investlng actlvltles 143.6491 3,7531 Change cash and c35h equlv4lents In th4 reporting peiltsd Cash and cash equlvalents at thè bèRlnnln8 of the r•portln8 p4rlod 31,568 83,376 lo689 123,513 Cash and cash equlvalents at the end of the reportln8 period 238A57 206,889 The notes form part of these Ilnanclal statements Pa8È 12
Black Isle Farmers. Socièty Notes to the Cash Flow statement for ihe year ended 31st December 2024 Reconclllatlon of net Income to net cash flowfrom operatinB a¢tlvltles 2024 2023 Net income for the reportlng perlod las per the Statement of FJnan¢lal Artlviliesl Adlusrments Iof.. Depreclatlon char8e5 Galn on Inve51rnents Interest recelved Dlvldends received DecreasellitTrcrea5el in stocks Increase in debtors Increase In creditors 49.141 10,480 66,270 15,0411 12,5311 13,0391 1,546 132,9851 59,6B4 16,5691 11,3681 12,5771 12,3821 11411 30,002 Net ¢ash provided by operatlons 87,129 Analysls of than%es IM net funds At 111124 Cash flow At 31112124 Net cash Cash at bank and in hand 206089 31,568 238A57 206,889 31,568 238 Total lo689 31,568 238,457 The note5 form part ol these financlal statement5 Page 13
Bladt Isle Farmers. 5oclety Note5 to the Flnancial Statements for the year ended 31st December 2024 Accoun11#8 pollcles B3515 of prÈparln8 the nancIal slatements The financial Statements of the chzritable company. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charltles SORP IFRS 1021 'A¢tounting and Reportlng by Charities.. Statement ol Recommended Practice applicable to charitles preparing their accounts In actordance with the Financial Reportlng Standard appllcable In the UK and Republic of Ireland IFRS 1021 lelfective l January 20191,, Flnanclal Reporting Standard 102'The Financial Reportlng standard appllcable In the UK and Republlc ol Ireland, and the Companies Acl 2006. The financial statements have been prepared under the h5storical cost conventlon, with the exceptlon of Investments which are included at market value. a5 modified by the raluatIOn ol certain assets. The Ilnancial st8tement5 aTe prepared In stÈrfSn& whlch is thé functSonal currency of the entity. Flnancial instruments A financial asset or a flnanclal Ilèblllty Is recognlsed only when the Charlty becomes a party to the contractual provlslons olthe instrument. Basic financlal instruments are Inltlally reco8nlsed at the amount receivable or payable in£luding any related transactloll Costs. Current asset5 and current 11abilitie5 are 5ub5equendy measured at the cash or other conslderation expected tLI be paid or received and not discounted. Debt Instruments are Subsequently measured at amortlsed c05t. Where Investments In shares arè publScly traded or thelr falr value can otherwise be measvred reliably. the Investment Is subsequendy measured at falr value with changes In fair value reco8ni5ed In Ip£oFne and expendlture. All other such Investments Ère subsequently measured at Cost les5 impalrment. OthÈf financ5al instrument5, includlng deriwatives. are initialty recognlsed at falr value, unle55 payrnent lor an asset 15 deferred beyond normal buslness terms or financed at a rate of Intérest that Is not a market rate, In whlch case the a55et 15 me3sured at the presenl value of the future payments dlscounted at 8 market rJts of interest for a simllar debt instrument. Other financial Instruments are subsequently measured at falr value. wlth any change5 reco8nised In the ststement of flnanclal actlvlties, with rhe exceptlon of hedging in5trurnÈnts in a de51Bnated hedging relatlonshlp. Flnanclal assets that 8rÈ measured at C05t or amortisEd w5t are reviewÉd for oblectlve evldence of impaiment at Ihe end of each reporting date.11 there 15 objective evidence of irnpairment, an impalrment loss is recogni58d under the aPPfOPriate heading In the stètement of financlal 3Ctlvide5 In whlch the InStlal Ealn was recognlsed. For all equlty Instruments regardless of slgnlft¢ance. and other financial assets that are indivldually significant, these are è5se5sed Indlvidually for impalrrnent. Other flnancial assets are either a55e55ed indlvldually or grovped on the basls of similar cdit risk ¢haracterlstlcs. Any revEf5als of impalrment are recognised immediately. to the extent that the reversal does not result in carrying amount of the financial asset that exceeds what the carrying amount would have been had the irnpairment not previously been recognised. Page 14
Bla¢k Isle Farmtts, So¢lety Notes to the Financlal Statements- tobltlnued for the year ended 3tst December 2024 Atcountlng poll£ies- contlnued Intomlng resouv¢es All incomrng resources are Included In rhe statement Df1Snanclal activiti when entltlement has passed to the charityi t Is probable that the economic benefits assoclated with the transaction will flaw to the charity and the amount can be reliabty measured. The following spe¢lli< pglicies are applied to partitular categories of intome.. Income from donatlons or grant5 is reCOgnSed when there Is evldence of Efitltlement to the gifL recelpr 15 probable and Its amount can be measured reliably. legacy Incorne is recognlsed when receipt is probable and entitlement Is e5tabllshed. income Irorn donatÈd goods 15 meBsureil at the laiy value of the goods unless thls Is Impra¢tical to measure reliably, In which case the value is derived from the cost to the donor or the estimated resale value. Don3ted facilities and services are recognised in the attounts when received If the value can be rellably measured. No 6mounts are intluded lorthe contributlon of 8eneral vtslunteers. Income from Contracts lor the suppty ol servIS 15 reco8nised with thE delivery of the contractpd service. This Is classified as unrestricted funds unless there Is a cOtraCtUal requirement For It to be spent on a particular purpose and returned il unspent, In which case Ir m2y be regarded as restricted. Resources expèndÈd Expenditure 15 recognlsed on an accruals basis a5 ) liabillty is incurred. Expenditure includes any VAT which cannot be fully recovered, and Is classlfled under headines ol the statement of financlal actlvities to which it relates.. expendiiure on raising funds Includes the costs of all fundraisin8 attlvitle5. events, non-charltsble tradit)8 aetivltles, and the sale tsf donated good5. expenditure on ¢harltable actlvities includes all costs Incurred by a charlty In undertakiTh8 activlties that further its ¢h3ritablÈ aims for the benefit of its beneficiaries, includlng those Support costs aThd costs Telating to the governance of the charlty apportioned to charitable activltles. other eKpenditure Include5 all expenditure that Is nelther related to ralslnB fund5 for the charity nor part of its expenditure on chèritable activStles. All costs are allocatetj to expendlture categorles reflecting the use of the resource. Dlrect costs attributable to a 5in8le actlvlty are allocated dlrectly to that attivity. Shared costs are epportloned between the att5vitle5 they contribute to on a reasonable, justifiable and consistent basis. Tan8lblell¥ed asset5 Depreciation is provided at the lollowTnE annual rate5 In order to write off each asset over its estlmated useful Freehold property No depreclatlon and Stralght line over S year5 Plant and machinery Fixtures and flttln85 5% on cost 25% on Cost Tanglble assets are initlally recorded at cost, and subsequently stated at Cost less any accumulated depretlatlon and Impalrment losses. Any tanglble asset5 cèrrled at revalued amounts are recorded at the fair value at the date of ievaluatlon les5 any subsequent atcumulated depreclatlon and subsequent a£cumul8ted Impairment Ios5e5. Pa8e 15
Block Isle Farmèrs, Sotletv Notes to the Flnanclal 5taternents- continued for the year ended 31st December 2024 AcMuntlng pollcle5- contlnued TanBible fix¢d assets An Increase in the carryin8 amount (Trf an asset as a result of 3 revaluatlon. is recognised in other recognlsed 8alns and 1055e5. unless It reverses a charge for impalrment that ha5 preVIou5 been recognised as expenditure within the statement of financial activities. A decrease In the carrying amount of an asset as result of rEvaluatlon, Is recognised in other rewgnised Ealns and losse5, except to whlch It offsets any previov5 revèluatlon gain. in which case the loss Is showh Wlthln other reco8nls@d galns and Ios5e5 on the statement of flnancial activities. Stocks Stocks are valued at the lower ol c05t and net realisable value, after makiryg due allowance for obsolete and slow moving Items. Taxatlon The charity is exempt from corporation tax on its charitable activltles. Fund ac¢ountlng Unrestrlrted funds can be used In accordance wlth the charltable oblectlves at the distretlon of the trustees. RÈstrScted funds can only be used for particular restrl¢ted purposes within the obleds of the charity. RestrlctlOn5 arise when specified by the donor or when funds a raised for partl¢ular restricted purp05e5. Further explanatlon of the nature and purpose ol each fvnd is included In the note5 to the finènclal ststements. Hlre purchase and leasiTrg commltments Rentals paid under opÈratlng leases are charged to the Statement of Flnancial A¢tivitiÈs on a straight line ba51S over the perlod of the lease. Llmlted byguarantee Black 151e Farmers, Soclety Is a compony Ilrnited by guarantee and accordlngly does not have a share capltal. Every mernber of the company undertakes to contrlbute such arnount as may be requlred not exceeding £1 to the assets of the charitable company in the event of 5ts beSn8 wound up whlle he or she 15 a member. or withln one year after he orshe ceases to be a member. Investment Unlisted equlty inv@slments are inltlalty recorded at cost and subsequently measured 8t fair value. If falr value cannot be rellably measured. asset5 are measured at tost less lrnpalrment. Listed Investment5 ère measured at faTrr value wlth changes in lalr value belng recognised In Income or expendItre. Pa8e 16
Black151e Farme¥s' Soclety Note5 to the f Inan¢ial StstemÈnts- contlnued forthe year ended 315t December 2024 Donatlons 8nd1È8acle5 2024 2023 Donations Memberships and sub5crSptlons 440 49 3.660 2,667 3,709 Investment Income 2024 2023 Invesiment Income Deposit attount intErest 3,039 2,531 2,577 1,368 5,570 3,945 Incornè Irorn charltable actlvStles 2024 2023 Aclivitv General General Gener81 General General General General General General General General General PIouBhin8 match Sponsorship r sales Barbecue Grant5 Catalogues Prèsidents dinner Show admission tharges Show entry fees Trade stands Trophy dlnner Other income 10,476 za,544 58,273 1,447 9,000 8,178 1.649 183.223 32.Z16 186.444 2.769 18,877 7.687 23,620 22.546 2,670 15,911 8,950 455 174,943 23,408 166,149 3,048 738 536,096 450,125 Grants recÉived, included In the above, are as follows.. 2024 2023 Grants 9,IXIO 15,911 Page 17
81ack tsle Farmers, 5o¢lety Notes to the Flnanclal StatÈh)ents- conilnued for the year ended 31$t D¢¢omber 2024 Ralslng funds Ralsln8 donarfon$ le8acies 2024 202Y Support Costs 1,934 Other trdding atlivities 2024 2023 Bad debts 189 Ag8re8ate amounts 189 1,934 Chariiable actlvftles costs support C05ts15ee note 71 Direct Costs Totals General 532.097 15.622 547.719 Support costs Governance costs Finance fots15 General 1351 13.271 15,622 Net Incomellexpendlturel Net Incomellexpenditurel is stated afterthar8inBlluedillngl.' 2024 2023 Audltin8 ol accounts Depreclabon- owned assets Hlre of plant and machinery 7.500 66,270 12,976 59,684 11,976 The ac¢ountan¢y costs for the year ended 31st December 2024 was £5,77112023- E5.8911. The independent examlnerfeÈ for the year ended 31st December 2024 was Nll12023- £2,100). Page 18
Blacl 151e Farmers, Soclety Notes to the Flnanclal Statements. ¢ontlnued foi the year endpd 315t December 2024 rru5tees' iemuneratlon and beneflts There were no trustees, remuneration or other benefits for the yeèr ended 31st December 2024 oor for the year ended 31st December 2023. Trustees. exptnses There were no trustees, expenses paSd for the year ended 31st December 2024 nor for the year ended 31st December 2023. Statlc05t$ The average head count of employees durln8 the yearwas 112023.. 11. No employee recelved ernployee benellts ol more than £60,000 durln8 the year12023.. NIII. ii, Comparatlves for the statement o*finan¢ial actlvlt1è5 Unrestrl¢ted fund RestTirtÈd fund Totsl funds In¢ome and endowmentslrom Donations and legacies 3,709 3.709 Charltable activitles General 450,125 450,125 Investment Income Other income 3,945 39.951 3,945 39.951 Total 497,730 497,730 Empendltsre on Ralsin8 funds 1.934 1,934 tharltable activltlts General 483,388 8,497 491.885 Total 485,322 493,819 Net8alns on investments 6,569 6,569 NET INCOMEIIEXPENDITUREI 18,977 18.4971 10,480 Reton¢illatlon of funds Totsl funds brought forward 637,548 90,IS4 727,702 Total funds corried forward 656,525 81,657 T38,182 Page 19
Black Isle Farmers, Society Notes to the FSnancial 5tstement5- conffnued for the year ended 31st De£ernber 2024 12. ranglble ftrxed a55et5 Flxtures and Itttings Freehold propertv Plant and machlnery Totals Cost Al 1st january 2024 Additions 1.111,322 291,234 46.661 1,058 1.403,614 46.661 At 3tst December 2024 1.111.322 337,895 1,058 1.450,275 Depreclatlo At 1st January 2024 Charge foryear 782,024 50.310 177,628 15,865 677 95 960,329 66,270 At 31st December 2024 832.334 193,493 772 I.QZ6,599 Net book value At 31st Decefflber 2024 278.988 144,402 286 423,676 At 31st Dernber 2023 329.298 113,606 381 443.285 ij. Flxd asset investments Unlisted investments Market vafue At 1st January 2024 FaSrvalve movements 127,610 7,599 At 315t DÈcember 2024 135.Z09 Net book value At 31st December 2024 135209 At 31st December 2023 127,610 There were no investment asset5 Outslde the UK. Page 20
Black Isle Farmeis, 5o¢lety Notes to the Flnanclal Statements. ¢ontlnued for the year ended 31st December 2024 ij. Flxed a55et Investments- contlnued Cost or valuation at 31st December 2024 Is represented by.. Unllsted Investmenis Valuatlon in 2018 Valuatlon in 2019 Valuation in 2020 Valuation in 2021 Valuatlon in 2022 Valuation sn 2023 Valuation sn 2024 108,381 13A95 111881 10,931 112.7171 8,708 7,599 135,209 All tnvestrnents shown above are held at valuatloh. 14. Stocks 2024 2023 Stocks 2,476 4,022 15. D8btors: amounts falllng due wlthln otse year 2024 2023 Trade debtors Otherdebtors Prepayment5 and accrued Income 2,097 35.*109 225 1,090 36,172 3,187 Page 21
Black Isle Farmers, Socletv Notes to the Flnan¢i?I Statements- contlnued for the year ended 31st December 2024 16. Credltors: amounts falllngdue wlthln one year ZOZ4 2023 Other creditors A¢cruals and deferred income 48,667 22,31Y) 48,667 46.811 17. Movement In funds Nei movement In funds Al 3V12124 At 111124 Unrestrl¢¢ed funds General fund 656,525 57.638 714.163 Rèstrl¢ted lunds Restricted fund 81.657 18A971 73.160 TOTAL FUNDS 738,182 49.141 787323 Nei movement In funds, Included In the above are as follows.. Incvmlng resource5 Resources expended Galns and losses Movemént funds Unrestrlcted funds General fund 592,008 1539,4111 5,041 57.638 Restricted funds Restrltted fund 18,4971 I$A971 TOTALFUNDS 592.OOB 547,9081 5,041 49,141 Page 22
Black Isle Farhr5, Societv Nots5 to the Flnanclal 5tatements- ctsntlnued forthe year ended 31st De¢ernbor 2024 17. Movement In funds. conllnued Comparatlves for movemènt In funds Net movement In funds At 31112n3 At 111123 Uniestrlrted fund5 General fund 637.548 18,977 656,525 Restiltted funds Restricted fund 9D,154 18,4971 81,657 TOTAL FUNOS 727,702 10,480 738.182 Comparatlve net movement In funds, included in the above are ès follows.. Incomlng re50ur¢es Resources expended Gains and losses Movement In fvnds Unrestricted lunds General fund 497.730 1485,3221 6,569 18.977 Restrlrted tunds Restritted fund 18,4971 18A971 TOTAL FUNDS 497 730 1493,8191 6,569 10,480 A eurrent year 12 month5 and prior year 12 month5 comblned positlon is a5 follo.. Net movèment in fund$ At 31112124 At 111123 Unrestrlcted funds General fund 637.$48 76,615 714.163 RestrittÈd funds Restricted lund 90.154 116.9941 73,160 TOTAL FUNDS 727.702 59,621 787,323 Pa8e 23
Black Isle Farmèrs, Society Notes to the Flnanclal Statements- continued for ihe Year ended 31st De£ember 2024 17. Mtsvemenl In funds. contlnued A current year 12 months and pricr year 12 month5 cornblned net movement Sn funds, Included in the above are as follows.. lrtcomlng resource5 Re50urce$ expended Galns and losses MDvement In funds Unre5trlrtéd funds General fund L089,738 11,024,733) 11,610 76.615 Restricted funds Restrlcted fund 116,9941 116.9941 TOTAL FUND5 1,089.738 11.041,7271 11.610 59,621 i¥. Related p4rty distlosure5 The followln8 buslnesses connected to Trustees and general committee members have provided setvlces to the Soclety on an arm5 length basks durlng the year ended 31 December 2024. A Grant- F1rm of A Grant- Haula8e servlces £3,540. The followin8 businesses connected to members of the general committee have prOded services to the 5oclety on an arm5 len8th basss durln8 the year ended 31 gecember2024. D Gardner- Highland Technical- IT, CCTV & audio servlces £26,851. l Fra5er- FrasEr Contrattlng- ElectTlcal services £21,408. A M8rtln- WW Martln & Son- Fleld refital far car parkin8 £8.401. J Munro- Fram2 Kennedy Ltd-Accountancy. tax and audSt services £7,887. Thwe were no balances out5tandln8 wlth any of the partles above at 31 December 2024. 19. FRC ethlcal standard- provlslons av¥llable lor small entltle5 In common with many other buslnesses of our slze and nature we use our auditors to prepare and submit Tetsjrns to the tax authorlties and assist wlth the preparation of the flnancS8l staternent5. Page 24
Blpcklsle Farnieis, Soclety Detsiièd Statement of Flnan¢lHI Attivltles tor the year ended 31st Decèmbei 2024 2024 2021 Income and endowments Oonatlon5 and leBa¢l Donatlons Memberships and substrlptlons 440 Z,Z27 49 3,660 2,667 3,709 Investmènt income Investment income Deposit account Interest 3.039 2.531 2,577 1,368 5,570 3,945 Charltsblè actlvWes Ploughing mat£h Sponsorshlp Bar sales BarbÉ¢ue Grant5 Catalogues Presldents, dirTrner Show admlsslon char8es Show entry fees Trade stands Trophy dinner Other Income 10,476 23,544 58,273 1,447 9.000 8,178 1.649 183,223 32,216 186A44 2.769 18A77 7,687 23.620 22,546 2,670 15,911 8,950 455 174.943 23.408 166,149 3,048 738 536.096 450,12S Other Income Rental and hire 47.675 39,951 Total Intomlnm iesource$ 59UIO8 497.730 ExpÈndtture other tradln8 aLllvltle$ Bad debts 189 Charitable a¢tlvitles Labour costs Hire of plant and mathlnery Carrie£S lorward 32,835 11.976 45,811 27,018 11,976 38.994 Thls P88e does not form part of the statutory financial staternents Page 25
Black l$le FaYMers' Society Detalled Statement ol Finartclal Attivltles for the year ended 31st December 2024 2024 2023 Charltable actIlIeS Brought forward Rent & rates InsunCe Ught and heat Telephone Postage and stationery AévertislnE Sundries Plough match Poli¢in8 and other services General show expenses ministratlon Bursary Servlce char8es ProfessSonal fees Bar costs Barliecue expenses Catalogue expense Consultancy fees- L Mltchell L)ojo charÈes Donations 8nd sub5 Judge expenses Meals and entertalrnment Presldents, dlnner Prite money Repairs Trophies. rosettes & engrawn Trophie5 dinners DeprecSation of tangible fixed assets 45,811 31,956 8,962 2.255 756 7.112 6,131 7,211 5,736 44,097 142,577 1,136 800 38,994 17,705 8,684 4.046 842 6.843 10,456 2.314 5,392 43,809 126.494 4,849 4.238 438 135 3.266 1,571 4,360 8,804 1.818 11.147 8,102 13,858 140 30,384 780 4,800 2,662 2,247 11.258 7,367 6.190 3,107 29,072 51,Q69 9,068 2,662 66,270 24,077 59,919 8,646 3,403 59,684 532,097 4B3.894 Support costs Flfiance Bank char8es 2J51 1,934 Governan¢e tosts Audltors, remuneratlon for non audlt work Accountartcy and legal fee5 7.500 5.771 7,991 13.271 7,991 Total resources expended 547.9)8 493.819 Net income before gaiTrs and losses 44.0 3,911 Thls page does not form part of the statutory financial statements Page 26
Black151e Farmers, Soclety Detailed Statemeni of Flnantlal A(tlvltle$ for th# year ended 31st Deternber 2024 2024 2023 Reallsed recognlsed galns and losses Realised galnslllossesl on Investment 5.041 6.569 Net Income 49,141 10,480 This page doe5 not form part of the statutory financlal statements Page 2Y