CHARITY REGISTRATION NUMBER: SC028777 Argyll & The Islands Agricultural Trust Unaudited Financial Statements 31 December 2024 CH Chartered accountants 5 Argyii Square Oban Argyll PA34 4AZ
Argyll & Thelslands Agricultural Trust Flnanclal Statements Year ended 31 December 2024 Page Trustees, annuAI report Independent examineffs report to the trustees ststement of financial activities Statement of financial position Notes to the financial statements The following pagas do not form part of tho financial statements Detailed statement of financial activities Notes to the detailed qtatement of financial activities 15 16
Argyll & The Islands Agricultural Trust Trustees, Annual Report Year ended 31 December 2024 The trustees present their report and the unauditèd financial statements of the ¢harily for the year ended 31 December 2024. Referénco and admlnlstratlve d•talls R•glslor•d charity name Charlty Iogistratlon number Princlpal offlc• Argyll & The Islands Agricultur TnF$I SC028777 Oban Livestock Cenlie Upper Soroba Soroba Oban Argyll PA34 4SD Th• trustee$ Secrètary Indendent examlner f R A Clement Associates C.A. Structuro, governance and manag•ment Or9anisalional structure The Tr1 is govemed by its Trust deed and 1$ run by Its toard of trustee$. Govemance and internal coftlrol The trustees have assessed tho major risk$ lo which the Trust Is exposed, in partieular, those related lo the operation of the finan¢es of the trust and are satisfied that systems are in place to mitigate exposure to the major risks.
Argyll & The Islands Agricultural Trust Trustees. Annual Report (contlnued? Year ended 31 December 2024 Objectives and activities Charitable objects The objects of the Trust are lo promote the followng purposes within the area'.- the advancement of crofling and farming., the advancement of a livestock auctioneering facility for crofters and famiers within the area,. the relief of croflers and farmers in the area individually or generally in conditions of need, hardship or distress., the assistance of spouses, children or dependents of crofters or farmers in the area who may be in conditions of need, hardship or distress or for the advanMent of their physical, mental and spiritual welfare., the advancement of other exclusively charitable purposes for the benefit of the crofting and farming community in the area, and any other exclusively charitable objects as may from time to time be thought to be appropriate and fil by the trustees. Achievements and performance The Trust leases the Oban Livestock Centre from the Oban Livestock Centre Limited. The Trust's funds come from commissions generated from sales held at the facility. The Trustees agreed to make donations lo the following charities and payments were made after the year end. Local Agricultural Shows.. Amount Appin Agricultural Show Bunessan Agricultural Show Coll Agricultural Show Dalmally Agricultural Show Lismore Agricultural Show Lom Agricultural Show Mid-Argyll Agricultural Show Salen Agricultural Show 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 Other Donations.. Amount Lom Toy Library North Argyll Volunteer Car Scheme Oban Mountain Rescue Team Royal National Lifeboat Institution Salen Agricultural Show- Shed Refurbishment Project 500 1,000 1,000 1,000 1,000
Argyll & The Islands AgriGultural Trust Trustees, Annual Report (conthu•dJ Y•ar •nd•d 31 Dornber 2024 Flnan¢lal r•vl•w ReseThes The Unrestrict funds represgnl the gJrFlusès arislng from CLxrent and past operating resutts and ar8 QDSidered lo be $4tisfaGtory. trusteég, anNJal rÈN3rt was approv on ...l.%.,..1....zg ard stgr*d on bthaif of ts board of Irustees by..
Argyll & The Islands Agricultural Trust Independent Examiner's Report to th• Trustees of Argyll & The Islands Agricultural Trust Year ended 31 December 2024 I report to the Iruslee5 on my examination of the finanaal statements of Y11 & The Islands Agricultural Trust Ilhe charity'l for the year ended 31 Decomber 2024. Rgspon$lbllltl•s and ba51s of report As the Irustees ol the charity you are responsible for the preparation of the financial statements in awrdance with the requirem•nls of the Charities and Trustee Inveslmonl {Scolland} Act 2005 Ilhe .2005 Act'l and the Charities Accounts (Scolland} Regulations 2006 (as amended). You are satisfied that your charity is not required by charity law to audited and have chosen insle8d to have an independent examination. I rep in respect of my examination of the charlty's financi81 slalemenls as carrled out under section 44111{cl of the 2005 Act. In tarrying out my examination I have follod tho requirements of Regulation 11 of the Charilias Accounts (Scollandl Regulations 2006 las amended). Indendent examinerfs stalemenl Since the charity has piepared ils accounts on an accruals basls your examiner musl be 8 member of listed in Regulation 11{21 of the Charities Accounts (Scot¢and) Regulations 2006 las amended). I can conflrm that l am qualified to undertake the examination because l am a registered member of ICAS lch is 0 of the listed bodies. I have completed my examination. I confirm that no mallers have come lo my attention giving m@ cause lo believe that in any material Spect.. accounting records were not kept as required by section 44(1){al of the 2005 Act and Regulation 4 of the Ch¥Tilies AcC(nIS (Scollandl Regulations 2006 las amended): or the fInancl statements do not ac¢x)rd wlh thosa records", or the financial slatem¢nls do not )mplY with the accounting requirement5 of Regulation 8 of the Charities Accounts {Scolland) Regulations 2006 las amendèd). I have no concerns and have Come across other matters in connection 4Mlh Ihe examination lo which attention should be drawn in this rerK)rt in order lo enable a proper understanding of the accounts lo be reached en xaminer 5 Argyll Square Oban Argyll PA34 4AZ
Argyll & The Islands Agricultural Trust Statement of Flnancial Activlties Year ended 31 December 2024 2024 Unrestricted funds Totsl funds Total funds 2023 Note Incom@ and gndowm•nts Donations and legacies Charitable activities Tolal Incom¢ Expenditure Expenditure on charitable activities Total expèndlturn 6,819 57,352 64.171 6,819 57.352 1.950 46,819 64,171 48,769 59,297 59,297 42,838 59.297 59.297 42,838 Net Income and net movoment In funds 4,874 4,874 5,931 Roconclliation Of funds Total funds brought forward Total funds Carried forward 34.086 34.OAfi 28.15S 38,960 38,960 34.086 The statement of financial aclivilies includes all gains and losses recognised in the year. All income and expenditure derive from continuing actlvitl8S. Th• notes on pz4ges 7 to 13 forn) part of th•$• financiol stat•m•nts.
Arg1 & The Islands Agrl¢ultural Trust Statement of Flnanclal Positlon 31 De¢¢mb¢r 2024 2024 2023 Flxed assets Investrnents 11 15,287 15,287 Cumnt •550ts Debtors Cash at bK anJ In hand 12 68,913 17,800 56,536 13,008 86,713 69.S44 Cr8dltorn'. amounts falling du• wlthln one y•ar Net wrr•Tht assets 13 63.040 50,745 18.799 23,673 Tolal assets lass current Ilabllltlès 38,960 34,086 Funds of th• charlty Unreslricled funds 38.960 34,086 Total charlty funds 14 38,960 34.086 Th se financi I stalemenls re approved by the board of Irust•es and authised lor Iswe on and are sned on behall of the board by: Th• on 7t0 13 form part of them fln•nGl•l •14l•rnts.
Argyll & The Islands Agricultural Trust Notes to the Financial Statements Year ended 31 December 2024 General Infomiation The Charity is regulated by Trust Deed. the Trust was founded in 1998. St*t•m•nt 01 ¢ompllane• These financial slalements have been prepared in compliance with FRS 102, The Financial Reporting Stsndard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) Icharities SORP IFRS 10211 and the Charities and Trustee Investment (Scolland) Act 2005 and the Chanly Accounts (Scotlandl Regulations 2006 {as amended). Accountlng pollcles Ba$1$ of preparatlon The financial slalements have been prepared on the hislori¢al cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properbes measured al fair value through income or èxpgnditure. The financial statements are prepared in sterling, which is the funclional curren¢y of the enlily. Golng con¢om There are no material uncertainties about the charity's ability to continue. Dlsclosurè exemptions The enlily satisfies the criteria of being a qualifyinq enlily as defined in FRS ln? As such advaniage has been taken of the foll¢Mng disclosure exemption5 available under paragrapli 1.12 of FRS 102.. {al No cash flow statemenl has been presented for the charity. Ib) Disclosures in respect of finarscial instruments have not been presenled. Judgem•nts and key sources of trstimation uncèrtainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are conliriuolly reviewe¢ and are baseu on experience and othel factors, including expe¢tslions of future events that are believed to be reasonable under the circumstances. Fund a¢counting Unrestricted funds are available for use at the dlscreiion of the trustee5 to further any of the charitys purposes. Designated funds are unrestrfcled funds eamiarked by the trustees for particular future project or commitment. Restricted funds are subjected lo reslriclions on their expenditure declared by th8 donor or through the terms of an appeal. and fall into on8 of two SuclaSses.. $tricted income funds or end0ent funds.
Argyll & The Islands Agricultural Trust Notes to the Financlal Statements (contIty4) Year ended 31 December 2024 Accounting poll¢l•s (¢ontthu•dJ Income All ineomg is includcd in the 818tement of finanGial ablivilies when enriiiement has passed to the harily, il is probable that the economic benefits associated wlh the transaction wll flow lo the ¢harily and the amovnl can be r81iably measured. The following specific policies are applied lo particular categories ol income.. income from donations or grants is recognised when there is evidence of entitlement lo the gift, re[pt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is eslablished. inrnmA from donatèd goods ts maasured at the fair value of the gLuJs uwile&% this Is impraclicle lo measure reliably. in which case the value is derived from the cost lo the donor or the eslimaled resale value. Donated facilities and seNices are recognised in the accounts sthen received if the value can be reliabily measured. No amounts are Included for the contribution of general volunteers. income from contracts for the supply of services is recognised wlh the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requiremenl for it to be spent on a particular purpose and returned if unspent, in vknich case il may be regarded as reslricled. Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT ¥thich cannot be fully recovered. and is classified under headings of the statement of financial activities to bthir.h it r8lat8s_' exp8nditure on raising funds includes the costs of all fundraising activities, events. non- charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes All ctx*ts incurred by 2 charity in undertakin9 activities that further ils ch8ritsble aims for the benefit of ils beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is nèrlher related lo raising funds for the charity nor part of its expenditure on ¢haritable aclivilies. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apprortioned ben the activities they contribute lo on a reasonxblA. jitstifiable 2nd eonsistont basis. Investments Unlisted equity investments are initially recorded al cost. and subsequently Tneasured al fair value. If lair value cannot be reliably measured, assets are measured at ¢osl less impairment. Listed investments are measured al fair value smth changes in fair value being recognised in income or expenditure.
Argyll & The Islands Agricultural Trust Notes to the Financlal Statements f¢onllnu8dJ Year ended 31 December 2024 Accounting poll¢l•s f¢onllnuedJ Invostments In assoclate$ InveJtmenl8 in associates aGGOUTrted for iwi ofjwrdan vAth the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance wlh the fair value model are initially recorded al the transaction price. At each reporting date, the investments are measured al fair value, with changes in fair value lakerts through income or expenditure. Where it is impracticable lo measure fair value reliably without undue cosl or effort, the cost model will be adopted. Dividends and other dislribulions received from the investment are recognised as income Ihoul regard lo %thelher the distributions are from accumulated profits of the assouate arising bèfore OT after the date of acquisition. Investm¢nt$ in lolnt ventures Investments in jointly controlled enlilies accounted for in accordan¢e with the cosl model are rgcorded at ¢ost1o8s any aocumulat¢d impairment losses. Investments in jointly Controlled entities accounted for In accordance wth the fair value model are initially recorded at the transaction price. Al ea¢h reporting date, the investments are measured al fair value, wth ¢hanges in fair value taken through income or expenditure. Where it is impracticable to magsur* fair value reliably ¥Mthout undue cost or effort, the Gost model wrll be adopled. Dividends and other distributions received from the investment are recognised as income Ihoul regard to ether the distributions are from accumulaled profits of the joint venture xrising beforè or aflor thè dat• of acquisition. Impalmitnt of fixed assets A ieview for indicators of impaimienl is carried out at each reporting date, with the recoverable amount being estimated wherè llrh indicators exist. Wher& th8 earying value exce¢ds the recoverable amount, the asset is impaired accordingly. Prior impaimients are also reviewed for possible reversal al e8ch reporting date. For the purposes of impairment lesling, when it is nol possible lo estimate the recoverable amount of an individual asset. an &slimatÈ Fq made of tho recovèrablg amount of the cash- generating unit lo thich the asset belongs. The cash-generating unil is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impaimienl testing of goodwrll. the ooodwill acquirèd in a busrness combination is. from thg acquisition date, allocated lo each of the cash-generating units that a expected lo benefit from the synergies of the eombinalion. irrespective of whether other assets or liabilities of the charity are assigned to those units. Financlal Instruments A financial asset or a financial liability is recognised only when the charity becomes a party lo the contractual provisions of the instrument.
Argyll & The Islands Agricultural Trust Notes to the Financlal Statements (Wn•d) Year ended 310ecember 2024 Accounting poll¢ies (¢ondnu•dJ Flnanclal Instruments {contrnu Basic financial instrL•ments a initially rewgniseil at the amouni re¢eivable or payable including any related transaction costs. Current assets and current liabililies ara subsequently measured at the osh or other consideration expected lo be paid or received and not discounted. Debt instruments are subsequently measured al amortised cost. Where investments in shares are publicly traded or their fair value can olhemse be measured reli8bly, the investment is subsequently measured al lair value wlh changes in fair value reeognis•d in income and expenditure. All other SUGh investfnents aig subi>e4uently measure(J at cost less impairment. Other financial instnjments, including derivatives. are initially recognised at fair value, unless payment for an asset is deferred beyond nomial business leS or financed at a rale of interest that is not 2 markat rate. in vthiGh ca the tts3et 18 measur¢d at the preseiit value ul Lhe future payments discounted at a market rale ol interest for a similar debt inslrumenl. Other financial inslrtJm8nls are subsequently measured al fair value, wlh any changes rec£Jgnised in the statement of financial activities, wth the exception of hedging instruments in designated hedging rolationÈhip. Financial assets that are measured al cost or amortised cosl are reviev*d for objective evidence of impairment at the end of each reporting dale. If there is objective evidence of impaimient, an impairment loss is rewgnised under the appropriate heading in the slalemenl of financial aetiviti8s in ¥thieh thg initi81 gain was recognised. For all equity instruments regardless of signifi¢ance, and other financial assets that are individually significant. these are assessed individually for impairment. Other financial asgels are either assessed individually or grouped on the basis of similar credit risk charaelerislics. Any reversals of impaiment are recognised immediately, lo the exlenl that the reversal does not result in 8 carrying amount of the financial asset that eXedS what the carrying arnounl would have been had the impaian1 not previously been recognised. Donations and legacles Unrestricted Total Funds Unrestricle(l Total Funds Funds 2024 Funds 2023 Donations Donations 6,819 6,819 1,950 1.950 Charltable actlvitie5 Unrestricled Tutal Funds Unreslrtcted Total Funds Funds 2024 Funds 2023 Livestock sales commission 57,352 57,352 46,819 46,819 10
Argyll & The Islands Agrlcultural Trust Notes to the Financial Statements {willnu Year ended 31 December 2024 Expendlture on charitable activitles by fund typ• UnTrslricted Total Funds Unrestn'cled Total Fund5 Funds 2024 Funds 2023 Llveslock sales SupFX)rt costs 58,117 1,180 58.117 1.180 42,138 700 42.138 700 59,297 59.297 42.838 42,838 Expendlture on charftablo actlvltle$ by activlty type Activitie$ undertaken directly Support ¢osts Tolal funds 2024 Total fund 2023 Livestock sales Governance costs 58,117 58,117 1,180 42.138 700 1,180 58,117 1,180 59,297 42,838 Independènt examlnation fees 2024 20?3 Fees payable to the independent examiner for.. Indep8ndenl examination of the financial slalements 500 500 Staff cost$ There were no employees during the year {2023'. Nil}. No employee received emoluments of more than £60,00012023'. Nill. 10. Trusleg remunèration and expenses The charity Ifuslees were not paid and did not receive any remuneration, benefits in kind or reimbursement of expenses in their capacity as trustee during the year. No Ifusleo received payment for professional or other rViceS supplied to the charity. 11
Argyll & The Islands Agricultural Trust Notes to the Financial Stat•mentS Year ended 31 December 2024 11. Investmenls Other investments Cost or valuatlon At l Jan 2024 Additions 15,287 At 31 Do¢ 2024 15,287 Impaimient At 1 Jan 2024 and 31 De¢ 2024 Carrylng amount At 31 DeG 2024 15,287 At 31 Dec 2023 15.287 All inveslmenls shown above are held at valualion. 12. Debtors 2024 2023 Trade debtors Other debtors b8,821 92 56,182 354 68,913 56,536 13. Credltor¥: amounis falling due wlthin one aT 2024 2023 Trade creditors 63,040 50,745 14. Analys1$ of charllable funds Unrestrl¢ted funds At Income Expenditure 31 Doc 2024 At 1 Jan 2024 General funds 34.086 64.171 159,2971 38,960 At Income Expenditu 31 Dec 2023 At 1 Jan 2023 General funds 28.155 48.769 {42.838} 34,086 The unrestricted fund represents general funds which the Injslees are fre8 to use In accordance th the charitable objects of the Trust. 12
Argyll & The Islands Agricultural Trust Notes to th• Financlal Statements {¢ortlnu•dJ Year ended 31 December 2024 15. Analysis of net assets bethen funds Unrestricted Total Funds Funds 2024 Inveslm8nls Current assets Creditors less than 1 year Not assèts 15,287 86,713 {63,0401 38,960 15,287 86.713 {63.0401 38,960 Unrestricted Total Fund$ Funds 2023 Investments Current assets Creditors less than 1 year N•t assets 15.287 69.544 {50,745) 34.086 15.287 69,544 150,745) 34,086 16. R•latod parti8s The Argyll & The Islands Agricultural Trust have shares in Oban Livestock centre Limited. vhKJ a also the Landlords of the Trust wth common Oireclors. As al 31 December 2024. the Trust shareholding in Oban Livesto¢k Centre Limited amounted lo £15,287 at cost. 13
Argyll & The Islands Agrlcultural Trust Management Inforniation Year ended 31 December 2024 The followlng pa9 do not fomi part of the finan¢lal ststemenls. 14
Argyll & The Islands Agricultural Trust Detalled Slatement of Financial Activltl•s Year ended 31 December 2024 2024 2023 In¢ome and endowments Donatlons and legacies Donations 6,819 1,950 Charltable actlvlties Livestock sales commission 57,352 46.819 Tolal income 64.171 48,769 Expenditur• Expenditure on ¢haritable actlviti8s Rent Legal and professlonal fees Other office costs Donations 51,617 800 380 6.500 42,138 500 200 59,297 42.838 Total expenditUFe 59,297 42,838 Net Incom• 4.874 5.931 15
Argyll & The Islands Agricultural Trust Notes to the Detailed Statement of Financial Actlvities Year end•d 31 December 2024 2024 2023 Expenditure on choritsble activities Livestock sales Aetlvltles undertaken dlreGtIy Rent Donations 51,617 6,500 58,117 42,138 42.138 Govemance costs Accountancy fees Administration fee 800 380 500 200 1,180 700 Expendlture on choritable activltles 59,297 42,838 16