2020-10-31-accounts

CONTENTS		PAGE
Reference and administrative information
Trustees' annual report
Chief Executive's annual report
Auditors' report to the Trustees
Statement offinancial activities
(including Income and Expenditure	account)	10
Balance sheet		12
Notes to the financial statements		13
The following pages do not form part ofthe financial statements
Summary of results		25
Detailed income and expenditure	accounts	26

The trustees	The trustees	The trustees		Mr J E Barton
				Miss L D Bennett
				Mr P Cummings
				Mr CJ Davies
				Mr J A Dixon
				Mr P A Duckett
				Mr D H Fell
				Mr D R Galbraith
				Mr C D Geldard
				Mrs M Kelly
				Mr D R Martin
				MrJ C Mason
				Mr SProcter
President				Mr W H Robinson	(resigned 20 February 2020)
President-Elect				Mr J Sowerby
Chairman				Miss L D Bennett
Chief executive and
company		secretary		Mrs C.A. Knipe FRAgs
Registered		office		Lane Farm
				Crooklands
				Milnthorpe
				Cumbria
				LA7 7NH
Company		registration	number	03146325
Charity	name and number			The Westmorland	County		Agricultural	Society Limited
				1067224
Auditors				Armstrong Watson	Audit	Limited
				Chartered Accountants		&Registered		Auditors
				Fairview House
				Victoria Place
				Carlisle
				CA1 1HP
Solicitors				Thomson Hayton	Winkley
				Regent House
				25 Crescent Road
				Windermere
				LA23 1BJ

YEAR ENDED 31 OCT	OBER	2020
		Unrestricted	Restricted	Total Funds	Total Funds
		Funds	Funds	2020	2019
	Note	E	E.	E	E
INCOME
Income from generated
funds:
Donations and legacies
Subscriptions		19,074		19,074	24,734
Donations					25,414
Income from other
trading activities
Grazing and land letting,
etc		50,466		50,466	81,644
Room hire		7,602		7,602	13,404
Investment income
Investment income		52,900		52,900	63,430
Interest receivable		23		23	82
Income from charitable
activities		91,200	12,954	104,154	603,342
Other operating income
Job Retention Scheme
income		15,234		15,234
TOTAL INCOMING
RESOURCES		236,499	12,954	249,453	712,050
EXPENDITURE
Costs on raising funds
Grazing and land letting, etc		15,109		15,109	18,466
Room hire		38,075		38,075	42,046
Investment manager fees		7,550		7,550	7,184
Charitable activities		277,117	12,954	290,071	732,844
TOTAL EXPENDITURE	4	337,851	12,954	350,805	800,540
NET INCOME/EXPENDITURE
BEFORE INVESTMENTS		(101,352)		(101,352)	(88,490)

YEAR ENDED 31 OCTOBE	R 2020
	Unrestricted	Restricted	Total Funds	Total Funds
Note	Funds 6	Funds p	2020 6	2019 f
NET INCOME /EXPENDITURE
BEFOREINVESTMENTS
CARRIED FORWARD	(101,352)		(101,352)	(88,490)
Realised gains/(losses)
on disposal offixed asset
investments	(32,072)		(32,072)	4,772
Unrealised (losses)/gains
on revaluation of
investments	(69,049)		(69,049)	108,707
NET MOVEMENT IN FUNDS
RELATING TO THE YEAR	(202,473)		(202,473)	24,989
Balances brought forward	4,422,301		4,422,301	4,397,312
Balances carried forward	4,219,828		4,219,828	4,422,301

COMPANY REGISTRATI	ON NUMBER 0314632	5
BALANCE SHEET
31OCTOBER 2020
		Note	31"October		31"October
			6	2020 k	2019f
FIXEDASSETS
Tangible assets				2,343,080	2,361,423
Intangible assets					1,756
Investments				1,885,696	2,105,572
				4,228,776	4,486,753
CURRENT ASSETS
Debtors		9	84,728		117,476
Investments		10	24,811		16,654
Stock			448		473
Cash at bank and in hand			291,093		166,975
			401,080		303,576
CREDITORS: Amounts	falling due within one
year		11	(231,822)		(324,571)
NET CURRENT ASSETS				169,258	(20,993)
TOTAL ASSETSLESSCURRENT LIABILITIES				4,398,034	4,467,760
CREDITORS: Amounts	falling due after more
than one year				(178,206)	(45,459)
NET ASSETS				4,219,828	4,422,301
FUNDS
Unrestricted:
Designated funds		13		624,134	611,114
Other charitable funds				3,595,694	3,611,187
				4,219,828	4,422,301

e useful e	conomic life of	that asset as follows:	that asset as follows:
Freehold	Buildings	Over 50years
Plant and	Machinery	20% Straight	Line
Fixtures and Fittings		20% Straight	Line
Motor Vehicles		25% Straight	Line
Roads		20% Straight	Line
Computer	Equipment	50% Straight	Line
Website		33.3%Straight Line

INCOMING RESOU	RCES FRO	M CHARITAB	LE ACTIVITIE	S
		Unrestricted	Restricted	Total Funds	Total Funds
		Funds f	Funds f	2020 f		2019
Show income		6,589		6,589	433,092
Room and office hire		8,322		8,322		10,904
Training schemes		34,102		34,102		46,391
Other income		42,187	12,954	55,141		12,955
		91,200	12,954	104,154	503,342
In 2019, income from	charitable	activities off503,342 was to unrestricted funds.
INVESTMENTS
		Value	Value	Income		Income
		31"October	31"October
		2020 f	2019f	2020f		2019f
UK quoted investments		1,882,430	2,102,461	52,900		63,430
B4RN investment		3,266	3,111
		1,885,696	2,105,572	52,900		63,430
In 2019,the total income from Investments off63,430was to				unrestricted funds.
Movement in market	value			2020f		2019f
Market value at 1 November 2019				2,102,451	1,919,901
Acquisitions at cost				116,456		141,514
Disposals at opening	book value			(267,440)		(67,661)
Net (losses)/gains on	revaluations	in the period
ended 31 October 2020				(69,049)		108,707
Market value at 31 October 2020				1,882,430	2,	102,461
Historical cost at 31 October 2020				1,333,820	1,370,948

TOTAL EXPENDITURE
	Unrestricted	Restricted	Total Funds	Total Funds
	Funds	Funds	2020	2019
	6	6	6	5
Activities for generating
funds	60,734		60,734	67,698
Show expenses	39,521		39,521	436,558
Room hire, courses etc	6,149		6,149	8,886
Other charitable expenses	206,306	12,954	219,260	254,405
Governance	25,141		25,141	33,195
	337,851	12,954	350,805	800,540

		Charitable	Charitable	Activities	Activities	Activities
			Room
			hire,
			courses				Total	Total
		Show	etc			Other	2020	2019
		6		6				6
Salaries		18,500		5,254		58,036	81,790	100,444
Office costs		3,805			750	9,660	14,215	34,446
Subscriptions	8
donations						1,998	1,998	1,789
Legal & professional
								2,118
Depreciation						64,395	64,395	67,406
Rural links						2,170	2,170	12,554
C Lambert Bursary						3,412	3,412	6,317
Audit &
accountancy	fees					5,460	5,460	5,500
Training						1,368	1,368	4,912
Showground
proposals								1,525
Bad debts written
off								53
Other expenses		17,216			145	72,761	90,122	473,385
		39,521		6,149		219,260	264,930	705,149

include accruals in resp	ect of out-of-po
Miss L D Bennett	1,400
Mr P Cummings	650
Mr P Duckett	1,000
Mr D Fell	750

	The average number ofs	taff em	ployed by the charity during the fi	nancial year	amounted
				2020	2019
				No.	No.
	Number of administrative	staff		4	5
	Other staff			1	1
5.	NET INCOMING/(OUTGOING)		RESOURCES FOR THE YEAR
	This is stated after charging:-
				2020	2019 f
	Depreciation			64,395	67,406
	Auditors' remuneration
	-Audit services			5,500	5,500

	Freehold	Plant 5	Fixtures	Motor	Investment
	Property 6	Equip't 6	&Fittings 6	Vehicles 6	Property 6	Total
COST
At 1 Nov 2019	2,706,330	279,896	4?,257	16,228	364,712	3,414,423
Additions	14,517	9,777				24,294
Disposals		(1,531)				(1,531)
At 31 Oct 2020	2,720,847	288,142	47,257	16,228	364,712	3,437,186
DEPRECIATION
At 1 Nov 2019	734,624	219,993	41,062	16,228	21,093	1,033,000
Charge for the
year		26,675	1,822			62,637
Disposals		(1,531)				(1,531)
At 31Oct 2020	768,764	245,137	42,884	16,228	21,093	1,094,106
NET BOOK VALUE
At 31 Oct 2020	1,952,083	43,005	4,373		343,619	2,343,080
At 31 Oct 2019	1,971,706	58,903	6,195		343,619	2,381,423

INTANGIBLE FIX	EDASSETS
	Website	Total
	6	6
COST
At 1 Nov 2019	9,042	9,042
Additions
Disposals
At 31Oct 2020	9,042	9,042
DEPRECIATION
At 1 Nov 2019	7,284	7,284
Charge for the
year	1,758	1,768
Disposals
At 31 Oct 2020	9,042	9,042
NET BOOK VALUE
At 31 Oct 2020
At 31 Oct 2019	~	~17

	DEBTORS
				2020	2019
				f.
	Trade debtors			19,357	39,018
	VAT recoverable			28,201	27,280
	Prepayments			37,170	51,178
				84,728	117,476
10.	INVESTMENTS
				2020	2019
	Stockbroker Dealing	Account		21,154	12,428
	Stockbroker Dealing	Account-Bursary		273	563
	Stockbroker Income Account			160	277
	Stockbroker Income Account-Bursary			3,224	3,386
				24,811	16,654
	CREDITORS: Amounts		falling due within one year
				2020	2019
	Bank loan			17,440	17,440
	CBILS loan			10,000
	Trade creditors			34,293	140,823
	PAYE, social security	and pension		1,846	4,022
	Accruals and deferred	income		66,183	53,092
	Funds held as custodian			102,060	109,194
				231,822	324,571

			Movement	in r	esources:
			New
			designationsl
		Balance at	investment		Utilisedl	Investment	Balance at
		1 Nov 2019 6	income		Released 5	Revaluation f	31 Oct 2020 6
Chris Lambert Bursary Fund		65,801	3,255		(3,412)	(3,441)	62,203
Farm and Food Business
Development	and
Resource Centre		13,837			(516)		13,321
Revaluation	Fund	731,476				(182,866)	548,610
Building fund
		811,114	3,255		(3,928)	(186,307)	624,134
DESIGNATED FUNDS —PRIOR YEAR
		Movement		in resources:

				Movement in r	esources:
				New
				designationsl
			Balance at	investment	Utilisedl	Investment	Balance at
			1 Nov 2018	income E	Released	Revaluation f	31Oct 2019 6
Chris Lambert		Bursary Fund	63,930	3,478	(6,517)	4,910	65,801
Farm and Food Business
Development		and
Resource Centre			14,353		(516)		13,837
Revaluation	Fund		624,894			106,582	731,476
Building fund
			703,177	3,478	(7,033)	111,492	611,114

					New
					designationsl
				Balance at	investment	Utilisedl	Investment	Balance at
				1 Nov 2019	income	Released	Revaluation	31 Oct 2020
				E		E		p
Hedges &	boundaries		grant		9,999	(9,999)
Interactive	meeting	room			2,955	(2.955)
grant
					12,954	(12,954)

ANALYSIS OF NET ASSETSBETW	EEN FUNDS —CURR	ENT YEAR
	General	Designated	Restricted	Total
	Funds	Funds	Funds	Funds
	6	8	6	6
Tangible fixed assets	2,329,759	13,321		2,343,080
Investments	1,274,883	610,813		1,885,696
Other net assets/(liabilities)	(8,948)			(8,948)
Net assets at 31 October 2020	3,595,694	624,134		4,219,828
ANALYSIS OF NET ASSETS BETWEEN FUNDS —PRIOR YEAR
	General	Designated	Total
	Funds	Funds	Funds
	F	6
Tangible fixed assets	2,369,344	13,837	2,383,181
Investments	1,308,295	797,277	2,105,572
Other net assets/(liabilities)	(66,452)		(66,452)
Net assets at 31 October 2019	3,611,187	811,114	4,422,301

per —	iod the following tru	stees were invo	iced b
		2020	2019
		5
Miss L Bennett		25	12
Mr	J A Dixon	210	242
Mr	D R Galbraith	12
Mr	C D Geldard	107
Mr	D Martin	25	25
Mr	SProcter	25	76
Mr	I KGrisedale	625

					2020	2019
Financial	assets
Financial	assets measured	at fair value through		profit and
loss					2,201,800	2,291,201
Financial	assets measured	at amortised	cost		85,178	117,949
Financial	liabilities
Financial	liabilities measured	at amortised	cost		(204,382)	(307,131)
					2,082,384	2,102,019

			Year ended	Year ended
			31st	31st
			October	October
			2020	2019
			6	F
Net surplus	- Show Account		(4,522)	14,644
Net surplus	- Country Fest Account		(9,336)	6,624
Net (deficit)	- Other Income and Expenditure		(87,494)	(109,758)
Net (deficit)/surplus			(101,352)	(88,490)
Realised gains/(losses)		on disposal of investments	(32,072)	4,772
Unrealised	gains/(losses)	on investments	(69,049)	108,707
Net surplus			~202,473)	24,989

		Year ended	Year ended
		31st	31st
		October	October
		2020	2019
		6
INCOME
Gate receipts and catalogues		475	163,639
Trade stands and concessions		6	132,715
Entry fees		5,274	26,753
Subscriptions		19,074	24,734
Sponsorship		600	34,734
Other income		120	102
TOTAL INCOME		25,549	382,677
TOTAL EXPENDITURE
Wages and salaries		15,000	30,000
Hire ofequipment		913	118,469
Assistance and set	up costs	2,042	114,963
Judges expenses		1,054	11,073
Prize money		4,729	32,303
Rosettes and engraving		647	6,666
Demonstrations			7,417
Refreshments		797	16,044
Wl expenses		80	1,088
Affiliation fees and	subscriptions	951	1,146
Postage, stationery	and advertising	2,750	18,251
Sundry expenses		1,108	10,613
TOTAL EXPENDITURE		30,071	368,033
NET SURPLUS		4,522	14,644

COUNTRY FEST	ACCOUNT
		Year ended	Year ended
		31st	31st
		October	October
		2020	2019
		8	8
INCOME
Gate receipts and catalogues		50	45,912
Trade stands and concessions		64	24,191
Entry fees			2,353
Sponsorship			2,535
Other income			158
TOTAL INCOME		114	75,149
TOTAL EXPENDITURE
Wages and salaries		3,500	7,000
Hire ofequipment		4,091	22,220
Assistance and set	up costs		15,427
Rosettes and engraving			303
Demonstrations		238	11,281
Refreshments			1,665
Affiliation fees and	subscriptions	179	300
Postage, stationery	and advertising	1,055	5,782
Sundry expenses		387	4,547
TOTAL EXPENDITURE		9,450	68,525
NET SURPLUS		~6,336	6,624

				Year ended	Year ended
				31st	31st
				October	October
				2020	2019
INCOME
Investment income				52,900	63,430
Bank interest				23	82
Land letting				35,853	64,844
Room &property hire				27,537	38,108
Training courses				34,102	46,391
Gains on Disposal	of Fixed Assets			178
Sundry income				57,963	15,955
Job Retention Scheme		income		15,234
Lunesdale Agricultural		Society			25,414
TOTAL INCOME				223,790	254,224
TOTAL EXPENDITURE
Wages and salaries				116,073	118,488
Tutor costs				5,254	8,400
Travel, subsistence	and motor vehicle costs			3,216	3,825
Rates and water				7,246	8,592
Light and heat				14,332	14,015
Property, IT repairs	and	maintenance		14,184	13,592
Fencing, mowing, drainage etc				25,276	37,916
Subscriptions and donations				1,998	1,789
Telephone				6,451	6,525
Postage, stationery	and	non-show	advertising	6,773	7,183
Sundry expenses				9,569	14,659
Refreshments				2,425	4,795
Rural Links				2,170	12,554
Training, courses etc				1,368	4,912
Stockbrokers' fees				7,550	7,184
Showground proposals					1,525
Insurance				8,619	9,126
Audit and accountancy		fees		5,460	5,500
Legal and professional		fees		974	2,743
Bad debts					53
Bank charges &interest				4,539	6,683
C.Lambert - Bursary				3,412	6,517
Depreciation				64,395	67,406
TOTAL EXPENDITURE				311,284	363,982
NET (DEFICIT)/SURPLUS				(87,494)	(109,758