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|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|||||
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|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)|
##
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|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|
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|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||
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|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||
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|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|
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|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|
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||
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|
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||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|
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||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|
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||||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|
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||||||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)|||
##
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|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||
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||||||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|
##
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||||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|
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|||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|
##
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|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|
##
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|||||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|