Reglstered numbgr: 03146325 Chartty number: 1067224 THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Limlted by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Armstrongwatson, Accountants, Business & Financial Advisers
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED IA Company Limited by Guardntse} CONTENTS Page Reference and Administratlye Detsils of the Charitable Company? its Trustees and Advisers Chief Executive's Statement Trustees. Report Independent Audltors. Report on thè Financlal Statements statgment ot Financial Activities 9-12 13 Balance Sheet 14-15 Notes to the Flnanclal Statements 16-33
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Llmltsd by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2023 Trustees Miss L D Bennett Mrs J M Buckley {appointed 18 May 2023) Mr D Crayslon Mr PA Duckett MrDHFell Mr D R Galbraith {appointed 23 February 2023} Mr l K Grisedale Mrs M Kelty Mr D R Martin MrTEPark Mr S Procter {appoinled 23 Febwary 2033} Mr M H Robinson Mis5 J L Holmes (resigned 18 May 20231 Mr J C Mason (resigned 23 February 20231 Mr N J Sowerby (resigned 23 Febwary 20231 Company registered numb8r 03146325 Charity reglstsred number 1067224 Reglst¢red office Lane Farm Crooklands Milnlhorpe Curnblla LA7 7NH Company secretsry Mrs C A Knipe (Resigned 1510412023 Chief executive officer Mrs C A l<nipe (Resigned 1510412023) Mrs A Comlhwaite (Appointed 0111112023) Independent auditOf5 Armstrong Watson Audit Limited Chartered Accounlanls & Registered Auditors James Watson House Montgomery Way Rosehill Cartisle Cumbria CA12UU Solicitors Thomas Hayton Winkley The Rural Law Practice Junction 36 Crooklands Windemiere LA7 7FP Page 1
THE WESTMORLAND COUNTY AGRICULTUIiAL SOCIETY UMITED IA Company Llmited by Guarantee} CHIEF EXECUTIVE'S STATEMENT FOR THE YEAR ENDED 31 OCTOBER 2023 2023 was the year that epitomised team work. With our previous Chief Execuiive standing down in March, the busy summer of events were organised and delivered by Trustees, staff and volunteers provide fantssty'c events for our visitors- and they certainly didl all determined to The 224tl Weslmorland County Show was quite simply- a brilliant Show. The sun shone on both days, making the event an enormous success. Good qualrty livestock wlh a variety of breeds could be viewed across the field, all exhibitors ¢an feel very proud. Fields bursting wtth trade stands, packed marquees and lols of smiling faces could be seen across the Showgroundl A record 37.160 attended. thousands of visitors from across the country. At the Show there We record entries throughout the field, the Equine Village was very busy with London International Horse Show qualifiers for the first time, and the Veteran Regional Finals. The introduction of new classes, On Farm Judging for Young Cattleman and Young Shepherd proved lo be very popular and blew the judges over with their inspiration and dedi¢ab"ors, very Challenging and rewarding classes lo judge. The whole field was bustling with activty- from the fantastic marquee5 to the trade stands. The Countryside area, the new Cumbrian Woodlands Forestry Festival, and the Emergency Services display area all proved very popular ¥Mth their various demonstrations as did the ever-popular Food Hall and Food Theatre where we were delighted to have Matt Tebbutt ftom BBC Saturday kitchen demonstrating. We received many positive comments. nurnerous congratu2aling everyone involved in making the Show such a Success. County Fest- again a weekend wall lo wall sunshine - and dare we say il was almtssl loo hot wth fans and sides down on the marquees lo ty and keep things cool. Wth lols of attractions for all the family, visitor numbers were high on both days and we had plenty of entries in our competitive classes loo. Interest and participation in the Rare Breeds Young Shepherd competition continues to increase with more youngsters joining us each year so long may this trend continue. Other compelrtion5 included a Rabbit Show. Dog Show. Terrier Show, Bake a Cake, Sew Craty. Schools GrOVn9 Challenge. Egg Show and new Ferret Show plus the unpredictable bul fun Terrier Raang. The Shetland Pony Raung was great fun, exciting and very entertaining lo watch Nwth the young riders going all out lo win and the opportunity to see the ponies close up between races and leam something about them. The Giant Tortoises We something new for 2023 and again were a very popular attraction. Activities for Children included the Jester and Circus Skills, Seaside Area, Treasure Trail and the ever popular Pets Corner. With Vintage Tractors, Classic Cars, Vintage Motor Bikes and a display of Series 1 Land Rovers, a huge variety of outdoor traders, a larger craft marquee, ftjll Food Hall plus Kite Displays, our own Fami lo Fork Road Show and lols of excellent food and drink available the whole weekend was a great success. The Showfield was also very busy through the summer many third party events- some such as Total Retro. Cumbria VAG and The Lune Valley Dog Training Groups who have been wth us for a number of yoars plus some new ones induding Wheels Up North who following a successful first weekender held in July 2023 are retuming for 2024. The horse fields were also in use most weekends from April through to September. Page 2
THE WESTMORLAND COUNTY AGRICULTURAL socIErY LIMITED IA Company Llmlted by Guarant¢8} CHIEF EXECUTIVE'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 The weather wasn't quite so good for Our Annual YFC Stock Judging Event held In May. Despite the rain we had 70 young farmers from 22 clubs taking part - leading lo intense Competition induding a 3-way tie for the 15l placed seniorl A very successfvl event that grows each year- with gralefvl thanks lo the local host farfns who support this evenL The Social Committee organised a very busy and su¢¢essful Presidents BBQ held al Greenlands Farln and the proceeds of the evening have been presented to The Sepsis Trust. Members of the new Social Committee held their first event - a Car Treasu hunt followeil by 8 BBQ and despite the wet night was attended by around 40 cars. I hope the revival of this committee continues and look forward to their (uture events. Our recent silage competition also saw rerd entries with 69 famis and 111 individual entrants sponsored by New Breed our judges travelled throughoLrt both Cumbria and Lancashire to visit shortlisled farms before giving an excellent pre5enlalion lo a packed room of competitors. The Rural Links team also had a busy year. As well as a program of farni to fork roadshows which saw them visit both regular and new events- 15 rural school workshops were held with a formal of a local farm visit followed by school visit with felaled class room a¢bvities including butter making, stick knitting and milk bottle capping. We are hugely grateful to the local famis who helped facilitste these events- enabling us lo reach children who may not have been able lo attend our open school days. The last 12 months have also seen continued investment in our infrastructure including uradeS and improvement to Propety and the purchase of new machinery. This planned work wll continue throughout the year ahead as we replace buildings and install ft¢rther walknvays. With our 2 day show format set to continue. the development of the 2 day fomial 1] be very much at the forefront of our ftjlure plans wth many positive ideas and suggestions to work on that came from the recent Changing Times- Looking to the Future seminar held al Lane Fam. The AGM also marks the end of a 4 year tenn of office for Chainnan Lisa and whilst her no messing about, lets just crack on atti'tude means she is not one for pomp and ceremony we cannot let the 0$10n pass wlhoul mentioning it. Lisa has guided us down what al times has been 8 bumpy road bul always wf(h the ethos and best interest of the Society and Show at the heart of everything. Her support for everyone and everything has been constant and invaluable and importantly everyone's contribution was always appreciated and acknowledged. Her determination, passion and enthusiasm lo ensure the Souety and Show continue lo develop and thrive has never faltered whatever the cireumslances - so a big Thank You from everyone. Plenty of time now lo train for your new Show role as a buggy driverl! 1am honoured to have joined a charity rich in heritage and full of passion and enthusiasm lo deliver its Charitable aims and objectives and am very much looking forward to the year ahead. Angela omlhwaite Chief Execubve February 2024 Page 3
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED {A Company Limited by Guarnnteel TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCTOBER 2023 The Trustees present their annual report together wrth the audited finanaal statements of the Charitable Company for the year 1 November 2022 to 31 October 2023. The Annual Report setves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confim) that the Annual Report and financial slalemenls of the charitable company comply with the current slalutory requirements, the requirements of the charitsble companls governing document and the provisions of the Statement tsf Recommended Practice ISORPI applicable to charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK arbd Republic of Ireland IFRS1021 leffecbve 1 January 20191. Since the Charitable Company qualifies as small under secknon 382 of the Companies Act 2006. the Strategic Report required of medium and large companies under the Companies Act 2006 Islralegic Report and Directors, Report) Regulations 2013 has been omitted. Objoctlves and actlvities a. Policies and objecttves The objectives of the charity are lo promote and improve agriculture. horbcuttufe, allied industries, rural crafts, the breeding of livestock. forestry and conservation and in particular in the county of Westmorland and those parts of adjoining counties whith are within a fifty five mile radius of Lane Fami. Crooklands. Milnlhorpe, Cumbria. In setting objectives and planning for activTb"es. the Trustees have grven due consideration lo general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity IPB21'. b. Stratggles for achlevlng objecttves The Society holds a number of regular annual events highlighted in the Chief Executive's Teport whieh airn to achieve these objectives. Thè Trustees meet regulady to review the success of these strategies in achieving our objectives and are pro4ctive in making any dwnges to improve the success. c. Activities undertsken to achlevè objectlves A full review of the Societys actwitses and new developments throughout the year are included in the attached Chief Executive's annual report d. Maln activities undertaken to further the Charltable Cornpany's PUfPOSeS for the publ1¢ beneflt The TrLrslees confimi they have referred to and abided by the guidance contsined in the Charity Commission's general guidance on Public Benefit when reviewng the Soaelies activities and planning for the future. The Trustees believe that through the Weslmodand County Show. Country Fest. Rural Links Workshops and visits and other associated events through the year the Society is providing benefit to members of the public from all backgrounds and walks of life through the enjoyrnent of Tt's events, engagement wlh the public and educational opportunities provided. Achievements and perfomiance a. Main a¢hlevements of the Charitable Company A review of the So¢ieWs developments. aCtive$ and achievements is induded in the attached Chief Executive's Annual Report. Page 4
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED IA Company Llmlted by Guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 OCTOBER 2023 Achievements and perforniance {continuedl b. Key perfom)ance Indicators County Fest and The Westsn0and County Show 2023 were both extremely successful finanryally wf(h increased attendance and an array of positive feedback and comments from visitors. traders and exhibitors. In addition our Rural Links workshops and visf(s were very well received by the schools, fams and organisalions involved. Entries in the competitions the Society hosts induding Young Farmers Stock Judging and Silage continue lo increase and while much of our s¥Jccess cannot be measured ststislically the Trustees are satisfied th81 overall the indicatrons are that the Society is continuing to develop and prosper. . Review of activities The Society's activities for the year are induded in the Chief Executives report. After all events a full de-brief is held lo VIeW events indNidualty taking into a¢counl all feedback both positive and negative in order to plan for the followng year. d. Inv¢slmgnt policy and perforniance The Trustees have approved an investment policy that aims lo maintain the real value of capital and incomè whilst achieving a favourable retum. Restricbons are in place that assist the charity in minimising ils risk. During the year, the investments generated income of £53,191 for the Society. Movement in the value of the investrnents al the yearond dale resulted in unrealised losses of £43.331. The Trustees are satisfied rith this year's perfomiance of the investments, despite a decline in year end valuation. The investment strategy is reviewed annually by the Trustees who also received regular reports from the investment manager as to the portftslio's perfomanee. Financial revlew a. Going concem After making appropriate enquiries. the Tnjstees have a reasonable expectslion that the Charitable Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial slalernenls. Further details regarding the adoption of the going concem basis can be found in the aUnting policies. b. ReseNes policy It is the poli of the charity to maintsin unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately two years, costs for the annual show. This provides sufficient funds lo cover management, administration and sUPPOrt costs in the event of adverse conditions beyond the So¢ietls Control. Unrestricted funds were maintained al this level through0 the year. In addition, income generating investments are being maintsined to pem)it the Society lo fund the activities it decides lo pursue in accordance wf(h the chaiilable purpose. c. Material investments policy The Trustees have approved an investment policy that aims to maintsin the real value of capital and income whilst achieving a favourable retum. Restrictions are in Pla to assist in the Trustees and Charity minimising its Tisks. Page 5
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Limited by Guarantsel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 d. Prfncipal risks and uncertainties The Trustees have carried oul a risk assessment of operational risks associated wlh the Charity and its aclivilies. This rewew is ongoing and invofves identifw.ng and priorilising the risks in terms Of likelihood and potential impact plus means of mitigating the risks. This review covws all aspects of the Charity including current internal controls. e. Financlal risk management oblectives and policles The Trustees have carried out a risk assessment of financial risks assoo8led with the Charity and its activities. This review is ongoing and involves idenlits.ng and priorilising the risks in terms of likelihood and potential impact plus means of miligaling the Tisks. This review covers all aspects of the Charty including current internal controls. Structure, governance and management a. Constltutlon The Westmorfand County AgTiCLtltural soety Limited is registered as a charrtable company limited by guarantee and was set up by a Memorandum of Association. b. Methods of appolntment or election of Trustees The management of the Charitable Company is the responsibility of the Twslees who are elected and COwOPted under the terms ofthe Memorandum ofAssoctation. c. Organisational structuro and de¢ision4naklng pollcles The Members of the Board of Trustees, a Directors, for Ihe purpose of Company Law and Trustees for the purpose of Charity Law. who served dijring the year and up until the date of this report are sel out in the legal and adminislralive information set out on page 1. The Trustees who $etved the charity during the period were as lollows.. Miss L D Bennett Mr8 J BUceY (appointed 18105r2023) Mr D Crayslon Mr P A Duckett MrDHFell Mr D Galbraith Mr l K Grisedale Miss J L Holmes (resigned 18105r20231 Mrs M Kelly Mr D R Martin MrTEPark Mr S Procter Mr M H Robinson J C Mason (resigned 23102r20231 N J Sowerby (resigned 2310212023) The Society operated wth no Chief Execub"ve for the find seven months of the financial year. The new Chief Executive was appoinle(t on 1 November 2023. Page 8
THE WESTMORLAND COUPTrI AGRICULTURAL SOCIETY LIMITED {A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 OCTOBER 2023 Structure. governance and management {continued} d. Policies adopted for the Induction and training of Trustees AJI trustees are familiar wth the work of the Charity and attend regular Board meetings. New TrL¢slees are briefed on their iole, legal obligation in relation to the Memorandum of Artides of Association, Charity and Company Law and also gtven a Trustee Inforniation Pack from the Charity Commission. All are encourage lo attend any relevant external training events as appropriate. e. Pay policy for key management personnel The Directors consider that the Board of Directors. who are the charity's Trustees, and the senior staff comprise the key management personnel of the charity in chaTge of directing and controlling. running and operating the charity on a day to day basis. AJI Directors give of their time freely and no Director received remuneration in the year for their role as Trustee. Details of Directors. expenses and related party transactions are disclosed in note 11 to the accoLtnl$. The Trustees have also taken legal advice on these matters for clarification during the year. Remuneration for all staff is reviewed annually by the Board. f. R&lated party relationships The Society, through its a1VItIes, has a number of transactions its Trustees and their immediate family members. These transactions are at arms length and are considered at Board level. The detsils of these transactions are disd05ed in note 11 to the accounts. Plans for future periods The Society is adayS Icrf)king ahead lo the future wrth its plans and evenl$. A recent seminar entiued Changing Times - Looking lo The FutUTe to which all members of the Board of Trustees, Management Committee, Staff and Chief Steward5 were invited highlighted a numbef of priortb.es foi the future. These included developino the 2 day show format, encouraging the next generation and expanding our educational offering and the discussion5 and conclusions reached wtll fom the basis for the Societys fubjre planning strategy. Page 7
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED IA Company Llmited by Guarnnteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 OCTOBER 2023 Statement of Trustee$, responsibllltles The Trustees (who are also the directors of the Charitable Company for the purposes of company lawl are iesponsible for preparing the Trustees. Report and the finanual stslemenls in accordance with applicable law and United Kingdom Accounting Standards (United Ktngdom Genetally Aepted Accounting Practice). Company law requires the Tnjslees to prepare financial statements for each financial year. Under company law, the Trustees musl not approve the finanaal ststements unless they are satisfied that they give a true and fair view of the slate of affairs of the Charitable Company and of ils incoming resources and application of resources. including its income and expendrture, for that period. In preparing these financial slalemenls, the Trustees are required to.. select suitsble accounting policies and then apply them consistenuy", obsetve the methods and principles of the Charrties SORP IFRS 1021., make judgments and accounting esb"mates that are reasonable and prudent,. slate whether applicable UK Accounting Standards {FRS 1021 have been followed, subject lo any material departures disdosed and explained in the financial statements., prepare the financial statements on the going coneern basis unless tt is inappropriate lo presume that the Charitsble Company wtll continue in business. The Trustees are responsible for keeping adequate accounting COrdS that are sufficient lo show and explain the Charitable Companls transactions and disdose reasonable accuracy al any lirne the financial position of the Charitable Company and enable them lo ensure that the financi81 statements Comply w((h the Companies Act 2008. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularikn"es. Dlsclosure of infornlation to audlto Eaeh of the persons who are Trustees at the time when this Trustees. Report is approved has Confirmed that.. so far as that Twslee is aware. there is no relevant audr( infomalion of which the charitvs auditors are unaware. and that Trustee has tsken all the steps that oughl to have been taken as a Trustee in order lo be aware of any relevant audit infoTmation and to establish that the chartys auditors are aware of that information. Audttors The auditors, Armstrong Walson Audit Limrted. have indicated their wllingness to continue in office. The designate(l Trustees will propose a motion reappointing the auditors al a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Mls$ L D 8ennett Chair of Trustees Date.. I i. ze*+-. Page 8
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Llmited by Guarantee) INDEPENDEPtr AUDITORS. REPORT TO THE MEMBERS OF THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED Oplnlon We have audited the financial Statements of The Westmorfand County AgrieullL(ral Society Limited Ilhe 'charilable company'l for the year ended 31 October 2023 which comprise the Statement of Financial Activities. the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Financial Reportj'ng Standard 102 The Finanryal Reporting standard applicable in the UK and Republic of Ireland, (United Kingdom Generalty Accepted AOUntIng Practice). In our opinion the financial statements= give a true and fair view of the state of the charitable eompanls affairs as at 31 October 2023 and of ils incoming resources and application of resources. induding rts income and expenditure for the year then ended; have been propedy prepared in accordance United lQngdom Generty Accepted Accounting Practice., and have been prepared in accordance with the qUIrementS of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described in the Audi(ors' responsibilities for the audit of the financial slalemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial slalements in the United Kingdom, including the Finanaal Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audrt evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements. we have condvded that the Trustees. use of the going concern basis of accounting in the preparatson of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individualty or collectively. may cast significant doubt on the charitable companys ability to continue as a going concem for a period of al least e1ve months from when the financial statements are authorised for issue. Our re5pon$ibilities and the responsibilities of the Trustees respect to going concem are described in the relevant sections of this report. Page g
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED {A Company Llmited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WESTMORLAND COUNTY AGRICULTURAL socIErY LIMITED ICONTINUEDI Other information The other information comprises the information induded in the Annual Report other than the financial statements and our Auditors. Report thereon. The Trustees are responsible for the other informab'on contained wlhin the Annual Report. Our opinion on the financial slalemenls does not cover the other information and, except lo the extent otherwise expliady stated in our report. we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other inforrration is materially inconsistent wrth the financial statements or our knoedge obtained in the eourse of the audit, or olherwse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detem)ine whether this gives rise lo a material misstatement in the financial slalernenls themselves. If, based on the work we have perfomied. we conclude that there is a material misstslemenl of this other inforniation. we are required to report that fact. We have nothing lo report in this gard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the auditr. the information given in the Trustees, Report for the finanoal year for which the financial slalements are prepared is consistent with the )Inancial statements. the Trustees, Report has been prepared in aecordance th applicable legaj requiremenls. Matters on vthich we are required to report by exception In the light of our knoedge and understanding of the charÈtable company and ils environment obtained in the course of the audiL we have not identified material misstatements in the Trustees. Report. We have nothing lo report in respect ol the follon9 matters in relab.on to whith Companies kt 2006 requires us to report lo you if, in our opinion". adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us", or the financial slalemenls are not in agreement Wtth the accounting records and retums.. or certain disdosures of Trustees. remuneration specified by law are not made., or we have not received all the infom)alion and explanab'ons we require for our audit.. or the Trustees were not entf(led lo prepare the financial ststements in accordance wth the small companies regime and lake advantage of the small companies. exemptions in preparing the Tnjstees, Report and from the requirement to prepare a Strategic Report. Responsibilities of trustees As explained more fully in the TrLtslees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law} a responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view. and for such inlemal control as the Trusteès determine is necessary to enable the preParatn of finanual Statements that are free from material misstatement, whether due to fraud or error. In preparing the ffnanci81 statements, the Trustees are responsible for assessing the charitable company's ability lo continue as a going concem. disc105ing, as applicable. matters ielaled to going concern and using the going concern basis of accounting unle55 the Trustees either intend lo liquidate the charitable company or lo cease operations, or have no realistic allernabve but to do so. Page10
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Llmlted by Guarantsel INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED {CONTINUED) Audltors, responslbilities for the audit of the financlal ststements Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalement, whether due to fraud or error. and lo issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is nol a guarantee that an audit Conducted in accordance wrth ISAS IUKI will aayS delect a material misslalement when il exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be èxpected lo inlluence the economic decisions of users taken on the basis of these financial stalernents. Irregularities. induding fraud, are instances of nonvcompliance wth laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misslaternenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularitses, induding fraud is detailed below.. Our approach lo ldenkn.l"ng and assessing Ihe risks of material misstalemenl in respect of irregularities, including fraud and nonmplIance with laws and regulations. was a5 follow5: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identrfy or recognise non-compliance wtih applieable laws and regulations,. •we identified the laws and regulations applicable to the company through discussions wth Trustees and other management, and from our commerual knowledge and experience of the sector •we focused on specific laws and regulations which we considered may have a direct material effect on the financial slalements or the operations of the company, such as the Companies Act 2006. laxalion legislation, data protection, anli-bribery, emplwent. environmentsl, health and safety legislation, as well as compliance with government bodies. 'we assessed the extent of compliance wlh the laws and regulations identified above through making enquiries of management and inspecting legal CoeSpOndence., and idenlified laws and regulations were communicated within the audit team regularty and the team remained alert lo instances of non-compliance throughout the audit. We assessed the SUSPtsbIIty of the companys financial statements to material misstatement. induding obtaining an understsnding of how fraud might occur. by. 'making enquirie5 of management as to where they nSIdered there was susceptibilty to fraud, their knowledge of actual, suspected and alleged frdud.. •considering the intemal controls in ptace to miti.gate risks of fraud and nOrcOMplI8nce with laws and regulations.. and "reviewing the key areas of the finanual statements most susceptible lo fraud whilst tailoring our audit plans. To address the risk of fraud through management bias and override of controls, we.. "performed analyiical procedures lo identify any unusual or unexpected relationships. •tested journal entries to identify LFnusual transaction$- Page11
ThE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED IA Company Limitsd by Guarantse} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WESThIORLAND COUNTY AGRICULTURAL SOCIETY LIMITED ICONTINUEDI +assessed whether judgements and assumpb'ons made in determining the accounting estimates, such as the defined benefft pension and investment property valuations were indicative of potential bias., "investigated the rationale behind signfficant or unusual transactions.. and In response to the risk of irregularibes and nOnoMpliance with laws and regulations, we designed procedures which included. but were not limited to-. •agreeing finanual statement disdosures to undertn9 supporting docJJmenlation- "reading the minutes of meetings of those charged yh govemance" •enquiring of management as lo actual and potential libgation and daims- There are inherent limitslions in our audit procedures described above. The more moVed that laws and regulations are from financial tTansa¢tions, the less likely il is that we would become aware of non<ompliance. Auditing standards also limf( the audit procedures required to identify non-compliance with laws and regulations lo enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any. Material mi5slalements that arise due lo fraud can be harder lo delect than those that arise from error as they may involve dgliberale concealment or collusion. Because of the inherent limitations of an audr(. there is a risk that we wll not delect all irregularities, ineluding those leading to a material misstatement in the finanoal ststements or notFcompliance with regulation. This risk increases the more that compliance Trmlh a law or regulation is removed from the events and transactions reflected in the financial slatemenls, as we wll be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregvlarilies oecurrin9 due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilthes for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or -uklaudilorsres onsibilities. This description forms part of our Auditors, Report. Use ofour report This report is made solely lo the charitable companls members, as a body, in accordance wth Chapter 3 of Part 16 of the Companies Aet 2006. Our audit work has been undertaken so that we might slate to the charitable companls members those matters we a quI{ed to state to them in an Auditors, Report and for no other purpose. To the fullest extent pemiitted by law, we do not apt or assume responsibility to anyone other than the charitable company and its members. as a body, for our audrt work, for this report, or for the opinions we have formed. Karen Fia& (Senlor Statutory Auditor} for and on behalf of Amistrong Watson Audit Limited Chartered Accountants & Registered Audriors Carlisle Dale.. 2LF 2)24 Page 12
THE WESTMORLAND COUNTY AGRICULTURAL socIErY LIMITED (A Company Llmltgd by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 OCTOBER 2023 Unrestricted funds 2023 Restrlcted fund5 2023 Total funds 2023 Total fvnds 2022 Note Income from: Donations and legacies Charitable a¢tivitses Other trading actNities Investments 34.837 687,039 96,300 53.452 34.837 742.592 96,300 53.452 27,586 678,607 96,796 49,019 55,553 Totsl Income 871,628 55.553 927,181 852,008 Expendtture on: Raising funds Charitable activities 60,374 904.4TI 60.374 960.030 70.170 875.341 55.553 Total expendlture 964.851 55.553 1.020.404 945,571 Net expendlture before net losses on investments {93.2231 (43.331} 193.2231 143.3311 193,503) (278,898) Nel losses on inveslmenls Net movement In fund$ before other recognised gain$ (136.554} 1136.SS41 1372,401) other recognlsed galns: Gains on revaluation of investment property 140,000 Net movement In funds (136,5541 1136,$541 (232,407) Reconclliation of funds: Total funds brought forward Net movement in funds 4.471,368 1136.5541 4.471.368 1136.$541 4, 703, 769 (232,401) Total funds carrled forward 4,334,814 4.334.814 4,471,368 The Ststemenl of Financial Activities indudes 811 gains and losses recognised in the year. The notes on pages 1610 33 fom) part of these financial statements. Page13
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED IA Company Llmited by Guarantee} REGISTERED NUMBER: 0314632S BALANCE SHEET AS AT 31 OCTOBER 2023 2023 2022 Note Fixed assets Tangible assets Investments Investment propety 14 2.195,272 1.90S,120 343,619 2, 14t,613 1,985,962 343,619 16 4,444,011 4,471, 194 Current assets Debtors Investments Cash al bank and in hand 17 48,969 22.574 121.910 194,043 17,479 257, 181 18 193A53 468,703 Creditors.. amounts falling dLEe within one year 19 {250,150) f370,523) Net current liabllltles l assets {56.8971 98,180 Total assets 10$$ current liabilitl8s 4,387.314 4,569,374 Credilor5.' amounts falling due after more than one year 20 152.$001 (98,006) Net assets excluding pen$lon asset 4,334.814 4,471.368 Total net assets 4334.814 4,471,368 Charlty funds Reslricled funds Unreslflcted funds Designated fvnds General funds 22 22 534.804 3.800.010 577.404 3,893,964 Totsl unrestricted funds 22 4334.814 4,471,368 Total funds 4,334,814 4,471,368 Page 14
THE WESTMORLAND COUNTY AGRICULTURAL SOCIEfY UMITED IA Company Lirnited by Guarantee) REGISTERED NUMBER: 03146325 BALANCE SHEEf (CONTINUED} AS AT 31 OCTOBER 2023 The Tnjslees aCknOedge their responsibilitres for comptysng with the requirements of the Act with respect lo accounting records and pparatIOn of financial Statements. The financi81 statements have been prepared in accordance the provisions applicable to entsties subject lo the small wmpanies regime. The financ¢al ststemenls were approved and authorised for issue by the Trustees and signed on their behalf by.. Iss L D Bennett Chair of Trustees Dale.. I l. L. iow+- . Mr M H Robinson Trustee The notes on pages 16 to 33 form part of these financial ststements. Page15
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED {A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 General infomiatlon Weslmorland County Agricullural Society is a company limited by guarantee, incorporated in England and Wales. The address of the regisleied office and principal place of business is Lane Fami, Crooklands. Milnthorpe, Cumbria, LA7 7NH. The members of the company are the Trustees named on page 1. The principal aclivty of the company is the promoliork and impmemenl of agriculture, h0cultUre and other rural activities. These finanual statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates. Accounting pollcles 2.1 Basis of preparation of financial statements The financial statements have been ppared in accordante wth the Charities SORP {FRS 1021 Accounting and Reporting by Charilie5'. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporbng Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Westmorland County Agricultural Soaety Limited meets the definthon of a public benefit entity LFnder FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value nless olherwse stated in the relevant accounting policy. 2.2 Going conc8m The Trustees are satisfied that the going nCern basis is appropriate for the preparation of the finanual statements for a period beyond 12 months from the dale of signing the accounts due lo the net asset position of the company and the availabilty of sufficient cash reserves lo meet liabilies as they fall due. Page16
THE WESTMORLANO coupiry AGRICULTURAL SOCIETY UMITED (A Company Umlted by Guardntee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting policies {continued) 2.3 Income Charitable trading activities Income is recognised lo the extent that it is probable that the economic benefits wll llow to the charity and the income can be reliably measured. Income is measured as the fair value of the consideration recewed or receivable, excluding discounts, rebales and value added lax. Donattons and grants Income from donatn$ and grants. indvding Capital grants. is induded in incoming resources when these are receivable. except as followE'. When donofs specify that donations and grants given to the charity must be used in future accounting periods, the income is deferred until those periods. When donors impose conditions which have to be fulfilled before the charity becomes entitled lo use such income, the income 15 deferred and not induded in incoming resources until the Pre-conditions for use have been met. Ail inrne is recognised once the Charitable Company has entiuemenl to the income, il is probable that the income wll be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of Financial Activities on 8 receivable basis. The balance of income received foT specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. whe income is received in advance of enliuemenl of receipt, its recognition is deferred and induded in creditors as deferred income. Where entiuemenl occurs before income is received, the income is accrued. Income lax recoverable in relation to investment inrne is recognised al the time the investment income is re1Vable. Other income is recognised in the period in which it is receivable and to the extent the goods have been piovided or on completion of the service. Page 17
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED {A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting policie$ Icontinuedl 2.4 Expenditure Expenditure is recognised once there is a legal or construttive obligation to transfer economic benefit to a third paty. il is probable that 8 transfer of economic benefits wll be required in settlement and the amount of the obligats.on ¢an be measured reliably. Expenditure is dassified by aclivily. The costs of &ach activity are made up of the total of direct costs and shared eosls, including support costs involved in undertaking each activity. Direct costs attn"butsble lo a single activity are allocated directly lo that aclivty. Shared costs whieh contribute lo more than one activity and support costs which are not attributsble to a single activrty are apporboned between those adivilies on a basis consistent with the use of resources. Central stsff costs are allocated on the basis of time spent, and depreciation harges allocated on the portion of the asseys use. Expenditu on raising funds includes all expenditure incufred by the Charitable Company lo raise funds for ils charitable purposes and indudes costs of all fundraising activities events and non- charitsble trading. Expenditure on charitsble activities is incurred on directy undertaking the activities which further the Charitable Companys objectives. as well as any as50cialed support costs. All expenditure is indusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is induded when re1vable and the amount can be measured reliably by the ChaTilable Company.. this is nomally upon notificab.on of the interest paid or payable by the insbtirtion wth whom the funds are deposited. 2.6 Taxatlon The Charitable Company is considered lo pass the tests set out in Paragraph 1 Schedule 8 of the Finance Aci 2010 and therefore it meets the definits.on of a charitable company for UK corporab'on lax purposes. Accordingly. the Charitable Company is potentially exempt from laxatson in respect of ineome or Capital gains reeeived within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains 1992. to the extent that such income or gains are applied exclusively to charitable purposes. 2.7 Intanglble assgts and 8mortlsation Intangible assets costing £250 or more are c8pilalised and recognised when future economi benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are Initial recognised al cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisalion and any accumulated impairment losses. Amortisation is provided on intangible assets at rates calculated lo write off the cost of each asset on a straighl-line basis over its expected useful life. Amoitisation is provided on the followng basis.. Website 33 % straight line Page 18
THE WESTMORLAND COUNTY AGRICULTURAL SOCIEfY LIMITED (A Company Llmlted by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 A¢counUng pollcles {contlnuedl 2.8 Tangible fixed assets and depreciatlon Tan9ible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are inibalty recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Al costs incurred lo bring a tangible fixed asset into its intended workn'ng condition should be included in the measurement of cost. Investment properties are valued al open market value at the balance sheet date. This valuation is at Trusteees, estimate as they do nol believe that the expense of a professional valuation is in the interests of the members. Depreciation is charged so as to ollocate the cost of tangible fixed assets less their residual value over their estimated usefvl lives, Depreciation is provided on the foll0vng bases.. Freehold property Plant and machinery Motor vehides Fixtures and fitting5 Office equipment 10-50 years straight line 20% straight line 25% straight line 20% straight line 20% straight line Additional assets depreciated are Roads al 20% straight line. 2.9 Investments Fixed asset investments are a fonn of financial instrvmenl and are initially recognised al theiT transaction cost and subsequently measured at fair value at the Balance Sheet dale. unless the value cannot be measured reliably in which case rt is measured al cost less impairment. Investment gains and losses, whether realised or unrealised. are combined and piesenled as 'GainsllLossesl on investments, in the Statement of Financial Activitses. 2.10 Debtors Trade and other debtors are recognised at the 5etdement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.11 Cash at bank and in hand Cash at bank and in hand indude$ sh and short-term highly liquid investments with a short malurily of three months or less from the dale of acquisition or opening of the deposit or similar account. Page 19
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting pollcies (continued} 2.12 Liabilltles and provislons Liabilities are recognised whell the is an obligation at the Balance Sheet date as a result of a past event, il is probable that a transfer of economic benefft wll be required in settlement. and the amount of the seWemenl can be estimated reliably. Liabilities ale recognised at the amount that the Charitable Company anticipates l( will pay lo setue the debt or the amount rt has received as advanced payrnenls for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where Ihe effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pr&lax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financtal Activities as a finance cost. 2.13 Financial instruments The Charitable Company only has financial assets and finanual liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.14 Pen$ion$ The Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company to the fvnd in Yespecl of the year. 2.15 Fund a¢countlng General funds are unrestricled funds %thich are available for use al the discretion of the Trustees in furtherance of the general ofy"ectNes of the Charitable Company and which have not been designated for other purposes. Designated funds comprise unrestricted fvnds that have been sel aside by the TTuslees for particular purposes. The aim and use of each designated fund is sel out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance wth spec¢fic restrictions imposed by donors or which have been raised by the Charttable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial slalements. Investment income. gains and tosses are allocated to the appropriate fund. Page 20
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Critlcal accounting esllmat8$ and areas of judgment Eslimales and judgments are continualty evaluated and are based on hi5torieal experience and other factors, induding expectations of future events that are believed to be reasonable under the circumstances. Criti1 accounting estimates and assumptions.. The Charltable Company makes estimate5 and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definib"on. seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment lo the carrwng arnount5 of a55et5 and liabilib.es wrthin the next finawal year are discussed below. Critical areas of judgment.. Estsblishing useftjl economic lives for deprecialion purposes of propety, plant and equipment The annual depreciation charge depends primarily on the eslimaled useful economic lives of each type of asset and eslimales of re5idu81 values. The Trusteees regularly review these assets useful economic lives and change them as necessary lo reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concemed. Changes in a5sel useful lives can have a significant impact on depreciab.on charges for the period. Detsils of the depre¢iation policies based on estimated useful economic lives are included in accounting policies. Incorne from donallons and legacies Unrestricted funds 2023 Total funds 2023 Total funds 2022 Membership subscriptsons 34,837 34.837 27,586 Total 2022 27,586 27,586 Income from eharitsble activit¥es Unrestrfcted Restrfcted fund5 funds 2023 2023 Totsl funds 2023 Total funds 2022 Charitable income 687,039 55,553 742,592 678,607 Total 2022 632. 143 46,464 678,607 Page 21
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Analysis of Charitable Income Unrestricted Re$trlcted funds funds 2023 2023 Totsl funds 2023 Total funds 2022 Show income Room and office hi Training income Other income 613.778 1,431 38,686 33,144 613.778 1,431 38,686 88.697 544,841 16, 7S7 48.619 68.380 55,553 687.039 55.553 742,S92 678,607 Total 2022 632, 143 46,464 678,607 Income from other trading activities Income from non charltable tradlng aetivllles Unrestricted funds 2023 Total funds 2023 Total funds 2022 Grazing. land letbng and room hire 96.300 96.300 96.796 Total 2022 96, 796 96,796 Investment Income Unrestricted funds 2023 Total funds 2023 Total funds 2022 Investment income Bank interest recewed 53,191 261 63,191 261 48,837 182 53,452 53,452 49,019 Total 2022 49,019 49,Ot9 Page 22
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED (A Company Llmited by Guardntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Analysis of expenditure on chaTitable actlvltles Summary by fund type Unrestricted Restrlcted funds funds 2023 2023 Totsl 2023 Total 2022 County Show Country Fest Show Non-show expendf(ure Depreciation 403.963 48.076 390,216 62.222 403.963 48,076 445,769 62,222 374,803 52,623 389,991 57.924 55.553 9D4.477 55,553 960,030 875,341 Total 2022 875.341 875,341 10. Anatysis of expenditure by actlvllles Activities undertaken dlrectly 2023 Total funds 2023 Total fvnds 2022 County Show County Fest Show Non-show expenditure Depreciation 403,963 48,076 445,769 62,222 403,963 48,076 44S,769 62.222 374,803 52,623 389,991 57.924 960.030 960.030 875,341 Tot812022 875,341 875,341 Page 23
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 11. Auditors. remungration 2023 2022 Fees payable to the Charitable Companls audttor for the audit of the Charitable Companls annual accounts Fees payable lo the Charitable Companls auditor in respect of.. All non-audil services not included above 14,325 12,000 2.500 12. Staff costs 2023 2022 Wages and salaries Social securty costs Contribution to defined contribution pension schemes 193,279 5.218 1.678 171, 167 11,390 3,62T 200.175 186. 184 The average number of persons employed ty the Charitable Company during the year was as follows" 2023 No. 2022 No. Ernployees No employee received remuneration amounting to more than £60.000 in erther year. Trustees ceiVed remuneration in the year lolalling £8,865 12022. £8,571). in respect of setting up events. No Trustee received remuneratson in respect of their duty as a Trustee. Remuneration lo key management personnel who were the Chief Executive, Interim Chief Executive and Trustees lolalled £111,67912022, £63,292}. Induded within payToII costs are pension costs payable by the Society amounting lo £3,355 12022, £3,627). No amounts were outstanding al the year end date {2022, £Nil}. During the year payTrents were made to the follong indiwduals due to the officer roles that are undertaken Miss L D Bennett Mr M H Robinson Mr P Duckett Mr D Fell 1.400 650 1,000 750 Page 24
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Llmlted by Guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 13. Intsngible assets Website Cost Al 1 November 2022 9,042 Al 31 Octobei 2023 9.042 Amortisation Al 1 November 2022 9,042 Al 31 October 2023 9,042 Ngt book value At 31 October 2023 At 31 October2022 Page 25
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 14. Tangible fixed assets Freehold Plant and property machinery Motor Flxtures Office vehicles and frttings equipment Total Cost or valuation Al 1 November 2022 Additions Disposals 2.938.722 42.803 299.518 77.085 118.5001 16.228 36.761 13.175 3,304,404 119,888 118.$00} Al 31 Oetober 2023 2.981,525 358.103 16.228 36.761 13.175 3,405,792 Depreclation Al 1 Novembei 2022 Charge for the year On disposals 847.242 42.833 253.S48 18.907 114.4921 16.228 36.278 9.494 1.162,790 62,222 114,4921 At 31 October 2023 890.07S 257,963 16.228 36.760 9.494 1,210,520 Net book value Al 31 October 2023 2.091.450 100.140 3.681 2,195,272 At 31 October2022 2.091,480 45.970 483 3,681 2, 141,614 15. Investment property Freehold investment property Valuatlon At 1 November 2022 343,619 At 31 October 2023 343,619 The investment propety was transferred on 1 June 2005 at historical cost. The Trustees have considered the valuation of the investment pfopety at the year end dale and believe the year end valuation lo be appropriate as open market value. Page 26
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Flx¢d asset Investments Llsted investments B4RN investment Total Cost or valuation At 1 November 2022 Additions Disposals Revaluations 1.985,962 337,915 {372.663} 149.694} 3,600 1,989,562 337,91 S 1372,6631 {49,6941 At 31 October 2023 1.901.520 3.600 1,905.120 17. Debtors 2023 2022 Du¢ wlthln one year Trade debtors Other debtors Prepayments and accrued income 36,630 4,202 8.137 66,781 28,319 98,943 48.969 194,043 18. Current asset investments 2023 2022 Rathbones investments 22,574 17,479 Page 27
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 19. Creditors: Amounts falling due within one year 2023 2022 Bank loans Trade creditors Other tsxation and swal security Funds held as custodian Accruals and deferred income 46,669 93.124 47,440 131,375 4, 729 110,979 76,000 78.928 31.429 2SO.1S0 370,523 The bank loan is secured by a legal charge on land at Deepthwaite. Crooklands. In July 2020 the Society undert¢xsk a C8ILS loan of £150.000 on a variable interest rate for a repayment term of 6 years. No interest was payable in the first 12 months wth repayments commeneing In July 2021. The loan is one of the Govemmenl backed schemes as a resurt of the COVID pandemic to support business regeneration in the fuiure. No amounts are falling due after 5 years vAthin notes 18 or 19. 20. Creditors: Amounts falllng due after more than one year 2023 2022 Bank108ns 52.600 98,006 21. Financial Instruments 2023 2022 Flnanclal assets Financial assets measured at fair value through income and expenditure 144,484 274,660 Page 28
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED (A Cornpany Llrnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 22. Statement of funds Statement of funds- current year Balance at 1 Novernber 2022 Balance at Gainsl 31 October {Lossesl 2023 In¢omg Expendtturp Unrestrlcted funds Deslgnated funds Chris Lambert Bursary Fund Farm and Food Business Development and Resource Centre Revaluation Fund- Investments Revaluation Fund- Investsnent propety 70.694 3.361 (2.1041 71,995 12.289 15161 11,773 354.421 143,3851 311.038 140,000 140.000 577.404 3.351 {2,620} 143,3311 534.804 General funds General Funds- all funds 3,893.964 868.277 1962.2311 3,800,010 Totsl Unrestri¢ted funds 4.471.368 871.628 1964.851} 143.331} 4.334.814 Restrlcted funds Countryside Stewardship 56.653 155,553} Total of funds 4.471.368 927.181 (1,020,404) 143,3311 4,334,814 Page 29
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Limlted by Guardnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 22. Stat•ment of funds Icontlnued} Statement ot funds - prior year Balance at l November 2021 Balanc8 at Gainw 31 October (Losses) 2022 Income Expenditure Unre$trlcted funds Designated funds Chris Lambert Bursary Fund Farm and Food Business Development and Resource Centre Revaluation Fund- Investments Revaluation Fund- Investment propety 68.403 2.765 (474) 70,694 12.805 (516J 12,289 814,271 (459,850) 354,421 140.000 140,000 895.479 2,765 (516) (320,324) 577,404 General funds General Funds- all funds 3.808, 650 849.243 (944,995) 181,066 3,893,964 Total Unrestrfcted funds 4, 704, 129 852,008 (945,511) {139,258) 4,471,368 Rèstricted funds Countryside Stewardship 46,464 (46,464J Total of funds 4.704. 129 898,472 f991,975) (139,258J 4,47t,368 Page 30
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED {A Company Llmtted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 23. Summary of funds Summary offunds-current year 8alance at 1 November 2022 Balance at Gain 31 Octobar ILo55esl 2023 Income Expenditure Designated funds General funds Restricted funds 677.404 3.893.964 3.351 868,277 65.563 {2,6201 (962,231) 155,553} 143,3311 534,804 3,800,010 4,471.368 927,181 11,020,404) (43,3311 4,334,814 Summary offund$- prioryear Balance at l November 2021 Balanc8 at Gainw 31 October (Losses) 2022 Income Expenditur8 Designated lunds General lunds Restricted funds 895.479 3.808.650 2.765 849,243 46,464 (516) (944,995) (46,464) (320.324) 181.066 577,404 3.893,964 4. 704, 129 898,472 (991,975) (139,258) 4,471,368 In Tecognition of all Mr Lambejts efforts, particulady his wllingness and support in helping others, the Society set up The Chris Lambert Bursary Fund. The fund has received additional monies from the Lunesdale Agricultural So¢iety, Burton. Milnlhorpe and Camforth Agricultural Society and Sedbergh NFU. The fund makes awards to successful applicants. The aim of the ftjnd is lo encgurage, promote and improve agriculture. horticuAure, allied industry. rural crafts, livestock breeding and forestry conservation and lo encourage agrICuU[e, horticUUre and conservational education 8nd research. The revaluation fund represenL*ed the amount by whith inveslmenl and investment propety exceed their historical cost. The remaining designated funds represent incoming resources. given specifically to provide fixed assets, as reduced over the useful economic life of that asset in line with its depreciation. Page 31
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Analysis of net assets betweén funds Analysls of ngt assets between funds - current year Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Trade investments Investment propety Current assets Creditors due wlhin one year Creditors due in more than one year 2.195,272 1.901,520 3,600 343,619 193,453 {250,1501 152,500) 2.195,272 1.901,520 3,600 343,619 193,453 1260.150} 162.5001 Total 4.334,814 4,334,814 Analysi$ of net ass9ts between funds - prfor year UnStrict&d funds 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Trade investments Investment propety Current assets Creditors due wthin one year Creditors due in more than one year 2. 141,614 1.982,362 3,600 343,619 468, 703 (370,523) (98,006J 2. 941.674 1.982,362 3,600 343, 619 468, 703 (370,523) (98,006) Totsl 4,471,369 4,471,369 Page 32
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 26. Operating lease commttiTrents Al 31 October 2023 the Charitable Company had commitments lo make future minimum lease payments under nors-cancellable operth.ng leases as follows." 2023 2022 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 3,200 1.297 2, 707 10.803 13,431 4,497 26,935 26. R¢lated party transactlons During the pertod the followng trustees were invoiced by the Charitable company lor grazing and other fees". - 2023 2022 Miss L D Bennett Mr J C Mason Mr D Marb"n 237 25 25 Mr l K Grisedale Mr M H Robinson Mr N J Sowerby 3.253 25 13 3,578 These fees were charged on an arms length basis. Other Iransaclions wth trustees".- Expenditure in relation lo charÈtable activrties of £323 was paid to Mr D R Galbraith. During the year. the outgoing Chief Executive, Interim Chief Executive and two of the Trustees weres reimbursed for costs and expenses which We incurred on behalf of the Society, that had been paid for privately. Page 33