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 GrOV￿n9 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 re￿rd 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 u￿radeS 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. aCtiv￿e$ 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 Westsn0￿and 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 a￿Unting 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 so￿ety 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 BUc￿eY (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$. The Trustees have also taken legal advice on these matters for
clarification during the year. Remuneration for all staff is reviewed annually by the Board.
f. R&lated party relationships
The Society, through its a￿1VItIes, has a number of transactions ￿ its Trustees and their immediate family
members. These transactions are at arms length and are considered at Board level. The detsils of these
transactions are disd05ed in note 11 to the accounts.
Plans for future periods
The Society is a￿dayS Icrf)king ahead lo the future wrth its plans and evenl$. 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 A￿epted 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 A￿OUntIng
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 Gener￿ty 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 kno￿edge 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 kno￿edge 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 follo￿n9 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 preParat￿n 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 a￿ayS 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 non￿mplIance 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 Co￿eSpOndence., 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 SUS￿PtsbIIty 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 nOr￿cOMplI8nce 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 nOn￿oMpliance with laws and regulations, we designed procedures
which included. but were not limited to-.
•agreeing finanual statement disdosures to undert￿n9 supporting docJJmenlation-
"reading the minutes of meetings of those charged y￿h 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 a￿pt 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 aCknO￿edge their responsibilitres for comptysng with the requirements of the Act with respect lo
accounting records and p￿paratIOn 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, h0￿cultUre 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 p￿pared 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 donat￿n$ 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 in￿rne 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 in￿rne is recognised al the time the investment
income is re￿1Vable.
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 r￿e1vable 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 foll0v￿ng 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.
Criti￿1 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 follo￿ng 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 agrICu￿U[e, horticU￿Ure 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
Un￿Strict&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