Registered number: 03146325 Charlty number: 1067224 THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Llmlted by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Armstrongwatson. Accountants, Business & Financial Advisers
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Limited by Guarantee) CONTENTS Page Reference and Adminlstrative Detalls of the Charltable Company, its Trustees and Advisers Chief Executive's Statement Trustees, Report Independent Audltors, Report on the Financial Statements statement of Financial Activltles 10-13 14 Balance Sheet 15-16 Notes to tha Financial Statements 17-34
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2024 Trustees Miss L D Bennett Mrs J M Buckley (resigned 29 February 2024) Mr D Crayston Mr P A Duckett MrDHFell Mr D R Galbraith Mr l K Grisedale (resigned 29 February 2024) Mrs M Kelly Mr D R Martin MrTEPark Mr S Procter Mr M H Robinson Mr M Stott (appointed 29 February 2024) Mr C Geldard lappointed 29 February 2024) Miss J L Holmes (appointed 30 September 2024) Company reglstered number 03146325 Charity registered number 1067224 Reglstered offlce Lane Farm Crooklands Milnthorpe Cumbria LA7 7NH Chief axecutive officer Mrs A Cornthwaile (Appointed 0111112023) Independent audltors Amstrong Watson Audit Limited Chartered Accountants & Registered Auditors James Watson House Montgomery Way Rosehill Carlisle Cumbria CA12UU Solicitors Thomas Hayton Winkley The Rural Law Practice Junction 36 Crooklands Windermere LA7 7FP Page 1
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Limited by Guarantee) CHIEF EXECUTIVE'S STATEMENT FOR THE YEAR ENDED 31 OCTOBER 2024 2024 saw the Society celebrate its 225th Anniversary. Formed in 1799 we are one of the oldest Societies in the country spanning 4 centuries which is a tremendous achievement. We also celebrated 25 years of the Westmorland Food Hall at this yeaff s County Show- with our largesl Food Hall yet and a fantastic line up in our food theatre of demonstrations and discussions, complete with displays featuring photography °through the ages" The show continues to grow each year and, in this special Anniversary Year, we were proud to host not only the Beef Shorthorn National show but also the NFYFC 5 Nalions Stock judging competition, and the All Weights Cumberland and Westmorland Wrestling World Championship. Our Pig section competed on both days for the first time and we were delighted to welcome our Poultry section back to the show. Fantastic entry numbers across all sections and a bumper Grand Parade completed an excellent 2 days - even the weather behavedl The Sun shone on Country Fest once again with high visitor numbers across both days. Visitors enjoyed music and dance displays, vintage vehicles and arena demonstrations which included Super Spaniels and Shetland Pony racing and the Rare Breed Young Handler classes were as popular as ever. Excellent Dog and Terrier shows, Kite flying, Circus skills and Giant tortoises provided entertainment for all. There was vast selection of Shopping opportunities and great entries to the baking and craft competitions. The Discover farming and Pets corner marquees provided excellent opportunities for Countryside education and were well attended throughout. In addition to our Shows we also hosted other competitions over the year Our Silage competition was as popular as ever, as was the Annual YFC Stock judging competition held in April seeing competitors travel from across Cumbria and Yorkshire to compete. June was our Bi-annual Open Farm Days event, kindly hosted by the Mason Family at Heaves farm. A hugely rewarding event with over 1600 school children attending across the two days with the Society covering 811 transport costs to make this possible. Pupils were shown a range of activities such as milk production, sheep shearing and egg grading and some were lucky enough to see a catf being born. Thank you, cards, collages and poems were sent from schools after the event and displayed in our Learning for Life Marquee at the County Show - a great opportunity to showcase the Societys work to our show visitors. Our Farm to Fork roadshow was also out and about throughout the summer at events in both Town and Country - once again proving an excellent way to interact with and teach people about agriculture. In line with our charitable aims the Society supported scholars to attend the Oxford Farming Conference in January and a scholar to attend the 30th Royal Agricultural Society of the Commonwealth Conference in Edinburgh in June. Excellent feedback was received from all. The show field was once again busy throughout the summer with regular events such as Total Retro, Wheels Up North and the Lune Valley Dog training groups. Red Rose Scouts returned in August - bringing 1000's of young people to the area to experience a huge variety of activities, many supporting rural life and the Countryside. Our horse fields were also in use from April to September. Infrastructure improvements continued on the show field with new storage sheds erected, thanks to the Social Committee for their contribution to these. The Social Committee organised t0 events throughout the year- a gin tasting evening in April and Shindig in the Shed in August - both events were well attended bringing members young and old together whilst raising funds for charity. The Presidents BBQ, also held in August was another great event- held at Hubbersty Head by kind permission of our President, Mrs Claire Hensman CVO, A BBQ, Games and Raffle helped raise over a £1,000 to Claire's chosen Charity- Bendrigg Trust. Page 2
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Limited by Guarantee) CHIEF EXECUTIVE'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 On behalf of the Society I would like to thank our members, staff, volunteers and all those involved with our many activities throughout the year. The promotion of agriculture and education about the food we eat remains as prevalent as ever. It is through the support we receive from you all that we are able to continue to do this. ,oLo¢k6 Angela Cornthwaitè Chief Executive Date: Page 3
THE WESTMORLAND COUNf( AGRICULTURAL SOCIE LIMITED (A Company Llmlted by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 The Trustees present their annual report together with the audited financial statements of the Charitable Company for the year 1 November 2023 to 31 October 2024. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requir8ments, the requirements of the charitable company's governing document and the provisions of the Statement of R6commended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS102) (effective 1 January 2019). sin the Charitable Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objoctives and actlvltles a. Pollcles and objoctlves The objectives of the charity are to promote and improve agriculture, horticulture, allied industries, rural crafts, the breeding of livestock, forestry and conservation and in particular in the county of Westmorfand and those parts of adjoining counties which are within a fifty five mile radius of Lane Farm, Crooklands, Milnthorpe, Cumbria. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charily (PB2)'. b. Strategles for achleving Objectives The Society holds a number of regular annual events highlighted in the Chief Executive's report which aim to achieve these objectives. The Trustees meet regularly to review the success of these strategies in achieving our objectives and are pro-active in making any changes to improve the success. c. Actlvltles undertaken to achleve obJectlves A full review of the Society's activities and new developments throughout the year are included in the attached Chief Executive's annual report d. Maln actlvltles undertaken to further the Charltabl8 Company's purposes for the publlc beneflt The Trustees confirm they have referred to and abided by the guidance contained in the Charity Commission, general guidance on Public Benefit when reviewing the Societies activities and planning for the future. The Trustees believe that through the Westmorland County Show, County 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 enjoyment of it's events, engagement with the public and educational opportunities provided. Achievements and performance Page 4
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Achlevements and performance (contlnued) a. Main achievements of the Charitable Company The Society held a number of event5 over the 12 months, all of which delivered in our objectives of promoting and improving agriculture. Country Fest and The We5tmorland County Show saw excellent visitor attendance and engagement in all areas. Our Learning for life Marquee had many new entrants and was an excellent showcase for Schools but also far a variety of businesses encouraging learning with an agricuRural bias. Our aim for the farm open Days, was to reach schools from an urban as well as rural locality, something that was achieved with new Schools Irom Barrow and Lancaster attending. forging new links with the intention of our Rural links team being able to work with these schools more closely in the future. The use of targeted social media marketing also supported this. b. Key performance Indicators Country F8St and The Westmorland County Show 2024 were both extremely successful financially with increased attendance and an array of positive feedback and comments from visitors, traders and exhibilors. In addition, our Rural Links workshops and visils were very well received by the schools, farms and organisations involved. Entries in the competitions the Society hosts including Young Farmers Stock Judging and Silage competition continue lo increase and while much of our success cannot be measured statistically the Trustees are salisfied that overall the indications are that the Society is continuing to develcp and prosper. c. Review of activities The Society's activities for the year are included in the Chief Executive's report. Following Country Fest and the Show, Questionnaire feedback was obtsined from visitors which was then used to form part of the de-brief meeting following both events. Feedback is also obtained from Committee members, Office team and Stewards from these events and the Farm Open Day lo ensure that all areas are reviewed with learning taken foNard to future events, The Charitable Aims and Objectives were further embedded through the 5 year seminar and are continuing to be as the 5 year plan is discussed and implemented to ensure that all activities are directly supporting these aims. d. Investment policy and performance The Trustee5 have approved an investment policy that aims to maintain the real value of capital and income whilst achieving a favourable retum. Restrictions are in place that assist the charity in minimising its risk. During the year, the investments generated income of £54,732 for the Society. Movement in the value of the investments at the year-end date resulted in unrealised gains of £214,585. The Trustees are satisfied with this year's performance of the investments. The investment strategy is reviewed annually by the Trustees who also received regular reports from the investment manager as to the portfolio's performance. Flnanclal revlew a. Golng concern After making appropriate enquiries, the Trustees have a reasonable expectation 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 concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 5
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Llmlted by Guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 OCTOBER 2024 b. Reserves policy It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charty, at a level which equates to approximately years, costs for the annual show. This provides sufficient funds to cover management, administration and support costs in the event of adverse conditions beyond the Socievs Control. Unrestricted funds were maintained at this level throughout the year. In addition, income generating investments are being maintained to permit the Sociely to fund the activities it decides to pursue in accordance with the charitable purpose. c. Material investments policy The Trustees have approved an investment policy that aims to maintain the real value of capital and income whilst achieving a favourable return, Restrictions are in place to assist in the Trustees and Charity minimising its risks. d. Prlnclpal rlsks and uneertalntles The Trustees have carried out a risk assessment of operational risks associated with the Charity and its activities. This review is ongoing and involves identifying and prioritising the risks in terms of likelihood and potential impact plus means of mitigating th8 risks. This review covers all aspects of the Charity including current internal controls. e. Financial risk management objectlves and policies The Trustees have carried out a risk assessment of financial risks associated with the Charity and its activities. This review is ongoing and involves identifying and prioritising the risks in terms of likelihood and potential impact plus means of mitigating the risks. This review covers all aspects of the Charity including current internal controls. Structure, governance and management a. Constitution The Westmorland County Agricultural Society Limit8d is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. b. Methods of appointmant or •lactlon of Trustees The management of the Charitable Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum ofAssociation. Page 6
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Limlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Structure, governance and management (contlnued) c. Oryanisational structure and declslon-maklng pollcles The Members of the Board of Trustees, who are Directors, for th8 purpose of Company Law and Trustees for the purpose of Charity Law, who served during the year and up until the date of this report are set out in the legal and administrative infonnation set out on page 1. The Trustees who served the charity during the period were as follows.. Miss L D Bennett Mrs J Buckley (resigned 2910212024) Mr D Crayston Mr P A Duckett MrDHFell Mr D R Galbraith Mr l K Grisedale (resigned 2910212024) Mrs M Kelly Mr D R Martin MrTEPark Mr S Procter Mr M H Robinson Mr M Stott (appointed 2910212024) Mr C Geldard (appointed 2910212024) Miss J L Holmes (appointed 3010912024) The new Chief Executive was appointed on 1 November 2023. d. Pollcles adopted for the induction and trainlng of Trustees All trustees are familiar with the work of the Charity and attend regular Board meetings. New Trustees are briefed on their role, legal obligation in relation to the Memorandum of Articles of Association, Charity and Company Law and also given a Trustee Information Pack from the Charity Commission. All are encourage to attend any relevant external training events as appropriate. e. Pay pollcy for key management personnel The Directors consider that the Board of Direclors, who are the charitys Trustees, and the senior staff comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. All Directors give of their tlhie 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 accounts. The Trustees have also taken legal advice on these matters for clarification during the prior year. Remuneration for all staff is reviewed annually by the Board. f. Related party relatlonshlps The Society, through its activities, has a number of transactions with its Trustees and their immediale family members. These transactions are at arms length and are considered at Board level. The details of these transactions are disclosed in note 11 to the accounts. Page 7
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED {A Company Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Plans for future perlods The Society is always looking ahead to the future with its plans and evenls. A recent seminar entitled Changing Times - Looking to The Future to which all members of the Board of Trustees, Management Committee, Staff and Chief Stewards were invited highlighted a number of priorities for the future. These included developing the 2 day show format, encouraging the next generation and expanding our educational offering. The discussions and conclusions reached will form the basis for the Society's future planning strategy. Statement of Trustees, responslbllitles The Trustees {who are also the directors of the Charitable Company for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom GenerallyAccepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of its incoming resources and application of resources, including its income and expendilure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102} have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charitable Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions and disclose with reasonable a¢curacy al any time the financial position of the Charitable Company and enable them to ensure Ihal the financial statements comply with the Companies Act 2006. 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 irregularities. Disclosure of information to auditors Each of the persons who are Trustees at the lime when this Trustees, Report is approved has confirmed that-. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be awar8 of any relevant audit information and to establish that the chariws auditors are aware of that infomation. Audltors The auditors, Armstrong Watson Audit Limited, have indicated their willingness to continu8 in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Page 8
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Mr M H Robinson Chair of Trustees Date.. Page 9
THE WESTMORLAND COUNTY AGRICULTURAL SOCIE LIMITED (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED Oplrtlon We have audited the financial statements of The Westmorland County Agricultural Society Limited (the 'charitable company,) for the year ended 31 October 2024 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 that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable companys affairs as at 31 October 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then 8nded,' have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing {UK) IISAS {UK}) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable cornpany in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to going concern In auditing the financial statements, we have conduded that the Trustees, use of the going concern basis of accounting in the preparation 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, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wilh respect to going concern are described in the relevant sections of this report. Page 10
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Llmlted by Guarantse) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (CONTINUED) Other Information The other information comprises the infomation included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information Gontained within the Annual Report. Our OpinOn on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othemise appears to be materially misstated. If we identify such rnalerial inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Gompanles Act 2006 In our opinion, based on the work undertaken in the course of the audit= the infomialion given in the Trustees. Report for the financial year for which the financial statements are prepared is Consistent with the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing lo report in respect of the following matters in relation to which Companies Act 2006 requires us to report to 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 slaternents are not in agreement with the accounting records and retums; or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit-, or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law> are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsibl8 for assessing the charitable company's ability to continue as a going concern, disclosing. as applicable, matters relatecl to going concern and using the going concern basis cf accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page11
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (CONTINUED) Auditors, responsibilities for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to infiuence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wth our responsibilities. outiined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: •the engagement partner ensured that the engagem8nl team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. •we identified the laws and regulations applicable to the Sociely through discussions wth Trustees and other management, and from our commercial 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 statements or the operations of the company, such as the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental, health and safety legislation, as well as compliance with govemment bodies. •we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence,. and 'identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Societys financial statements to material misstatement. including obtaining an understanding of how fraud might occur, by.. 'making enquiries of management as to where they considered ther8 was susceptibilty to fraud, their knowledge of actual, suspected and alleged fraud: •considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and •reviewing the key areas of the financial statements most susceptible to fraud whilst tailoring our audit plans. To address Ihe risk of fraud through management bias and override of controls, we: 'performed analytical procedures to identify any unusual or unexpected relationships., .tested journal entries to identify L5nusual transactions., Page 12
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Llmlted by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (CONTINUED) •assessed whether judgements and assumptions made in determining the accounting estimates, such as the defined benefit pension and investment property valuations were indicative of potential bias- 'investigated the rationale behind significant or unusual transactions,. and In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which induded, but were not limited to.. 'agreeing financial statement disclosures to underlying supporting documentation., •reading the minutes of meetings of those charged with governance- •enquiring of management as to actual and potential litigation and claims., There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, induding those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance, The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misr8pres8ntation. A further descriptlon of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .ukJauditorsres onsibilities. This description forms part of our Auditors, Report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companys members those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report. or for the opinions we have formed. Karen Rae (Senlor Ststutory Audltor) Arnistrong Watson Audlt Llmited Chartered Accountants & Registered Auditors Carlisle Date.. Page 13
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Llmlted by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2024 Unr8Strl¢ted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Other trading activities Investments 73,565 757,990 110,264 55,153 73,585 757,990 110,264 55,153 34,837 742,592 96,300 53,452 Total Incom8 996,972 996,972 927, 181 Expendlture on: Raising funds Charitable activities 79,799 941,060 79,799 941,060 60,374 960,030 Total expenditure 1,020,859 1,020,859 1,020,404 Net expenditure before nel galnslllosses) on Investments (23,8871 214,686 (23,887) 214,586 (93, 223) (43.331) Net gainsl{lossesl on investments Net movement In funds 190,698 190,698 (136,554) Reconciliation of funds: Total funds brought forward Net movement in funds 4,334,814 190,698 4,334,814 190,698 4,471,368 (136,554) Total funds carrled forward 4,S25,512 4,526,812 4,334,814 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 17 to 34 form part of these financial statements. Page 14
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED {A Company Llmited by Guarantee) REGISTERED NUMBER: 03146325 BALANCE SHEET AS AT 31 OCTOBER 2024 2024 2023 Note Fixed assets Tangible assets Investments Investment propety 14 16 15 2,224,022 1,978,573 343,619 2, 195,272 1,905,120 343,619 4,546,214 4,444,011 Current assets Debtors Investments Cash at bank and in hand 17 18 57,570 34,601 145,843 48,969 22,574 121,910 238,014 193,453 Creditors: amounts falling due within one year 19 {236,216) (250, 150) Net current assets I Ilabilites 1,798 (56,697) Total assets less current liabilitie5 4,548,012 4,387,314 Creditors.. amounts falling due after mor8 than one year 20 (22,500) (52,500) Net assets excludlng pension asset 4,525,612 4,334,814 Total net assets 4,525,512 4,334,814 Charlty funds Restricted funds Unrestricted funds 22 Designated funds General funds Revaluation reserve 22 22 223,116 3.862,770 439,627 534,804 3,800,010 Total unrestricted funds 22 4,525,512 4,334,814 Total funds 4,525,512 4,334,814 Page 15
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Limited by Guarantee) REGISTERED NUMBER: 03146325 BALANCE SHEET (CONTINUED) AS AT 31 OCTOBER 2024 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statement5 have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: r M H Robinson Chair of Trustees Date.. MrDHFell Trustee The notes on pages 17 to 34 form part ofthese financial statements. Page 16
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 General infomiation Westmorland County Agricultural Society is a company limited by guarantee, incorporated in England and Wales. The address of the registered office and principal place of business is Lane Farm, Crooklands, Milnthorpe. Cumbria, LA7 7NH. The members of the company are the Trustees named on page 1. The principal activity of the company is the promotion and improvement of agriculture, horticulture and other rural activities. These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates. Accountlng pollcles 2.1 Basls of preparatlon of financlal statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) - Accounting and Reporting by CharÈties.' Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102> (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Westmorland County Agricultural Society Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Going concorn The Trustees are satisfied that the going concern basis is appropriate for the preparation of the rinancial statements for a period beyond 12 monlhs from the date of signing the accounts due to the net asset position of the company and the availability of sufficient cash reserves to meet liabilities as they fall due. Page 17
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting pollcles (continued) 2.3 Income Charitable trading actlvities Income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the income can be reliably measured. Income is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Donations and grants Income from donations and grants, inoluding capital grants, is included in in¢¢ming resources when these are receivable, except as follows.. When donors 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 Ihe charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the pre-conditions for use have been met. All income is re¢ogni5ed once the Charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Granls are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and ID the extent the goods have been provided or on completion of the service. Page18
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies (continued) 2.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a Ihird party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs which contribute to rnore than one activity and 5UPPOrt costs which are not attributable to a single activity are apportioned bee@n those activities on a basis consistent with the use of resources. Central staff costs are allocated on Ihe basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charitable Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non- charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitable Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable Company,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Taxatlon The Charitable Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Acl 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charitable Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Sectlon 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 2.7 Intanglblg a8set8 and amortlsatlon Intangible assets costing £250 or more are capitalised and recogni8ed when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulaled impairment losses. Amortisation is provided on intangible assets at rates calwlated to write off the cost of each asset on a straight.line basis over its expected useful life. Amortisation is provided on the following basis: Website 33 0/0 Straight line Page 19
THE WESTMORLAND COUNfl AGRICULTURAL SOCIETY LIMITED (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies (continued 2.8 Tangible fixed assets and depreclatlon Tangible fixed assets Costing £250 or more are capitslised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably, Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed ass8ts are measured at Cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Investment properties are valued at open market value at the balance sheet dale. This valuation is at Trustees estimate as they do not believe that the expense of a professional valuation is in the interests of the member8. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the following bases.. Freehold property Plant and machinery Motor vehicles FixLures and fittings Office equipment Roads 5-50 years straight line 200/0-500/0 Straight line 25 % straight line 20 % straight line 200/0 Straight line 20 % straight line 2.9 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the Statement of Financial Activities. 2.10 Debtors Trade and other debtors are recognised at the settlement 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 includes cash and short-temi highly liquid investments with a short maturity of three months or less from the date of a¢quisition or opening of the deposit or similar account. Page 20
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accountlng pollcles (contlnued) 2.12 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Llabilitie5 are recognised at the amount that the Charitsble Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provlde, Provisions are measured at the best estimate of the amounts required to settle the obllgation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.13 Flnanclal Instruments The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their setuement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.14 Penslons The Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company to the fund in respect of the year. 2.15 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements, Restricted funds are funds which are to be used in accordance with Specific restrictions imposed by donors or which have been raised by the Charitable 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 15 set out in the notes to the financial statements. Investment Income, gains and losses are allocated to the appropriate fund. Page 21
THE WESTMORLAND COUN AGRICULTURAL SOCIETY LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 CritlGal accountlng estimates and areas of Judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The Charitable Company make5 estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a mal8rial adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Critical areas of judgment.. Establishing useful economic lives for depreciation purposes of property, plant and equipment The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The Trustees regularly review these assets useful economic lives and change them as necessary to reflect current thinking on remaining lives in lighl of prospective economic ulilisalion and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation charges for the period. Details of the depreciation policies based on estimated useful economic lives are included in accounting policies. Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations Membership subscriptions 39,750 33,815 39,750 33,815 34,837 73,565 73,56S 34,837 Total 2023 34,837 34,837 Income from charftable activities Unrestrlcted Restrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Charitable income 757,990 757,990 742, 592 Total 2023 687,039 55, 553 742,592 Page 22
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Analysis of charitable income Unrestrlcted Restrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Show income Room and office hire Training income Other income 681,203 1,924 46,253 28,610 681,203 1,924 46,253 28,610 613,778 1,431 38,686 88,697 757,990 757,990 742, 592 Total 2023 687,039 55, 553 742,592 Income from other trading actlvities Income from non charltable tradlng activlties Unrestricted funds 2024 Total funds 2024 Total runds 2023 Grazing, land letting and room hire 110,264 110,264 96,300 Total 2023 96,300 96,300 Inv•$tment Income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment income Bank interest received 54,732 421 54,732 421 53,191 261 55,153 55,1S3 53,452 Total 2023 53,452 53.452 Page 23
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Analysis of èxp•ndlture on charltable actlvities Summary by fund type Unrestrfcted Restrlcted funds funds 2024 2024 Total 2024 Total 2023 County Show Country Fest Show Non-show expenditure Depreciation 431,384 54,552 380,485 74,639 431,384 54,562 380,485 74,639 403, 963 48,076 445, 769 62,222 941,060 941,060 960,030 Total 2023 904,477 55,553 960,030 10. Analysis of expenditure by activities Activities undertaken dlrectly 2024 Total funds 2024 Total funds 2023 County Show Country Fest Show Non-show expenditure Depreciation 431,384 54,552 380,485 74,639 431,384 64,552 380,485 74,639 403, 963 48,076 445, 769 62,222 941,060 941,060 960,030 Total 2023 960,030 960,030 Page 24
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 11. Aud5tors' remuneratlon 2024 2023 Fees payable to the Charitable Company's auditor for the audit of the Charitable Company's annual accounts Fees payable to the Charitable Company's auditor in respect of= All non-audit service5 not included above 17,770 14,325 1,750 2, 500 12. Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 194,553 15,436 4,215 193,279 5,218 1,678 214,203 200, 175 The average number of persons employed by the Charitable Company during the year was as follows.. 2024 No. 2023 No. Employees No employee received remuneration amounting to more than £60,000 in either year. Trustee8 received remuneration in the year totalling £16,456 (2023, £8,865), In respect of setting up events. No Trustee received remuneration in respect of their duty as a Trust8e. Remuneration to key management personnel who were the Chief Executive, Interim Chief Executive and Trustees totalled £106,542 (2023, £111,679). Included within payroll cosls are pension costs payable by the Society amounting to £4,215 (2023. £3,355). Nc amounts were outstanding at the year end date (2023, £Nil). During the year payment8 were made to the following individuals due to the officer roles that are undertaken.. Miss L D Bennett Mr M H Robinson Mr P Ducketi Mr S Procter Mr D Crayston Mr D Galbraith Mr C Geldard Mr M Stott 7,550 1,225 4,650 1,281 556 794 325 75 Page 25
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 13. Intanglble assets Website Cost At 1 November 2023 9,042 At 31 October 2024 9,042 Amortisation At 1 November 2023 9.042 At 31 October 2024 9.042 Net book value At 31 October 2024 At 31 OGtober 2023 Page 26
THE WESTMORLAND COUN AGRICULTURAL SOCIETY LIMITED IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 14. Tangible fixed assets Freehold Plant and property machlnery Motor Flxtures Offlce vehlcles and flttlngs equlpment Total Cost or valuatlon At 1 November 2023 2,981,825 Additions 100,310 Disposals 358,103 11,438 16,228 36,761 13,176 3,405,792 683 112,431 116,228) (16,228) At 31 October 2024 3,081,835 369,541 36,761 13,858 3,501,995 Depreciation At 1 November 2023 Charge for the year On disposals 890,075 47,353 257,963 35,366 16,228 36,760 9,494 1,210,520 961 83,681 (16,228) (16,228) At 31 October 2024 937,428 293,329 36,761 10,455 1,277,973 Net book value At 31 October 2024 2,144,407 76,212 3,403 2,224,022 At 31 October 2023 2,091,450 100, 140 3,681 2, 195,272 15. Investment property Freehold Investment property Valuatlon At 1 November 2023 343,619 At 31 October 2024 343,619 The investment property was transferred on 1 June 2005 at historical cost. The Trustees have considered the valuation of the investment property at the year end date and believe the year end valuation to be appropriate as open market value. Page 27
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 16. Fixed asset investments Listed B4RN Investments investment Total Cost or valuation At 1 November 2023 Additions 1.901,620 28,510 {169,6421 214,686 3,600 1,905,120 28,510 1169,642) 214,585 Disposals Revaluations At 31 October 2024 1.974,973 3,600 1,978,573 17. Debtors 2024 2023 Due wlthln one year Trade debtors Other debtors Prepayments and accrued income 40,171 2,506 14,893 36,630 4,202 8,137 57,570 48,969 18. Current asset Investments 2024 2023 Rathbones investments 34,601 22,574 Page 28
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETh LIMITED (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 19. Credltors: Amounts falllng due wlthln one year 2024 2023 Bank loans Trade creditors Other taxation and social security Funds held as custodian Accruals and deferred income 30,93S 60,940 6,807 94,067 43,467 46,669 93, 124 78,928 31.429 236,216 250,150 The bank loan is secured by a legal charge on land at Deepthwaite, Crooklands. In July 2020 the Society undertook a CBILS loan of £150,000 on a vadable interest rate for a repayment temi of 6 years, No interest was payable in the first 12 months with repayments commencing in July 2021. The loan is on9 of the Govemment backed schemes as a result of the COVID pandemic to support business regeneration in the future. No amounts are falling due after 5 years within notes 18 or 19. 20. Creditors: Amounts falling due after more than one year 2024 2023 Bank loans 22,500 52,500 21. Financial instruments 2024 2023 Financial assets Financial assets measured at fair value through income and expenditure 180,444 144,484 Page 29
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 22. Statement of funds Statement of funds - current year Balance at 1 November 2023 Balance at Gainsl 31 Octobèr (Losses) 2024 Transfers inlout Income Expenditure Unrestrlcted funds Deslgnated funds Chris Lambert Bursary Fund Farm and Food Business Development and Resource Centre Revaluation Fund- Investments Revaluation Fund - Investment property 71,995 3,377 (2,802 (712) 71,858 11,773 {516 11,257 311,036 (S26,333) 215,297 140,000 140,000 534,804 3,377 (3,318) (526,333) 214,585 223,115 General funds General Funds all funds Revaluation resenfe 3,800.010 993,595 11.017,541) 86,706 3,862,770 439,627 439,627 3,800,010 993,595 11,017,541) 526,333 4,302,397 Total Unrestricted funds 4,334,814 996,972 11.020.8S9) 214,585 4,52S,512 In the financial year the Trustees decided to reallocate the revaluation fundfinvestments the from designated funds to general funds. This is movement was completed by a transfer beeen funds. At the year end date the revaluation reserve represents the difference beleen the markel value of the investments and there historical, Page 30
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 22. Statsment of funds (continued) Statement of funds - prior year Balance at l November 2022 Balance at Gain 31 October (Losses) 2023 Income Expendituro Unrestrlcted funds Deslgnated funds Chris Lambert Bursary Fund Farm and Food Business Development and Resource Centre Revaluation Fund - Investments Revaluation Fund - Investment property 70, 694 3,351 (2,104) 71,995 12,289 (516) 11,773 354,421 (43,385) 311,036 140,000 140,000 577.404 3,351 (2, 620) (43, 331) 534,804 General funds General Funds- all funds 3.893,964 868,277 (962, 231) 3,800,010 Total Unrestrlcted funds 4,471,368 871,628 (964, 851) (43, 337) 4,334,814 Restrlcted funds Countryside Stewardship 55, 553 (55, 553) Total of funds 4,471,368 927, 181 (1,020, 404) (43, 331) 4, 334,814 Page 31
THE WESTMORLAND COUN AGRICULTURAL SOCIETY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 23. Summary of funds Summary of funds - current yoar Balance at 1 November 2023 Balance at Galnsl 31 October (Losses) 2024 Transfers inlout Income Expenditure Designated funds General funds 534,804 3,800,010 3,377 993,595 (3,318 11.017,541) (526,3331 526,333 214,585 223.115 4.302.397 4,334,814 996,972 11,020,859) 214,585 4,525.512 Summary of funds - prlor year Balance at l November 2022 Balance at Galn& 31 October (Losses) 2023 Income Exp8nditure Designated funds General funds Restricted funds 577,404 3,893,964 3,351 868.277 55, 553 (2, 620) (962,231) (55,553) (43, 331) 534,804 3,800,010 4,471,368 927, 181 (1, 020,404) (43,331) 4,334,814 In recognilion of all Mr Lambert's efforts, particularly his willingness and support in helping others, the Society set up The Chris Lambert Bursary Fund. The fund has received additional monies from the Lunesdale Agricultural Society, Burton, Milnthorpe and Carnforth Agricultural Society and Sedbergh NFU. The fund makes awards to successful applicants. The aim of the fund is to encourage, promote and improve agriculture, horticulture, allied industry, rural crafts, livestock breeding and forestry conservation and to encourage agriculture, horticulture and conservational education and research. The revalualion fund representated the amount by which inv8Stment and investment property 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 32
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 24. Analysis of net assets between funds Analysls of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Trade investments Investment property Current assets Creditors due within One year Creditors due in more than one year 2,224,022 2,224,022 1,974,973 1,974,973 3,600 3.600 343,619 343,619 238,014 238,014 (236,216) (236.216) 122,500) (22.500 Total 4,525,512 4,52S,512 Analysls of net assets between funds - prior period Unrestn¢ted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Trade investments Inveslment property Current assets Creditors due within one year Creditors due in more than one year 2, 195,272 1,901,520 3, 600 343, 619 193,453 (250, 150) (52, 500) 2, 195,272 1.901,520 3, 600 343,619 193,453 (250, 150) (52,500) Total 4,334,814 4,334,814 Page 33
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 25. Operatlng lease commltments At 31 October 2024 the Charitable Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows- 2024 2023 Not later Ihan 1 year Later than 1 year and not later than 5 years 2,249 2,596 3, 200 1,297 4,844 4,497 26. Related party transactlons During the period the following transactions were incurred with trustee3'.- 2024 2023 Mr D Martin 30 15 Mr D Galbratth Mr S Procter Mr M Robinson 30 30 105 Expenditure in relation to charitable activities of £350 was paid to Mr D R Galbraith. Expenditure in relation to charitable activities of £79 was paid to Mr P A Duckett. During the year, the Chief Executive and tNo of the Trustees were reimbursed for costs and expenses which were incurred on behalf of the Society, that had been paid for privately. Page 34