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 t￿0 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 Opin￿On 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 be￿e@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 be￿een funds.
At the year end date the revaluation reserve represents the difference bel￿een 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