R¢gl$tered number.. 03146325 Charlty number: 1067224 THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 Armstrongwatson, Accountants, Business & Financial Advisers
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED IA Company Limited by Guarantee} CONTENTS Page Reference and Admlnlstratlve Detsils of the Charitable Company. its Trustees and Advisers Chief Executive's Statement Trustees. Report Independent Auditors. Report on the Flnanclal Statements Statement of Financial Activities 9-12 13 Balance Sheet 14-15 Statement of Cash Flows 16 Notes to the Financial Statements 17-34
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED IA Company Llmlled by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrABLE COMPANY, rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2025 Trustees Mi55 L D Bennett Iresigned 8 February 20251 Mr D Cr8yslon (resigned 8 February 20251 Mr P A Duckett MrDHFell Mr D R Galbraith Mrs M Kelty Mr D R Martin MrTEPark Mr S Procter Mr M H Robinson Mr M Slott Mr C Geldard Miss J L Holmes Mr F J Bames {appoinled 20 February 20251 Company registered number 03146325 Charity reglstered number 1C67224 Registered office Lane Fami Crooklands Milnlhorpe Cumbria LA7 7NH Chief executive officer Mrs A Comthwaite Independent auditors Am)slTong Walson Audit Limited Chartered Accountant5 & Registered Auditors James Walson House Montgomery Way Rosehill Cadisle Cumbria CA1 2UU Solicitors Thomas Hayton Winkley The Rural Law Practice Junction 36 Crooklands Windermere LA7 7FP Page 1
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED IA Company Limited by Guarantee) CHIEF EXECUTIVE'S STATEMENT FOR THE YEAR ENDED 31 OCTOBER 2025 Once again il has been a busy and productive year for the Society. January saw us send tsvo scholars tr) the Oxford Farming Conference, wth excellent feedback given from the scholars at our AGM in February. We also held our annual Silage competition wth over 80 entries and 120 attending the Silage Supper which works as both a chance to celebrate achievements and an opportunity lo connect with others during the winter months. We held our YFC Stock judging competrtion in AprFI - very popular event wth YFC membeTS from across Cumbria, Lancashire and Yorkshire in attendance maksng it a busy evening lor our judges and stewards who, as always did a fants5ticjob. Country Fest was held on the 31st May and 1st June some exating new additions including Dur Discussion and Workshop Theatre- kindly supported by Kendal college and Weslmorfand and Furness Council who delivered talks on topics including sustainability and local wildlife and environmental issues. Kendal college students also supported the event in 8 variety of ways giving them valuable work experience and the opportunity lo develop their customer service skills. The W.1 stsged a brilliant and inforrnalive exhibits.on °Wool is my bread. and we had great entries in all our craft. floral, baking and livestock sections. A fantsstic weekend only dampened by the weather. Our Rural links team had a busy spring and summer. This year we were pleased to offer tr40 different workshops for schools, 'Uddedey Delicious, and 'Soil 15 Alive,. We visited 14 different schools, (some more than once. covering a large geographical area with schools in Kendal, Barrow, Lowther, Hawkshead and Morecambe. The 'Udderley Deliciou5, workshop was a two-part workshop. visiting a dairy fami dose to the school followed by an in-school workshop where pupils had the opportLtnity to make butter, test the fal wntenl in milk, discuss the process of mil'n9 and look al which products contain milk or milk by products. Unfortunately, we only had three schools able lo lake part as they had to provide their own transport lo the fam. The altemative workshop we offered was called 'Soil is MNe', solely based in-school. the pupils were able to discuss soil compaction, where in the country their food comes from and the difference between acid and alkaline soil. Using discovery box the pupils had to guess the fruit and vegetable and say if il was grown above or below ground, they also made wormeries. Both workshops were well received by both the pupils and the teachers, vthh good questions raised. Many teachers were ImpsSed by all the handSn activities arKI how the pupils engaged wth them. Fam to fork roadshows also took place throughout the Summer, attending some regulaT venues including Kendal Farmers market and some new events where the team gol lo ehat to a range of global visitors - as always these workshops prove invaluable for education into faming and where food comes from. September saw our flagship event- our Two Day County Show, held this year on the 10th & 11th September. A ¢han¢e for a real Celebialion of Rural life, and the opportunity lo show off livestock wlh many seclions boasting record entries. Our trade areas were ftjll and our Food Hall and food theatre once again surpassed themselves with a fantastsc array of fresh, local produce to purchase and a brilliant line up of chels and demonstrators- wrth some brilliant collaborations with lo1 schth)Is and the college. In line with our educational objectives. we once again provided free admission to local school children. Resulting in over 2400 attendees. with fantastic feedback from teachers about what had been learnt during their visit. The Show ground was busy, as always throughout the summer wth Equine and Canine events as well as some regular users Including Westmorfand Damson Day, Total Retro and Wheels Up North. Income from these events helping to support our education program throughout the year. Page 2
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED IA Company Lirnited by Guarantee) CHIEF EXECUTIVE'S STATEMENT ICONTINUEDI FOR THE YEAR ENDED 31 OCTOBER 2025 Our President- JudTth BUceY chose this year to host a Family Fun day, recognising the need lo bring together people from all ages, knowing th* these wll be the future of the Society. With a Barbeque, Games, Archery and a bouncy castle the day had something for everyone and raised over £2500.00 for Judiths chosen charity, The Great North Air Ambulance. Our Social Committee rounded off the year wlh a bang - organising the Harvest ball and online auction. This event, raising money for Blue Skies charity- (Blackpool Victoria hospital) and Cancer research UK- surpassed all expectations wrth tickets for the event selling out within hours. Due lo the hard work of the cornmillee. generosity from many local farming families and rural businesses. and support from NWA, the event raised over £74,000. 11 also gave opportunity for over 500 rural people to conned and celebrate together, under the Society Umb118. Wilhoul the support of our commiitee members. Board of trustees, Staff, volunteers and of course our loyal Society members none of this would be possible. The Swety aims lo educate, promote and connect people and once again we have been able to do this due to Ihe ¢ommvnity in which we are part. Thank you lo you all. Angela Cornthwaile Chief Executive Date.. Page 3
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED {A Company Llmited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCTOBER 2026 The Trustees present their annual port together lh the audited financial statements of the Charitable Company for the year 1 November 2024 10 31 October 2025. The Annual Report serves the purposes of both Trusle&s' report and a directors. report under company18w. The Trustees confimi that the Annual Report and rinancial slalemenls of the charitable company comply 1h the CUTnI slalutory requirements. the requirements of the charitable companls governing document and the provisions of the Statement of Recommended Practice ISORPI applicable lo charitses preparing their accounts in accordance wth the Financial Reporting standard applicable in the UK and RepuLlic of Ireland IFRS1021 leffective 1 January 20191. Since the Charitsble 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 {Stralegic Report and Directors. Report} Regulations 2013 has been omitted. Oblg¢tlves and a¢tlvlties a. Poll¢les and objecttves The objectives of the charity are to promote and improve agriculture. horticutiure, allied industries, rural crafts, the breeding of livestock. forestry and conservab.on and in parti¢ylar in the county of Westmorfand and those parts of adjoining counties which are wthin a fifty ffive mile ratlius of Lane Fami, Crooklands, Milnthorpe. Cumbria. In setting objectwes and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission lating to public benefft. induding the guidance 'Public benefit.. running charity IPB2}'. b. Stratsgles for achlevlng 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 prtractive in making any changes to improve the success. c. Actlvltles undertaken to achieve objectives A full review of the Societys actiwties and new devdopmenls throughout the year are included in the attached Chief Executive's annual report d. Main actlvitle$ undertaken to further the Charitable Company's purposes for the publlc benefit The Trustees confirm they have referred lo and abided by the guidanee contained in the Charity Commission's general guidance on Public 8enefil when reviewng the Societies activities and planning for the future. The Trustees believe that through the Weslmorfand County Show. Country Fesl, Rural Links Workshops and visits and other associated events through the year the Society is providing benelit to members of the public from all backgrounds and walks of life through the enjoyment of il's events, engagement wlh the public and educational opportunities provided. Page 4
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Lirnited by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 OCTOBER 2025 A¢hlevements and perfomiancg a. Main achievements ofthe Charftable Company The Society held a number of events over the 12 months. all of which delivered in our objectives of promoting and improving agriculture. Country Fest and The Westmodand County Show saw excellent visitor attendance and engagement in all areas. Our Leaming for life Marquee had many new entrants and wa5 an excellent showcase for Schools but also for a variety of businesses encouraging leaming wth an agricultural bias. Our Rural links team organised tsvo very successful School workshops attending 17 schools, both urban and rural, teaching them about Milk and Soil. Our Farm lo fork roadshows also reached new audiences this year educating visitors from across the globe about UK agriculture. b. K9y perfomlance indicators Income al both Country Fest and The Westmodand County Show 2025 was down due to poor weather. However both events were extremely successful wth an array of positsve feedback and comments from visitors, traders and exhibitors. In addition, our Rural Links workshops and visits were very well received by the school5, fam)s 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 succes5 cannot be measured slalislieally the Trustees are sab"5fied that overall the indications are that the Society is continuing lo develop and prosper. Review of actfvTrtles The Societvs activities for the yeaf are induded in the Chief ExecLrtÈ've's report. Followng Country Fest and the Show, Questionnaire feedback was obtsined from visitors which was then used to form part of the de-brief meeb'ng following both events. Feedback 15 also obtained from Committee members. Office team and Stewards from these events lo ensure that all areas are reviewed wtth leaming taken forward lo future events. The Charitable Aims and Objectives were fvrther embedded through the 5 year seminar and are continuing lo be as the 5 year plan is discussed and implemented to ensure that all activf(ies are directly supporting these aims. d. Investmenl pollcy and perfomiance The Trustees have approved an inveslment policy that aims lo maintain the real value of capital and income whilst achieving a favourable relum. Restrictions are in place that assist the charity in minimising its risk. During the year, the investments generated income of £49,023 fof the Society. Movement in the value of the investrnenls at the year-end date resulted in unrealised gains of £286,502. The Trustees are satisfied wth this year's performance of the investments. The investment strategy 15 Teviewed annually by the Trustees who also received regular reports from the investment manager as lo the portfolio's perfom)ance. Finan¢lal review . Golng concern After making approprtale enquiries, the Trustees have a reasonable expectatson that the Charitable Company has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going Concem ba515 in preparing the financial stslements. Further details regarding the adoption ol the going concem ba515 can be found in the aCntIng policies. Page 5
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED {A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 OCTOBER 2025 b. Reserve$ policy 11 is the policy of the charity to maintsin unrestricted fijnds, which are the free reserves of the charrty. at a level which equates lo approximately tsvo years, costs for the annual show. This provides sufficient funds lo cover management, adminislralion and support costs in the evenl of adverse conditions beyond the Society's control. Unreslricled funds weie maintained al this level throughout the year. In addition, income generating investments are being maintained lo permit the Society to fund the activtties (( decides to PUTsue in accordance with the charitable purpose. c. Material inve$tments pollcy The Trustees have approved an investment policy that aims to maintain the real value of capitsl and income whilst achieving a favourable return. Restrictions are in place lo assist in the Trustees and Charity minimising ils risks. d. Prlnclpal rfsk$ and uncertainties The Trustees have carried out a risk assessment of operational risks assouated with the Charity and its activities. This review is ongoing and involves 1denti.ng and priorttising 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. e. Flnanclal rlsk management objectives and policies The Trustees have earned out a risk assessment ol financial risks assoaated with the Charity and ils activities. This review is ongoing and involves idenlityng and prioritising the risks in ternis of likelihood and potential impact plus means of mrtigating the risks. This review covers all aspects of the Charity including current internal controls. Structure* govérnance and management a. Constitution The Westmorfand County Agricultural Society Limited is registered as a charitable company limited by guarantee and was sel up by a Memorandum of Association. b. Methods of appointment or election of Trustees The management of the Charitsble Company is the responsibility of the Trustees who are elect8d and co-opted under the terms of the Memofandum ofAssociation. Page 6
THE WESTMORLAND COUNTY AGRICULTURAL SOCIEfY LIMITED IA Company Llmited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 OCTOBER 2025 stTUCturè. governance and management l¢ontlnuedl c. Oryanlsational structure and dg¢lslon4naking policies The Members of the Board of Trustees, who are Directors. for the putpose of Company Law and Trustees for the purpose of Chanty Law, who seNed dullng the year and up until the dale of this port arè set out in the legal and administrative infom)alion sel OLTrt on page 1. The Trustees who seryed the charity during the period were as follows.. Miss L D Bennel (resigned 08102120251 Mr D Crayston (resigned 20102120251 Mr P A Duckett MrDHFell Mr D R Galbraith Mrs M Kelly Mr D R Marttn MrTE Park Mr S Procler Mr M H Robinson Mr M Stott Mr C GeldaTd Miss J L Holmes Mr F J Barnes lappointed 20102r25) d. polici adopted for the Induction and tralnlng of Trustees All Iru5tees are familiar with the work of the Charity and attend regulai Board meeting5. New Trustees are briefed on their role, legal oblig81ion in relation lo the Memorandum of Articles of Association, Charity and Company Law and also given a Trustee Information Pack from the Charrty Commission. All are encourage lo attend any relevant external training events as appropriate. e. Pay poll¢y for key management PeOnnel The Directors consider that the Board of Directors. who are the chariVs Tnjstees, and the senior stsff comprise the key management personnel of the charity in ¢harge of directing and controlling, running and operating the charity on a day lo day basis. AJI Directors give of their time freely and no Director received remuneration in the year for their rde as Trustee. Detsils of Directors, expenses and related paty transactions are disdosed 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 slaff is reviewed annually by the Board. f. Relatsd party relatlonships The Society, through its activibes, has a number of transactions wth its Trustees and their immediate family mernbers. These transaction5 are at ams length and are considered 81 Board level. The details of these transact10115 are disclosed in note 11 to the accounts. Plans for future periods The Society 15 athys looking ahead to the fulure with its plans and events. A rent seminar enlilled Changing Times - Looking lo The Future lo which all members of Ihe Board of Trustees, Management Committee, Staff and Chief Stewards were invtted highlighted a number of priorities for the future. These induded developing the 2 day show formal, encouraging the next generation and expanding our educational offering. The discussions and conelusions reached will toim the basis for the Societys future planning strategy. Page 7
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Llmited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 OCTOBER 2025 Statement of Trustees. responsibilities The Trustees Iwho 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 rith applicable law and United Kingdom Accounting Standards (United Kingdom Generally Aceepted Awunting Practicel- Company law requi$ the Trustees to prepare financial statements for each financial . Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the ChaTilable Company and of rt5 incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policie5 and then apply them cons1steny'. observe the methods and principles of the Charities SORP IFRS 102)., make judgments and accounting estimates that a reasonable and prudent.. slate whether applicable UK Accounting Standards IFRS 1021 have been followed. subject lo any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Charitable Company wll continue in business. The Trustees are responsible for keeping adequate accountsng records that are sufficient lo show and explain the Charitable Companls transaetions and disdose with reasonable accuracy at any time the financial position of the Charitable Company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Chantable Company and hence for taking reasonable steps for the prevenb.on and detects'on of fraud and other irregularities. Disclosure of information to audltors Each of the persons who a Trustees at the time when this Trustees. Report is approved has confimied that." so far as that Trustee is aware. there is no relevarrt audtt infomation of which the charills audrtors are unaware, and that Trustee has taken all the steps th* ought to have been taken as a Trustee in order lo be aware of any relevant audit information and lo establish that the charrtys auditors are aware of that inforrnalion. Auditors The auditors, Armstrong Walson Audit Limited, have indicated their willingness to continue in office. The designated Trustees will Propose a motion reappoinb.ng the auditors al a meets.ng of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Mr M H Robinson Chair of Trustees Date.. Page 8
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Llmfted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED Oplnlon We have audited the finanual statements of The Westmorland County Agriculluial Society Limited Ithe 'charitable companll for the year ended 31 October 2025 which eompri5e the Slalement of Financial A¢livilies, the Balance Sheet, the Slalemenl of Cash Flows and the related notes, induding a summary of significant accounting policies. The finanual reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, induding 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 slalemenls.. give a true and fair view of Ihe stsle of the charitable companls affairs as al 31 October 2025 and of ils incoming resources and applicabon of resources. induding its income and expenditure for the year then ended., have been properly prepared in acrdanCe United ngdoM Generally Accepted Aecounling Practice.. and have been prepared in accordartce wilh the requirements of Ihe CharTiies Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are ftjrther de5CTibed in the Auditors, responsibilities for the audit of the financial statements seth.on of our report. We are indeperbdent of the chantsble company in aordanCe with the ethical requ1MentS that are relevant lo our audit of the finanaal slalemenls in the United Kingdom, including the Financial Reporb"ng Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these quirements. We believe that the audrt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions rglatlng to going con¢em In audff(ing the financial statements, we have conduded that the Trustees, use of the going concem basis of accounting in the preparation of the financial stslements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that. individualty or collectively. may cast significant doubl on the charitable companys ability to continue as a going concem for a period of al le85t twelve months from when the financial slalements are authorised for issue. Our responsibilities and the responsibileS of the Trustee5 vthh respect to going concern ale described in the relevant sections of this report. Page 9
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Limited by Guarante81 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WESThIORLAND COUNTY AGRICULTURAL SOCIETY LIMITED ICONnNUEDI Other inforniation The other information comprises the information included in the Annual Report other than the financial slalemenls and our Auditors, Report Ihereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the finanaal statements does not eover the other infomalion and, except lo the extent otherwise explitiuy stated in our report, we do not express any form of assurance conclusion thereon. Our responsibilty is lo read the other information and, in doing so. consider whether the other information is materially inconsistent wKth the financial statements or our knoedge obtsined in the course of the audit, or otherwise appears to be malerialty misslaled. If we identify such material inconsistencies or apparent material misslalements, we are qUired to determine whether this gives rise to a material misslalement in the financial stslements themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are requlred to report by exception We have nothing to report in respect of the followng matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report lo you if, in our opinion.. the infomalion gwen in the Trustees, Report is inconsistent in any maler¢al respeet with the financial statements", or sufficient accounting records have not been kept," or the financial statements are not in agement wth the accounting records and retums., or we have not received all the infomialion and explanations we requi for our audit. Responslbllities of trustees As explained more ftjlly in the Trustees. Responsibilities Statement, the Trustees {who are also the directors of the charitable company for the purposes of company lawl a responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as the Tru51ee5 determine is necessary to enable the pparab"on of financial stslements that are free from material rnisslalemenl, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing thè charitable company's ability ID Continue as a going concem, disclosing. as applicable. matters related lo going concern and using the going concern basis of accounting unless the TrLtstees either intend lo liquidate the charitable company or lo cease operations. or have no realistic allemative bul to do so. Page 10
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company LirnFted by Guarantee} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED ICONTINUEDI Auditors, responslbllFtFes for the audit of tho financlal Ststements We have been appointed 85 audrtor under section 144 of the CharFtses Act 2011 and port in accordance wlh the Act and relevant regulations made or having effect theUnder. Our objectives are to obtain reasonable assurance about whether the financial stalernenls as a whole are free from material misslalemenl, whether due lo 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 IUKI will aayS detect a material misststement when it esIs. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they Could reasonably be expected lo influence the economi¢ decisions of user5 taken on the basis of these financsal slalements. Irregularities. including fraud, are instsnce5 of non-compliance w&th laws and regulations. We design procedures in line with our responsibilities. outlined above. lo detect material mis5ts1ement5 in respect ol irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed below". Our approa¢h lo idenlily.ng 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 engagement team collectively had the appropn.ate competence, apabilities and skills to idenlfy Of ¢0nise non-compliance vAlh applicable laws and regulations.. •we identified the laws and regulations owicable to the Society through discussions wlh Trustees and other management, and from our commercial knovAedge and experience of the sector., we focused on specific laws and regulations which we considered may have a direct material effect on the financial stslemenls OT the operations of the company, such as the Companie5 Act 2006. taxation legislation, data protection, anli-bribery, employment, environmentsl, health and safety legislation, as well as compliance wlh govemment bodies. +we assessed the extent of compliance wth the laws and regulations idenltfied above through making enquiries of management and inspecting legal corre5pondence.' and 'idenlified laws and regulations We communicated wthin the audit team regulady and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceplibilrty of the Societys financial slalements to material misstatement, including obtaining an understsnding of how fraud might occur, by.. 'making enquiries of management as to where they considered there was susceplibilily to fraud. their knowledge of actual. suspected and alleged fraud., considering the inlemal controls in place lo mitigate risks of fraud and non<ompliance wlh laws and regulations.. and •reviewng the key areas of the finanual ststements most susceptible to fraud whilst tailoring our audit plans. To address the risk of fraud through management bias and override of controls. we.. 'performed anatyb'cal procedures lo idenbfy any unusual or unexpected reLgtionships,' *tesled journal entries to identtfy unusual transactions., "assessed whether judgements and assumptions made in detemiining the accounting estimates, such as the defined benefit pension and investment property valuations were indicative of potential bias.. Page11
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED {CONTINUEDI •invesligated the rationale h1nd signffieant or unusual transactions., and In response to the risk of irregularities and nowompliance wth laws and regulations, we designed procedures which included, bul were not limited lo-. 'agreeing financial statement disdosures to undedying SLEpporting documentation.. •reading the minutes of meetings of those eharged govemane£" 'enquiring of management as to actual and potential lib"gab"on and daims- There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial Irans8eb"ons, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures qUired to identty non-compliance with laws and regulations lo enquiry of the Trustees and other management and the inspection of regulatory and legal cornespondence, if any. Material misstatements that arise due to fraud can be harder to delect than those that arise from error 85 they may involve deliberate concealment or collusion. Because of the inherent limitations of an audrt, there is a risk th* we wll not delect all irregularities, including those leading lo a material misslalemenl in the financial stslemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the event5 and transactions reflected in the financial statements, as we VAII be less likely to become awa of instances of non-compliance. The risk is also greater regardirtrg irregularities occurring due to fraud rnther than error. as fraud involves intentional concealment. forgery, collusion. omission or misrepresentslion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's websrf(e at". www.frc.or .uklauditorsres nsibilits"es. This description forms part of our Auditors, Report. U$9 of our report This report is made solety lo the charitsble companws Iruslees, as a body, in accordan with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken $0 that we might slate to the charitable companls trustees those maiters we are reqUId to state to them in an Audilor5' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and ils members, as a body. for our audit work, for this report, or for the opinions we have formed. Armstrong Wat50n Audit Limited Chartered Accountants & Slalutory Auditors Carlisle Armstrong Watson Audit 'MIted are eligible to act as auditors in lem)s of section 1212 of the Companies Act 2006. Page 12
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 OCTOBER 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donation5 and legacies Charitable adivrties Other trading activities Investments 34.603 694,912 104.301 49,418 34.603 694,912 104,301 49,418 73,565 757,990 110,264 55, 153 Total Income 883.134 883,134 996,972 Expenditure on: Raising funds Charitable activities 65.209 961.211 65.209 961.211 79, 799 947,060 Total expenditure 1.026.420 1.026.420 1,020,859 Net gxpenditure before net gains on Investments Net gains on investments 1143,2861 278.354 1143,2861 278.354 f23,887) 274,585 Ngt movement in funds 135,068 13S,068 190.698 Re¢onclllatlon of funds: Total funds brought forward Net movement in funds 4.525.512 135.068 4.525.512 136.068 4.334,814 190.698 Total funds carrled forward 4,660,580 4,660,580 4,525,5Y2 The Slalement of Financial Ath"vib"es indudes all gains and losses recognised in the year. The notes on pages 17 to 34 fomi part of these financial statements. Page 13
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Limitèd by Guarantèè) REGISTERED NUMBER: 03146325 BALANCE SHEET AS AT 31 OCTOBER 2025 2025 2024 Note Flxed assets Tangible assets Investments Investrnent propety 13 15 14 2.182,629 2.198,971 343,619 2,224,022 1,978,573 343,619 4.72S,219 4,546,214 Current assets Debtors 16 17 57,151 32.2S6 190.783 57,570 34,601 145.843 Investments Cash al bank and in hand 280.190 238.014 Current liabilEtles Creditors- amounts falling due Vlilhin one year 18 1344.8291 (236,216) Net currant Ilabllltles l assets {64.6391 7, 798 Total assets less current liabilities 4,660,580 4,548,012 Cred((ors". amounts falling due after more than one year 19 f22, 500) Net assets excludlng penslon asset 4,660,580 4,525,512 Totsl net assets 4,660,580 4,525,512 Charty fund$ Reslricled funds Unreslricled fvnds 20 Designated funds General funds Revaluation reserve 20 229,616 3,700.145 730,819 223, 7 15 3,862, 770 439, 627 20 Total unrestricted fvnds 20 4.660.580 4,525,512 Total funds 4,660.S80 4, 525,512 Page 14
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Llmrted by Guarantee) REGISTERED NUMBER: 0314632S BALANCE SHEET {CONTINUEDI AS AT 31 OCTOBER 2025 The entity was entitled to exemption from alr( under section 477 of the Companies Act 2006. The members have not required the enw to obtsin an audit for the year in question in accordance with sectson 476 of the Companies Act 2006. However, an audit Is Tequired in accordance section 144 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complwng with the Tequiremenls of the Act with respect to aOUntIng records and preparation of financial statements. The financial slalements have been prepared in accordance with the provisions applicable to enlilies subject lo the small companies regime. The financial statements were approved and authorised for issue by the TTUStees and signed on their behalf by.. Mr M H Robinson Chair of Trustees Dale.. 1¥102/&)26. The notes on pages 17 10 34 fofm part of these financial sLitements. Page 15
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Cornpany Limited by Guarant•e} STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2025 2025 2024 Cash flows from operating activltles Nel cash used in operating activit]es 12.831 9,716 Ca$h flows from investing a¢tlvlties Dividends. interests and rents from investments Purchase of tangible fixed assets Drawdown from investments 42,857 137,S771 60,000 49,010 (112,431) 130,000 Net cash provlded by investing actlvltles 65,280 66.579 Cash flows from financlng aetlvities Repayments of borrowng 133,1711 (52,362) Net cash used In financlng activitles 133,1711 152.3621 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 44.940 23.933 145.843 121,910 Cash and cash oquivalents at the end of the year 190,783 145,843 The notes on pages 17 to 34 fomi part of these financial slalemenl$ Page 16
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Llmlted by Guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 General Informatlon Weslrnortand County Agricultural Society is a company limited by guarantee. InrpOrated in England and Wales. The address of the Tegistered olfice and prinapal place of business is Lane Farm, Crooklands, Milnthorpe, Cumbria, LA7 7NH. The members of the company are the Trustees named on page 1. The princip81 activty of the company 15 the promotion and improvement of agriculture. horticulture and other rural ad'vities. These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates. Accounting policies 2.1 Basis of preparauon of financlal statements The financial statements have been prepared in accordance with the Charib'es SORP IFRS 1021 Aceounling and Reporting by Charities. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Westmortand County Agricullural Society Limiled meets the definttson of 8 publie benefit entity under FRS 102. Assets and liabilities are inilialty recognised at historical cost or transaction value unless otherwise staled in the relevant accoLtnts"ng policy. 2.2 Going concern The Trustees are satisfied that the going coneern basis is appropriate for the preparation of the financial statements for a period beyond 12 months from the date of signing the accounts due lo the nel asset posrtion of the company and the availability of suffiaenl cash resetves lo meet liabilities as they fall due. Page 17
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 Accounting policies Icontlnued} 2.3 Income Charltable trading a1vItIeS Income is recognised lo the extent that rt is probable that the economic benefits svill flow lo the charity and the income can be reliably measured. Income is measured as the fair value of the consideration received or ieceivable. exduding discounts. rebates and value added tsx. Donallons and grants Income from donations and grants, including capitsl grants, is included in incoming resources when these are receivable. except as follows.. When donors specfy that donations and grant5 given to the chartty must be used in future accounting periods. the income is deferTed until those periods. When donors impose conditions which have to be fulfilled befo the charity becomes entitled to use such income, the income is deferred and not induded in incoming resources until the pre-conditions for use have been met. Al income is recognised once the Charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income recetvable can be measured reliably. Grants are included in the Statement of Finarrial 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 enliuemenl of reipt, ils recognition is deferred and induded in creditors as deferred income. Where ents"tlemenl 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 whith il is receivable and lo the extent the goods have been provided or on completion of the service. Page 18
THE WESTMORLAND COUNTY AGRICULTURAL SOCIEfY LIMITED IA Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 Accounting pollcies (continued) 2.4 Expenditure Expendilure is recognised once there is a legal or constructwe obligation to transfer economic benefit lo a third party, it is probable that a transfer of economic benefits wi11 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 activty are allocated directly lo that acttvty- Shared costs which conlnbule to more than one activity and support costs which are not attributable to a single actsvity are apportioned between those activities on 8 basis ¢on515tent %wth the use of resources. Central stsff costs are allocated on the basis of lime spent, and depreciation charge5 allocated on the portion of the asset's use. Expenditure on raising funds includes all expendrture incurred by the Charitable Company lo raise funds for ils charitable purposes and indudes costs of all fvndraising activities events and non- charitable trading. Expenditure on charitable activtties is incurred on directly Ltndertaking the aclivi(ies which ftjrther the Charitable CornpanYs objectives. as well as any associated support cost5. All expenditure is indusive of I[reverabIe VAT. 2.$ Interest recelvable Intest on funds held on deposit is included when receivable and the amount can be Measured reliably by the Charitable Company.. this 15 nornialty upon notTfication of the interest paid or payable by the institution wth whom the funds are deposited. 2.6 Taxation The Charitable Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore rt meets the definition of a charitable company for UK corporation lax PL•rposes. Accordingly. the Chantable Company is potentially exempt from taxation in Tespecl of income or capital gains received wthin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exter)t that sueh income or gains are applied exdusively to charitable purposes. 2.7 Intangible ass&ts and amorttsallon Intangible assets C05ting £250 or more are caprtalised antl recognised when future economic benefits are probable and the cost or value ol the asset can be measured reliably. Intangible assets are initially recognised at cost_ After recognition. under the cost model. intangible assets are measured al cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is provided on intangible assets at rates ealtulaled to write off the cost of each asset on a straigh14ine basis over its expected useful life. Amortisation is provided on the following basis.. Website 33 % straight line Page19
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 Ac¢ounttng policies l¢ontlnuedl 2.8 Tanglble fixed assets and depreciation Tangible fixed assets costing £250 or more are capitalised and recognised when future economic beneffts are probable and the cost or value of the asset can be measured reliably. Tangible fix assets are initially iecognised al cost. After recognkn'on, under the cost model. tangible fixed assets 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 ¢osl. Investment properties are valued at open market value at the balance sheet date. This valuation is at Trustees" estimate as they do not believe that the expense of a professional valuation is in the interests ot the members. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. - Depreciation 1$ prowded on the followng bases". FehOld property Plant and mad)inery Fixtures and fitting5 Office equiprnenl Roads 50 years straight line 20Qh_500A straight line 20% straight line 20% slraighl line 20% straight line 2.9 Investments Fixed asset investments are a forni of financial instrument and are inilialty recognised al their transaction cost and subsequenljy measured at fair value al the Balance Sheet date, unless the value cannot be measureil reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments. in the Statement of Financial Ath"vities. 2.10 Debtors Trade and other debtors are recognised al the settlement amount after any trade diseount offered. Prepayments a valued at the amount prepaid net of any trade discounts due. 2.11 Cash at bank and In hand Cash al bank and in hand includes cash and short-temi highly liquid investments wlh a short maturity of three months or less from the date of acquisition 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 2025 Accountlng poli¢ies Icontinuedl 2.12 Liabilitles and provlslon$ Liabiif(ies a cOun1$ed 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 setuemenl can be estimated reliably. Liabilities are recognised al the amount that the Charrtable Company anlicipales it will pay lo setue the debt or the amount it has received as advanced pay7nents for the goods or services il musl Provide. Provisions are meaSUd at the best estimate of the amounts required 10 5etUe the obligation. WheTe the effeet of the lime value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that refiecls the risks specific to the liability. The unwnding of the diswunt is recognised in the Statement of Financial Activities as 8 finance cost. 2.13 Financial instruments The Charitable Company onty 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 setuemenl value with the exception of bank loans which are subsequenuy measured al amorbsed cost using the effective interest method. 2.14 Pensions The Charitsble Company operates a defined contribution pension scheme and the pension tharge represents the amounts payable by the Charitable Company lo 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 genera] objectives of the Charitable Company and which have not been designated for other puOse3. Designated funds comprise unrestricted funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes lo the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 21
THE WESTMORLAND COUNry AGRICULTURAL SOCIEfY UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 Critical accounting esllmates 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 makes estimates and assumptions conceming the future. The resulting aeeounling estsmales and assumptions will, by definition, seldom equ81 the related actual results. The eslimales and assumptions that have a significant risk of causing a material adjuslmenl to the carrwng amounts of assets and liabilities %wthin the next finanryal year are dIu$$ed below. Critical areas of judgment Estsblishing useful economic lives for depation purposes of propety, plant and equipment Income from donations and legacl8S Unrestricted funds 202S Total fttnds 2025 Total funds 2024 Donations Membership subscriptions 39. 750 33,815 34,503 34.503 34,503 34.503 73,565 Total 2024 73,565 73,565 Incoma from Charitable activities Unrestricted funds 2025 Total funds 2025 Total funds 2024 Charitable InMe 694,912 694.912 757,990 Total 2024 757,990 757,990 Page 22
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED (A Company Limited by Guarantee) NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 202$ Analysls of charltable Income Unrestricted funds 2025 Total funds 2025 Total fvnds 2024 Show income Room and Offi hire Training income Other income 626,470 1,526 46,124 20,792 626,470 1,526 46,124 20,792 681,203 1.924 46.253 28,610 694,912 694,912 757,990 Income from other tradlng a¢llvlties Income from non charitable tradlng activities Unrestricted funds 202S Totsl funds 2025 Total funds 2024 Grazing, land letting and room hire 104.301 104.301 110,264 Total 2024 110,264 110,264 Investment income Unrestricted funds 202S Total funds 2025 Total funds 2024 Investment income Bank interest received 49,023 395 49.023 395 54,732 421 49,418 49,418 55, 153 Total 2024 55, 153 55,153 Page 23
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Limited by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 Analysis of expendtture on charitable al¥ll1eS Summary by fund type Unrestricted funds 2025 Total 2025 Total 2024 County Show Country Fest Show Non-show expenditure Depreciation 452,198 77,445 352,598 78,970 452,198 77,445 352,598 78,970 439,384 54,552 372.485 74,639 961,211 961.211 941,060 Totsl 2024 941,060 941.060 10. Analysls of expenditure by activities Actlvtties undertaken directly 202S Totsl funds 2025 Total funds 2024 County Show Non-show expenditure Depreciation County Fest Show 452,198 352,598 78,970 77.445 452.198 352.598 78.970 77,445 439,384 372,485 74,639 54,552 961.211 961,211 941,060 Total 2024 941,060 941,060 Page 24
THE WESTMORLAND COUNTY AGRICULTURAL SOCIE LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 11. Auditors, remuneration 2025 2024 Fees payable lo the Ch8ritsble Comp8n*s auditor for the audit of the Charitable Compan15 annual accounts Fees payable lo the Charitable Compan¥s auditor in respect ot Atl non-au(Jil semces not induded above 20,300 17,770 1,850 1, 750 12. Staff costs 2025 2024 Wages and salaries Social security costs Contribution lo defined conthbution pension scheme5 176,204 1.517 3.490 194,553 15,435 4,215 181,211 214,203 The average number of persons employed by the Charrtable Company during the year was as follows.. 2025 No. 2024 No. Employees No employee received remuneration amounting to more than £60,000 in èither year. Twslees received remunerath.on in the year tling £11,119 (2024. £16,456). in respect of setting up events. No Trustee received remuneration in respect of their duty as a Twslee. Remuneration to key management personnel wtho were the Chief Executive, Interim Chief Executive and TTUStees lotalled £64,33612024. £1(13.542). Included wthin payroll costs are pension costs payable by the Society amounting to £3.490 12024, £4.2151. No amounts were OLrtstanding al the year end date {2024, £Nil}. During the year payments were made to the followng individuals due to the officer roles that are undertaken.. Miss J L Holmes Mr M H Robinson Mr P Duckett Mr S Proeter Mr D Galbraith 3.661 301 4,658 1,505 994 Page 25
THE WESTMORLAND COUNTY AGRICULTURAL SOCIEfY LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 13. Tangible fixed assets Freehold property Plant and Fixtures and rnachinery fittings Office equipment Total Cost or valuatlon Al 1 November 2024 Additions 3,081,835 22.308 369.541 12,000 36,762 2,118 13.8S9 1,149 3.501,997 37,575 Al 31 October 2025 3,104.143 381,541 38,880 15,008 3.539.572 Depreciation At 1 November 2024 Charge for the year 937.428 53.989 293.329 23.874 36.761 36 10,455 1.071 1,277.973 78,970 At 31 October 2025 991.417 317.203 36.797 11.526 1,356,943 Net book value Al 31 October 2025 2.112.726 64.338 2.083 3.482 2,182,629 At 31 October 2024 2, 144,407 76.212 3.404 2,224,024 14. Investment property Freehold Investment property Valuatlon At 1 November 2024 343,619 Al 31 October 2025 343,619 The investment propety was transferred on 1 June 2005 at historical cost. The Trustees have considered the valuatson of the investment propety al the year end date and believe the year end valuation to be appropriate as open market value. Page 26
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 15. Fixed asset investments Llsted Investments B4RN investment Total Cost or valuation At 1 November 2024 Additions Disposals Revaluations 1.974.973 34,662 192.6181 278.354 3,600 1,978,573 34,662 192.6181 278,354 Al 31 October 2025 2.195.371 3,600 2,198.971 16. Debtors 2026 2024 Due withln one ygai Trade debtors Other debtors Prepayments and accrued income 41,722 6.290 9.139 40,171 2,506 14,893 57.151 57,570 17. Current asset investments 2025 2024 Ralhbones investments 32,256 34,601 Page 27
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 202S 18. Creditors: Amounts falling due within one year 2025 2024 Bank loans Trade ¢ditorS Other laxalion and swal security Funds held as custodian Accruals and deferred income 22,500 90,968 15,339 153,912 62,110 30,935 60,940 6.807 94,067 43,467 344.829 236,216 The bank loan is secured by a legal eharge on land at Deeplhwaite. Crooklands. In July 2020 the Soaety undertook a CBILS loan of £150.000 on a variable interest rale for a repayment lefm of 6 years. No interest was payable in the first 12 months wth repayments commencing in July 2021. The loan is one of the Government backed sthemes as a result of the COVID pandemic to support business regeneration in the bjture. 19. Creditors: Amounts falllng due after more than one year 2025 2024 Bank loans 22,500 Page 28
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Llrnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OGTOBER 2025 20. Statement of funds statement of funds- current year Balan¢e at 1 N¢vember 2024 Balance at Gainsl 31 October {Lo$se$ 2025 Transfers inlout Income Expendhure Unrestricted funds Designated funds Chris Lambert Bursary Fund Farm and Food Business Development and Resource Centre 71.858 3.510 (2.095) 5,602 7B,875 11,267 (516) 10.741 Revaluation Fund- Investment property 140,000 140,000 223.115 3.S10 (2.6111 5,602 229.616 General funds General Funds all funds Revaluation reserve 3.862.TlO 879.624 11.023,8091 {291.192} 272,752 3,700,145 439.627 291,192 730,819 4.302,397 879,624 11.023,8091 272.7S2 4.430,964 Total Unrestricted funds 4.625.512 883.134 11.026.420> 278,354 4,660.580 At the year end date the revaluation reserve represents the difference be1en the market value of the investrnents and theif historical book $1. Page 29
THE WESTMORLAND COUNTY AGRICULTURAL SOCIEry UMITED (A Company Limlled by Guarantèe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 20. Statement of funds Icontlnued) Statement of funds- prior year Balance al l November 2023 Balance at Gains/ 31 October (Losses) 2024 Tnsfer5 in/oul Income Expenditu Unrestricted funds Designated 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) 71.257 311.036 (526,333) 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 reserve 3,800,010 993.595 (1.017.541) 86. 706 3.862. 770 439,627 439,627 3.800,010 993.595 (1.017,541) 526.333 4.302.397 Total Unrestricted funds 4,334,814 996.972 (1,020,859) 214.585 4,525.512 Page 30
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY UMITED (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 21. Summary offunds Summary offunds- currentyear Balance at 1 November 2024 Balance at Gainsl 31 October (Losses 2025 Transfers Inlout Income EXpendIre Designated funds General ftjnds 223.115 4.302.397 3.510 12.611} 879,624 {1.023.809} 5.602 272,752 229,616 4,430,964 4.525,512 883.134 {1,026,420} 278,354 4,660.S80 Summary offunds- prloryear Balance al l November 2023 Balance at Gains/ 31 October (Losses) 2024 Trnnsfe inlout Income Expenditure Designated funds General funds 534,804 3.8.010 3.377 (3.318) 993.595 (1.017,541) (526.333) 526,333 214,585 223, 115 4,302,397 4,334,814 996,972 (1,020,859) 214,585 4,525,512 In recognition of all Mr Lambervs effort5. partiJ1artY his willingness and support in helping others, the Society sel up The Chri5 Lambert Bufsary Funtj. The fund has received additional rnonies from the Lunesdale Agricultural Souety. Burton. Milnthorpe and Camforth 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 indusby, rural crafts, livestock breeding and forestry conservation and to encourage agriculture. horticulture and conservalional education and research. The revaluation fund bmihin designated funds repsents the amount by which investment propety exceed their historical cost. The remaining designated funds represent incoming resources. given speafically to provide fixed assets. a5 reduced over the useful economic life of that asset in line with its deprectalion. Page 31
THE WESThIORLAND COUNTY AGRICULTURAL SOCIETY UMITED {A Company Limitèd by Guaranteè) P40TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 22. Analysis of net assets between funds Analysls of net assets b&tween funds - current year Unre$trl¢ted funds 2025 Total funds 2025 Tangible fixed assets Fixed asset investments Trade investments Investment property Current assets Creditors due within one year 2.182,629 2,195,371 3,600 343,619 280,190 {344,8291 2,182,629 2.195,371 3,600 343,619 280,190 {344,8291 Totsl 4,660,580 4,660,580 Analysls of net assets between funds - prior year UnTrstncled funds 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Trade investments Investment property Culrent assets Creditors due within one year Croditois due in more than one year 2,224,022 1.974,973 3.600 343.619 238.014 f236,216) (22,500) 2.224,022 7,974, 973 3, 600 343,619 238,014 (236,216) (22,500) Total 4.525,512 4,525,512 Page 32
THE WESTMORLAND COUNTY AGRICULTURAL SOCIETY LIMITED IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 23. Reconciliation of net movernent In funds to net cash flow from op9ratlng a¢tlvltle$ 2025 2024 Net income for the year las per Ststement of Financial Activities) 135.088 190, 698 Adjustments for: Depreciation charges Losses on investrnents Dividends. interests and rents from investmen1$ Decreasellincreasel in debtors Increaselldecreasel in creditors Finance Costs 78,970 {278,0521 142.8571 419 117.047 2.236 83,681 (169, 746) (49,Oto) (8,601) (43,934) 6.628 Net cash provlded by operating activities 12.831 9, 716 24. Analysis of cash and cash equlvalents 2025 2024 Cash in hand 190.783 145,843 Total cash and cash equivalents 190.783 145,843 25. Analysls of changes in net debt At1 November 2024 Cash flows Other non- cash changes At31 October 2025 Cash at bank and in hand Debt due wthin 1 year Debt due after 1 year 'quid investrnenls 145,843 1125,002} 122,5001 34.601 44.940 {48.9901 22,500 190,783 1173.992} 12.3451 32,256 32,942 18.450 12,3451 49,047 Page 33
THE WESTMORLAND COUNTY AGRICULTURAL SOCIE LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 26. Operating lease commitments At 31 October 2025 the Charitable Company had commÉtments to make fijture minimum lease payments under non-cancellable operating leases as follows.. 202S 2024 Not later than 1 year Latef than 1 year and not later than 5 years 1.297 1,297 2,249 2,595 2.594 4,844 27. Related party transactions During the period the following transath.ons were incurred wth truslees'.- Expenditure in relab.on to charitsble activiiies of £350 (2024 £791 was paid to Mr P A Duckett. Expenditure in relation to charrtable activities of £79 12024 £Nill was paid lo Mr S Procter. During the year, the Chief Executive and ts¥o 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