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 Imp￿sSed by all the handS￿n 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 lo￿1 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 BUc￿eY 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 Umb￿118. 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 CUT￿nI 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 aC￿￿ntIng 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 Pe￿Onnel 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 r￿ent 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 cons1sten￿y'. 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 ac￿rdanCe 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 a￿ordanCe with the ethical requ1￿MentS 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 responsibil￿eS 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 kno￿edge 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 ag￿ement 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 p￿parab"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 the￿Under. 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 a￿ayS detect a material misststement when it e￿sIs. 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 ￿¢0￿nise 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 278,354 4,660.580 At the year end date the revaluation reserve represents the difference be1￿￿en 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 T￿nsfer5 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 EXpendI￿re 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. parti￿J1artY 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 rep￿sents 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