2020-09-30-accounts

Annual Report, 2020

Notice of Meeting

Details of the format and date of the ANNUAL GENERAL MEETING will be available in due course and will be notified via

the Association’s website, E-Newsletter and Social Media streams. Due to ongoing Covid-19 restrictions the meeting, due to have been held in March 2021, seems unlikely to be able to be held in the normal way.

AGENDA

1. To confirm the Minutes of the last Annual General Meeting.

2. Business arising from the Minutes.

3. Apologies for absence.

4. To receive the Financial Report for the year ended 30th September, 2020.

5. To confirm the appointment of the Auditors

6. Election of President for 2021.

7. Election of President Elect for 2021.

8. To elect 12 persons to the Council to serve for the ensuing three years.

9. Any other business.

C P RIDDLE Secretary The Royal Cornwall Events Centre Wadebridge

November 2020

Registered Charity No. 250312

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

CONTENTS

	Page
Council Members	1 - 2
Report of the Council	3 - 8
Auditors’ Report	9 - 10
Statement of Financial Activities	11
Balance Sheet	12
Statement of Cash Flows	13
Notes to the Accounts	14 - 25

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

MEMBERS OF COUNCIL 2020 – 2021

PRESIDENT

J R T Willis Esq., Croan, Egloshayle, Wadebridge.

PRESIDENT ELECT

Mrs A Bolitho, Trengwainton, Penzance.

VICE PRESIDENTS

His Royal Highness, The Prince of Wales, KG, KT Her Royal Highness, The Duchess of Cornwall, GCVO Her Royal Highness, The Princess Royal, KG, GCVO Her Royal Highness, The Countess of Wessex, GCVO His Royal Highness, The Duke of Gloucester, KG, GCVO Her Royal Highness, Princess Alexandra, The Hon. Lady Ogilvy, KG, GCVO

Sir Nicholas Bacon, Bt., OBE, DL, Raveningham, Norwich. Lady Banham, MBE, JP, Tregilliowe Farm, Crowlas, Penzance. P M Bickford-Smith Esq., Trelin, Chynhale, Helston. Colonel E Bolitho, OBE, Trengwainton, Penzance. Mrs E Bolitho, DL, Hendra Farmhouse, Tremethick Cross, Penzance. The Hon Evelyn Boscawen, DL, Tregothnan, Truro. Sir Richard Carew Pole, Bart, OBE, DL, Clift Barn, Antony, Torpoint. Lady Carew Pole, CVO, JP, Clift Barn, Antony, Torpoint. J A Coode Esq., DL, Glenview House, 25 Grenville Road, Lostwithiel. E Coryton Esq, Pentillie Castle, Paynters Cross, St. Mellion, Saltash. Major C Edward-Collins, DL, Trewardale, Blisland, Bodmin. The Rt Hon The Viscount Falmouth, The Estate Office, Tregothnan, Truro. A M J Galsworthy Esq., CVO, CBE, FRAgs, DL, Trewithen, Grampound Road, Truro. R J Gilbert Esq., Lancarffe, Bodmin.

The Rt Revd Bill Ind, 15 Dean Close, Melksham, Wiltshire. E M L Latham Esq.(deceased), DL, Trebartha Lodge, Nr Launceston. Iona, Lady Molesworth-St Aubyn, DL, Pencarrow, Washaway, Bodmin. The Earl Peel, GCVO, DL, Eelmire, Masham, Ripon. P J N Prideaux-Brune Esq., Prideaux Place, Padstow. The Rt Hon The Lord St Levan, St Michael’s Mount, Marazion. Lady St Levan, JP, DL, St Michael’s Mount, Marazion. The Rt Revd Tim Thornton, Lambeth Palace, London. Lt Cmdr N J Trefusis, RN, DL, Tregew Vean, Flushing, Falmouth. Sir Ferrers Vyvyan Bt., DL, Trelowarren, Mawgan, Helston. (Vice Chairman). J P Williams Esq., DL, Tregullow House, Tregullow, Scorrier, Redruth. J M Williams Esq., DL, Ham Mill, Werrington, Launceston. (Chairman).

--------------------

ELECTED MEMBERS

EASTERN DIVISION WESTERN DIVISION

ELECTED AGM 2017 (Retire AGM Spring 2020)

E G Bailey Esq., Plane, Werrington, Launceston. Mrs S Borton, The Mowhay, Leeches Farm, St Kew Highway, Bodmin. A R J Bunt Esq., Lampen Farm, St Neot, Liskeard. P E Roose Esq., Higher Hendra, St Teath, Bodmin. E G Sleep Esq., Copper Meadow, Trevadlock, Congdon Shop, Launceston. J L Stanbury Esq., Lady Cross Farm, Yeolmbridge, Launceston.

G Blight Esq., 11 Pendeen Parc, Helston. Mrs E Bowden, Cogegoes House, Penponds, Camborne. W T Burley Esq., Trelewick, St Allen, Truro. R A Edmond Esq., Saveock Manor, Kerley, Chacewater, Truro. R H Olds Esq., Merry Meeting Farm, Roseworthy, Camborne. H S Williams Esq., Parkwithian, Treswithian Downs, Camborne.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

MEMBERS OF COUNCIL (continued)

ELECTED AGM 2018 (Retire AGM Spring 2021)

Mrs M Andrew, Penwith, St Gennys, Bude. R Biddick Esq., Med-A-Way, Rumford, Wadebridge. J A Eustice Esq., Waverley Cottage, St Ervan, Wadebridge. Mrs H C Eustice, Hay Barton, St Breock, Wadebridge. Mrs R Shute, Penhale Farm, St Tudy, Bodmin.

C J Benney Esq., Medlyn Cottage, Porkellis, Helston. Miss R M Eustice, 4 Gwel Trencrom, Hayle. A G James Esq., Springfield, Riverside, Angarrack, Hayle. C P Richards Esq., Carntiscoe Barn, Hayle. M J Simmons Esq., Pencoise Cottage, Tregony, Truro. A Trezise Esq., Carlean Farm, Gwithian, Hayle.

ELECTED AGM 2019 (Retire AGM Spring 2022)

R G C Hancock Esq., Sudcott Park, Week St Mary, Holsworthy, Devon. P W Hodge Esq., Pengelly Farm, Burlawn, Wadebridge. R Jenkin Esq., Lower Sutton Town, Werrington, Launceston. A Lutey Esq., Trenithon, Summercourt, Newquay. R A Sloman Esq., Roscarrock, St Endellion, Port Isaac.

E Bowden Esq., Gwealavellan, Gwithian, Hayle. F J Dyer Esq., Penventinnie, Kenwyn, Truro. R J Laity Esq., Lower Goneva Farm, Gwinear, Hayle. J L Richards Esq., Venton Farmhouse, Turnpike Road, Marazion, Penzance. Mrs R M Thomas, Trevear Farm, Sennen, Penzance. K R Williams Esq., Magor Farm Cottage, Camborne.

ELECTED AGM 2020 (Retire AGM Spring 2023)

J W Eustice Esq., Treglinnick Farm, St Ervan, Wadebridge. P J Lobb Esq., Pengelly, Blisland, Bodmin. Mrs A Melhuish, Trewolland Farm, Liskeard. J P Oatey Esq.. West Anthony Farm, Antony, Torpoint. P J Sobey Esq., The Long House, Lanseaton, Liskeard. G W Tucker Esq., No 1 The Oaks, Lewannick, Launceston.

W R Davey Esq., Little Trewirgie Farm, Probus, Truro. A L Pascoe Esq., Chy-an-Gweal, 19A Hayle Road, Fraddam, Hayle. L D Pengilly Esq., 4 Treswithian Downs, Camborne. M G Pryor Esq., Homefield, Perranwell Station, Truro. Mrs F Richards, Venton Farmhouse, Turnpike Road, Marazion.

A C Semmens Esq., Brew Farm, St Levan, Penzance.

IRRESPECTIVE OF LOCALITY

ELECTED AGM 2017 (Retire AGM Spring 2020)

Mrs V G Daniel, Keepers Lodge, Trebursye, Launceston. R H Osborne Esq., Ty-Gwyn, Trevenen Bal, Wendron, Helston.

M S Hoskin Esq., Higher Tregorrick, St Austell. M P Roberts Esq., Blable Farm, St Issey, Wadebridge.

ELECTED AGM 2018 (Retire AGM Spring 2021)

A H Oatey Esq., 7 Cathedral View, Truro. N C P Phillips Esq., Higher Bodieve Farm, Wadebridge.

P J Olds Esq., Bartinney, Kehelland, Camborne. R J Thomson Esq., 29 Treglenwith Road, Camborne.

ELECTED AGM 2019 (Retire AGM Spring 2022)

P M Richards Esq., Bandowers Barton, Castle Kayle Farm, Hayle. Miss A Jewell, Rosehill Farm, Alverton, Penzance. P J Laity Esq., Carlyon Farm, Kea, Truro.

S L Edmond Esq., 12 Park Stenak, Carharrack, Redruth.

J Walkers Esq., Roscarnick Farm, Threeburrows, Blackwater, Truro.

ELECTED AGM 2020 (Retire AGM Spring 2023)

Miss K Emmett, Tregaire Barton Farmhouse, Portscatho, Truro. P D Hardaker Esq., Penhayes, Old Hill, Grampound, Truro.

S French Esq., Lowena, Angarrack Lane, Connor Downs, Hayle. D Nicholas Esq., 32 Meneth, Gweek, Helston.

BAGMA REPRESENTATIVES

P Vincent Esq., Vincent Tractors, Fraddon, Truro.

A Snow Esq., Alan Snow Agricultural Engineers, Paddon Gate, Sutcombe, Holsworthy.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

REPORT OF THE COUNCIL

FOR THE YEAR ENDED 30TH SEPTEMBER 2020

REFERENCE AND ADMINISTRATIVE DETAILS

Name:	Royal Cornwall Agricultural Association
Registered Charity No:	250312
Principal Address:	The Royal Cornwall Events Centre, Wadebridge, Cornwall, PL27 7JE
Patron:	His Royal Highness The Prince of Wales KG, KT
President:	J R T Willis Esq., Croan, Egloshayle, Wadebridge.
Council Members:	Council consists of the President, President Elect, Chairman, Vice
	Chairman, Vice-Presidents and Elected Members. Their names are shown
	on pages 1 and 2.
Chairman:	J M Williams Esq., DL, Ham Hill, Werrington, Launceston.
Vice Chairman:	Sir Ferrers Vyvyan Bt., DL, Trelowarren, Mawgan, Helston.
Treasurer:	R A Sloman Esq., Roscarrock, Port Isaac.
Assistant Treasurer:	M S Hoskin Esq., Higher Tregorrick, St Austell.
Secretary:	C P Riddle Esq., The Royal Cornwall Events Centre, Wadebridge.
Director of Showyard:	P M Richards Esq, Bandower Barton, Castle Kayle Farm, Hayle.
Bankers:	Lloyds Bank PLC, 7 Boscawen Street, Truro.
Auditors:	PKF Francis Clark, Chartered Accountants, Lowin House, Tregolls Road,
	Truro.
Solicitors:	Stephens Scown LLP, Osprey House, Malpas Road, Truro.
Surveyors:	Savills, Lemon Street, Truro.
Investment Advisors:	Quilter Cheviot, One Kingsway, London.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is an unincorporated association created under a Trust Deed dated 30th December 1926, but originally established in 1793.

Elective process

The President, President Elect and the other Elected Members of the Council shall be elected at the Annual General Meeting. The other Elected Members of the Council consists of 48 members, 18 drawn from the Eastern Division of the county, 18 from the Western Division and 12 irrespective of locality. One third of the Council shall retire by rotation each year, and be ineligible for re-election for one year. To be eligible for election a candidate must have paid his subscription when due, for two consecutive years and must be proposed and seconded in writing by two members of the Association, with the nomination forwarded to the Secretary by 1[st] September. All other positions are determined by the Council. The Council are also the trustees for the purposes of charity law.

Induction and training of Council Members

New Council members have normally previously acted as show stewards for a number of years, gaining knowledge and experience of the running of the show. They are provided with copies of the minutes of previous relevant meetings and with training publications as published by the Charity Commission. The large number of Association Council members also provides an ideal mentoring body for new members.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

REPORT OF THE COUNCIL (continued)

FOR THE YEAR ENDED 30TH SEPTEMBER 2020

Organisational structure

The day to day operations of the Association are overseen by the Secretary, with the assistance of a small team of staff. The Secretary is supervised by the Officers, consisting of the Chairman, Vice Chairman, Treasurer, Assistant Treasurer and Director of Showyard.

The Officers of the Association report back to the Council, via the General Purposes Committee. The charity has also set up the Prize Schedule Committee, Judges Selection Committee and Investment Sub Committee, who also report back to the Council.

The Council consists of the President, President Elect, Chairman, Vice Chairman, Vice Presidents, Treasurer, Honorary Director of Showyard, such representatives appointed by the Council and up to 48 Elected Members.

Key management personnel remuneration

The Council consider the key management personnel of the charity to be the Council, the Secretary, PA to the Secretary, Showground Manager, Pavilion Centre Manager, Media Manager and Education Coordinator, as these people are in charge of directing and controlling the Association and running and operating the Association on a day to day basis. The Council members give their time freely for their role as Council members. Details of other remuneration and expenses paid to Council members is disclosed in note 15 of the accounts.

The pay of the key management personnel is reviewed annually and considered in the light of local market conditions, typical wage inflation and by comparison to similar roles in other charitable organisations.

Risk management

The Council acknowledges their responsibility to assess and manage the risks that the organisation faces and to review them at least annually. However, such systems can only provide reasonable and not absolute assurance against errors, fraud, operational failures and the impact of external events.

Council have considered and identified major risks facing the charity and the establishment of controls to mitigate them. A risk register has been established and was approved by the Council on 3 December 2002. During the year the risk register was reviewed and updated. The latest update was approved by the Council in March 2019.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

REPORT OF THE COUNCIL (continued)

FOR THE YEAR ENDED 30TH SEPTEMBER 2020

OBJECTIVES AND ACTIVITIES

The Association is established:

(a) to promote agriculture, horticulture, forestry, conservation and industry for the public benefit (in particular but not exclusively in the County of Cornwall); and to improve and advance them in all their branches and in all trades, crafts and professions with them in an exclusively charitable manner.

(b) to advance science, research, and education in connection with agriculture, horticulture, forestry, conservation and industry for the public benefit; and

(c) to promote the improvement of all forms of livestock and the prevention and eradication of diseases in all forms of livestock.

The Association’s offices are at the showground. The Association has eighteen regular members of staff (full and part-time) and they are assisted by additional casual staff and outside contractors during the busy periods leading up to, during and immediately after the Royal Cornwall Show.

When planning the Association’s activities for the year the Charity Commission’s guidance on public benefit are borne in mind by the Council.

Review of objectives for the year and the strategies to achieve them

Objective - To successfully stage the 2020 Royal Cornwall Show with a continued strong emphasis on agriculture (including livestock), horticulture, forestry, conservation and related industries, including their improvement / advancement in terms of science, research and education.

Strategy - The use of well-established structures and systems developed over a significant number of years and continued close relationships with a wide range of related bodies (i.e. Breed Societies etc).

Objective - To further develop the Royal Cornwall Events Centre for the benefit of those using it.

Strategy - A continuing development programme which for 2020 included the replacements of aspects of the electrical distribution system, the purchase of additional pig penning and the installation of a new sewage pipeline for the Eastern half of the Events Centre to feed a new storage facility and greatly lessen the need for tanker movements through congested areas during events. Additional work had also been planned but was subsequently not undertaken following the impact of the outbreak of Coronavirus and the resultant restriction on activity and a wish for financial caution during a very uncertain period. Site maintenance work to generally improve the events centre and its surroundings has however continued.

Contribution of volunteers

The Association is greatly indebted to a very large number of volunteers, in excess of 600, who act, in a normal year, as Stewards and in other capacities to ensure the smooth running of the show. Sadly their involvement has largely not been possible during 2020.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

REPORT OF THE COUNCIL (continued)

FOR THE YEAR ENDED 30TH SEPTEMBER 2020

ACHIEVEMENTS AND PERFORMANCE

Review of charitable activities

The 2020 Royal Cornwall Show was well on course for another very successful event on 4, 5 and 6 June but was sadly not to be following the outbreak of Coronavirus and the ensuing international pandemic. It was originally decided, by the Council of the Association, to postpone the show to 10 – 12 September 2020 but it was subsequently agreed that, sadly, this would also not be possible due to the continuing situation and restrictions and the 2020 Royal Cornwall Show was therefore not staged.

Following its original postponement, trade stand exhibitors and ticket holders were offered the opportunity to transfer their bookings to the September event or were offered a refund arrangement. Large numbers of exhibitors chose to transfer and, following the eventual cancellation of the September show, were again offered refunds or transfer arrangements to June 2021. Again large numbers chose to transfer to 2021 and the Association are very grateful for their outstanding continuing support in this most difficult of years.

Likewise, the great support of the Association’s many members was hugely appreciated with the majority of those who had paid their annual subscriptions prior to the effects of the pandemic taking hold not seeking a refund and thereby much aiding the ongoing work of the charity. This payment of subscriptions for a year so badly effected by Covid-19 is typical of the great support that the Association receives from so many very loyal supporters although the impact on the operation and finances of the organisation through the loss, for 2020, of not only the Royal Cornwall Show and virtually all events and activities due to take place on site from March 2020 onwards, is of course very significant. Of particular sadness is also the loss of the highly regarded farming discovery event for primary school children, the ‘Farm & Country Days’ in March 2020 and the cancellation of the 2020 Cornish Winter Fair run in November, by the Association, in conjunction with the Wadebridge Prime Stock Show Association.

The operation of the very popular Farm & Country Roadshow which provides mobile educational facilities to schools and events across Cornwall (and sometimes beyond!), was also curtailed with only a degree of online activity possible to assist with home tutoring activities. We are however pleased that during the Summer and early Autumn, some work was able to continue on filming for the Association’s new videos promoting agriculture and horticulture as careers to both primary and secondary age young people.

The Association’s staff have largely been furloughed since March 2020 with only key personnel working as necessary to keep matters ticking over and their good natured acceptance of what has happened during the year is hugely appreciated. The support of HM Government through the Coronavirus Job Retention Scheme has been of great assistance as has the facility of a Business Rates ‘holiday’ and a holiday in respect of bank loan repayments. The Association has also put in place loan facilities, through their bankers, Lloyds Bank, in respect of the Coronavirus Business Interruption Loan Scheme (CBILS), but this was not actually drawn down as at the financial year end.

In general terms, the Association has sought to lessen the impact of the pandemic and has saved costs wherever appropriate and possible and has also endeavoured to create income from new activities on site such as the very popular drive-in movies during August and some other small events that were possible and able to be run in a Covid safe manner. The Royal Cornwall Events Centre has also tried to assist in the general response to the pandemic through providing on-going facilities for Covid-19 testing on site and storage facilities in connection with furniture and white goods etc., for those being re-homed by the local authorities on an emergency basis.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

REPORT OF THE COUNCIL (continued)

FOR THE YEAR ENDED 30TH SEPTEMBER 2020

Investments

During the year the charity purchased additional investments of £52,865 (2019: £73,105),and disposed of investments with an original cost of £119,354 (2019: £9,360). Proceeds received for the disposals were £116,144 (2019: £3,057) giving a realised loss of £3,210 (2019: £6,303). There was a decrease in the value of the investment portfolio over the year of £2,049 (2019: £28,569 increase). This gives an overall loss on investments of £5,259 compared to last year’s gain of £22,266.

FINANCIAL REVIEW

The financial statements of the association for the year ended 30 September 2020 have clearly been severely impacted by the global pandemic that resulted in the cancellation of both the show and many other events planned for the year.

Show income was just £29,523 (2019: £1,806,468) the figure being made up of sponsorship income and trade stand cancellation charges. Refunds were made available where requested with £425,462 of income received having been deferred to the 2021 show or other post year end events.

Annual membership subscriptions decreased by 78.4% to £49,415 (2019: £228,671)

Income from other trading activities has fallen to £176,093 (2019: £330,205) with income from site lettings and from the Pavilion Centre being adversely affected especially by lockdown and the inability to hold events for the general public. The Association’s income from agricultural activities, investments and other income has remained in line with the previous year and the association has benefitted from receipts from the Coronavirus Job Retention Scheme.

Overall there was a decrease in incoming resources of 82.3% compared to the prior year which resulted in a total income for the year of £426,447 (2019: £2,420,747).

Costs for the year have decreased by 57.0% to £966,530 (2019: £2,240,880). Show expenditure has decreased by 80.6% on the prior year to £285,596 (2019: £1,472,422). Other costs have totalled £603,786 (2019: £685,385), a reduction of £81,599 on 2019.

The overall effect of this was a net expenditure of £545,342 compared to a net income of £202,133 in the prior year.

Reserves

The Council have continued to review the reserves policy taking into account the nature of the Association’s current activities and its future plans. At 30[th] September 2020 the Association held £4,621,212 (2019: £5,166,106) in unrestricted and designated funds and £12,445 (2019: £12,983) in restricted funds.

The Association’s reserves are primarily invested in the Showground at Wadebridge and in investments. The investments could be realised if necessary and are regarded as an ‘insurance policy’ against any day or days of the show having to be cancelled due to exceptional weather conditions or other extraneous factors, as happened in 1993 and of course during situations as currently. Amounts are also set aside for future capital expenditure.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION REPORT OF THE COUNCIL (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2020 Investmont pollcy and obiocliv• The investments are managed by Quilter Cheviot Limiied are also the hokling trustees. An investrnent SU￿¢0Mmittee has been eSta￿l$hed by Council which meets perithlically with th8 investment advisors and which authorises any strategic changes to the F<)rtfolio. The fund manager has specffic temis of engagement set on an annual basis, arKJ the investment policy of the charrty is to provide a balance of income and grovrth in lisled equities arKI govemment stocks in lin8 wr<h the Tn￿tee Investments Ac 2Crf)O. PLANS FOR THE FUTURE The staging of Su￿$$fUl ftrtur8 Royal Comvrafi Shows continues to b8 of the highest impcxtance to the Association and linked to thk£ is the continued wnprov8mrt of the showground facililies plus contlnwl and extended involvement in educational wq'ects. At thè time of I￿rting, the pictura in respect of 2021 sadty mains undear but every effort will ￿ madeto c(xrtinu8 th• important oftheAssoo'on a5 restrictions and prudent planning allows. The A88ocl8llon h83 a180 In recent times joined forces with the Wade￿1dge PTime Stock Show Assoclation In relalion to the stsging of The Comish Wnter Fair, an event which proved extremely popular when first Staged in its extended fom in 2015 and has continued to sae great success. This involvement also Fmvlde8 an •xcéll•nt opportunty for exteThJing the As80ciation'8 educational athity. STATEMENT OF COUNCIL'S RESPONSIBILMES Law applicable to tharttle8 In Eryland arKI Wales requir88 the Council to prepare financial statements for each financial year vthich give a true and fair view of the Association's financial adrvities during the year and of its financial posttion at the erKI of year. In weparing those finanoo18tstemerrt8 grrfing trué and fair view, the Counal should foll(w trest wactI￿ and.. lal . select suitable acLounting poli(ies arKI then aFply thwn Co￿lsten￿, {b) make judgements arKI estimates Ihat are reasonable arKI prudent: {c) state whether appli￿ble UK Accountirg Standards and Ststements of Recommended Practice have been followed, subj'ect to any matérial departures disclo$ed and explained in the financial 8t8tem8nts; (d) prepare lh• financial statements on ￿ going ¢oncem basis unths it is inaFpropriate to assume that the Association wtll continue in opration. Counal Is r88pons1￿0 for kaéping w)per accounting records vthich d￿￿098 with r•asonaU• acuJr8Cy at any time the financial position of the Association and whith enable it to ensure that the finanaal slatemerrts comply wth the regulations mad8 ur#Jer Section 135 of th8 Charities Ac 2011. It 15 8180 sponsible for safeguarding the assèts of the Assocjabon and her￿ for takirKJ reasonable steps forthe prevention and detedion of fraud or other irrewlarities. On behalf of t￿ Council on l S/ 12 / 2Q arKI signed on its behalf by: J M Wlliams Chaimwn oman Treasurer (8)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

INDEPENDENT AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS TO THE COUNCIL MEMBERS OF ROYAL CORNWALL AGRICULTURAL ASSOCIATION

Opinion

We have audited the financial statements of Royal Cornwall Agricultural Association (the 'Charity') for the year ended 30 September 2020, which comprise the statement of financial activities, the balance sheet, the statement of cashflows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

• give a true and fair view of the state of the Charity's affairs as at 30 September 2020 and of its incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the Council members use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the Council members have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The Council members are responsible for the other information. The other information comprises the information included in the Report of the Council, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

INDEPENDENT AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS TO THE COUNCIL MEMBERS OF ROYAL CORNWALL AGRICULTURAL ASSOCIATION (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the Report of the Council; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of Council members

As explained more fully in the Statement of Council’s responsibilities [set out on page 8], the Council members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Council members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Council members are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Council members either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the Council members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Council members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Council members, as a body, for our audit work, for this report, or for the opinions we have formed.

......................................

PKF Francis Clark, Statutory Auditor Lowin House Tregolls Road Truro TR1 2NA 3 February 2021 Date:.............................

(10)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure account) FOR THE YEAR ENDED 30TH SEPTEMBER 2020

		General	Restricted	Total Funds	Total
	Note	Fund	Funds	2020	2019
INCOME AND ENDOWMENTS FROM:		£	£	£	£
Charitable activities
Show income	4	29,523	-	29,523	1,806,468
Annual member’s subscriptions		49,415	-	49,415	228,671
Life member’s subscriptions	5	13,633	-	13,633	13,317
		--------------	----------	--------------	--------------
		92,571	-	92,571	2,048,456
		-------------------	-------------	-------------------	-------------------
Other trading activities	2	176,093	-	176,093	330,205
Investments	3	35,360	-	35,360	42,086
Coronavirus Job Retention Scheme		122,423	-	122,423	-
		-------------	-----------	-------------	-------------
Total		426,447	-	426,447	2,420,747
		=======	======	=======	=======
EXPENDITURE ON:
Raising funds	2	67,080	-	67,080	72,650
Investment management costs		9,068	-	9,068	8,623
		----------	----------	----------	----------
		76,148	-	76,148	81,273
		-------------	-------------	-------------	-------------
Charitable activities
Show expenditure	6	285,596	-	285,596	1,472,422
Costs in support of the show	7	603,248	538	603,786	685,385
Primary purpose donations		1,000	-	1,000	1,800
		----------	----------	-------------	----------
		889,844	538	890,382	2,159,607
		----------	----------	-------------	-----------
Total		965,992	538	966,530	2,240,880
		----------	----------	-------------	-----------
Net (loss)/gain on investments		(5,259)	-	(5,259)	22,266
		------------	----------	----------	--------
Net (expenditure)/income		(544,804)	(538)	(545,342)	202,133
Reconciliation of funds:
Fund balances brought forward
at 1st October 2019		5,166,016	12,983	5,178,999	4,976,866
		------------	----------	------------	------------
Fund balances carried forward at
30th September 2020		4,621,212	12,445	4,633,657	5,178,999
		========	======	========	========

The Association’s income and expenditure all relate to continuing operations.

The Association has no recognised gains or losses other than the net movement in funds for the year. The net movement in funds has been calculated on the historical cost basis as modified by the annual revaluation of listed investments to market value.

(11)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION BALANCE SHEET AT 30TH SEPTEMBER 2020 2020 2019 Fix•d Auots Tangible Assets Investments 10 11 2,942,134 1.709,230 2,950,440 1,777,768 4,651,364 4,728,208 Current Assets Stocks Debtors Cash at bank and in hand 8,894 79,540 711.858 12 92,105 657,148 800,292 751,208 Crodltors.. amounts falling due within one year 13 (610,660) (85.222) N•t Curr•nt As8•ts 189,632 665,986 Tolal AM•ts Ims Curr•nt Liabllhlos 4840,996 5,394,194 Credltorn.. amounts falllng due after more than on8 year 14 (207,339> (215,195) N•t A88ets 4633,657 6,178,999 Fund• Unrestricted furKI'. General R88trtcted fvnds 4,621,212 12.445 5,166,016 12.983 18 Total funds 19 4,633,657 5,178,999 15/12/20 Approved by the Counol on ................... and 8wJned on its behalfby: lams Chairman an Troasur (12)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2020

			2020		2019
	Note	£	£	£	£
Net (expenditure)/income for the reporting period
per the statement of financial activities			(545,342)		202,133
Adjustments for:
Depreciation charges			155,408		162,525
Loss/(profit) on investments			5,259		(22,266)
(Profit) on the sale of fixed assets			(5,900)		(3,346)
(Increase) / decrease in stocks			(6,939)		190
Decrease/(Increase) in debtors			12,565		(3,950)
Increase in creditors			532,699		20,200
			--------------		-------------
Net cash provided by operating activities			147,750		355,486
Cash flows from investing activities:
Proceeds from sale of property, plant and	equipment		15,000		6,708
Purchase of property, plant and equipment			(156,202)		(64,357)
Proceeds from sale of investments			116,143		3,057
Purchase of investments			(52,865)		(73,105)
			--------------		--------------
Net cash used in investing activities			(77,924)		(127,697)
			--------------		--------------
Cash flows from financing activities:
Repayments of borrowing			(15,116)		(153,577)
			--------------		--------------
Net cash used in financing activities			(15,116)		(153,577)
			--------------		--------------
Change in cash and cash equivalents in the rep. period			54,710		74,212
Cash and cash equivalents at the beginning of the reporting
period			657,148		582,936
			--------------		--------------
Cash and cash equivalents at the end of the rep. period			711,858		657,148
			========		========
Analysis of cash and cash equivalents
Cash at bank or in hand			696,494		342,807
Notice deposits (less than 3 months)			15,364		314,341
			--------------		--------------
Total cash and cash equivalents	15		711,858		657,148
			========		========

(13)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2020

1. ACCOUNTING POLICIES

• (a) The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011. The Association constitutes a public benefit entity as defined by FRS102.

In common with many other organisations of our size and nature we use our auditors to assist with the preparation of the financial statements and other matters such as payroll and VAT returns. The particular accounting policies adopted in the accounts are described below:-

(b) Income

All income is included in the SOFA when the Charity is legally entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy. The following specific policies apply to categories of income:

• i. Show Income

• Show income is accounted for on the accruals basis and represents all amounts receivable in respect of the show held during the year stated net of value added tax.

• ii. Subscriptions and Deferred Income

• Annual subscriptions from members are included in the year that they are received. Life membership subscriptions are credited to deferred income and released to income in equal instalments over twenty years. Subscriptions are stated net of value added tax.

• iii. Grants

Grants are recognised as incoming resources when they are receivable.

• iv. Investments and Investment Income

• All investments are stated at market value. The movement shown in the Statement of Financial Activities comprises both realised and unrealised gains and losses. All income arising on investments is accounted for on a receivable basis.

• v. Donations received

Donations are recognised in the year of receipt.

(c) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. The Statement of Financial Activities defines costs in two specific categories:

• Raising funds

• Charitable activities

(14)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2020

1. ACCOUNTING POLICIES (continued)

The following specific policies apply to categories of expenditure:

Costs of raising funds are those costs incurred in trading activities that raise funds.

Charitable activities include expenditure associated with staging the Royal Cornwall Show and include both the direct costs and support costs relating to these activities.

Governance costs are included within charitable activities and include those costs incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

(d) Depreciation

Depreciation is calculated to write off the cost less estimated residual value of fixed assets over their estimated useful lives as follows:

Freehold properties

• office extension

straight line basis over 35 years

Expenditure on showground

• improvements

• buildings and pavilion

straight line basis over 10 years straight line basis over 35 years

Machinery and equipment

straight line basis over 10 years

Motor vehicles 25% per annum on net book value

Cups and trophies no depreciation charged due to high residual value

(e) Fixed assets

It is the policy of Council to maintain the Association’s freehold houses in full repair. Depreciation is provided on a straight line basis so as to write down the cost of freehold houses to their estimated residual value over a period of fifty years. Given that the houses are kept in full repair Council is of the opinion that their estimated residual value is not less than cost and therefore no depreciation charge for the year ended 30th September 2020 is provided, on all freehold buildings other than the new office extension, as it is not material. No depreciation is charged on the cost of freehold land.

(f) Stocks

Stocks are valued at the lower of cost and net realisable value.

(g) Pension Costs

Contributions payable to the Association’s pension scheme are charged to the statement of financial activities in the period to which they relate.

(15)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2020

(continued)

1. ACCOUNTING POLICIES (continued)

(h) Contribution of Volunteers

The value of services provided by volunteers is not incorporated into these financial statements. Further details of the contribution made by volunteers can be found in the report of the Council.

(i) Funds

General funds are unrestricted funds which are available for use at the discretion of the Council in furtherance of the objectives of the charity and have not been designated for other purposes.

Restricted funds comprise the development fund and the Superfast Cornwall fund. These are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.

(j) Hire purchase and leasing

Rentals applicable to operating leases are charged to the Statement of Financial Activities over the period in which the cost is incurred.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Financial Activities so as to produce constant periodic rates of charge on the net obligation outstanding in each period.

(k) Interest costs

Interest capitalised on borrowings for financing property development is capitalised gross of tax relief.

• (l) Taxation

The charity's activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.

(16)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2020

(continued)

2. OTHER TRADING ACTIVITIES

			2020			2019
		Gross	Related	Net	Gross	Related	Net
		Income	Expenditure Income		Income	Expenditure Income
		£	£	£	£	£	£
	Site lettings	73,410	-	73,410	190,246	-	190,246
	Pavilion centre lettings	62,025	(67,069)	(5,044)	101,921	(72,461)	29,460
	Agricultural activities	17,286	-	17,286	17,340	-	17,340
	Other income	23,372	(11)	23,361	20,698	(189)	20,509
		--------	--------	--------	--------	--------	--------
		176,093	(67,080)	109,013	330,205	(72,650)	257,555
		=====	=====	=====	=====	=====	=====
3.	INVESTMENTS
						2020	2019
						£	£
	Interest received					1,352	3,201
	Income from listed investments					34,008	38,885
						--------	--------
						35,360	42,086
						=====	=====
4.	SHOW INCOME
						2020	2019
						£	£
	Admission charges					-	812,819
	Trade stands					16,220	652,412
	Show entry fees					(60)	73,432
	Catalogues and refreshment rights					250	196,324
	Prize money donations and sponsorship					13,113	71,481
						--------------	-------------
						29,523	1,806,468
						========	=======
5.	LIFE MEMBERS’ SUBSCRIPTIONS
						2020	2019
						£	£
	Received in year					10,517	20,908
	Deferred to future years					(9,991)	(19,863)
	Utilised from previous years					13,107	12,272
						-------	-------
						13,633	13,317
						====	====

(17)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS YEAR ENDED 30TH SEPTEMBER 2020

(continued)

6. SHOW EXPENDITURE

----- Start of picture text -----
|||| |---|---|---| |2020|2019| |£ £| |Preparation of showground|227,479 1,040,340| |Cash handling and car parks|-|60,447| |Fees and expenses of judges and stewards|1,642|30,195| |Monetary awards|(939)|71,151| |Special attractions and displays|2,400|47,644| |Police and security services|-|72,723| |Catering|752|50,602| |Marketing and promotion|54,262|99,320| |------------|------------| |285,596 1,472,422| |======= =======|

----- End of picture text -----

7. COSTS IN SUPPORT OF THE SHOW

----- Start of picture text -----
|||| |---|---|---| |2020|2019| |£|£| |Office salaries|244,074|251,726| |Travel and motor expenses|32,513|28,894| |Printing and stationery|10,083|28,824| |Telephone and postage|14,870|23,151| |Rent and rates|28,317|36,196| |Lighting and heating|33,967|48,175| |Insurances|24,956|26,838| |Legal and professional charges|3,154|217| |Miscellaneous expenses|-|1,490| |Bank charges and interest|5,869|9,505| |Education|24,594|28,058| |Subscriptions|5,804|7,830| |Badges and rosettes|1,000|10,690| |Depreciation (including £538 (2019 - £538) charged to| |the restricted funds)|155,408|162,525| |Profit on disposal of fixed assets|(5,900)|(3,346)| |Governance costs (see note 8)|25,077|24,612| |----------|----------| |603,786|685,385| |======|======| |GOVERNANCE COSTS| |2020|2019| |£|£| |Insurances|1,441|1,833| |Auditors’ remuneration|4,319|4,183| |Auditors’ fees for non-audit services (i.e. accountancy etc.)|19,317|18,596| |--------|--------| |25,077|24,612|

----- End of picture text -----

8. GOVERNANCE COSTS

During the year the Association purchased insurance to indemnify members of Council against the consequences of neglect or default on their parts. The cost of the insurance was £1,441 (2019 £1,833) and is included in the governance costs shown in note 8.

(18)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2020

(continued)

9.	STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT	PERSONNEL
		2020	2019
		£	£
	The aggregate staff costs during the year were:
	Salaries and wages	390,921	400,168
	Social security costs (net of Maternity Pay)	31,957	35,219
	Other pension costs	26,313	26,770
		-----------	----------
		449,191	462,157
		======	======
	Average number of employees (full time and part time headcount)
	Clerical	14	14
	Showground	4	4
	Pavilion lettings	2	3
		-----------	----------
		20	21
		======	======

One employee received emoluments of £70,000 to £80,000 (excluding employer pension costs).

The charity considers its key management personnel to comprise the Council members, the Secretary, the PA to the Secretary, Showground Manager, Pavilion Centre Manager, Media Manager and Education Co-ordinator. The total employment benefits (including employer pension contributions and employers National Insurance) of the key management personnel were £237,598 (2019: £247,994).

(19)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2020

(continued)

10. TANGIBLE ASSETS

	Freehold Properties Expenditure on Showground Pavilion Machinery and Equipment Motor Vehicles Cups and Trophies Total £ £ £ £ £ £ COST At 30 September 2019 787,741 3,345,767 1,941,437 512,944 11,246 3,400 6,602,535 Additions - 100,482 - 55,720 - - 156,202 Disposals - - - (13,000) - - (13,000) ------------- ------------- ------------- ------------- ------------- ---------- ------------- At 30 September 2020 787,741 3,446,249 1,941,437 555,664 11,246 3,400 6,745,737 ------------- ------------- ------------- ------------- ------------- ---------- ------------- DEPRECIATION At 30 September 2019 76,953 2,550,466 628,182 387,749 8,745 - 3,652,095 Charge for year 8,573 62,143 55,470 28,598 624 - 155,408 Eliminated on disposals - - - (3,900) - - (3,900) ------------- ------------- ------------- ------------- ------------- ---------- ------------- At 30 September 2019 85,526 2,612,609 683,652 412,447 9,369 - 3,803,603 ------------- ------------- ------------- ------------- ------------- ---------- ------------- NET BOOK VALUE At 30 September 2019 710,788 795,301 1,313,255 125,195 2,501 3,400 2,950,440 ======== ======== ======== ======== ======== ======= ======= At 30 September 2020 702,215 833,640 1,257,785 143,217 1,877 3,400 2,942,134 ======== ======== ======== ======== ======== ======= =======	Freehold Properties Expenditure on Showground Pavilion Machinery and Equipment Motor Vehicles Cups and Trophies Total £ £ £ £ £ £ COST At 30 September 2019 787,741 3,345,767 1,941,437 512,944 11,246 3,400 6,602,535 Additions - 100,482 - 55,720 - - 156,202 Disposals - - - (13,000) - - (13,000) ------------- ------------- ------------- ------------- ------------- ---------- ------------- At 30 September 2020 787,741 3,446,249 1,941,437 555,664 11,246 3,400 6,745,737 ------------- ------------- ------------- ------------- ------------- ---------- ------------- DEPRECIATION At 30 September 2019 76,953 2,550,466 628,182 387,749 8,745 - 3,652,095 Charge for year 8,573 62,143 55,470 28,598 624 - 155,408 Eliminated on disposals - - - (3,900) - - (3,900) ------------- ------------- ------------- ------------- ------------- ---------- ------------- At 30 September 2019 85,526 2,612,609 683,652 412,447 9,369 - 3,803,603 ------------- ------------- ------------- ------------- ------------- ---------- ------------- NET BOOK VALUE At 30 September 2019 710,788 795,301 1,313,255 125,195 2,501 3,400 2,950,440 ======== ======== ======== ======== ======== ======= ======= At 30 September 2020 702,215 833,640 1,257,785 143,217 1,877 3,400 2,942,134 ======== ======== ======== ======== ======== ======= =======	Freehold Properties Expenditure on Showground Pavilion Machinery and Equipment Motor Vehicles Cups and Trophies Total £ £ £ £ £ £ COST At 30 September 2019 787,741 3,345,767 1,941,437 512,944 11,246 3,400 6,602,535 Additions - 100,482 - 55,720 - - 156,202 Disposals - - - (13,000) - - (13,000) ------------- ------------- ------------- ------------- ------------- ---------- ------------- At 30 September 2020 787,741 3,446,249 1,941,437 555,664 11,246 3,400 6,745,737 ------------- ------------- ------------- ------------- ------------- ---------- ------------- DEPRECIATION At 30 September 2019 76,953 2,550,466 628,182 387,749 8,745 - 3,652,095 Charge for year 8,573 62,143 55,470 28,598 624 - 155,408 Eliminated on disposals - - - (3,900) - - (3,900) ------------- ------------- ------------- ------------- ------------- ---------- ------------- At 30 September 2019 85,526 2,612,609 683,652 412,447 9,369 - 3,803,603 ------------- ------------- ------------- ------------- ------------- ---------- ------------- NET BOOK VALUE At 30 September 2019 710,788 795,301 1,313,255 125,195 2,501 3,400 2,950,440 ======== ======== ======== ======== ======== ======= ======= At 30 September 2020 702,215 833,640 1,257,785 143,217 1,877 3,400 2,942,134 ======== ======== ======== ======== ======== ======= =======	Freehold Properties Expenditure on Showground Pavilion Machinery and Equipment Motor Vehicles Cups and Trophies Total £ £ £ £ £ £ COST At 30 September 2019 787,741 3,345,767 1,941,437 512,944 11,246 3,400 6,602,535 Additions - 100,482 - 55,720 - - 156,202 Disposals - - - (13,000) - - (13,000) ------------- ------------- ------------- ------------- ------------- ---------- ------------- At 30 September 2020 787,741 3,446,249 1,941,437 555,664 11,246 3,400 6,745,737 ------------- ------------- ------------- ------------- ------------- ---------- ------------- DEPRECIATION At 30 September 2019 76,953 2,550,466 628,182 387,749 8,745 - 3,652,095 Charge for year 8,573 62,143 55,470 28,598 624 - 155,408 Eliminated on disposals - - - (3,900) - - (3,900) ------------- ------------- ------------- ------------- ------------- ---------- ------------- At 30 September 2019 85,526 2,612,609 683,652 412,447 9,369 - 3,803,603 ------------- ------------- ------------- ------------- ------------- ---------- ------------- NET BOOK VALUE At 30 September 2019 710,788 795,301 1,313,255 125,195 2,501 3,400 2,950,440 ======== ======== ======== ======== ======== ======= ======= At 30 September 2020 702,215 833,640 1,257,785 143,217 1,877 3,400 2,942,134 ======== ======== ======== ======== ======== ======= =======	Freehold Properties Expenditure on Showground Pavilion Machinery and Equipment Motor Vehicles Cups and Trophies Total £ £ £ £ £ £ COST At 30 September 2019 787,741 3,345,767 1,941,437 512,944 11,246 3,400 6,602,535 Additions - 100,482 - 55,720 - - 156,202 Disposals - - - (13,000) - - (13,000) ------------- ------------- ------------- ------------- ------------- ---------- ------------- At 30 September 2020 787,741 3,446,249 1,941,437 555,664 11,246 3,400 6,745,737 ------------- ------------- ------------- ------------- ------------- ---------- ------------- DEPRECIATION At 30 September 2019 76,953 2,550,466 628,182 387,749 8,745 - 3,652,095 Charge for year 8,573 62,143 55,470 28,598 624 - 155,408 Eliminated on disposals - - - (3,900) - - (3,900) ------------- ------------- ------------- ------------- ------------- ---------- ------------- At 30 September 2019 85,526 2,612,609 683,652 412,447 9,369 - 3,803,603 ------------- ------------- ------------- ------------- ------------- ---------- ------------- NET BOOK VALUE At 30 September 2019 710,788 795,301 1,313,255 125,195 2,501 3,400 2,950,440 ======== ======== ======== ======== ======== ======= ======= At 30 September 2020 702,215 833,640 1,257,785 143,217 1,877 3,400 2,942,134 ======== ======== ======== ======== ======== ======= =======	Freehold Properties Expenditure on Showground Pavilion Machinery and Equipment Motor Vehicles Cups and Trophies Total £ £ £ £ £ £ COST At 30 September 2019 787,741 3,345,767 1,941,437 512,944 11,246 3,400 6,602,535 Additions - 100,482 - 55,720 - - 156,202 Disposals - - - (13,000) - - (13,000) ------------- ------------- ------------- ------------- ------------- ---------- ------------- At 30 September 2020 787,741 3,446,249 1,941,437 555,664 11,246 3,400 6,745,737 ------------- ------------- ------------- ------------- ------------- ---------- ------------- DEPRECIATION At 30 September 2019 76,953 2,550,466 628,182 387,749 8,745 - 3,652,095 Charge for year 8,573 62,143 55,470 28,598 624 - 155,408 Eliminated on disposals - - - (3,900) - - (3,900) ------------- ------------- ------------- ------------- ------------- ---------- ------------- At 30 September 2019 85,526 2,612,609 683,652 412,447 9,369 - 3,803,603 ------------- ------------- ------------- ------------- ------------- ---------- ------------- NET BOOK VALUE At 30 September 2019 710,788 795,301 1,313,255 125,195 2,501 3,400 2,950,440 ======== ======== ======== ======== ======== ======= ======= At 30 September 2020 702,215 833,640 1,257,785 143,217 1,877 3,400 2,942,134 ======== ======== ======== ======== ======== ======= =======	Freehold Properties Expenditure on Showground Pavilion Machinery and Equipment Motor Vehicles Cups and Trophies Total £ £ £ £ £ £ COST At 30 September 2019 787,741 3,345,767 1,941,437 512,944 11,246 3,400 6,602,535 Additions - 100,482 - 55,720 - - 156,202 Disposals - - - (13,000) - - (13,000) ------------- ------------- ------------- ------------- ------------- ---------- ------------- At 30 September 2020 787,741 3,446,249 1,941,437 555,664 11,246 3,400 6,745,737 ------------- ------------- ------------- ------------- ------------- ---------- ------------- DEPRECIATION At 30 September 2019 76,953 2,550,466 628,182 387,749 8,745 - 3,652,095 Charge for year 8,573 62,143 55,470 28,598 624 - 155,408 Eliminated on disposals - - - (3,900) - - (3,900) ------------- ------------- ------------- ------------- ------------- ---------- ------------- At 30 September 2019 85,526 2,612,609 683,652 412,447 9,369 - 3,803,603 ------------- ------------- ------------- ------------- ------------- ---------- ------------- NET BOOK VALUE At 30 September 2019 710,788 795,301 1,313,255 125,195 2,501 3,400 2,950,440 ======== ======== ======== ======== ======== ======= ======= At 30 September 2020 702,215 833,640 1,257,785 143,217 1,877 3,400 2,942,134 ======== ======== ======== ======== ======== ======= =======	Freehold Properties Expenditure on Showground Pavilion Machinery and Equipment Motor Vehicles Cups and Trophies Total £ £ £ £ £ £ COST At 30 September 2019 787,741 3,345,767 1,941,437 512,944 11,246 3,400 6,602,535 Additions - 100,482 - 55,720 - - 156,202 Disposals - - - (13,000) - - (13,000) ------------- ------------- ------------- ------------- ------------- ---------- ------------- At 30 September 2020 787,741 3,446,249 1,941,437 555,664 11,246 3,400 6,745,737 ------------- ------------- ------------- ------------- ------------- ---------- ------------- DEPRECIATION At 30 September 2019 76,953 2,550,466 628,182 387,749 8,745 - 3,652,095 Charge for year 8,573 62,143 55,470 28,598 624 - 155,408 Eliminated on disposals - - - (3,900) - - (3,900) ------------- ------------- ------------- ------------- ------------- ---------- ------------- At 30 September 2019 85,526 2,612,609 683,652 412,447 9,369 - 3,803,603 ------------- ------------- ------------- ------------- ------------- ---------- ------------- NET BOOK VALUE At 30 September 2019 710,788 795,301 1,313,255 125,195 2,501 3,400 2,950,440 ======== ======== ======== ======== ======== ======= ======= At 30 September 2020 702,215 833,640 1,257,785 143,217 1,877 3,400 2,942,134 ======== ======== ======== ======== ======== ======= =======

All tangible fixed assets are held for charitable use. In the opinion of Council the market value of the Association’s freehold land and buildings is in excess of its carrying value but it is not practicable to quantify the excess. Accumulated interest capitalised and included in the cost total above amounts to £11,323 (2019 - £11,323).

(20)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2020

(continued)

11. INVESTMENTS

INVESTMENTS
	2020	2019
Quoted Investments	£	£
Market value at start of year	1,777,768	1,685,454
Additions at cost	52,865	73,105
Disposals at cost	(119,354)	(9,360)
Net unrealised investment (loss)/gain	(2,049)	28,569
	----------	----------
Market value at end of year	1,709,230	1,777,768
	======	======
Historical cost at end of year	1,250,366	1,316,855
	======	======
Analysis of Quoted Investments
At the balance sheet date, the portfolio was invested as follows
UK equity shares	369,130	459,925
UK fixed interest bonds and deposits	213,698	253,720
Overseas equity shares	903,301	841,066
Overseas fixed interest	30,601	30,888
UK property funds	41,660	47,832
Absolute return	150,840	144,337
	----------	----------
	1,709,230	1,777,768
	======	======

At 30 September 2020 the following investments represent	more than 5 per cent of the portfolio by	more than 5 per cent of the portfolio by
market value
750 I Shares – S&P Midcap 400	107,526	117,908
12,500 Foreign & Colonial Inv Tst plc 25p ords	85,374	88,375
25,000 Ishares FTSE 100	143,974	182,750
13,500 Monks Inv Trust Ord GBP0.05	151,740	121,770
47,000 Blackrock Fund Managers	111,436	100,839
11,000 Scottish Mortgage Inv Trust	109,010	-
Other investments individually representing
less than 5% of the total value	1,000,170	1,166,126
	----------	----------
	1,709,230	1,777,768
	======	======
DEBTORS
	2020	2019
	£	£
Trade debtors	33,607	16,030
Other debtors	15,335	34,673
Prepayments and accrued income	30,598	41,402
	-----------	----------
	79,540	92,105
	======	======

12. DEBTORS

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2020

(continued)

13. CREDITORS: Amounts falling due within one year

13.	CREDITORS: Amounts falling due within one year
		2020	2019
		£	£
	Bank loans	14,000	24,692
	Trade creditors	25,562	9,491
	Other tax and social security	95,394	-
	Accruals	26,774	23,685
	Deferred income	448,930	27,354
		---------	----------
		610,660	85,222
		=====	=====
14.	CREDITORS: Amounts falling due after more than one year
		2020	2019
		£	£
	Deferred income	131,185	134,618
	Bank loans	76,154	80,577
		----------	----------
		207,339	215,195
		======	======

Deferred income relates to income initially received towards the cancelled 2020 show now carried forward as deposits for the 2021 show, other income received in advance life memberships which are released to the Statement of Financial Activities over 20 years.

	2020	2019
	£	£
Balance at 1 October	161,972	155,563
Amount released to income earned from charitable activities	(27,354)	(28,537)
Amount deferred in the year	445,497	34,946
	----------	----------
Balance at 30 September	580,115	161,972
	======	======

15. Analysis of changes in net debt

	At 01/10/2019	Cash flows	At 30/09/2020
	£	£	£
Cash at bank and in hand	657,148	54,710	711,858
	----------	----------	----------
Loans falling due within one year	(24,692)	10,692	(14,000)
Loans falling due after one year	(80,577)	4,423	(76,154)
	----------	----------	----------
Total	551,879	69,825	621,704
	======	======	======

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS YEAR ENDED 30TH SEPTEMBER 2020

(continued)

16. TRANSACTIONS WITH COUNCIL MEMBERS AND CONNECTED PERSONS

Due to the nature of the Association’s operations and the composition of the Council, it is inevitable that transactions will take place with organisations in which a member of Council may have an interest. All transactions with Council members and connected persons did not influence the separate and independent interests of the Association, were all at arm’s length, were not unusual in nature and were not material in the context of the individuals concerned. The aggregate value of all purchase transactions during the year was £52,673 (2019: £29,827) including value added tax.

The aggregate value of all sale transactions to members of the council during the year was £17,813 (2019: £2,813) including value added tax.

17. PENSION COMMITMENTS

The Association operates two defined contribution schemes. The assets of the schemes are held separately from those of the Association in independently administered funds. The pension cost charge represents contributions payable by the Association to the funds and amounted to £26,313 (2019 - £26,770).

18. RESTRICTED FUNDS

2020

2020
	Balance		Expenditure		Balance
	30th September	Income	gains, losses 30th September
	2019		and transfers		2020
	£	£		£	£
Development fund	10,296		-	-	10,296
Superfast Cornwall fund	2,687		-	538	2,149
	----------	----------		----------	----------
	12,983		-	538	12,445
	======	======		======	======
2019
	Balance		Expenditure		Balance
	30th September	Income	gains, losses 30th September
	2018		and transfers		2019
	£	£		£	£
Development fund	10,296		-	-	10,296
Superfast Cornwall fund	3,225		-	538	2,687
	----------	----------		----------	----------
	13,521		-	538	12,983
	======	======		======	======

The development fund represents funds received in response to an appeal launched in November 1972. These funds were used for capital investment in the freehold properties and showground expenditure.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2020

(continued)

The Superfast Cornwall fund represents funds received from a grant application in the year ended 30 September 2015 under Cornwall Council’s Regional Growth Fund Investment Programme. The fund was used for the installation of Superfast broadband throughout the facilities at the showground.

To the extent that the depreciation charge for the year relates to capital expenditure paid for from the above funds, it is charged against these funds.

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

----- Start of picture text -----
|||||| |---|---|---|---|---| |2020 Unrestricted Restricted Designated Total| |funds funds fund funds| |£ £ £ £| |Fund balances of 30th September 2020 are| |represented by:| |Tangible fixed assets|2,929,689|12,445|-|2,942,134| |Investments|1,709,230|-|- 1,709,230| |Net current assets|189,632|-|-|189,632| |Creditors due after more than one year|(207,339)|-|-|(207,339)| |--------------|------------ ----------|--------------| |Total net assets|4,621,212|12,445|- 4,633,657| |========|======= ======|========| |2019 Unrestricted Restricted Designated Total| |funds funds fund funds| |£ £ £ £| |Fund balances of 30th September 2019 are| |represented by:| |Tangible fixed assets|2,937,457|12,983|-|2,950,440| |Investments|1,777,768|-|- 1,777,768| |Net current assets|665,986|-|-|665,986| |Creditors due after more than one year|(215,195)|-|-|(215,195)| |--------------|------------ ----------|--------------| |Total net assets|5,166,016|12,983|- 5,178,999| |========|======= ======|========|

----- End of picture text -----

20. FINANCIAL COMMITMENTS

At 30th September 2020 the Association had total commitments under non-cancellable operating leases as follows:

----- Start of picture text -----
||||| |---|---|---|---| |Land & Buildings|Other| |2020|2019|2020|2019| |£|£|£|£| |Within one year|- - 12,751 10,594| |Between one and five years|- -|16,111 17,284| |In over five years|-|-|-| |----------|---------|-----------|-----------| |- -|28,862|27,878| |======|=====|======|======| |(24)|

----- End of picture text -----

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30[TH] SEPTEMBER 2020

(continued)

21. STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure account) FOR THE YEAR ENDED 30[TH] SEPTEMBER 2019

	General	Restricted	Total Funds
	Fund	Funds	2019
INCOME AND ENDOWMENTS FROM:	£	£	£
Charitable activities
Show income	1,806,468	-	1,806,468
Annual member’s subscriptions	228,671	-	228,671
Life member’s subscriptions	13,317	-	13,317
	--------------	----------	-------------
	2,048,456	-	2,048,456
	--------------	----------	-------------
Other trading activities	330,205	-	330,205
Investments	42,086	-	42,086
	------------	----------	------------
Total	2,420,747	-	2,420,747
	=======	======	=======
EXPENDITURE ON:
Raising funds	72,650	-	72,650
Investment management costs	8,623	-	8,623
	----------	----------	----------
	81,273	-	81,273
	-------------	-------------	-------------
Charitable activities
Show expenditure	1,472,422	-	1,472,422
Costs in support of the show	684,847	538	685,385
Primary purpose donations	1,800	-	1,800
	----------	----------	-------------
	2,159,069	538	2,159,607
	----------	----------	-------------
Total	2,240,342	538	2,240,880
	----------	----------	-------------
Net gains on investments	22,266	-	22,266
	------------	----------	----------
Net income	202,671	(538)	202,133
Transfer between funds	-	-	-
Fund balances brought forward
at 1stOctober 2018	4,963,345	13,521	4,976,866
	------------	----------	------------
Fund balances carried forward at
30th September 2019	5,166,016	12,983	5,178,999
	========	======	========

The Association’s income and expenditure all relate to continuing operations.

The Association has no recognised gains or losses other than the net movement in funds for the year. The net movement in funds has been calculated on the historical cost basis as modified by the annual revaluation of listed investments to market value.

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