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|---|---|---|
|Council Members||1-2|
|Report ofthe Council||3-8|
|Auditors'
Report||9-11|
|Statement
of Financial|Activities|12|
|Balance Sheet||13|
|Statement
ofCash Flows||14|
|Notes to the Accounts||15-26|
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|FO|R TH|E YEAR|ENDED 30TH|SEPTEMBE|R 2021||
|---|---|---|---|---|---|---|
||||General|Restricted|Total Funds|Total|
|||Note|Fund|Funds|2021|2020|
|INCOME AND ENDOWMENTS||FROM:|||||
|Charitable
activities|||||||
|Show income
Annual
member's
subscriptions
Life member's
subscriptions|||4,482
13,584||4,482
13,584|29,523
49,415
13,633|
||||18,066||18,066|92,571|
|Other trading
activities
2
Investments
3
Coronavirus
Job Retention Scheme
Other coronavirus
support grants|||433,499
31,579
176,032
61,714||433,499
31,579
176,032
61,714|176,093
35,360
122,423|
|Total|||720,890||720,890|426,447|
|EXPENDITURE ON:|||||||
|Raising funds
Investment
management|costs||82,469
9,970||82,469
9,970|67,080
9,068|
||||92,439||92,439|76,148|
|Charitable
activities|||||||
|Show expenditure
Costs in support ofthe show||6
7|219,214
522,715|538|219,214
523,253|285,596
603,786|
|Primary purpose
donations|||1,000||1,000|1,000|
||||742,929|538|743,467|890,382|
|Total|||835,368|538|835,906|966,530|
|Net gain/(loss)
on investments|||340,285||340,285|(5,259)|
|Net income/(expenditure)|||225,807|(538)|225,269|(545,342)|
|Reconciliation
offunds:|||||||
|Fund balances
brought
forward|||||||
|at 1st October 2020|||4,621,212|12,445|4,633,657|5,178,999|
|Fund balances carried forward||at|||||
|30th September 2021|||4,847,019|11,907|4,858,926|4,633,657|
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|||||||2021||2020|
|---|---|---|---|---|---|---|---|---|
||||||Note|E|||
|Fixed Assets|||||||||
|Tangible Assets
Investments|||||10
11|2,802,965
2,039,117||2,942,134
1,709,230|
|Current Assets||||||4,842,082||4,651,364|
|Stocks
Debtors
Cash at bank and||in|hand||12|8,880
150095
728,274|8,894
79,540
711,858||
|Creditors:|amounts||falling|due||887,249|800,292||
|within one|year||||13|(619,137)|(610,660)||
|Net Current|Assets|||||26&,112||189,632|
|Total Assets less||Current||Liabilities||5,110,194||4,840,996|
|Creditors:|amounts||falling|due after|||||
|more than|one year||||14|(251,268)||(207,339)|
|Net Assets||||||4,858,926||4,633,657|
|Funds|||||||||
|Unrestricted|fund:||||||||
|General fund
Restricted
funds|||||17|4,847,019
11,907||4,621,212
12,445|
|Total funds|||||19|4,858,926||4,633,657|
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|FOR THE YE|A|R ENDED 30|SEPTEMBER2021||
|---|---|---|---|---|
||||2021|2020|
||Note||||
|Net income/(expenditure)
for the reporting||period|||
|per the statement
offinancial activities|||225,269|(545,342)|
|Adjustments
for:|||||
|Depreciation
charges|||148,099|155,408|
|(Profit)/loss
on investments
(Profit) on the sale offixed assets
Decrease/(Increase)
in stocks
(Increase)!Decrease
in debtors
(Decrease)/Increase
in creditors|||(340,285)
14
(70,555)
(24,115)|5,259
(5,900)
(6,939)
12,565
532,699|
|Net cash (used in)/provided
by operating||activities|(61,573)|147,750|
|Cash flows from investing
activities:|||||
|Proceeds from sale of property,
plant and equipment
Purchase
of property,
plant and equipment
Proceeds from sale of investments
Purchase
of investments|||(8,930)
15,818
(5,420)|15,000
(156,202)
116,143
(52,865)|
|Net cash provided
by/(used
in) investing|activities||1,468|(77,924)|
|Cash flows from financing
activities:|||||
|New borrowings|||90,000||
|Repayments
of borrowing|||(13,479)|(15,116)|
|Net cash provided
by/(used
in) financing|activities||76,521|(15,116)|
|Change
in cash and cash equivalents
in|the rep. period||16,416|54,710|
|Cash and cash equivalents
at the beginning||ofthe reporting|||
|penod|||711,858|657,148|
|Cash and cash equivalents
at the end of|the rep. period||728,274|711,858|
|Analysis
ofcash and cash equivalents|||||
|Cash at bank or in hand
Notice deposits (less than 3 months)|||362,860
365,414|696,494
15,364|
|Total cash and cash equivalents|||728,274|711,858|
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|2.|OTHER TRADING ACTIVITIES|OTHER TRADING ACTIVITIES|OTHER TRADING ACTIVITIES||||||
|---|---|---|---|---|---|---|---|---|
|||||2021|||2020||
||||Gross|Related|Net|Gross|Related|Net|
||||Income|Expenditure|Income|Income|Expenditure|Income|
||||E|||E|E||
||Site lettings
Pavilion centre lettings
Agricultural
activities||360,156
27,334
17,419|(29,828)
(52,627)|330,328
(25,293)
17,419|73,410
62,025
17,286|(67,069)|73,410
(5,044)
17,286|
||Other income||28,590|(14)|28,576|23,372||23,361|
||||433,499|(82,469)|351,030|176,093|(67,080)|109,013|
|3.|INVESTMENTS||||||||
||||||||2021|2020|
|||||||||E|
||Interest received||||||51|1,352|
||Income from listed investments||||||31,528|34,008|
||||||||31,579|35,360|
|4.|SHOW INCOME||||||||
||||||||2021|2020|
||||||||E|E|
||Trade stands
Show entry fees
Catalogues
and refreshment||rights||||1,417|16,220
(60)
250|
||Prize money donations|and|sponsorship||||3,065|13,113|
||||||||4,482|29,523|
|5.|LIFE MEMBERS' SUBSCRIPTIONS||||||||
||||||||2021|2020|
||||||||E||
||Received
in year||||||3,506|10,517|
||Deferred to future years||||||(3,331)|(9,991)|
||Utilised
from previous|years|||||13,409|13,107|
||||||||13,584|13,633|
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|||||2021|2020|
|---|---|---|---|---|---|
|||||E||
|Preparation
of showground
Fees and expenses ofjudges and stewards||||177,741
538|227,479
1,642|
|Monetary
awards
Special attractions
and|displays|||125|(939)
2,400|
|Catering||||321|752|
|Marketing
and promotion||||40,489|54,262|
|||||219,214|285,596|
|COSTS IN SUPPORT|OF|THE SHOW||||
|||||2021|2020|
|||||E|E|
|Office salaries||||227,409|244,074|
|Travel and motor expenses||||25,441|32,513|
|Printing
and stationery||||5,112|10,083|
|Telephone
and postage||||3,453|14,870|
|Rent and rates||||20,498|28,317|
|Lighting
and heating||||27,031|33,967|
|Insurances||||16,605|24,956|
|Legal and professional
charges
Bank charges and interest||||4,054
3,079|3,154
5,869|
|Education||||15,067|24,594|
|Subscriptions
Badges and rosettes
Depreciation
(including|2538(2020 —f538)charged to|||1,626
689|5,804
1,000|
|the restricted
funds)||||148,099|155,408|
|Profit on disposal offixed assets
Governance
costs (see note 8)||||25,090|(5,900)
25,077|
|||||523,253|603,786|
|GOVERNANCE
COSTS||||||
|||||2021|2020|
||||||E|
|Insurances||||1,316|1,441|
|Auditors'
remuneration
Auditors' fees for non-audit||services (i.e.accountancy|etc.)|4,433
19,341|4,319
19,317|
|||||25,090|25,077|
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|9.|STAFF|COSTS AND REMUNERATION|COSTS AND REMUNERATION|COSTS AND REMUNERATION|OF KEY MANAGEMENT|PERSONNEL||
|---|---|---|---|---|---|---|---|
|||||||2021|2020|
||The aggregate||staff costs during|the year were:||||
||Salaries|and wages||||354,592|390,921|
||Social security||costs|||28,618|31,957|
||Other pension||costs|||24,852|26,313|
|||||||408,062|449,191|
||Average|number ofemployees||(full time|and part time headcount)|||
||Clerical|||||13|14|
||Showground|||||||
||Pavilion|lettings||||||
|||||||18|20|
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|||Expenditure||Machinery||||
|---|---|---|---|---|---|---|---|
||Freehold
Properties|on
Showg round|Pavilion|and
Equipment|Motor
Vehicles|Cups and
Trophies|Total|
|COST||||||||
|At 30September
2020|787,741|3,446,249|1,941,437|555,664|11,246|3,400|6,745,737|
|Additions
Disposals||7,714||1,100||116|8,930|
|At 30September
2021|787,741|3,453,963|1,941,437|556,764|11,246|3,516|6,754,667|
|DEPRECIATION||||||||
|At 30September
2020|85,526|2,612,609|683,652|412,447|9,369||3,803,603|
|Charge for year|8,573|57,613|55,470|25,975|468||148,099|
|Eliminated
on||||||||
|disposals||||||||
|At 30September
2021|94,099|2,670,222|739,122|438,422|9,837||3,951,702|
|NET BOOK||||||||
|VALUE||||||||
|At 30 September
2020|702,215|833,640|1,257,785|143,217|1,877|3,400|2,942,134|
|At 30September
2021|693,642|783,741|1,202,315|118,342|1,409|3,516|2,802,965|
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|11.|INVESTMENTS|||||||
|---|---|---|---|---|---|---|---|
||||||2021|2020||
||Quoted
Investments||||E|||
||Market value at start of year||||1,709,230|1,777,768||
||Additions
at cost||||5,420|52,865||
||Disposals at cost
Net unrealised
investment
gain/(loss)||||(13,600)
338,067|(119,354)
(2,049)||
||Market value at end ofyear||||2,039,117|1,709,230||
||Historical cost at end ofyear||||1,242,186|1,250,366||
||Anal
sis of Quoted
Investments|||||||
||At the balance sheet date, the|portfolio was invested as follows||||||
||UK equity shares||||453,009|369,130||
||UK fixed interest bonds and deposits||||205,078|213,698||
||Overseas
equity shares
Overseas fixed interest||||1,142,236
30,426|903,301
30,601||
||UK property
funds||||44,946|41,660||
||Absolute
return||||163,422|150,840||
||||||2,039,117|1,709,230||
||At 30September 2021 the following
market value||investments|represent|more than 5 per cent of|the portfolio|by|
||750
I Shares —S8P Midcap 400
12,500 Foreign 8 Colonial
Inv Tst pic 25p ords
25,000 Ishares FTSE 100
13,500 Monks
Inv Trust Ord GBP0.05
47,000 Blackrock Fund Managers
11,000 Scottish Mortgage
Inv Trust||||146,419
107,500
173,150
187,650
140,930
157,080|107,526
85,374
143,974
151,740
111,436
109,010||
||Other investments
individually|representing||||||
||less than 5% ofthe total value||||1,126,388|1,000,170||
||||||2,039,117|1,709,230||
|12.|DEBTORS|||||||
||||||2021|2020||
||||||E|F||
||Trade debtors||||107,048|33,607||
||Other debtors||||7,490|15,335||
||Prepayments
and accrued income||||35,557|30,598||
||||||150,095|79,540||
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|||||||
|---|---|---|---|---|---|
|13.|CREDIT|ORS: Amounts|falling due within one year|||
|||||2021|2020|
|||||F|F|
||Bank loans|||36,564|14,000|
||Trade creditors|||20,076|25,562|
||Other tax|and social security||95,369|95,394|
||Accruals|||27,593|26,774|
||Deferred|income||439,535|448,930|
|||||619,137|610,660|
|14.|CREDITORS: Amounts||falling due after more than one year|||
|||||2021|2020|
|||||E|F|
||Deferred|income||121,157|131,185|
||Bank loans|||130,111|76,154|
|||||251,268|207,339|
|||||||2021|2020|
|---|---|---|---|---|---|---|---|
|||||||F|E|
|Balance|at 1 October|||||580,115|161,972|
|Amount
Deferred|released
amounts|to income
refunded|earned
in the|from charitable
year|activities|(37,167)
(32,529)|(27,354)|
|Amount|deferred|in the year||||50,273|445,497|
|Balance|at 30September|||||560,692|580,115|
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|2021|||||Balance||Expenditure|Balance|
|---|---|---|---|---|---|---|---|---|
|||||30th|September|Income|gains, losses|30th September|
||||||2020||and transfers|2021|
|Development||fund|||10,296|||10,296|
|Superfast|Cornwall||fund||2,149||538|1,611|
||||||12,445||538|11,907|
|2021|||||Balance||Expenditure|Balance|
|||||30th|September
2019|Income|gains, losses
and transfers|30th September
2020|
|Development||fund|||10,296|||10,296|
|Superfast|Cornwall||fund||2,687||538|2,149|
||||||12,983||538|12,445|
##
||||At 01/10/2020|Cash flows|At 30/09/2021|
|---|---|---|---|---|---|
|Cash|at bank and|in hand|711,858|16,416|728,274|
|Loans|falling due|within one year|(14,000)|(22,564)|(36,564)|
|Loans|falling due|after one year|(76,154)|(53,957)|(130,111)|
|Total|||621,704|(60,105)|561,599|
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|2021|Unrestricted|Restricted|Designated|Total|
|---|---|---|---|---|
||funds|funds|fund|funds|
|Fund balances of30th September 2021 are|||||
|represented
by:|||||
|Tangible
fixed assets|2,791,058|11,907|2,802,965||
|Investments|2,039,117||2,039,117||
|Net current assets|268,112|||268,112|
|Creditors due after more than one year|(251,268)|||(251,268)|
|Total net assets|4,847,019|11,907|4,858,926||
|2020|Unrestricted|Restricted|Designated|Total|
||funds|funds|fund|funds|
|Fund balances of30th 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||
##
|At 30th September 2021 the Association
leases as follows:|had total commitm|ents
under n|on-cancellable|operati|
|---|---|---|---|---|
||Land &|Buildings|Other||
||2021|2020|2021|2020|
||E|||F|
|Within one year|||11,317|12,751|
|Between one and five years|||4,794|16,111|
|In over five years|||||
||||16,111|28,862|
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||||General|Restricted|Total Funds|
|---|---|---|---|---|---|
||||Fund|Funds|2020|
|INCOME AND ENDOWMENTS||FROM:|F||E|
|Charitable
activities||||||
|Show income
Annual
member's
subscriptions
Life member's
subscriptions|||29,523
49,415
13,633||29,523
49,415
13,633|
||||92,571||92,571|
|Other trading activities
Investments
Coronavirus
Job Retention Scheme|||176,093
35,360
122,423||176,093
35,360
122,423|
|Total|||426,447||426,447|
|EXPENDITURE ON:||||||
|Raising funds
Investment
management|costs||67,080
9,068||67,080
9,068|
||||76,148||76,148|
|Charitable
activities||||||
|Show expenditure
Costs in support ofthe show|||285,596
603,248|538|285,596
603,786|
|Primary
purpose
donations|||1,000||1,000|
||||889,844|538|890,382|
|Total|||965,992|538|966,530|
|Net loss on investments|||(5,259)||(5,259)|
|Net income
Transfer between
funds|||(544,804)|(538)|(545,342)|
|Fund balances
brought
forward
at 1"October 2019|||5,166,016|12,983|5,178,999|
|Fund balances carried forward||at||||
|30'"September 2020|||4,621,212|12,445|4,633,657|