| CONTENTS | |
|---|---|
| Page | |
| Council Members | 1-2 |
| Report ofthe Council | 3-8 |
| Auditors' Report |
9-11 |
| Statement of Financial Activities |
12 |
| Balance Sheet | |
| Statement of Cash Flows |
14 |
| Notes to the Accounts | 15-26 |
| ROYAL C | ORNWALL AGRICULTUR | ORNWALL AGRICULTUR | ORNWALL AGRICULTUR | ORNWALL AGRICULTUR | ORNWALL AGRICULTUR | ORNWALL AGRICULTUR | ORNWALL AGRICULTUR | AL ASSOC |
AL ASSOC |
AL ASSOC |
AL ASSOC |
IATIO | N | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| STATEMENT OF FINANCIAL | ACTIVITIES | ||||||||||||||
| (incorporating | the income and expenditure | account) | |||||||||||||
| FOR THE YEAR ENDED 30TH SEPTEMBER | 2022 | ||||||||||||||
| General Restricted |
Total Funds | Total | |||||||||||||
| Note | Fund | Funds | 2022 | 2021 | |||||||||||
| INCOME AND ENDOWMENTS | FROM: | ||||||||||||||
| Charitable activities |
|||||||||||||||
| Show income | 1,964,074 | 1,964,074 | 4,482 | ||||||||||||
| Annual member's subscriptions |
216,593 | 216,593 | |||||||||||||
| Life member's subscriptions |
14,225 | 14,225 | 13,584 | ||||||||||||
| 2,194,892 | 2,194,892 | 18,066 | |||||||||||||
| Other trading activities Investments |
2 3 |
528,603 31,667 |
528,603 31,667 |
433,499 31,579 |
|||||||||||
| Coronavirus Job Retention |
Scheme | 176,032 | |||||||||||||
| Other coronavirus support |
grants | 6,000 | 6,000 | 61,714 | |||||||||||
| Total | 2,761,162 | 2,761,162 | 720,890 | ||||||||||||
| EXPENDITURE ON: | |||||||||||||||
| Raising funds Investment management costs |
124,746 9,614 |
124,746 9,614 |
82,469 9,970 |
||||||||||||
| 134,360 | 134,360 | 92,439 | |||||||||||||
| Charitable activities |
|||||||||||||||
| Show expenditure | 6 | 1,431,779 | 1,431,779 | 219,214 | |||||||||||
| Costs in support ofthe show Primary purpose donations |
7 | 673,569 1,000 |
538 | 674,107 1,000 |
523,253 1,000 |
||||||||||
| 2,106,348 | 538 | 2,106,886 | 743,467 | ||||||||||||
| Total | 2,240,708 | 538 | 2,241,246 | 835,906 | |||||||||||
| Net (loss)/gain on investments |
(222,532) | (222,532) | 340,285 | ||||||||||||
| Net income/(expenditure) | 297,922 | (538) | 297,384 | 225,269 | |||||||||||
| Reconciliation offunds: |
|||||||||||||||
| Fund balances brought forward |
|||||||||||||||
| at 1st October 2021 | 4,847,019 | 11,907 | 4,858,926 | 4,633,657 | |||||||||||
| Fund balances carried forward | at | ||||||||||||||
| 30th September 2022 | 5,144,941 | 11,369 | 5,156,310 | 4,858,926 | |||||||||||
| 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. |
| 2022 | 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Note | |||||||||
| Fixed Assets | |||||||||
| Tangible Assets | 10 | 2,667,398 | 2,802,965 | ||||||
| Investments | 11 | 1,642,976 | 2,039,117 | ||||||
| 4,310,374 | 4,842,082 | ||||||||
| Current Assets | |||||||||
| Stocks | 2,364 | 8,880 | |||||||
| Debtors | 12 | 179,412 | 150,095 | ||||||
| Cash at bank and | in | hand | 985,635 | 728,274 | |||||
| 1,167,411 | 887,249 | ||||||||
| Creditors: | amounts | falling | due | ||||||
| within one | year | 13 | (159,931) | (619,137) | |||||
| Net Current. | Assets | 1,007,480 | 268,112 | ||||||
| Total Assets less | Current | Liabilities | 5,317,854 | 5,110,194 | |||||
| Creditors: | amounts | falling | due after | ||||||
| more than | one year | 14 | (161,544) | (251,268) | |||||
| Net Assets | 5,156,310 | 4,858,926 | |||||||
| Funds | |||||||||
| Unrestricted | fund: | ||||||||
| General | fund | 5,144,941 | 4,847,019 | ||||||
| Restricted | funds | 17 | 11,369 | 11,907 | |||||
| Total funds | 18 | 5,156,310 | 4,858,926 |
| FOR THE Y | E | AR ENDED 30S | EPTEMBER2022 | |
|---|---|---|---|---|
| 2022 | 2021 | |||
| Note | ||||
| Net income for the reporting period |
||||
| per the statement offinancial activities |
297,384 | 225,269 | ||
| Adjustments for: Depreciation charges |
146,523 | 148,099 | ||
| (Profit)/loss on investments |
222,532 | (340,285) | ||
| (Profit) on the sale of fixed assets | (647) | |||
| Decrease/(Increase) in stocks |
6,516 | 14 | ||
| (Increase)/Decrease in debtors |
(29,317) | (70,555) | ||
| (Decrease)/Increase in creditors |
(435,758) | (24,115) | ||
| Net cash provided by operating activities |
207,233 | (61,573) | ||
| Cash flows from investing activities: |
||||
| Proceeds from sale of property, plant and |
equipment | 1,300 | ||
| Purchase of property, plant and equipment Proceeds from sale of investments |
(11,609) 193,730 |
(8,930) 15,818 |
||
| Purchase of investments |
(20,120) | (5,420) | ||
| Net cash used in investing activities |
163,301 | 1,468 | ||
| Cash flows from financing activities: |
||||
| New borrowing | 90,000 | |||
| Repayments of borrowing |
(113,173) | (13,479) | ||
| Net cash used in financing activities |
(113,173) | 76,521 | ||
| Change in cash and cash equivalents |
in | the rep. period | 257,361 | 16,416 |
| Cash and cash equivalents at the beginning |
of the reporting | |||
| penod | 728,274 | 711,858 | ||
| Cash and cash equivalents at the end |
ofthe rep. period | 985,635 | 728,274 | |
| Analysis ofcash and cash equivalents |
||||
| Cash at bank or in hand | 819,959 | 362,860 | ||
| Notice deposits (less than 3 months) | 165,676 | 365,414 | ||
| Total cash and cash equivalents | 985,635 | 728,274 |
| 2. | OTHER TRADING AC | TIVIT | IES | |||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||
| Gross | Related | Net | Gross | Related | Net | |||
| Income | Expenditure | Income f |
Income | Expenditure E |
Income E |
|||
| Site lettings | 406,374 | (49,717) | 356,657 | 360,156 | (29,828) | 330,328 | ||
| Pavilion centre lettings Agricultural activities |
75,556 20,861 |
(74,914) | 642 20,861 |
27,334 17,419 |
(52,627) | (25,293) 17,419 |
||
| Other income | 25,812 | (115) | 25,697 | 28,590 | (14) | 28,576 | ||
| 528,603 | (124,746) | 403,857 | 433,499 | (82,469) | 351,030 | |||
| 3. | INVESTMENTS | |||||||
| 2022 | 2021 | |||||||
| E | E | |||||||
| Interest received | 299 | 51 | ||||||
| Income from listed investments | 31,368 | 31,528 | ||||||
| 31,667 | 31,579 | |||||||
| 4. | SHOW INCOME | |||||||
| 2022 | 2021 | |||||||
| E | ||||||||
| Admission charges |
1,020,113 | |||||||
| Trade stands | 617,933 | |||||||
| Show entry fees | 51,215 | 1,417 | ||||||
| Catalogues and refreshment |
rights | 206,030 | ||||||
| Prize money donations | and | sponsorship | 68,783 | 3,065 | ||||
| 1,964,074 | 4,482 | |||||||
| 5. | LIFEMEMBERS' SUBSCRIPTIONS | |||||||
| 2022 | 2021 | |||||||
| E | E | |||||||
| Received in year |
25,372 | 3,506 | ||||||
| Deferred to future years | (24,417) | (3,331) | ||||||
| Utilised from previous |
years | 13,270 | 13,409 | |||||
| 14,225 | 13,584 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| E | |||||
| Preparation of showground |
985,643 | 177,741 | |||
| Cash handling and car |
parks | 91,871 | |||
| Fees and expenses ofjudges and stewards | 33,860 | 538 | |||
| Monetary awards |
63,109 | 125 | |||
| Special attractions and |
displays | 45,963 | |||
| Police and security services | 73,315 | ||||
| Catering | 49,657 | 321 | |||
| Marketing and promotion |
88,361 | 40,489 | |||
| 1,431,779 | 219,214 | ||||
| COSTS IN SUPPORT OF THE SHOW | |||||
| 2022 | 2021, | ||||
| E | E | ||||
| Office salaries | 253,494 | 227,409 | |||
| Travel and motor expenses | 31,919 | 25,441 | |||
| Printing and stationery |
32,959 | 5,112 | |||
| Telephone and postage |
32,498 | 3,453 | |||
| Rent and rates | 24,507 | 20,498 | |||
| Lighting and heating |
61,223 | 27,031 | |||
| Insurances | 22,961 | 16,605 | |||
| Legal and professional | charges | 282 | 4,054 | ||
| Miscellaneous expenses |
855 | ||||
| Bank charges and interest | 6,572 | 3,079 | |||
| Education | 23,351 | 15,067 | |||
| Subscriptions | 3,736 | 1,626 | |||
| Badges and rosettes | 10,412 | 689 | |||
| Depreciation (including |
f538 (2021 - 6538)charged to | ||||
| the restricted funds) |
146,523 | 148,996 | |||
| Profit on disposal offixed assets |
(647) | ||||
| Governance costs (see note |
8) | 23,462 | 25,090 | ||
| 674,107 | 523,253 | ||||
| GOVERNANCE COSTS |
|||||
| 2022 | 2021 | ||||
| lnsurances | 736 | 1,316 | |||
| Auditors' remuneration |
4,566 | 4,433 | |||
| Auditors' fees for non-audit |
services (i.e.accountancy | etc.) | 18,160 | 19,341 | |
| 23,462 | 25,090 |
| 9. | STAFF | COSTS | COSTS | AND REMUNERATION | AND REMUNERATION | OF KEY MANAGEMENT | PERSONNEL | |
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||
| F | ||||||||
| The aggregate | staff costs during | the year were: | ||||||
| Salaries | and wages | 408,352 | 354,592 | |||||
| Social security | costs | 37,158 | 28,618 | |||||
| Other pension | costs | 27,556 | 24,852 | |||||
| 473,066 | 408,062 | |||||||
| Average | number | ofemployees | (full time | and part time headcount) | ||||
| Clerical | 14 | |||||||
| Showground | ||||||||
| Pavilion | lettings | |||||||
| 20 | 18 |
| Expenditure | Machinery | |||||||
|---|---|---|---|---|---|---|---|---|
| Freehold | on | Pavilion | and | Motor | Cups and | Total | ||
| Properties | Showground | Equipment | Vehicles | Trophies | ||||
| COST | ||||||||
| At 30 September | 787,741 | 3,453,963 | 1,941,437 | 556,764 | 11,246 | 3,516 | 6,754,667 | |
| 2021 | ||||||||
| Additions | 1,784 | 2,525 | 7,300 | 11,609 | ||||
| Disposals | (2,750) | (2,750) | ||||||
| At 30 September | 787,741 | 3,455,747 | 1,941,437 | 559,289 | 15,796 | 3,516 | 6,763,526 | |
| 2022 | ||||||||
| DEPRECIATION | ||||||||
| At 30 September | 94,099 | 2,670,222 | 739,122 | 438,422 | 9,837 | 3,951,702 | ||
| 2021 | ||||||||
| Charge for | year | 8,573 | 55,102 | 55,470 | 25,365 | 2,013 | 146,523 | |
| Eliminated | on | (2,097) | (2,097) | |||||
| disposals | ||||||||
| At 30 September | 102,672 | 2,725,324 | 794,592 | 463,787 | 9,753 | 4,096,128 | ||
| 2022 | ||||||||
| NET BOOK | ||||||||
| VALUE | ||||||||
| At 30 September | 685,069 | 730,423 | 1,146,845 | 95,502 | 6,043 | 3,516 | 2,667,398 | |
| 2022 | ||||||||
| At 30 September | 693,642 | 783,741 | 1,202,315 | 118,342 | 1,409 | 3,516 | 2,802,965 | |
| 2021 |
| 11. | INVESTMENTS | ||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| Quoted Investments |
E | ||||||
| Market value at start ofyear | 2,039,117 | 1,709,230 | |||||
| Additions at cost |
20,120 | 5,420 | |||||
| Disposals at cost | (83,755) | (13,600) | |||||
| Net unrealised investment |
gain/(loss) | (332,506) | 338,067 | ||||
| Market value at end ofyear | 1,642,976 | 2,039,117 | |||||
| Historical cost at end ofyear | 1,178,550 | 1,242,186 | |||||
| Anal sis of Quoted Investments |
|||||||
| At the balance sheet date, | the | portfolio was invested as follows | |||||
| UK equity shares UK fixed interest bonds and deposits |
353,373 171,713 |
453,009 205,078 |
|||||
| Overseas equity shares |
886,687 | 1,142,236 | |||||
| Overseas fixed interest |
23,870 | 30,426 | |||||
| UK property funds |
40,642 | 44,946 | |||||
| Absolute return |
166,691 | 163,422 | |||||
| 1,642,976 | 2,039,117 | ||||||
| At 30September 2022 the | following | investments | represent | more than 5 per cent ofthe portfolio by | |||
| market value | |||||||
| 515 I Shares —S&P Midcap 400 | 101,174 | 146,419 | |||||
| 12,500 Foreign & Colonial |
Inv | Tst pic 25p ords | 112,500 | 107,500 | |||
| 25,000 Ishares FTSE 100 | 168,750 | 173,150 | |||||
| 10,650 Monks Inv Trust Ord GBP0.05 |
103,304 | 187,650 | |||||
| 146,832 Blackrock Collective Investment funds |
138,715 | 140,930 | |||||
| 11,000 Scottish Mortgage | Inv Trust | 157,080 | |||||
| 2,600 HSBC ETFS S&P | 86,113 | ||||||
| Other investments individually |
representing | ||||||
| less than 5% ofthe total value | 932,420 | 1,126,388 | |||||
| 1,642,976 | 2,039,117 | ||||||
| 12. | DEBTORS | ||||||
| 2022 | 2021 | ||||||
| E | |||||||
| Trade debtors | 119,053 | 107,048 | |||||
| Other debtors | 7,490 | ||||||
| Prepayments and accrued |
income | 60,359 | 35,557 | ||||
| 179,412 | 150,095 |
| CREDITORS: Amounts | CREDITORS: Amounts | falling due within one year | ||
|---|---|---|---|---|
| 2022 | 2021 | |||
| E | ||||
| Bank loans | 23,100 | 36,564 | ||
| Trade creditors | 42,627 | 20,076 | ||
| Other tax | and social security | 47,516 | 95,369 | |
| Accruals | 18,675 | 27,593 | ||
| Deferred | income | 28,013 | 439,535 | |
| 159,931 | 619,137 | |||
| CREDITORS: Amounts | falling due after more than one year | |||
| 2022 | 2021 | |||
| F | E | |||
| Deferred | income | 131,142 | 121,157 | |
| Bank loans | 30,402 | 130,111 | ||
| 161,544 | 251,268 |
| received over 20 |
in advan years. |
ce for life | membe | rships which ar |
e released to |
the Statement of |
Financial A |
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| Balance | at 1 October | 560,692 | 580,115 | ||||
| Amount | released | to income | earned | from charitable | activities | (440,490) | (37,167) |
| Deferred | amounts | refunded | in the | year | (32,529) | ||
| Amount | deferred | in the year | 38,953 | 50,273 | |||
| Balance | at 30September | 159,155 | 560,692 |
| 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Balance | Expenditure | Balance | ||||||
| 30th | September | Income | gains, losses | 30th September | ||||
| 2021 | and transfers | 2022 | ||||||
| E | f | |||||||
| Development | fund | 10,296 | 10,296 | |||||
| Superfast | Cornwall | fund | 1,611 | 538 | 1,073 | |||
| 11,907 | 538 | 11,369 | ||||||
| 2021 | ||||||||
| Balance | Expenditure | Balance | ||||||
| 30th | September | Income | gains, losses | 30th September | ||||
| 2020 f |
and transfers f |
2021 | ||||||
| Development | fund | 10,296 | 10,296 | |||||
| Superfast | Cornwall | fund | 2,149 | 538 | 1,611 | |||
| 12,445 | 538 | 11,907 |
| At 01/10/2021 | Cash flows | At 30/09/2022 | |||
|---|---|---|---|---|---|
| Cash | at bank and | in hand | 728,274 | 257,361 | 985,635 |
| Loans | falling due | within one year | (36,564) | 13,464 | (23,100) |
| Loans | falling due | after one year | (130,111) | 99,709 | (30,402) |
| Total | 561,599 | 370,534 | 932,133 |
| ANALYSIS OF NET ASSETS BE | TWEEN F | UNDS | |||
|---|---|---|---|---|---|
| 2022 | Unrestricted | Restricted | Designated | Total | |
| funds f |
funds f |
fund f |
funds f |
||
| Fund balances of 30th September | 2022 are | ||||
| represented by: |
|||||
| Tangible fixed assets | 2,656,029 | 11,369 | 2,667,398 | ||
| Investments | 1,642,976 | 1,642,976 | |||
| Net current assets | 1,007,480 | 1,007,480 | |||
| Creditors due after more than one | year | (161,544) | (161,544) | ||
| Total net assets | 5,144,941 | 11,369 | 5,156,310 | ||
| 2021 | Unrestricted | Restricted | Designated | Total | |
| funds f |
funds f |
fund f |
funds f |
||
| Fund balances of 30th 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 |
| At 30th September 2022 the Association leases as follows: |
had total commitm | ents under n |
on-cancellable | operati |
|---|---|---|---|---|
| Land & | Buildings | Other | ||
| 2022 | 2021 | 2022f | 2021f | |
| Within one year | 4,395 | 11,317 | ||
| Between one and five years | 4,794 | |||
| In over five years | ||||
| 4,395 | 16,111 |
| NOTES TO THE ACCOUNTS (continued) YEAR ENDE |
NOTES TO THE ACCOUNTS (continued) YEAR ENDE |
NOTES TO THE ACCOUNTS (continued) YEAR ENDE |
NOTES TO THE ACCOUNTS (continued) YEAR ENDE |
NOTES TO THE ACCOUNTS (continued) YEAR ENDE |
NOTES TO THE ACCOUNTS (continued) YEAR ENDE |
D 30rH SEPTEMBER2022 | D 30rH SEPTEMBER2022 |
|---|---|---|---|---|---|---|---|
| 21. STATEMENT OF FINANCIAL ACTIVITIES (incorporating the FOR THE YEAR ENDED30™ SEPTEMBER 2021 |
income and expenditure account) |
||||||
| General | Restricted | Total Funds | |||||
| Fund | Funds | 2021 | |||||
| INCOME AND ENDOWMENTS | FROM: | F | |||||
| Charitable activities |
|||||||
| Show income | 4,428 | 4,428 | |||||
| Annual member's subscriptions |
|||||||
| Life member's subscriptions |
13,584 | 13,584 | |||||
| 18,066 | 18,066 | ||||||
| Other trading activities |
433,499 | 433,499 | |||||
| Investments | 31,579 | 31,579 | |||||
| Coronavirus Job Retention |
Scheme | 176,032 | 176,032 | ||||
| Other coronavirus support |
grants | 61,714 | 61,714 | ||||
| Total | 720,890 | 720,890 | |||||
| EXPENDITURE ON: | |||||||
| Raising funds | 82,469 | 82,469 | |||||
| Investment management |
costs | 9,970 | 9,970 | ||||
| 92,439 | 92,439 | ||||||
| Charitable activities |
|||||||
| Show expenditure | 219,214 | 219,214 | |||||
| Costs in support ofthe show | 522,715 | 538 | 523,253 | ||||
| Primary purpose donations |
1,000 | 1,000 | |||||
| 742,929 | 538 | 743,467 | |||||
| Total | 835,368 | 538 | 835,906 | ||||
| Net gain on investments | 340,285 | 340,285 | |||||
| Net income | 225,807 | (538) | 225,269 | ||||
| Transfer between funds |
|||||||
| Fund balances brought at 1"October 2020 |
forward | 4,621,212 | 12,445 | 4,633,657 | |||
| Fund balances carried | forward | at | |||||
| 30'"September 2021 |
4,847,019 | 11,907 | 4,858,926 |