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|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|
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|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.||||||||||
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||||||||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|
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|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|
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|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|
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|||||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|
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|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|
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||||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|||||||||
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|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|
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|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|
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|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|
##
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||||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|
##
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|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|
##
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##
|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|