OYAL CORNWALL AGRICULTUFIAL ASSOCIATION Annual Report, 2023 Notice of Meeting NOTICE IS HEREBY GIVEN that the ANNUAL GENERAL MEETING will be held al the Tregolhnan Suite, The Pavilion Centre, Royal Cornwall Showground. Wadebridge, on 14 March 2024 al 3.'30pm. 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, 2023. 5. To confirm the appointment of the Auditors 6. Election of President for 2024. 7. Election of President Elgct for 2024. 8. To elect 12 persons lo the Council to serve for the ensuing three years. 9. Any other business. C P RIDDLE IARAgSI Secretary The Royal Cornwall Events Centre Wadebridgo Registered Charity No. 250312
ROYAL CORNWALL AGRICULTURAL ASSOCIATION CONTENTS Page Council Members Report of the Council 9-11 Auditors, Report Statement of Financial Activities 12 13 Balance Sheet 14 statement of Cash Flows Notes to the Accounts 15-26
ROYAL CORNWALL AGRICULTURAL ASSOCIATION MEMBERS OF COUNCIL 2023 - 2024 PRESIDENT Lady Bolilho, Penzance. PRESIDENT ELECT Mr T Carew-Pole Esq. Torpoinl. VICE PRESIDENTS His Majesty The King Her Majesty, The Queen Consort Her Royal Highness, The Princess Royal, KG, GCVO Her Royal Highness, The Duchess of Edinburgh, GCVO His Royal Highness, The Duke of Gloucester, KG GCVO Her Royal Highness, Princess Al8xandra, The Hon. Lady Ogilvy, KG, GCVO Sir Nicholas Bacon, Bl., OBE, DL, Notwich. Lady Banham, MBE, JP, Penzance. P M Bickford-smith Esq., Helslon. Colonel Sir E Bolitho, OBE, Penzance. Sir Richard Carew Pole, Bart, OBE, DL, Torpoint. Lady Carew Pole, CVO, JP, Torpoinl. J A Coode Esq., DL, Lostwithiel. E Corylon Esq, Sallash. Major C Edward-collins, DL, Blisland. The Rl Hon The Viscount Falmouth. Truro. A M J Galsworthy Esq., CVO, CBE, FRAgs, DL, Grampound Road. The Rl Revd 8111 Ind, Melksham. lona, Lady Molesworth-sl Aubyn, DL, Bodmin Ide¢easgd). The Earl Peel, GCVO, DL, Ripon. P J N Prideaux-Brune Esq., Padslow. The Rl Hon The Lord Sl Levan. Marazion. Lady St Levan, JP. DL, Marazion. The Rl Revd Tim Thomlon, Dorsel. Ll Cmdr N J Trefusis, RN, DL. Flushing. Sir Ferrers Vyvyan Bl.. DL, Helslon. IChairman}. J P Williams Esq.. DL, Redruth. J M Williams Esq., DL, Launceston. J R T Willis Esq., Wadebridge. EASTERN DIVISION ELECTED MEMBERS WESTERN DIVISION ELECTED AGM 2020 IRetirgd AGM Sprlng 2023) W R Davey Esq. Truro. A L Pas¢oe Esq. Hayl&. L D Pengilly Esq. Camborne. M G Pryor Esq. Truro. Mrs F Richards. Marazion. A C Semmens Esq. Penzance. ELECTED AGM 2021 (Retire AGM Sprlng 2024) G Blight Esq. Helslon. Mrs E Bowden. Camborne. W T Burley Esq. Truro. R A Edmond Esq. Truro. M S Hoskin Esq. Sl Auslell R H Olds Esq. Cambome. J W Eust'¢e Esq. Wadebridge. P J Lobb Esq. 8odmin. Mrs A Melhuish. Liskeard. J P Oaley Esq.Torpoinl. P J Sobey Esq. Liskeard. G W Tucker Esq. Launceslon. E G Bailey Esq. Launceslon. Mrs S Borton, Bodmin. R D Nan¢ekivell Esq. Bud6 P E Roose Esq. Bodmin. E G Sleep Esq. Launceslon. J L Slanbury Esq. Launceslon
ROYAL CORNWALL AGRICULTURAL ASSOCIATION MEMBERS OF COUNCIL (continued) ELECTED AGM 2022 (Retlre AGM Spring 20251 A S Blumenau Esq, Camborne Miss R M Euslice, Hayle. A G James Esq., Hayle. C P Richards Esq. Hayl8. P Rodda Esq., Hayle. A Trezise Esq. Hayle. Mrs M Andrew, Bude. R Biddick Esq. Wadebridge. J A Euslice Esq., Wadebridge. Mrs H C Eustice, Wadebridge. Mrs R Shute, Bodmin. Mrs V Slanbury, LaUnstOn. ELECTED AGM 2023 {Retire AGM Spring 20261 E Bowden Esq., Hayle. F J Dyer Esq. Truro. P J Laity Esq.. Hayle. R J Laity Esq., Hayle. Mrs R M Thoma5, Penzance. K R Williams Esq., Camborne. M Grigg. Tiverton. P VV Hodge Esq., Wadebridge. Miss F James, Bodmin. R Jenkin Esq., Launceston. A Lutey Esq., Newquay. R A Sloman Esq., Port158ac. IRRESPECTIVE OF LOCALITY ELECTED AGM 2020 {Rethred AGM Spring 2023) P D Hardaker Esq. Truro. D Nicholas Esq. Helston. ELECTED AGM 2021 (Retlre AGM Sprlng 2024} Mrs S M Dudden, Launceslon. M P Roberts Esq. St Austell. Miss K Emmett. Truro. S French Esq. Hayle. A C Brewer Esq. Bos¢asUe Mrs V G Daniel. Launceslon. ELECTED AGM 2022 (Retlre AGM Sprlng 20251 N C P Phillips Esq. Wadebridge. R Parsons Esq. Camelford. ELECTED AGM 2023 (Retir& AGM Spring 20261 Miss A Jewtrll. Penzance. J Walkers Esq. Truro Mrs F J Ham, Launceston. P J Olds Esq, BosGastle. P M Richards Esq., Hayle. S L Edmond Esq., Truro BAGMA REPRESENTATIVES P Vincent Esq. Vincent Tra¢tors, Fraddon. A Snow Esq. Alan Snow Agri¢ultural Engineers, Holsworthy. EX OFFICIO J Collings Esq., L8unceston CO- OPTED M Chanter Esq., Grampound. {2)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION REPORT OF THE COUNCIL FOR THE YEAR ENDED 30TH SEPTEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Name.. Registered Charity No.. Principal Address.. Patron.. President.. Councll Members.. Royal Cornwall Agricultural Association 250312 The Royal Cornwall Events Centre, Wadebridge, Cornwall, PL27 7JE The Former Prince of Wales Mrs A Bolitho, Penzance. Council consists of the President, President Elect, Chairman, Vice Chairman. Vice-Presidents and Elected Members. Their names are shown on pages 1 and 2. Sir Ferrers Vyvyan Bt., DL, Helston. Mrs C Mead OBE, DL, FalmoLJth. M S Hoskin Esq., Sl Austell. C P Riddle Esq ARAgS. Wadebridge. P M Richards Esq, Hayle. Lloyds Bank PLC, 7 Boscawen Street, Truro. PKF Francis Clark, Chartered Accountants. Lowin House, Tregolls Road, Truro. Stephens Scown LLP, Osprey House. Malpas Road. Truro. Savills, Lemon Street. Truro. Quilter Cheviot, One Kingsway, London. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document Chairman.. Vice Chairman.. Treasurer.. Secretary.. Director of Showyard.. Bankers.. Audltors- Solicitors.. Surveyors.. Investment Advisors: 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 Ihe 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 fonmarded to the Secretary by 1. September. All other positions are determined by the Council. The Council are also the trustees for the purposes of charity law. Indu¢tlon and trainlng 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. (3)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION REPORT OF THE COUNCIL (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2023 Organisatlonal stru¢ture 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 supetV15ed 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, Assistant Treasurer, Honorary Director of Showyard, such representatives appointed by the Counal and up to 48 Elected Members. Key management personnel remuneration The Council consider the key management personnel of the Gharity to be the Council. the Secretary, PA to the Secretary, Showground Manager, Pavilion Centre Manager, Media Manager and Education Co- ordinator, 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 rnembers is disclosed in note 16 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. Rlsk managemont The Council acknowledges their responsibility to assess and manage the risks that the organisalior) 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 impad of external events. Council have considered and idenlrfied 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 2023. (41
ROYAL CORNWALL AGRICULTURAL ASSOCIATION REPORT OF THE COUNCIL (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2023 OBJECTIVES AND ACTIVITIES The Association is established-. la) lo promote agriculture, horticulture, forestry, conservation and industry for the public benefit lin particular but not exclusively in the County of Cornwalll,. and to improve and advance them in all their branches and in all trades, crafts and professions with them in an exclusively charitable manner. Ib) lo advance science, research, and education in connection with agriculture, horticulture, forestry, conservation and industry for the public benefit., and (cl lo promote the improvement of all forms of livestock and the prevention and eradication of diseases in all forms of livestock. The Association's offIS are al the Royal Comwall Events Cenlre. The Association has twenty regular members of staff {full and part-limel and they are assisted by additional casual staff and outside contractors during the busy periods leading up lo, during and immediately afler the Royal Cornwall Show. When planning the Association's activities for the year the Charily Commission's guidance on public benefit are borne in mind by the Council. Revlew of objectives for the year and the strategies to achieve them Objective To successfully stage the 2023 Royal Cornwall Show with a continued strong emphasis on agricLJlture {including livestock), horticulture, forestry, conseNalion 8nd 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 li.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 2023 included the widening of the Main Avenue through the Events Cenlre, the replacement of various toilet block windows and doors and floor surfaces. the replacement of several further electrical distribution boxes and the PLJrchase of various items of equipment to improve maintenance systems and efficiency. Contributlon of volunteer5 The Association is greatly indebted lo a very large number of volunteers. in excess of 600. who act as Stewards and in other capacities lo ensure the smooth running of the show. ACHIEVEMENTS AND PERFORMANCE Review of charitable activitles The 2023 Royal Cornwall Show, held on 8 - 10 June, was again regarded as a huge success and a true return lo normaltty following the Covid pandemic. Generally excellent weather both in the lead up lo and during the event led lo a memorable atmosphere on sile where trade stand exhibitors reported substantial levels of business being done despite concerns over the available spending power of visitors during such difficult economic limes for many families. The attendance al 118,201, whilst very slightly down on 2022, was extremely pleasing and amongst those visiting, the Association was delighted lo welcome The Right Hon Therese Coffey, Secretary of Stale for Environment, Food and Rural Affairs who spent lime meeting exhibitors and visitors and discussing the issues of the day and particularly those concerning the agricultural sector of the South Wesl of England. (51
ROYAL CORNWALL AGRICULTURAL ASSOCIATION REPORT OF THE COUNCIL (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2023 As always, the agricultural heart of the show was beating strongly with both vast arrays of agricultural and orticullural machinery. equipment, and services on display and the very strongest of competition in the very well supported competitive sections. The show'5 national reputation as a truly agricultural event was again hugely reinforced as was recognised by the very many sector visitors travelling from across the UK to compete and to do business. Such a strong focus no doubt does much to illustrate the enormous benefit and public good in such events and their ability to 'educate' and inform visitors on how agriculture works, how food is produced and the importance of a vibrant and thriving countryside and rural sector. Earlier in the year. on 22 & 23 March 2023. the Association again joined forces with the Comwall Food and Farming Group lo stage another extremely successful discovery event for schools. the 'Farm and Country, days in the Exhibition Halls. This hugely popular event was again attended by some 1,500 primary school children and teachers and was again widely regarded as an extremely worthwhile project. Plans for the 2024 event on 20 & 21 March are already well in hand and, in addition, the Association's mobile version of the above event, the 'Farm & Country Roadshow, mobile classroom, continues to visit large numbers of Cornish primary schools and other events throughout the year providing a wonderful educational experience under the leadership of the Association's Education Coordinator, Jo Perry and her great team of volunteer helpers. The 2022 Cornish Winter Fair in November, staged for the first time over two days by the Association in conjunction with the W8debridge Primestock Show Association, proved another great success with very large numbers of allendees, trade, food and drink and craft stands and excellent competitive Classes which provided a wonderful showcase of talent bolh agricultural and domestic. The Royal Cornwall Events Centre and the Pavilion Centre have again experienced a very busy year, providing a venue for a wide range of eventslmeelings etc. both large and small, and continues to provide Cornwall with excellent facilities for activities appealing to a wide cross-section of the county's population and interests. The site also still plays host to a Covid-19 Vaccination Centre. The Exhibition Halls, The Pavilion Centre and the extensive open spaces, continue to prove lo be very popular venues for both business and social events, providing top-quality facilities for the county. Full details can be seen on the website at RoyalCornwallEventsCentre.co.uk. 161
ROYAL CORNWALL AGRICULTURAL ASSOCIATION REPORT OF THE COUNCIL (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2023 Investments During the year the charity purchased additional investments of £78,721 {2022= £20,120) ,and disposed of investments with an original cost of £17,866 (2022.. £83,755). Proceeds received for the disposals were £17,58612022.' £193,729) giving a realised loss of £28012022.. gain of £109.9741. There was an increase in the value of the investment portfolio over the year of £51,807 (2022- £332,506 decrease). This gives an overall gain on investments of £50,807 compared lo last year's loss of £222,532. FINANCIAL REVIEW Show income was £2,316,343 (2022.. £1,964,074) which also this year lakes advantage of show income being exempl from output VAT. This means that although show income has increased this doesn't directly relate to numbers of people in allendance. Annual membership subscriptions were £300,00912022'. £216.593} which is also now exempl from output VAT. Income from other trading activities has decreased to £462,995 {2022'. £528.6031 with income from sile letlings decreasing this year. This has mainly been due lo the reduced action of the Covid vaccination centre that in previous years h8s contributed significantly lo site letlings. Pavilion lettings continue lo increase year on year, as has other income which includes a large donation received of £10,000. Overall there was an increase in lolal Sncome for the year to £3,149,27812022.' £2,761, 162). Costs for the year have increased by 19.710 to £2,682,44912022-. £2.241,246}. Show expenditure has increased by 22.2 % on the prior year to £1,749,559 (2022.. £1,431,779}. The increase in expenses also includes £109,121 of input VAT now disallowed under the partial exemption rules. Other costs have lotalled £725,67412022'. £684,721). an increase of £40,953 on 2022. The overall effect of all the above was a net income of £517,636 compared lo £297,384 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. Al 30 September 2023 the Association held £5,663,115 (2022.. £5,144,941) in unrestricted and designated funds and £10,831 {2022.' £11,369} in restricted funds. The Association's reserves are primarily invested in the Events Centre al Wadebridge and in inveslmenls. The investments could be realised if necessary and are regarded as an 'insurance policy, against any day or days of the show having lo be cancelled due lo exceptional weather conditions or other extraneous factors, as happened in 1993 and of course during situations such as the Covid pandemic that saw the cancellation of the 2020 and 2021 shows. Amounts are also sel aside for future capital expenditure. (71
ROYAL CORNWALL AGRICULTURAL ASSOCIATION REPORT OF THE COUNCIL (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2023 Investment poli¢y and objective The investments are managed by Quilter Cheviot Limited who are also the holding trustees. An investment sub-committee has been established by Council which meets periodically with the investment advisors and which authorises any strategic changes lo the portFolio. The fund manager has specific terms of engagement set on an annual basis, and the investment policy of the charity is to provide a balance of income and growth in listed equities and govemment stocks in line with the Trustee Investments Act 2000. PLANS FOR THE FUTURE The staging of successful future Royal Cornwall Shows continues to be of the hlghest importance to the Association and linked to this is the continued improvement of the events centre facilities plus continued and extended involvement iri educational projects. 11 is planned that the 2024 Royal Cornwall Show on 6 - 8 June will provide another wonderful 'shop window, for the region with large numbers of competitive classes on offer. The Association's collaboration with the Wadebrid9e Prirne Stock Show Association in relalion to the staging of The Cornish Winter Fair, an event which has proved extremely popular in its extended form since 2015, continues to see great success and moved to a bmo day event from 2022. This involvement also provide5 an excellent opportunity for extending the Association's educational activity- STATEMENT OF COUNCIL'S RESPONSIBILITIES Law applicable lo charities in England and Wales requires the Council to prepare financial statements for each financial year which give a true and fair view of the Association's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements giving a true and fair view, the Council should follow best practice and.. (al select suilable accounting policies and then apply them consistently., (bl rnake judgements and estimates that are reasonable and prudent.. (cl slate wh8theT applicable UK Accounting Standards and Statements of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial slalements: (dl prepare the financial statemenls on the going concern basis unless il is inappropriate to assume that the Association will continue In operation. Council is responsible for keeping proper accounting records which disclose with r8asonable accuracy al any time the financial position of the Association and which enable it to ensure that the financial statements comply with the regulations made under Section 135 of the Charitie5 Act 2011. It is also responsible for safeguarding the assets of the Association and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. On behalf of the Council on 1*171 LY and signed on its behalf by.. Sir Ferrers Vyvyan Chairman M S Hoskin 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 2023, which comprise the statement of financial activities, the balance sheet the slalement of c8shflows and the related notes, including a summary of significant accounling 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 stalemenls.. give a true and fair view of the slate of the Charity's affairs as al 30 September 2023 and of ils incoming resources and application of resoLJr¢es 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 IUKI IISAS (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 lo our audit of the financial slalements 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 90ing concern In auditing the financi81 stalemenls. We have concluded that the council members use of the going concem basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were aulhorised for issue. Our responsibilities and the responsibilities of the council members with respect to going concern are described in the relevant sections of the report. Other infomiation The Council members are responsible for the other information. The other information comprises the information included in the Report of the Council, other Ihan the financial slalements and our auditor'5 report thereon. Our opinion on the financial slalements does not cover the other information and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. 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 lo report in this regard. {91
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 In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misslatemenls in the Report of the Council. We have nothing to report in respect of the following matters in relation to which the Charities {Accounts and Reportsl Regulations 2008 require us to report to you if, in our opinion.. the irnformalion 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 slatemenls are not in agreement wilh the accounting records., or we have not received all the information and explanalions we require for our audit. Responsibilities of Council members As explained more fully in the Stalemenl of Council's responsibilities Isel out on page 81, the CoLJncil members are responsible for the preparation ol the financial statements and for being satisfied thal they give a true and fair view, and for such intemal 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 lo continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the Council members either intend lo liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditor's responslbilities for thg audit of the flnanclal 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 wh8ther 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 ac¢ordance with ISAS {UKI will always detect a material misslalement when it exists. Misslalemenls 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. Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the charity and the sector in which it operates to identify the key laws and regulations affecting the entity. The key laws and regulations we identified were health and safely, employment law and compliance with grant funding conditions. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily the Charities Act 2011 and compliance with the Charities Statement of Recommended Practice. (101
ROYAL CORNWALL AGRICULTURAL ASSOCIATION INDEPENDENT AUDITORS, REPORT ON THE FINANCIAL STATEMENTS TO THE COUNCIL MEMBERS OF ROYAL CORNWALL AGRICULTURAL ASSOCIATION (continued) We discussed with management how the compliance with these laws and regulalions is monitored and discussed policies and procedures in place. We also identified the individLJals who have responsibility for ensuring that the entity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the enlily's ability to continue trading and the risk of material misslatemenl to the accounts. We assessed the susceptibility of the charity's financial statements lo material misstalernent, including how fraud might occur as part of the audit planning process. We determined that these risks are low considering the fact that the charity operates on a not for profit basis and so there would be no motivation for management to influence performance for individual gain. We audited the risk of management override of controls through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following.. We reviewed legal and professional costs to identify any non-compliance or legal costs in relation lo non- compliance. . We reviewed the board minutes for anything unusual. We made enquiries to management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial slalemenls. We reviewed a sample of expenditure lo confirm it has been incurred and allocaled correctly. As part of our enquiries we discussed with management whether Ihere have been any known instances, allegations or suspicions of fraud of which there were none. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading lo a material misstatement in the financial slatemenls. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely lo become aware of instances of non-compliance. The risk of not detecting a material misslatemenl due to fraud is higher than the risk of not detecting one resulling from error, as Iraud may involve deliberate concealment, collusion. omission or misrepresentation. A further description of our responsibilities for the audit of Ihe financial statements is located on the Financial Reporting Council's website al www.frc.org.ukJauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the Council membgrs, as a body, in accordance with Part 4 of the Charities IAccounts 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 stale lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilily 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 Audilor Lowin House Tregolls Road Truro, R12NA (11}
ROYAL CORNWALL AGRICULTURAL ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES (incorporating the incomè and expenditure a¢¢ountl FOR THE YEAR ENDED 30TH SEPTEMBER 2023 General Fund Restrictgd Funds Total Funds 2023 Total 2022 Note INCOME AND ENDOWMENTS FROM: Charilable activities Show income Annual member's subscriptions Life member's subscriptions 2.316,343 300,009 16,987 2,316.343 300,009 16,987 1,964.074 216,593 14,225 2,633,339 2.633,339 2,194,892 Other trading activities Investments Other coronavlrus support grants 462,995 52,944 462,995 52,944 528,603 31,667 6,000 Total 3.149,278 3.149,278 2,761.162 EXPENDITURE ON: Raising funds Investment management costs 98,095 8.843 98,095 8,843 124,746 9,614 106,938 106,938 134,360 Charitable activities Show expenditure Costs in support ofthe show Irrecoverable VAT Primary purpose donations 1,749,559 713,941 109.121 2,352 1.749,559 714,479 109,121 2,352 1,431,779 674,107 538 1,000 2,574,973 538 2,575,511 2,106.886 Total 2.681,911 538 2,682.449 2,241,246 Net gainl{lossl on Investments 50.807 50,807 {222,5321 Net Incomel(expendtture) 518,174 {538) 517,636 297.384 Recon¢iliation of funds: Fund balances brought fOard at 1 st October 2022 5,144.941 11,369 5,156,310 4,858,926 Fund balances carried forward at 30th September 2023 5,663.115 10.831 5,673,946 5.156,310 The Association's income and expenditure all relate to continuing operalions. The Association has no reco9nised 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. {121
ROYAL CORNWALL AGRICULTURAL ASSOCIATION BALANCE SHEET AT 30TH SEPTEMBER 2023 2023 2022 Note Fixed Assets Tangible Assets Investments 2,570,512 1,754,918 2,667,398 1,642,976 12 4,325.430 4,310,374 Current Assets Stocks Debtors Cash at bank and in hand 2,288 64,441 1.538.579 2,364 179,412 985,635 13 1,605,308 1,167,411 Creditors.. amounts falling due within one year 14 193,539} 1159,931) Net Current Assets 1,511,769 1,007,480 Total Assets less Current Llabllltle$ 5,837,199 5,317,854 Creditors: amounts falling due afler more than one year 15 1163.253) 1161,544) Net Assets 5,673,946 5,156,310 Funds Unrestricted fund.. General fund Restricted funds 5,663,115 10,831 5.144,941 11,369 18 Tot81 funds 19 5,673.946 5,156.310 Approved by the Cour>cil on and signed on its behalf by.. (L4£ Sir Ferrers Chairman vyan M S Hoskin Treasurer 1131
ROYAL CORNWALL AGRICULTURAL ASSOCIATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023 2023 2022 Note Net income forthe reporting period per the statement of finan¢ial activities 517,636 297,384 Adjustments for: Depreciation Charges (Profityloss on investments (Profit) on the sale of fixed assets Decreasel{Increasel in stocks IlncreasellDecrease in debtors {Decreaselllncr8ase in creditors 146.680 150,807) (9,0091 76 114,971 111,181) 146,523 222.532 {647) 6,516 {29.317) {435,758) Net cash provided by operating activities 708.366 207.233 Cash flows from investing activltios: Proceeds from sale of properly, plant and equipment Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investments 9,009 149,7941 17,586 178,721) 1.300 111.6091 193,730 (20,120} Net cash used in investing activitles 606,446 163.301 Cash flows from financing actlvllles: New borrowing Repayments of borrowing 153,502) (113.1731 Net cash used in financlng activities 153.502) {113,173} Change in cash and cash equivalents In the rep. period 552.944 257.361 Cash and cash equivalents al the beginning of the reporting period 985,635 728,274 Cash and ¢ash equivalents at the end of the rep. period 1,538,579 985,635 Analysis of cash and ¢a$h equivalents Cash al bank or in hand Notice deposits (less than 3 months) 254,361 1,284,218 819.959 165,676 Total cash and cash equivalents 1,538.579 985.635 {14}
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS YEAR ENDED 30TH SEPTEMBER 2023 ACCOUNTING POLICIES la) The accounts (financial statem6ntsl have been prepared in 8ccord8nce with the Statement of Recommended Practice.. Accounting and Reporting by Charilies preparing their accounts in accordance th the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 effective 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS1021 and the Charities Act 2011. The Association constitutes a public benefit entity as defined by FRS102. In common with many other organisalions of our size and nature we usg our auditors to assist with e 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=_ Ibl Income All income is included in the SOFA when the Charity is legally entitled to the income, il 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= 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. ii. Subscriptions and Deferred Income Annual subscriptions from members are included in the year Ihal they are received. Life membership subscriptions are credited to deferred income and released to income in equal inslalments over twenty years. Subscriptions are slated nel of value added tax. iii. Grants Grants are recognised as incoming resources when they are receivable. iv. Investments and Investment Income All investments are slated al market valuè. 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. Ic} Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo that category. The Statement of Financial Activities defines costs in two specific categories.. Raising funds Charitable activities 1151
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS YEAR ENDED 30TH SEPTEMBER 2023 ACCOUNTING POLICIES Icontinuedl 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 dired costs and support costs relating lo 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 conslilulional and statutory requirements, Irrecoverable VAT on expenditure arising under partial exemption is shown separately. Idl Depreciation Depreciation is calculated lo write off the cost less estimated residual value of fixed assets over their 8slimated 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 straighl line basis over 10 years Motor vehicles 25/0 per annum on net book value Cups and trophies no depreciation charged due to high residual value le} Fixed assets 11 is the policy of Council to rllaintain 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 estirllaled 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 2023 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. In Stocks Stocks are valued at the lower of cost and net realisable value. Igl Pension Costs Contributions payable to the Association's pension scheme ar8 charged to the statement of financial 8clivilies in the period to which they relate. 1161
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS YEAR ENDED 30TH SEPTEMBER 2023 (continued) ACCOUNTING POLICIES {conlinuedl Ih) Contribution of Volunteers The value of services provided by volunteer5 is not InrpOrated into these financial statements. Further details of the contribution made by volunteers can be found in the report of the Council. {1) Funds General funds are unrestricted funds which are available for use at the discretion of the Council in furtherance of Ihe 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 r8Strictions imt)osed by donors or which have been raised by the charity for particular purposes. (il Hire purchase and leasing Rentals applicable lo 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 lo the Statement of Financial Activities so as to produce constant periodic rates of charge on the nel obligalion outstanding in each p8riod. Ik) Interest costs Interest capit81ised on borrowings for financing propety developmenl is capilalised gross of tax relief. {1) 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 charg8 in these accounts. 1171
ROYAL CORNWALL AGRICULTURAL ASSOCIATION YEAR ENDED 30TH SEPTEMBER 2023 NOTES TO THE ACCOUNTS (continued} OTHER TRADING ACTIVITIES 2023 Gross Related Net Income Expenditure Income 2022 Gross Related Net Income Expenditure Income Site lettings Pavilion centre leltings Agricultural activities Other income 319,732 118.024} 301,708 406.374 {49,717} 356,657 89,776 178,130) 11,646 75,556 174,914) 642 12,610 {1,8641 10,746 20,861 20,861 40,877 1771 40,800 25,812 25,697 (1151 462,995 198,095) 364,900 528,603 (124,746} 403,857 INVESTMENTS 2023 2022 Interest received Income from listed investments 18,819 34,125 299 31,368 52,944 31.667 SHOW INCOME 2023 2022 Admission charges Trade stands Show entry fees Catalogues and refreshment rights Prize Money donations and sponsorship 1,236,722 1,020.113 709,091 617.933 72,768 51,215 222,197 206,030 75.565 68,783 2.316,343 1,964,074 LIFE MEMBERS, SUBSCRIPTIONS 2023 2022 Received in year Deferred lo future years utilised from previous years 51.171 25,372 {48,6131 {24,417} 14,429 13,270 16,987 14,225 118)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS Icontinuedl YEAR ENDED 30TH SEPTEMBER 2023 SHOW EXPENDITURE 2023 2022 Preparation of showground Cash handling and car parks Fees and expenses of judges and stewards Monetary awards Special atlraclions and displays Police and security services Catering Marketing and promotion 1,237,817 985,643 96,970 91.871 26,929 33,860 73,880 63,109 60,405 45,963 86,247 73,315 62,539 49,657 104,772 88,361 1.749.559 1.431,779 COSTS IN SUPPORT OF THE SHOW 2023 2022 Office salaries Travel and motor expenses Printing and stationery Telephone and postage Rent and rates Lighting and heating Insurances Legal and professional charges Miscellaneous expenses Bank charges and interest Education Subscriptions Badges and rosettes Depreciation (including £538 {2022 - £538} charged to the restricted funds) Profit on disposal of fixed assets Governance costs (see note 81 276,503 253,494 41,843 31.919 30,621 32.959 26,659 32,498 24,570 24.507 61,222 61.223 28,678 22,961 6,030 282 1,750 855 5,548 6.572 28,559 23,351 5,644 3,736 8,935 10,412 146,680 146,523 19,0091 1647} 30.246 23,462 714,479 674,107 GOVERNANCE COSTS 2023 2022 Insurances Auditors, remuneration Auditors, fees for non-audit seICeS li.8. accountancy etc.) 715 5.490 24,041 736 4,566 18,160 30.246 23,462 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 £71512022 £736) and is included in the governance costs shown in note 8. (191
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS YEAR ENDED 30TH SEPTEMBER 2023 Icontinuedl STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL 2023 2022 The aggregate staff costs during the year were.. Salaries and wages Social security costs Other pension costs 456,589 408,352 40,658 37,158 31,792 27.556 529,039 473,066 Average number of employees Ifull time and part lime headcountl Clerical Showground Pavilion lettings 14 14 20 20 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, P8vilion Centre Manager, Media Manager and Education Co-ordinator. The total employment benefits (including employer pension contributions and employers National Insurance) of the key managemerkt personnel were £277,451 {2022.' £254.662}- 10. CONTINGENT ASSET AND LIABILITY Further to the UK First-lier Tribunal ruling in the case of Yorkshire Agricultural Society v H M Revenue & Customs IHMRCI on 25 April 2023, the charity submitted historic VAT claims in respect of the period from 1 October 2017 to 30 June 2019 and 1 April 2022 to 31 March 2023 on the basis that the Show is a fundraising event and hence that certain income streams are exempl rather than standard raled. B8sed on the revised, ongoing method currently adopted for the VAT retums the charity expects lo be able to recover overpaid VAT as a result of the change in treatment. less associated professional fees for the periods above. as set out below.. Nel VAT now deemed recoverable Associated professional fees 329,000 {82,2501 246,750 The Upper Tribunal announced in February 2024 that HMRC were granted leave lo appeal the Yorkshire Agricultural Sociely case. Whilst the trustees consider il is probable that the above sums will still be recovered, the potential appeal means that the matter is a contingent asset and hence no debtor has been recognised in the accounts. VAT returns submitted since the Yorkshire Agricultural Society case have been submitted on the revised basis and settled by HMRC. If a successful appeal was made by HMRC on the Yorkshire Agricultural Society case it is possible that the charity may need to revisit the VAT returns submitted for the quarter ending 30 June 2023 and 30 September 2023. As this is not expected, detailed calculations on an alternative basis have not been made, bul are estimated to have a potential impact of £123.000 and hence this is noted as a contingent liability. {201
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS (continued) YEAR ENDED 30TH SEPTEMBER 2023 11. TANGIBLE ASSETS Expenditure Freehold on Properties Showground Machinery and Motor Cups and Equipment Vehicles Trophl•s Pavilion Total COST AI 30 September 2022 Additions Disposals 787,741 3,455,747 1,941,437 559,289 15,796 3,516 6,763,526 22,000 27,794 49,794 At 30 September 2023 787,741 3.477,747 1,941,437 587,083 15,796 3,516 6,813.320 DEPRECIATION AI 30 September 2022 Charge for year Eliminated on disposals 102,672 2,725,324 794,592 463,787 9,753 4,096,128 8,573 56,368 55,470 24,759 1.510 146,680 AI 30 September 2023 111,245 2,781,692 850,062 488,546 11,263 4.242,808 NET BOOK VALUE AI 30 September 2023 676,496 696,055 1.091.375 98,537 4,533 3,516 2.570,512 AI 30 September 2022 685,069 730.423 1,146,845 95,502 6,043 3,516 2,667.398 All tangible fixed assets are held for charilable use. In the opinion of Council the market value of the Association's freehold land and buildings is in excess of ils carrying value bul il is not practicable to quantify the excess. Accumulated interest capilalised and included in the cost total above amounts to £11,323 12022 - £11,323) (21)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS (continued) YEAR ENDED 30TH SEPTEMBER 2023 12. INVESTMENTS 2023 2022 Quoted Investments Market value at start of year Additions al cost Disposals at cost Net unrealised investment gainlllossl 1,642,976 2,039,117 78,721 20,120 117,866} 183,755} 51,087 1332,506) Market value al end of year 1,754.918 1,642,976 Historical cost at end of year 1,239,406 1,178,550 Anal sis of Quoted Investments Al the balance sheet date, the portfolio was invested a5 follows UK equity shares UK fixed interest bonds and deposits Overseas equity shares Overseas fixed interest UK property funds Absolute return 391,052 251,011 913,587 23,847 36,500 138,921 353,373 171,713 886,687 23,870 40,642 166,691 1,754,918 1,642,976 At 30 September 2023 the following investments represent more Ihan 5 per cent of the portfolio by market value 5151 Shares S&P Midcap 400 12,500 F&C Investment Trust plc 25p ords 25,000 Ishares FTSE 100 10.650 Monks Investment Trust Ord GBPO.05 146.832 Blackrock Fund Managers North America 9,700 Alliance Trust Ord GDP 0.025 2.600 HSBC ETFS S&P 105,258 110,375 185,550 100,323 149,624 100.492 92.799 101,174 112,500 168.750 103,304 138,715 86,113 Other investments individually represenling less than 50A of the lolal value 910,497 932,420 1,754,918 1,642,976 13. DEBTORS 2023 2022 Trade debtors Other debtors Prepayments and accrued income 16,311 12.972 35.158 119,053 60.359 64,441 179,412 122)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION YEAR ENDED 30TH SEPTEMBER 2023 NOTES TO THE ACCOUNTS (continued} 14. CREDITORS: Amounts falling due within one year 2023 2022 Bank loans Trade creditors Other tax and social security Accruals Deferred income 23,100 42,627 47,516 18,675 28,013 28,392 8.416 19,385 37,346 93,539 159,931 15. CREDITORS: Amount$ falling due after more than one year 2023 2022 Deferred income Bank loans 163,253 131,142 30.402 163.253 161,544 Deferred income relates to income carried forward as deposits for 2024 lettings and other income received in advan for life memberships which are released to the Statement of Financial Activities over 20 years. 2023 2022 Balance al 1 October Amount released to income earned from charitable activities Deferred amounts refijnded in the year Amount deferred in the year 159,155 560,692 130.569} 1440,4901 72,013 38,953 Balan at 30 September 200,599 159,155 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 lake 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 Ihe context of the individuals concerned. The aggregate value of all purchase transactions during the year was £28,621 {2022'. £23,310) including value added tax. The aggregate value of all sale transactions to members of the council during the year was £2,953 (2022.. £2,953) including value added lax. 123)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS {¢onlinued) YEAR ENDED 30TH SEPTEMBER 2023 17. PENSION COMMITMENTS The Association operates two defined contribution schem8s. 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 lo the funds and amounted to £31,792 {2022- £27.5561. 18. RESTRICTED FUNDS 2023 Balance 30th September Income 2022 Expenditure galns, losses and transfers Balance 30th September 2023 Development fund Superfast Cornwall fund 10,296 1,073 10,296 535 538 11.369 538 10,831 2022 Balance 30th September Income 2021 Expendlture gains, losses and transfers Balance 30th September 2022 Development fund Superfast Cornwall fund 10.296 1,611 10,296 1,073 538 11,907 538 11,369 The development fund represents funds received in response lo an appeal launched in November 1972. These funds were used for capital investment in the freehold properties and showground expenditure. The Superfasl 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 insl8llation of Superfast broadband throughout the facilities al the showground. To the exlenl 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 changes In net debt At 0111012022 Cash flows At 3010912023 Cash al bank and in hand 985,635 552.944 1,538,579 Loans falling due within one year Loans falling due after one year (23,1001 (30,4021 23,100 30,402 Total 932,133 606,446 1,538,579 124}
ROYAL CORNWALL AGRICULTURAL ASSOCIATION YEAR ENDED 30TH SEPTEMBER 2023 NOTES TO THE ACCOUNTS Iconlinued} 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted Designated Total funds funds fund funds 2023 Fund balances of 30th September 2023 are represented by.. Tangible fixed assets Investments Net current assets Creditors due after more Ihan one year 2,559,681 1,754,918 1,511,769 1163,2531 10,831 2,570,512 1,754,918 1,511,769 {163,253} Total net assets 5,663,115 10.831 5,673,946 2022 Unrestricted Restricted Designated Total funds funds fund funds Fund balances of 30th September 2022 are represented by.. Tangible fixed assets Ir)vestments Net current assets Creditors due after more than one year 2,656,029 1.642,976 1,007,480 1161,544) 11.369 2,667.398 1.642.976 1,007,480 1161,5441 Total net assets 5,144,941 11.369 5.156.310 21. FINANCIAL COMMITMENTS At 30th September 2023 the Association had total commitments under nOn-CanlIable operating leases as follows- Land & Buildings 2023 2022 Other 2023 2022 Within one year Between one and five years In over five years 8,712 48,745 4,395 57,458 4,395 (25}
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS Iconlinuedl TH YEAR ENDED 30 SEPTEMBER 2023 22. STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expendlture account) rH FOR THE YEAR ENDED 30 SEPTEMBER 2022 General Fund Restricted Total Funds Funds 2022 INCOME AND ENDOWMENTS FROM: Charitable activities Show income Annual memberfs subscriptions Life member's subscriptions 1,964,074 216,593 14,225 1,964,074 216,593 14,225 2,194,892 2,194,892 Other trading activities Investments Other coronavlrus support grants 528,603 31.667 6,000 528,603 31,667 6,000 Total 2,761,162 2.761,162 EXPENDITURE ON: Raising funds Investment management costs 124,746 9.614 124,746 9.614 134,360 134,360 Charitable actlvltles Show expenditure Costs in support ofthe show Primary purpose donations 1,431.779 673,569 1,000 1,431,779 674,107 1,000 538 2,106,348 538 2,106,886 Total 2,240,708 538 2.241,246 Net (lossl on investments 1222,5321 {222,5321 Net income Transfer between funds Fund balances brought forward at 1° October 2021 297,922 (5381 297,384 4,847,019 11,907 4,858,926 Fund balan¢os carried forward at 30, September 2022 5,144,941 11,369 5,156,310 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 nel movement in funds has been calculated on the historical cost basis as modified by the annual revaluation of listed investments to market value. 1261