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, LaUn￿stOn.
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 offI￿S 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 fO￿ard
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 In￿rpOrated 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 se￿ICeS 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-Can￿lIable 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
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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.
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