rioYAL COFINWALL AGfi1cuLTUAL ASSOCIATION Annual Report, 2024 Notice of Meeting NOTICE IS HEREBY GIVEN that the ANNUAL GENERAL MEETING will be held at the Tregothnan Suite, The Pavilion Centre, Royal Cornwall Showground, Wadebridge, on 13 March 2025 at 3.'30pm. AGENDA 1. To confimi 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, 2024 5. To confirm the appointment of the Auditors 6. Election of President for 2025. 7. Election of President Elect for 2025. 8. To elect 12 persons to the Council to serve for the ensuing three years. 9. Any other business. M H B STODDART Secretary/ C E O The Royal Comwall Events Centre Wadebridge R8gistared Charity No. 250312
ROYAL CORNWALL AGRICULTURAL ASSOCIATION CONTENTS Page Council Members Report ofthe Council Auditors, Report 10- 12 Slatement of Financial Activities 13 Balance Sheet 14 Statement of Cash Flows 15 Notes lo the Accounts 16-27
ROYAL CORNWALL AGRICULTURAL ASSOCIATION MEMBERS OF COUNCIL 2024- 2025 PRESIDENT Mr T Carew-Pole. Torpoinl. PRESIDENT ELECT Mr E Coode. MBE, Bodmin. VICE PRESIDENTS His Majesty The King Her Majesty, The Queen 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 Alexandra. The Hon. Lady Ogilvy. KG, GCVO Sir Nicholas Bacon, KCVO, BI., OBE, DL. NonNich. Lady Banham, MBE. JP, Penzance. P M Bickford-smilh, Helston. Colonel Sir E Bol(tho. KCVO, OBE, Penzance. Lady Bolilho, Penzance. Sir Richard Carew Pole. Bl, OBE, DL, Torpoint. Lady Carew Pole, CVO, JP, Torpoinl. J A Coode, DL, LoSh1th1e1. E Coryton, Sallash. Major C Edward-collins, DL, Blisland. The Rt Hon The Viscount Falmouth, Truro. A M J Galsworthy, CVO. CBE. FRAgs, DL, Truro. The Rl Revd Bill Ind, Melksham. Mrs C Mead, OBE, Falmouth The Earl Peel, GCVO. DL. Ripon. P J N Prideaux-Brune, Padslow. The Rl Hon The Lord Sl Levan, Marazion. Lady Sl Levan. JP, DL, Marazion. The Rl Revd Tim Thornton. Dorset. Ll Cmdr N J Trefusis, RN, DL, Flushing. Sir Ferrers Vyvyan Bl., DL, Helston. Ichaimanl. J P Williams, DL, Redrulh. J M Williams, DL, Launceston. J R T Willis, Wadebridge. ELECTED MEMBERS EASTERN DIVISION WESTERN DIVISION ELECTED AGM 2021 IRetire AGM Spring 20241 E G Bailey, Launceslon. Mrs S Borton, Bodmin. R D Naneekivell, Bude. P E Roose. Bodmin. E G Sleep, Launceston. J L Slanbury. Launceslon G Blight, Helslon. Mrs E Bowden, Camborne. W T Burley. Truro. R A Edmond, Redruth. M S Hoskin, Si Auslell. R H Olds, Camborne. ELECTED AGM 2022 (Retire AGM Spring 20251 Mrs M Andrew. Bude. R Biddick, Wadebridge. J A Euslice, Wadebridge. Mrs H C Eusliee, Wadebridge. Mrs R ShLJte, Bodmin Mrs V Slanbury, Launceston. A S Blumenau, Camborne. Miss R M Euslice, Hayle. A G James, Hayle. C P Richards. Hayle. P Rodda, Hayle. A Trezise, Hayle.
ROYAL CORNWALL AGRICULTURAL ASSOCIATION MEMBERS OF COUNCIL (continued) ELECTED AGM 2023 IR&tlre AGM Sprlng 20261 M Grigg. Tiverton. P W Hodge, Wadebridge. Miss F James, Bodmin. R Jenkin. Launceston. A Lutey, Newquay. RA Sloman. Port Isaac. F J Dyer M8E, Truro. P J Laity. Hayle. R J Laity, Hayle. Mrs R M Thomas, Penzance. K R Williams. Camborne. Vacancy ELECTED AGM 2024 (Retire AGM Spring 20271 J W Euslice, Wadebridge. J R T Kittow, Par. P J Lobb, Bodmin. Mrs A Melhuish, Liskeard. J P Oatey. Torpoinl. G W Tucker. Launceslon. M A Bowden, H8yIe. W F E Faull, Hayle. A L Pasc, Hayle. M G Pryor, Truro. Mrs F Richards, Marazion. A C Semmens. Penzance. IRRESPECTIVE OF LOCALITY ELECTED AGM 2021 IRetir8d AGM Spring 20241 A C 8rewer, Boscaslle. Mrs V G Daniel, Launceslon. Mrs S M Dudden, Launceslon. M P Roberts. Wadebridge. ELECTED AGM 2022 (Retire AGM Sprlng 20251 Mrs F J Ham, Launceslon. P J 05ds, Camborne. N C P Phillips, Wadebridge. R Parsons. Camelford. ELECTED AGM 2023 (Rotire AGM Spring 20261 P M Richards. Hayle. S L Edmond. Truro. Miss A Jewell, Penzance. J Walkers, Truro. ELECTED AGM 2024 (Rgtlre AGM Sprlng 20271 Miss K Emmert, Truro. S French, Hayle. P D Hardaker, Truro. D Nicholas, Helslon. BAGMA REPRESENTATIVES A Snow, Alan Snow Agricultural Engineers. Holsworthy. P Vincent, Vincent Tractors, Fraddon. EX OFFICIO J Collings, Launceston. CO-OPTED M Chanter, Grampound. 12)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION REPORT OF THE COUNCIL FOR THE YEAR ENDED 30TH SEPTEMBER 2024 REFERENCE AND AOMINISTRATIVE DETAILS Name: Reglstered Charlty No.. Principal Address.. Patron.. President: Council Members.. Royal Cornwall Agricultural Association 250312 The Royal Cornwall Events Centre, Wadebridge, Comwall, PL27 7JE His Royal Highness The Prince of Wales Mr T Carew-Pole Esq. Torpoint. Council consists of the President, President Elect, Chairman. Vice Chaimian. Vice-Presidenls and Elected Members. Their names are shown on pages 1 and 2. Sir Ferrers Vyvyan Bt., DL, Helston. Mrs C Mead OBE, DL, Falmouth. M S Hoskin Esq , Sl Austell. C P Riddle Esq ARAgS, Wadebridge l M H B Sloddart, Wadebridge. P M Richards Esq, Hayle. Lloyds Bank PLC. 7 Boscawen Street, Truro. PKF Francis Clark, Chartered AccoLtntants, Lowin House, Tregolls Road, Truro. Stephens Scown LLP, Osprey House. Malpas Road, Truro. Savills, Lemon Street, Truro. Quilter Cheviot, One Kingsway, London. Chairman.. Vl¢e Chalmian.. Treasurer.. Secretary.. Director of Showyard.. Bankers.. Auditors.. Solicitors.. Surveyors.. Investment Advisors.. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity 15 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 the 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 musl have paid his subscription when due, for consecutive years and must be proposed and seconded in writing by two members of the Association, with the nomination forwarded to the Secretary by 1° September. All other positions afe determined by the Council. The Council are also the trustees for the purposes of charity law. Induction and training of Council Members New Council members have nomially 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 relevanl 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. {31
ROYAL CORNWALL AGRICULTURAL ASSOCIATION REPORT OF THE COUNCIL (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024 Organisational structure The day to day operations of the Association are overseen by the Secretary, with the a5SlStance of a small team of staff. The Secretary is supervised by the Officers, consisting of the Chairman, Vice Chairman, Treasurer, Assistant Treasurer and Director of Showyard. The Officers of the Association report back lo 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 Chaimian, Vice Presidents. Treasurer, Assistant Treasurer. Honorary Director of Showyard. such representatives appointed by the Council and up lo 48 Elected Members. Key management personnel remuneration The Council consider the key management personnel of the charity to be the Council, the Secretary, PA to the Secretary, Showground Manager, Pavilion Centre Manager, Media Manager and Education Co- ordinalor, 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 members 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 lo similar roles in other charitable organisations. Risk management The Council acknowledges their responsibility to assess and manage the risks that the organisation faces and to review them al least annually. However, such systems can only provide reasonable and nol absolute assuran against errors, fraud, operational failures and the impact of external events. Council have considered and identified 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. The18test UKKlate was approved by the Council in December 2023. 14)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION REPORT OF THE COUNCIL (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024 OBJECTIVES AND ACTIVITIES The Association is established.. la) to promote agriculture, horticulture, forestry, conservation and industry for the public benefit lin particular but not exclusively in the County of Cornwall},' and to improve and advance them in all their branches and in all trades, crafts and professions with them in an exclusively charitable manner. Ibl lo advance science, research, and education in connection with agriculture. horticulture, forestry, conservation and industry for the public benefit,. and {cl to promote the improvement of all forms of livestock and the prevention and eradication of diseases in all forms of livestock. The Association's offices are at the Royal Cornwall Events Centre. The Association has enty fegular members of sl8ff (full and part-time) and they are assisted by additional casual staff and outside contractors during the busy periods leading up lo, during and immediately after the Royal Cornwall Show. When planning the Association's activities for the year the Charity Commission's guidance on public benefit are borne in mind by the Council. Review of objectives for the year and the strategles to achleve them Objective - To successfully stage the 2024 Royal Cornwall Show with a continued strong emphasis on agriculture (including livestock). horticulture, forestry, conservation and related industries, including their improvement l advancement in terms of lenCe, research and education. Strategy - The use of well-established structures and systems developed over a significant number of year5 and continued close relationships with a wide range of related bodies (i.e. Breed Societies etc). See review of charitsble activities below. Objective - To enhance the facilities of the Royal Cornwall Events Centre in order to attract more events, have better infrastructure for the Royal Comwall Show and increase the funds available for the Charity. Strategy - There has been a substanlial infrastructure spend this wlh year, including £35k on new Pig pens, £49k on an enhanced Workshop, £22k on Electrical network improvements, £23k on Light conversions to LED in the Pavilion, £28k on new Wi-Fi and telephone system. £11 k on new Concrete, £8k changing all our hand tools to electric, and £28k on various other capital projects. See note 11. Objective - To facilitate a seamless transition between the retiring Secretary and their Sucss0r. Strategy An appointments committee was set up to devise and implement a scheme to appoint a replacement. A national recruitment consultant was retained to oversee and advise on all applications. This resulted in a short list, who were interviewed by a separate panel. This resulted in a new secretary being appointed who attended the Royal Cornwall Show and also shadowed the retiring Secretary for a number ofweeks. Contribution of volunteers The Association is greatly indebted to a very large number of volunteers, in excess of 600, who act as Stewards and in other capacities to ensure the smooth running of the show. {5)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION REPORT OF THE COUNCIL (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024 ACHIEVEMENTS AND PERFORMANCE Revlew of charltable activities In 2024 The Royal Cornwall Show was held on 6- 8 June. It was blessed with fair weather for the sel up and Show days, which in turn gave good attendance numbers of 117.41712023. 118,2011. This small reduction could be attributed lo no VIP attendees at the Show due to ill health within the Royal Family and the calling of a general election. and therefore no MP'S. On 8 more positive note several new trade stands were able to exhibit and, as agricultural is always at the heart of the Show there were once again vast arrays of agricultural and horticultural machinery, equipment, and services on display. This year we had a new agricultural machinery stand from Slovenia. emphasising the international appeal of the show. We are in a very fortunate position where trade stands want lo attend and once they exhibit they tend to stay, our retention rale for 2024 was over 800/0 of those from 2023. We also attracted a new high end Country Clothing store who are wanting to return, bul bigger. next year. Competitive classes were well supported with several new breeds showing in some sections and some slight amendments were made to a few areas of the Show lo enhance the experience for visitors. A new and enlarged sheep marquee enabled us lo have over 1600 sheep entries which set a new record for the show. We also had both the Devon's and South Devon's national Catt breed shows that were well supported. We have also continued the development of breed informalion boards that are used across the livestock section during the Show. They highlight facts and images of the breeds on display, with the aim of providing fun and informative knowledge for visitors. With the popularity of some breeds increasing and having their own classes, we are constantly adding new breed information boards to the collection. The Show continues to extend its reputation nationally as a truly agricultural event with many seclorvisitors travelling from across the UK lo compete, exhibit and lo do business. The Show does much lo illustrate the enormous benefit of such events that have the ability to 'educale' 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 in March, the Association once again joined forces with the Cornwall Food and Farming Group to stage another extremely successful event for schools. The 'Farm and Country, days in the Exhibition Halls are a hugely popular event. This yearfs was attended by ovef 1,500 primary school children and teachers, and is always an extremely worthwhile event to undertake. Plans for the 2025 event, which is already fully subscribed, is being held on 19 & 20 March 2025 are progressing well. The Farm & Country trailer has been well utilised visiting over 50 schools in Cornwall. This year we have also attended a number of careers, teacher training events, falslock shows, and other one day agricultural shows, all of which provides us with a great opportunity to showcase what we do as an education department to a much wider audience. One of our objectives is to visit every primary school in Cornwall, to date we have only 38 left. The Education area of the Royal Cornwall Show had Iwo new exhibitors, Chets in Schools and Farm Cornwall and this area continues to be well attended and very popular. 16)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION REPORT OF THE COUNCIL (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024 Further lo the Agricultural Career videos that were commissioned in 2021, and the new Farm & Country information videos, published last year. these resources continue to be used and utilised by a wide range of 3rd party organisations and schools across the country lo help promote the agricultural industry. The 2023 Cornish Winter Fair in November (in conjunction with the Wadebridge Primestock Show Association), was once again held in our Exhibition Halls which was filled with numerous trade stands selling a variety of food and drink and craft items. These were complimenled by an impressive turnout in the competitive classes which showcased the talents here in Cornwall. As a whole, the Royal Cornwall Events Centre and the Pavilion Centre have both had a very busy year, and have been used for a wide variety of both small and full scale evenls, meetings and exhibitions. Ulilising all our available roorns, buildings and open spaces. The bookings were for both business and social requirements. We aim lo provide Cornwall with a choice of excellent facilities appealing to a wide cross-section of the county's population and drawing in a number of different interests. We are now back up lo the pre-covid numbers for evenls and our clients feedback continues to be very positive about both the service they receive and the facilities. Full delails can be seen on the website at https:IlwvAv.royalcornwallshow.orglevents-centre Investments During the year the charity purchased additional investments of £0 12023.. £78,721), and disposed of investments with an original cost of £20,23412023'. £17.866). Proceeds received for the disposals were £25.11012023.' £17,586) giving a realised gain of £4,876 (2023.. loss of £2801. There was an increase in the value of the investment portfolio over the year of £223,37112023.' £51,807). This gives an overall gain on investments of £228,247 compared to last year's gain of £50,807. FINANCIAL REVIEW Show income was £2,523.65112023'. £2,316,343) which includes both increased trade sland income and increased admission income, most of which came from increased daily passes purchased in advance. Annual membership subscriptions were £299.819 {2023'. £300,009), individual membership costs are the same as the previous years suggesting very similar numbers sold. Income from other trading activities has increased to £504,092 (2023." £462,995) with a notable increase in pavilion letting income. Site lettings have also increased slightly with a number of big events held during the year. Overall there was an increase in total income for Ihe year to £3.427,259 (2023.. £3,149.278). Costs for the year have increased by 10.4010 10 £2,962,255 {2023'. £2,682,449). Show expenditure has increased by 3.10/0 on the prior year lo £1.804,067 (2023.. £1,749.559). There is now a full year of expenditure covered by the partial exemption VAT rules leading lo £160,854 of VAT disallowed on expenses. Other costs have tolalled £857,957 (2023.. £725,674), an increase of £132,283 on 2023. The overall effect of all the above was a net income of £693,251 compared lo £517,636 in the prior year. 171
ROYAL CORNWALL AGRICULTURAL ASSOCIATION REPORT OF THE COUNCIL (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024 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. At 30 September 2024 the Association held £6,356,901 12023.. £5,663,115) in unrestricted and designated fijnds and £10,296 (2023.. £10,831} in restricted funds. The Association's reserves are primarily invested in the Events Centre at Wadebridge and in investments. The investments could be realised if necessary and are regarded as an 'insurance policy, against any day or days of the show having to 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 set aside for future capital expenditure. Investment policy 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 sel on an annual basis, and the investment policy of the charity is to provide a balance of income and growth in listed equities and governmenl stocks in line with the Trustee Investments Act 2000. PLANS FOR THE FUTURE The Royal Cornwall Show continues to be one of the main objectives of the Association. Ensuring that we maintain the high agricultural content of our trade stands, whilst also continuing lo attract quality Livestock and Equines. Al the same Iirne further exploring the ways that we can expand all the educational aspects of the show lo both adults and children. yet still providing a fun and informative day out for all ages. We aim lo ensure that the show continues to be able lo provide funds. We will continue to strongly invest in our facilities on the showground so both the Events business and the Royal Comwall Show benefit. We seek lo expand our educational offerings that are available to both schools and other organisation5. STATEMENT OF COUNCIL'S RESPONSIBILITIES Law applicable to charities in England and Wales requires the Council to prepare ff nancial statements for each financial year which give a true and fair view Df 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.. lal select suitable accounting policies and then apply them consistently", {b) make judgements and estimates that are reasonable and prudent.. (c) stale whether applicable UK Accounting Standards and Statements of Recommended Practice have been followed, subject lo any material departures disclosed and explained in the financial statements.. Idl prepare the financial statements on the going concern basis unless it is inappropriate lo assume that the Association will continue in operats'on. {8)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION REPORT OF THE COUNCIL (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024 Council is responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial position of the Association and which enable il to ensure that the financial statements cornply with the regulations made under Section 135 of the Charities 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 ofthe Council on 1313/£S and signed on ils behalf by: Sir Ferrers Vyvyan Chairman M S Hoskin Treasurer {9)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION INDEPENDENT AUDITORS, REPORT ON THE FINANCIAL STATEMENTS TO THE COUNCIL MEMBERS OF ROYAL CORNWALL AGRICULTURAL ASSOCIATION Oplnlon We have audited the financial statements of Royal Cornwall Agricultural Association (the 'Charity'l for the year ended 30 September 2024, which comprise the statement of financial activities, the balance sheet. the statement of cashflows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United KngdoM Generally Accepted Accounting Practi), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements.. give a true and fair view of the state of the Charity's affairs as at 30 September 2024 and of its incoming resources and application of resources 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 requiremenls of the Charities Act 2011. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs {UKII and applicable law. Our responsibilities under those standard5 are further described in the Auditor's responsibilities for the audit of tre financial slalements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to 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. Concluslons relating to going concern In auditing the financial stalemenls. We have concluded that the council members use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signifi'cant doubl on the charity s ability to continue as a going concern for a period of at least Iwelve months from when the original financial ststements werè 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 information The Council members are responsible for the other information. The other information comprises the information included in the Report of the Council, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover Ihe other information and, except to the extent otherwise explicitly staled in our report. we do not express any form of assurance conclusion Ihereon. In connection wrth our audit of the financial slalements, our responsibility is to read the olher information and. in doing so, consider whether the other information is materially inconsistent with the financial slalements 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 misstalemenl 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 to report in this regard. {101
ROYAL CORNWALL AGRICULTURAL ASSOCIATION INDEPENDENT AUDITORS, REPORT ON THE FINANCIAL STATEMENTS TO THE COUNCIL MEMBERS OF ROYAL CORNWALL AGRICULTURAL ASSOCIATION (continued) Matters on whlch we are required to report by exception In the light of our knowledge and understanding of the charity and rts environment obtained in the course of the audit. we have not identified material misstatements in the Report of the Council. We have nothing to report in respect of the following matters in relation lo which the Charities {Accounts and Reports) Regulations 2008 require us lo report to you if, in our opinion.. the information given in the financial slalements is inconsistent in any material respect with the Report of the Council,. or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. Responsibilities of Councll members As explained more fully in the Statement of Council's responsibilities Iset out on page 81, the Council members are fesponsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Council members determine is necessary lo 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 to continue as a going concern. disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Council members either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial 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 Of having effecl thereunder. Our objectives are to obtain reasonable assurance about whether 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 accordan with ISAS (UK) will always detect a material misslatemenl when rt exists. Misstatements 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 wrth laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstalements in respect of irregularities, including fraud. The extent lo 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 lo identify the key laws and regulations affecting the entity. The key laws and regulations we idenlrfied were health and safety and employment law. 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 Chafities Statement of Recommended Practice.
ROYAL CORNWALL AGRICULTURAL ASSOCIATION INDEPENDENT AUDITORS, REPORT ON THE FINANCIAL STATEMENTS TO THE COUNCIL MEMBERS OF ROYAL CORNWALL AGRICULTURAL ASSOCIATION {continuedl We discussed wrth management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals 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 entity's ability to continue trading and the risk of material misstatement to the accounts. We assessed the susceptibility of the charity's financial statements to material misstatement, 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 lo 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 regulalions. 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 statements. . We reviewed a sample of expenditure lo confim) it has been incurred and allocated correctly. As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud of which there were none. Because of the inheienl limitations of an audit, there is a risk thal we will not detecl all irregularities, including those leading lo a material misstatement in the financial stalemenls. This risk increases the further removed non-compliance with laws and regulations is from the events and Iransactiolls reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberale cOnalMent, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibililies. This description forms part of our auditor's report. Use of our report This report is made solely lo the Council members, as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the Council members those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility 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 Auditor Lowin House Tregolls Road Truro, TR12NA {12)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES (incorporating the incorne and expenditure accounti FOR THE YEAR ENDED 30TH SEPTEMBER 2024 General Fund Restrlcted Funds Total Funds 2024 Total 2023 Note INCOME AND ENDOWMENTS FROM: Charitable activities Show income Annual member's subscriptions Life member's subscriptions 2,523,651 299,819 18,179 2,523,851 299,819 18,179 2,316,343 300,009 16,987 2,841,649 2,841,649 2,633,339 Other trading activities Investments Other coronavirus 8UPPOrt grants 504,092 81,518 504,092 81,518 462,995 52,944 Totsl Income 3.427,259 3,427,259 3,149,278 EXPENDITURE ON.. Raising funds Investment management costs 139,377 9,396 139,377 9.396 98,095 8,843 148.773 148,773 106,938 Charltable actlvltles Show expenditure Costs in support of the show Irrecoverable VAT Primary purpose donations 1,804,067 844,422 160,854 3,604 1,804.067 844,957 160,854 3,604 1,749,559 714.479 109,121 2,352 535 2.812,947 535 2,813,482 2,575,511 Total Expenditure 2,961.720 535 2,962,255 2.682,449 Surplusl{Deficit) before galnl{loss) on investment 465.539 1535) 465,004 466,829 Net gain on investments 228,247 228.247 50,807 Net In¢omellexpenditurel 693,786 {536) 693,251 517,636 Reconciliation of funds: Fund balances brought forward at 1 sl October 2023 5.663,115 10,831 5,673,946 5,156,310 Fund balances carried forward at 30th September 2024 6,356,901 10,296 6,367,197 6,673,946 The Association's income and expenditure all relate to continuing operations. The Association has no recognised gains or losses other than the nel 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. 1131
ROYAL CORNWALL AGRICULTURAL ASSOCIATION BALANCE SHEET AT 30TH SEPTEMBER 2024 2024 2023 Note Flxed Assets Tangible Assels Investments 2,615,381 1,958,055 2,570,512 1,754,918 12 4,573,436 4,325,430 Current Assets Stocks Debtors Cash at bank and in hand 2,208 163,969 1,889,547 2,288 64,441 1,538,579 13 2,055,724 1,605.308 Credltors.. amounts falling due within one year 14 184,6201 {93,5391 Net Current Assets 1,971,104 1.511,769 Total Assets less Current Liabilities 6,544,540 6,837.199 Creditors.. amounts falling due after more than one year 15 {177.343) {163.2531 Net Assets 6,367,197 5,673,946 Funds Unrestricted fund.. General fund Restricted funds 6,356,901 10,296 5,663,115 10,831 18 Total funds 20 6,367,197 5,673,946 Approved by the Council on I3/31... and signed on its behalf by= SirF Chairman Vyvyan M S Hoskin Treasurer 1141
ROYAL CORNWALL AGRICULTURAL ASSOCIATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Note Net income for the reportlng perlod per the statement of financial activities 693,251 517.636 Adjustments for: Depreciation charges (Profitllloss on investments (Profit) on the sale of fixed assets Decreasel(Increasel in stocks IlncreasellDecrease in debtors (Decrease}Ilncrease in creditors 159,286 (228,247) 146,680 (50,8071 19,0091 76 114,971 111,1811 80 199,528) 5,171 Net cash provided by operating activities 530,013 708.366 Cash flows from Investing actlvltles: Proceeds from sale of property, plant and equipment Purchase of propety, plant and equipment Proceeds from sale of investments Purchase of investments 9,009 149,794) 17,586 178,721) (204,155) 25,110 Net cash used in investing activities 350,968 606.446 Cash flows from financing activities: Repayments of borfowing 153,502) Net cash used in financing activities {53.502) Change in cash and cash equlvalents In the rep. perlod 350.968 552,944 Cash and cash equivalents al the beginning of the reporting period 1,538,579 985,835 Cash and cash equivalents at the end of the rep. period 1,889,547 1,538,579 Analysis of cash and cash equlvalents Cash at bank or in hand Notice deposits {less than 3 monlhsl 207,989 1,681,558 254,361 1,284,218 Total cash and cash equivalents 1,889,547 1,538.579 {15)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS YEAR ENDED 30TH SEPTEMBER 2024 ACCOUNTING POLICIES (al The accounts (financial stalemenlsl have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Stsndard 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 {FRS1021 and the Charities Act 2011. The Association constitLttes public benefit entity as defined by FRS102. In common with many other organisations of our size and natLtre we use our auditors to assist with the preparation of the financial statements and other matters such as payroll and VAT returns. The particular accounting policies adopted in the accounts are desciibed below:_ Ibl Income All income is included in the SOFA when the Charity is legally entitled lo the income. rt is probable that the income will be received and the amount can be quantified with reasonable acouracy. The following specific policies apply lo 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 that they are received. Life membership subscriptions are credited to deferred income and released to income in equal instalments over twenty years. Subscriptions are staled net of value added tax. iii. Grants Grants are recognised a5 incorning resources when they are receivable. iv. Investments and Investment Income All investments are slated at market value. 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 bas1S. Donations received Donations are fecognised in the year of receipt. (cl Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. The Statement of Financial Activities defines costs in o specific categories.. Raising funds Charitable activities 1161
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS YEAR ENDED 30TH SEPTEMBER 2024 ACCOUNTING POLICIES Iconlinuedl 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 direct costs and support costs relating to these aclivilies. Governance costs are included within charitable activities and include Ihose costs incurred in the governance of the charty and its assets and are primarily associated with constitutional and statutory requirements. Irrecoverable VAT on expenditure arising under partial exemption is shown separately. (dl Depreciation Depreciation is calculated lo write off the cost less eslimated residual value of fixed assets over their estimated 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 straight line basis over 10 years Motor vehicles 25°/o per annum on net book value Cups and trophies no depreciation charged due to high residual value lel Fixed assets It is the policy of Council lo maintain the Association's freehold houses in full repair. Depreciation is provided on a straight line basis so as lo write down the cosl of freehold houses lo their estimated 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 2024 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. 10 Stocks Stocks are valued at the lower of cost and net realisable value. (g) Pension Cosls Contributions payable lo the Association's pension scheme are charged to the statement of financial activities in Ihe period to which they relate. 1171
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS YEAR ENDED 30TH SEPTEMBER 2024 (continued) ACCOUNTING POLICIES {continued) {hl Contribution of Volunteers The value of services provided by volunteers is not incorporated into these financial statements. Further details of the conliibution made by volunteers can be found in the report of the Council. lil Funds General funds are unrestricted fvnds which are available for use at the discretion of the Council in furtherance of the 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 restrictions imposed by donors or which have been raised by the charity for particular purposes. ti) Hire purchase and leasing Rentals applicable to operating leases are charged to the Slatement 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 nel of the finance charge allocated lo future periods. The finance element of the rental payment is charged to the Statement of Financial Activities so as lo produce constant periodic rates of charge on the net obligation outstanding in each period. {k} Interest costs Interest capitalised on borrowings for financing property development is capitalised gross of tax relief. (l) Taxation The charity's activities fall within the exemptions afforded by the provisions of the Income and Cofporatson Taxes Act 1988. Accordingly. there is no taxation charge in these accounts. (181
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS (continued) YEAR ENDED 30TH SEPTEMBER 2024 OTHER TRADING ACTIVITIES 2024 Gross Related Net Incorne Expenditure In¢omo 2023 Gross Related Net Income Expenditure Income Site lettings Pavilion centre lettings Agricultural activities other income 342,425 148,1071 294,318 319,732 118,0241 301,708 111,595 189,6801 21,915 89,776 {78,130) 11,646 13,534 11,5101 12,024 12,610 11,8641 10,746 36,538 1801 36,458 40,877 (77) 40,800 504,092 1139,3771 364,715 462,995 198,095) 364,900 INVESTMENTS 2024 2023 Interest received Income from listed investments 40,639 40,879 18,819 34,125 81,518 52,944 SHOW INCOME 2024 2023 Admission charges Trade stands Show entry fees Catalogues and refreshment rights Prize money donations and sponsorship 1,373.627 1,236,722 779,389 709,091 79,968 72.768 211.336 222,197 79.331 75,565 2,523,651 2,316,343 LIFE MEMBERS. SUBSCRIPTIONS 2024 2023 Received in year Deferred lo future years utilised from previous years 33,460 51,171 (31,7871 (48,613) 16,506 14,429 18,179 16.987 1191
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS YEAR ENDED 30TH SEPTEMBER 2024 Icontinuedl SHOW EXPENDITURE 2024 2023 Preparation of showground Cash handling and car parks Fees and expenses ofjudges and stewards Monetary awards Special attractions and displays Police and security services Catering Marketing and promotion 1,248,305 1,237,817 110,466 96,970 33,504 26,929 72,810 73,880 60,000 60,405 95,520 86,247 64,475 62,539 118,987 104,772 1,804,067 1,749,559 COSTS IN SUPPORT OF THE SHOW 2024 2023 Office salaries Travel and rllotor 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 £53512023 - £5381 charged lo the restricted funds) Profil on disposal of fixed assets Governance costs (see note 8} 294,649 276,503 37,212 41,843 30,967 30,621 36,346 26,659 24,669 24,570 83,490 61.222 32,570 28,678 49,366 6,030 1,550 1,750 4.629 5.548 37,104 28,559 4.607 5,644 8,377 8,935 159,286 146,680 19,0091 30,246 40,135 844,957 714,479 GOVERNANCE COSTS 2024 2023 Insurances Auditors, rernuneration Auditors, fees for non-audit services li.e. accountancy etc.) 798 6,850 32,487 715 5,490 24,041 40,135 30,246 During the year the Association purchased insurance to indemnify mernbers of Council against the consequences of neglect or default on their parts. The cosl of the insurance was £79812023 - £7151 and is included in the governance costs shown in note 8. 120)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS (continued) STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL 2024 YEAR ENDED 30TH SEPTEMBER 2024 2023 The aggregate staff costs during the year were.. Salaries and wages Social security costs Other pension costs 496,084 456.589 37.766 40.658 36,889 31.792 570,739 529,039 Average number of employees (full time and part time headcount} Clerical Showground Pavilion lettings 14 14 20 20 One employee received emoluments of £80,000 to £90,000 (excluding employer pension coslsl. The charity considers ils key management personnel to comprise the Council members, the Secretary, the PA to the Secretary, Showground Manager, Pavilion Centre Manager, Media Manager and Education Co-ordinator. The total employment benefits (including employer pension contributions and employers National Insurance) of the key management personnel were £327,66612023'. £277,451). 10. CONTINGENT ASSEf AND LIABILITY Further to the UK First-tier Tribunal ruling in the case of Yorkshire Agricultural Society v H M Revenue & Customs IHMRC) 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 10 31 March 2023 on the basis that the Show is a fundraising event and hence that certain income streams are exempl rather than standard rated. Based on the revised, ongoing method currently adopted for the VAT retums the chafty expects to 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.. Net VAT now deemed recoverable Associated professional fees 329,000 (82,250) 246,750 The Upper Tribunal announced in February 2024 that HMRC were granted leave to appeal the Yorkshire Agricultural Society case. The Upper Tribunal hearing took place on g October 2024 and the Judgement was delivered on 9 January 2025. The Judgement went in favour of Yorkshire Agricultural Society. The terms of the Judgement were narrower than anticipated and the exact circumstances of the Royal Cornwall Agricultural Association and Yorkshire Agricultural Societies claims differ very slightly, therefore whilst the trustees consider it is probable that the above sums will still be recovered, Lsntil such time that the position and retrospective claims are accepted and settled by HMRC, they are considered 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. In the event that HMRC rejected the basis used on the historic claims it is possible that the charity may need to revisit the VAT returns submitted for the quarter ending 30 June 2023 through lo 30 September 2024. As this is not expected, detailed calculations on an alternative basis have not been made, but are estimated lo have a potential impact of £250.000 and hence this is noted as a contingent liability- (21)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS (continued) YEAR ENDED 30TH SEPTEMBER 2024 11. TANGIBLE ASSETS Expenditure Freehold on Propertles Showground Machinery and Motor Cups and Equipment Vehicles Trophies Pavilion Totsl COST Al 30 September 2023 Additions 787,741 3,477,747 1,941,437 587,083 15,796 3,516 6,813.320 131,584 21,989 50,582 204,155 Disposals (242,7321 1242.732) At 30 September 2024 787,741 3.609,331 1,963.426 394,933 15.796 3,516 6.774,743 DEPRECIATION AI 30 September 2023 Charge for year Eliminated on disposals 111,245 2,781,692 850.062 488.546 11,263 4,242,808 8,573 64,529 56,098 28,954 {242,7321 1,132 159,286 1242,7321 AI 30 September 2024 119,818 2,846,221 906.160 274,768 12,395 4,159.362 NET BOOK VALUE At 30 September 2024 667,923 763.110 1,057.266 120.165 3,401 3.516 2.615.381 At 30 September 2023 676,496 696,055 1,091,375 98,537 4,533 3,516 2,570,512 All tangible fixed assets are held for charitable use. In the opinion of Council the market value of the Association's freehold land and buildings is in excess of its carrying value but it is not practicable to quant the excess. Accumulaled interest capitalised and included in the cost total above amounts to £11,323 {2023 - £11.3231. (221
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS (continued) YEAR ENDED 30TH SEPTEMBER 2024 12. INVESTMENTS 2024 2023 uoted Investments Market value at start of year Additions at cost Disposals at cost Net unrealised investment gain 1,754,918 1,642,976 78,721 (17,8661 51,087 120,234) 223,371 Market value at end of year 1,958,055 1,754,918 Historical cost at end of year 1,219.172 1,239,406 Anal sis of uoted Investments At the balance sheet date, the portfolio was invested as follows UK equity shares UK fixed interest bonds and deposits Overseas equity shares Overseas fixed interest UK property funds Absolute return 433,035 234,259 1,076,635 26,048 37,573 150,505 391,052 251,011 913,587 23,847 36,500 138.921 1,958,055 1,754,918 At 30 September 2024 the following inveslments represenl more than 5 per cenl of the portfolio by market value 2,5751 Shares Trust Core S&P Midcap 12,500 F&C Investment Trust plc GBP 0.25 25,000 Ishares Core FTSE 100 10,650 Monks Investment Trust Ord G8P 0.05 146,832 Blackrock Fund Managers North America 9,700 Alliance Trust Ord GBP 0.025 2,600 HSBC ETFS S&P 119,960 128,750 199,825 125,031 784,275 115,430 112,377 105,258 110,375 185,550 100,323 149,624 100,492 92.799 Other investments individually representing less than 5 /0 of the total value 972,407 910.497 1,958.055 1,754,918 13. DEBTORS 2024 2023 Trade debtors Other debtors Prepayments and accrued income 108.217 15,755 39,997 16.311 12,972 35.158 163.969 64,441 {23)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS Iconlinuedl YEAR ENDED 30TH SEPTEMBER 2024 14. CREDITORS: Amounts falllng due wlthln one year 2024 2023 Trade creditors Other tax and social security Accruals Deferred income 24,143 5,000 20,981 34,496 28,392 8,416 19,385 37,346 84,620 93,539 15. CREDITORS: Amounts falling due after more than one yoar 2024 2023 Deferred income 177,343 163,253 177,343 163,253 Deferred income relates to income carried forward as deposits for 2024 lettings and other income received in advance for life memberships which are released lo the Statement of Financial Acts'vities over 20 years. 2024 2023 Balance at 1 October Amount released to income earned from charrf(able activities Deferred amounts refunded in the year Amount deferred in the year 200,599 139,019) 159,155 130,5691 50,259 72.013 Balance al 30 September 211,839 200.599 16. TRANSACTIONS WITH COUNCIL MEMBERS AND CONNECTED PERSONS Due to the nalure of the Association's operations and the composition of the Council, it is inevitable that transactions will take place with organisations in which a member of Council may have an interest. All transactions with Council members and connected persons did nol influence the separate and independent interests of the Association, were all at arm's length, were nol unusual in nature and were not material in the context of the individuals concerned. The aggregate value of all purchase transactions during the year was £38,00912023'. £28,621) including value added lax. The aggregate value of all sale transactions to members of the council during the year was £3,094 (2023: £2,953) including value added tax. {24)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS (continued) YEAR ENDED 30TH SEPTEMBER 2024 17. PENSION COMMITMENTS During the year the Association operates defined contribution schemes. The assets of the schemes are held separalely from those of the Association in independently administered funds. The pension cost charge represellts contributions payable by the Association to the funds and amounted to £36,88912023 - £31,792). 18. RESTRICTED FUNDS 2024 Balance 30th September Income 2023 Expenditure gains, losses and transfers Balance 30th September 2024 Development fund Superfast Cornwall fvnd 10.296 535 10,296 535 10,831 535 10,296 2023 Balance 30th September Incomo 2022 Expenditure Balance galns. losses 30th September and transfers 2023 Developmenl fund Superfast Cornwall fund 10,296 1.073 10,296 535 538 11,369 538 10,831 The development fund represents funds received in response to 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 Prograrnme. The fund was used for the installation of Superfast broadband throughout the facilities at the showground. To the exienl that the depreciation charge for the year relates to capital expenditure paid for from the above fLJnds, it is charged against these funds. 19. ANALYSIS OF CHANGES IN NET DEBT At 0111012023 Cash flows At 3010912024 Cash al bank and in hand 1.538,579 350,968 1,889,547 Loans falling due within one year Loans falling due after one year Total 1,538,579 350,968 1.889,547 125)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS YEAR ENDED 30TH SEPTEMBER 2024 Icontinuedl 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Unrestrlcted Restricted Deslgnated Total funds funds fund funds Fund balances of 30th September 2024 are represented by.. Tangible fixed assets Investments Net current assets Credilors due after more than one year 2,605,085 1.958,055 1,971,104 (177,343) 10.296 2,615.381 1,958,055 1,971,104 {177,343) Total net assets 6,356,901 10,296 6,367,197 2023 Unrestricted Restricted Designated Total funds funds fund funds Fund balances of 30th September 2023 are represented by.. Tangible fixed assets Investments Net current assets Creditors due after more than one year 2,559.681 1,754.918 1,511,769 1163,2531 10,831 2,570,512 1,754,918 1511,769 {163,2531 Total net assets 5,663,115 10,831 5,673.946 21. FINANCIAL COMMITMENTS At 30th September 2024 the Associalion had total commitments under non-cancellable operating leases as follows.. Land & Buildings 2024 2023 Other 2024 2023 Wrthin one year Between one and five years In over five years 8.712 40,034 8.712 48,745 48,746 57,458 (26)
ROYAL CORNWALL AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS (continued) YEAR ENDED 30TH SEPTEMBER 2024 22. STATEMENT OF FINANCIAL ACTIVITIES {In¢orporating the Income and expenditure account) FOR THE YEAR ENDED 30- SEPTEMBER 2023 General Fund Restricted Totsl Funds Funds 2023 INCOME AND ENDOWMENTS FROM: Charitable actlvitles Show income Annual member's subscriptions Life member's subscriptions 2.316,343 300,009 16.987 2,316,343 300,009 16.987 2.633.339 2,633,339 Other trading actlvltles Investments Other coronavirus support grants 462,995 52,944 462,995 52,944 Total 3,149,278 3,149,278 EXPENDITURE ON: Ralslng funds Investment management costs 98,095 8.843 98,095 8,843 106.938 106,938 Charitable actlvltles Show expenditure Costs in support of the show Irrecoverable VAT Primary purpose donations 1,749,559 713.941 109,121 2,352 1,749,559 714,479 109,121 2,352 538 2,574,973 536 2,575,511 Total 2.681.911 538 2,682,449 Net (loss) on investments 50.807 50,807 Net income Transfer between funds Fund balances brought forward at 1" October 2022 618,174 1538) 517.636 5.144,941 11,369 5,156,310 Fund balances carried forward at 30, September 2023 5.663,116 10.831 5,673,946 The Association's income and expenditure all late to continuing operations. The Association ha5 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. {27)