rioYAL COFINWALL
AGfi1cuLTU￿AL 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, LoSh￿1th1e1.
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 Suc￿ss0r.
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 K￿ngdoM 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 cOn￿alMent, 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)