2025-09-30-accounts

ANNUAL REPORT OF THE FINANCIAL STATEMENTS FOR THE ROYAL CORNWALL AGRICULTURAL ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2025

Registered Charity No. 250312

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

CONTENTS

	Page
Council Members	1 - 2
Report of the Council	3 - 10
Auditors’ Report	11 - 13
Statement of Financial Activities	14
Balance Sheet	15
Statement of Cash Flows	16
Notes to the Accounts	17 - 29

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

MEMBERS OF COUNCIL 2025 – 2026

PRESIDENT Mr E Coode M.B.E., Bodmin

PRESIDENT ELECT Mr M Tylor, Helston

VICE PRESIDENTS

His Majesty The King Her Majesty, The Queen Her Royal Highness, The Princess Royal, K.G., G.C.V.O. Her Royal Highness, The Duchess of Edinburgh, G.C.V.O. HRH The Duke of Gloucester, K.G., G.C.V.O. HRH Princess Alexandra, The Hon Lady Ogilvy, K.G., G.C.V.O.

Sir Nicholas Bacon K.C.V.O.,Bt., O.B.E., D.L., Norwich Lady Banham M.B.E., J.P., Penzance Lady Bolitho, Penzance Colonel Sir Edward Bolitho K.C.V.O., O.B.E., Penzance Lady Carew Pole D.C.V.O., J.P., Torpoint T J Carew Pole, Torpoint J A Coode, D.L., Lostwithiel E Coryton, Saltash Major Charles Edward-Collins D.L., Blisland The Rt. Hon. The Viscount Falmouth, Truro A M J Galsworthy C.V.O., C.B.E., FRAgS., D.L., Grampound Road The Rt. Revd. Bill Ind, Melksham Mrs Catherine Mead O.B.E., D.L., Falmouth The Earl Peel G.C.V.O., D.L., Ripon The Rt. Hon. The Lord St Levan, Marazion Lady St. Levan J.P., D.L., Marazion The Rt. Revd. Tim Thornton, Iwerne Minster Lt. Cmdr. N J Trefusis RN, D.L, Flushing Sir Ferrers Vyvyan Bt., D.L., Helston J P Williams C.V.O., D.L., Redruth J M Williams FRICS, D.L., Launceston J R T Willis, Croan, Wadebridge

.

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ELECTED MEMBERS

EASTERN DIVISION

WESTERN DIVISION

ELECTED AGM 2022 (Retired AGM Spring 2025)

Mrs C M Andrew, Bude R Biddick, Wadebridge J A Eustice, Wadebridge Mrs H C Eustice, Wadebridge Mrs R Shute, Bodmin Mrs V Stanbury, Launceston

A S Blumenau, Camborne Miss R M Eustice, Hayle A G James, Hayle C P Richards, Hayle D P Rodda, Hayle A Trezise, Hayle

ELECTED AGM 2023 (Retire AGM Spring 2026)

M Grigg, Tiverton P W Hodge, Wadebridge Miss F James, Bodmin R Jenkin, Launceston A J Lutey, Newquay R A Sloman, Port Isaac

F J Dyer M.B.E., Truro P J Laity, Hayle R J Laity, Hayle Mrs R M Thomas, Penzance K R Williams, Camborne

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

MEMBERS OF COUNCIL (continued)

ELECTED AGM 2024 (Retire AGM Spring 2027)

J W Eustice, Wadebridge J R T Kittow, Par P J Lobb, Bodmin Mrs A Melhuish, Liskeard J P Oatey, Torpoint G W Tucker, Launceston

M A Bowden, Hayle W F E Faull, Hayle A L Pascoe, Hayle M G Pryor, Truro Mrs F Richards, Marazion A C Semmens, Penzance

ELECTED AGM 2025 (Retire AGM Spring 2028)

E G Bailey, Launceston R D Nancekivell, Bude P E Roose, Bodmin J Scard Morgan, Liskeard Mrs B Sleep, Launceston J L Stanbury, Launceston

G Blight, Helston Mrs E Bowden, Camborne W T Burley, Truro R A Edmond, Redruth M S Hoskin, St Austell R H Olds, Camborne

IRRESPECTIVE OF LOCALITY

ELECTED AGM 2022 (Retired AGM Spring 2025)

Mrs F J Ham, Launceston P J Olds, Boscastle

N C P Phillips, Wadebridge R D Parsons, Camelford

ELECTED AGM 2023 (Retire AGM Spring 2026)

P M Richards, Hayle S L Edmond, Truro

Miss A Jewell, Penzance J Walkers, Truro

ELECTED AGM 2024 (Retire AGM Spring 2027)

Miss K Emmett, Truro S French, Hayle

P D Hardaker, Truro A D Nicholas, Helston

ELECTED AGM 2025 (Retire AGM Spring 2028)

A C Brewer, Boscastle Mrs S M Dudden, Launceston

Ms C Dunstan, Falmouth M P Roberts, Wadebridge

BAGMA REPRESENTATIVES

A Snow, Alan Snow Agricultural Engineers, Holsworthy

P Vincent, Vincent Tractors, Fraddon

CO - OPTED

M Chanter, Grampound

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

REPORT OF THE COUNCIL

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Name:	Royal Cornwall Agricultural Association
Registered Charity No:	250312
Principal Address:	The Royal Cornwall Events Centre, Wadebridge, Cornwall, PL27 7JE
Patron:	His Royal Highness The Prince of Wales
President:	Mr E Coode M.B.E., Bodmin
Council Members:	Council consists of the President, President Elect, Chairman, Vice
	Chairman, Vice Presidents and Elected Members. Their names are shown
	on pages 1 and 2
Chairman:	Sir Ferrers Vyvyan Bt., DL, Helston
Vice Chairman:	Mrs C Mead O.B.E., DL, Falmouth
Treasurer:	M S Hoskin, St Austell
Secretary:	M H B Stoddart, Wadebridge
Director of Showyard:	P M Richards, Hayle
Bankers:	Lloyds Bank PLC, 7 Boscawen Street, Truro
Auditors:	PKF Francis Clark, Chartered Accountants, Lowin House, Tregolls Road,
	Truro
Solicitors:	Stephens Scown LLP, Osprey House, Malpas Road, Truro
Surveyors:	Savills, Lemon Street, Truro
Investment Advisors:	Quilter Cheviot, One Kingsway, London

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is an unincorporated association created under a Trust Deed dated 30th December 1926, but originally established in 1793.

Elective process

The President, President Elect and the other Elected Members of the Council shall be elected at the Annual General Meeting. The other Elected Members of the Council consists of 48 members, 18 drawn from the Eastern Division of 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 must have paid his subscription when due, for two consecutive years and must be proposed and seconded in writing by two members of the Association, with the nomination forwarded to the Secretary/CEO by 1[st] September. All other positions are 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 normally previously acted as show stewards for a number of years, gaining knowledge and experience of the running of the show. They are provided with copies of the minutes of previous relevant meetings and with training publications as published by the Charity Commission. The large number of Association Council members also provides an ideal mentoring body for new members.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

REPORT OF THE COUNCIL (continued)

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

Organisational structure

The day to day operations of the Association are overseen by the Secretary/CEO, with the assistance of a small team of staff. The Secretary/CEO is supervised by the Officers, consisting of the Chairman, Vice Chairman, Treasurer, and Director of Showyard.

The Officers of the Association report back to the Council, via the General Purposes Committee. The charity has also set up the Prize Schedule Committee, Judges Selection Committee and Investment Sub Committee, who also report back to the Council.

The Council consists of the President, President Elect, Chairman, Vice Chairman, Vice Presidents, Treasurer, Honorary Director of Showyard, such representatives appointed by the Council and up to 48 Elected Members.

Key management personnel remuneration

The Council consider the key management personnel of the charity to be the Council, the Secretary/CEO, PA to the Secretary/CEO, Showground Manager, Pavilion Centre Manager, Media Manager and Education Co-ordinator, as these people are in charge of directing and controlling the Association and running and operating the Association on a day-to-day basis. The Council members give their time freely for their role as Council members. Details of other remuneration and expenses paid to Council 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 to 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 at least annually. However, such systems can only provide reasonable and not absolute assurance 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. The latest update was approved by the Council in March 2025.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

REPORT OF THE COUNCIL (continued)

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

OBJECTIVES AND ACTIVITIES

The Association is established:

(a) to promote agriculture, horticulture, forestry, conservation and industry for the public benefit (in 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.

(b) to advance science, research, and education in connection with agriculture, horticulture, forestry, conservation and industry for the public benefit; and

(c) 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 21 (2024, 20) regular members of staff (full and part-time) and they are assisted by additional casual staff and outside contractors during the busy periods leading up to, 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 strategies used to achieve them

Objective – To successfully stage the 2025 Royal Cornwall Show maintaining a strong focus on agriculture (including livestock), horticulture, forestry, conservation and related industries, while supporting their improvement and advancement through science, research and education.

Strategy used – To rely on well-established structures and systems developed over many years alongside maintaining close relationships with a wide range of related bodies (i.e. Breed Societies etc). See review of charitable activities below.

Objective – To improve the facilities of the Royal Cornwall Events Centre in order to attract a greater number of events, strengthen the infrastructure for the Royal Cornwall Show and increase the funds available for the Charity.

Strategy used – There has been a substantial infrastructure spend this with year, including £20k on new tarmac roads, £8k on new sheep and pig pens, £28k on electrical network improvements, £22k on new concrete and £62k on various other capital projects. See note 11.

Objective – We will continue to make significant investments in our showground so both the Events business and the Royal Cornwall Show can benefit and grow.

Strategy used – During the year a parcel of land, that the Association has been leasing for parking at the Royal Cornwall Show for many years, became available. This land was purchased for £548k. This helps to protect the future of the Show and removes a large risk should this have been sold externally. See note 11.

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 Association and Shows.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

REPORT OF THE COUNCIL (continued)

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

ACHIEVEMENTS AND PERFORMANCE

Review of charitable activities

The 2025 Royal Cornwall Show was held on 5 – 7 June. Unfortunately, both the forecast and the actual weather were poor on Thursday and Saturday. On the Saturday, 22mm of rain arrived in the morning, resulting in most of the afternoon’s main ring activities being cancelled. The weather had a significant impact on the number of visitors with the final attendance reaching 110,676 (2024, 117,417).

We were privileged to welcome our Patron, HRH the Duke of Cornwall and Vice President, HRH the Duchess of Edinburgh, on the Friday of the Show, and even the weather behaved with a full day of sunshine. They both visited the Royal Cornwall Food and Farming marquee where they enjoyed the local produce on offer and were warmly received by our many visitors.

Their tours then diverged. The Duchess visiting the Girl Guides, LEAF and then the Livestock areas where she presented the James and Margaret Eustice Perpetual Challenge Cup for best team of 5 animals of a beef breed, which was awarded to British Simmental. She then visited the pig and sheep lines.

The Duke continued through the Show to the Duchy of Cornwall stand, where he met representatives from several charities located within the new Mental Health Hub. He then visited the Farming Food and Nature Hub, hosted by the Cornwall & Isles of Scilly Local Nature Partnership and Cornwall Council. Here he presented the Duke of Cornwalls’ award to James and Sarah Richards of Tregaminion Farm. This award recognises a farm business that has demonstrated a successful and sustainable approach to farming, forestry and/or food production within Cornwall and the Isles of Scilly.

We are in the very fortunate position of having strong demand for trade stand space, once exhibitors join us, they tend to return. Our retention rate for 2025 was over 80% of those from 2024. We also introduced a new dedicated area for equine stands which was very well received and attracted four new exhibitors.

This year, with Rural Crafts no longer attending Agricultural shows, we were able to relocate the Rare Breeds Survival Trust to a far more prominent position directly opposite the sheep marquee, this also enabled us to move the British wool fleece marquee to next to the sheep shearing, significantly enhancing their visibility and profile.

Competitive classes were well supported, though they were slightly affected by the constantly changing Blue Tongue regulations just prior to the closing date for entries. This increased uncertainty around entry requirements, led to a number of exhibitors from further afield not wishing to travel through the different zones. However, the situation stabilised later in the summer and we expect these exhibitors to return next year.

The sheep section saw a milestone this year. Following last year’s record numbers, we hosted our first national show, with the Dorset Horn Sheep Breeders Association holding their annual national event and attracting 60 entries.

We have also continued the development of breed information boards that are used across the livestock sections during the Show by adding equine information boards, which helps educate the public showing the various types and characteristics of the different breeds.

Prior to the Show we invested in the cattle area, and finished off the remaining areas of concreting and also invested in permanent washing and preparation areas.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

REPORT OF THE COUNCIL (continued)

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

The Food Chain Hub was rebranded as the Farm and Country Zone and expanded to accommodate the enhanced offerings provided by our education team.

The Show continues to strengthen its national reputation as a premier agricultural event, attracting visitors from across the UK to compete, exhibit and conduct business. The Show is a brilliant illustration of the enormous benefit of events that have the ability to 'educate' and inform visitors on how agriculture works, how food is produced and the importance of a vibrant and thriving countryside and rural sector.

Earlier this 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 hugely popular, and this year’s event was attended by over 1,500 primary school children and teachers. It remains an exceptionally worthwhile initiative and this event is also popular with over 100 Stewards for which we are very grateful for their help and enthusiasm.

Plans for the 2026 event, which is already fully subscribed, are progressing well. The event is scheduled to take place on 18 – 19 March 2026.

The Farm & Country trailer has been well utilised, reaching over 3,100 primary school pupils across the county. This year we have also participated in a number of careers and teacher training events, Primestock shows, and other one day agricultural shows, providing an excellent opportunity to showcase the work of our Education Department to a much wider audience.

The 2024 Cornish Winter Fair in November (in conjunction with the Wadebridge Primestock Show Association) once again took place in our Exhibition Halls. The event featured numerous trade stands offering a variety of food, drink and craft items, complimented by an impressive turnout in the competitive classes, showcasing local talent from across Cornwall. Despite horrendous weather with horizontal rain our exceptional Exhibition Hall facilities allowed us to welcome visitors, while several other shows over the same weekend were forced to cancel.

The Showground is a busy hub, and sometimes we don’t fully highlight the charitable activities we host. This year we offered the showground at significantly reduced rates for the South West All Breeds Dairy Calf Show, the Farming, Food & Craft Cornwall Calf Show, Cash for Kids Charity, Wadebridge Rotary Club Wheels event, and Farm Fit. We also continue to work closely with Devon and Cornwall Police and Cornwall Fire and Rescue Service to support our local community.

Overall, the Royal Cornwall Events Centre and the Pavilion Centre have had a very busy year, hosting a wide range of events, meetings, and exhibitions, from small gatherings to full-scale functions, utilising all available rooms, buildings, and open spaces. Bookings have catered to both business and social needs, reflecting our aim to provide Cornwall with excellent facilities that appeal to a broad cross-section of the county’s population and attract a variety of interests.

While the Exhibition Halls saw a slight decrease in the number of events this year - due in part to the NHS no longer using the venue for Covid vaccinations and the Cornwall Motorhome Show choosing not to hold an event - we continue to receive very positive feedback regarding both our facilities and the service provided.

In summary, the Association has 6,000 members, reached 110,000 people at the Show, seen 10,000 children through our Education programme and over 115,000 people attended Events on the Showground during the year, showing the Associations far reaching charitable impact.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

REPORT OF THE COUNCIL (continued)

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

Investments

During the year the charity disposed of all of its investments with an original cost of £1,219,172 (2024: £20,234). Disposal proceeds received being £1,990,551 (2024: £25,110) realising a gain of £771,379 (2024: gain of £4,876) of which £32,493 arose in the year prior to disposal.

Subsequent to disposal of the original holdings the charity re-invested £2,367,422 (2024: £0) into a Global Income and Growth Fund, using the sale proceeds, the accumulated investment income in the year and a further £250,000 from retained funds.

There was an increase in the value of the fund over the year of £105,944 (2024: £223,371). This gives an overall gain on investments of £138,440 compared to last year’s gain of £228,247.

FINANCIAL REVIEW

Show income was £2,494,793 (2024: £2,523,651) which includes both increased trade stand income and admission income from on the gate income and daily passes purchased in advance. The reduction reflecting reduced visitor numbers due to adverse weather and weather forecasts.

Annual membership subscriptions were £324,728 (2024: £299,819).

Income from other trading activities has decreased to £451,937 (2024, £504,092) with an increase in pavilion letting income whilst site lettings have decreased because of the loss of two large events that did not return. The NHS had used us in 2023-4 for a Covid vaccination centre and the Cornwall Caravan and Motorhome show did not return this year. A number of our annual events also reduced either their number of days of hire or the size of the hired space.

Overall, there was a reduction in total income for the year to £3,373,347 (2024: £3,427,259).

Costs for the year have increased by 9.7% to £3,250,493 (2024: £2,962,255). Show expenditure has increased by 11.1% on the prior year to £2,005,633 (2024: £1,804,067).

Noting that these costs include some increased costs relating to where it has been necessary to employ new key suppliers in the current year and other key suppliers that the Association had worked with for a number of years have withdrawn from the market.

The costs also include expenditure incurred in relation to VAT consultancy and the full depreciation of the costs associated with the aborted sheep shed project that technically relate to previous years.

There is another full year of expenditure covered by the partial exemption VAT rules leading to £189,587 of VAT disallowed on expenses. Other costs in support of the show have totalled £887,344 (2024: £844,957), an increase of £42,387 on 2024.

The overall effect of all the above was a net income of £261,294 compared to £693,251 in the prior year.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

REPORT OF THE COUNCIL (continued)

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

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[th] September 2025 the Association held £6,628,491 (2024: £6,367,197) in unrestricted and designated funds and £10,296 (2024: £10,296) 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 to 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 or opportunities.

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 to the portfolio.

The fund manager has specific terms of engagement set on an annual basis, and the investment policy of the charity is to provide a balance of income and growth in listed equities and government stocks in line with the Trustee Investments Act 2000.

GDPR Breach

During the year a report was made to the Charity Commission and Information Commissioners Office (ICO) regarding a potential GDPR breach. This involved a CCTV image of an incident that occurred during the setup of the Royal Cornwall Show being released on to the Internet. A thorough investigation took place, which has led to additional training requirements and procedures have been changed. Due to no individual being able to be identified from the images and the procedural changes instigated, the ICO have closed the case. This incident led to a Health and Safety Executive (HSE) inspection. We were found not to be responsible for the initial incident, however there were other aspects that we have been asked to review moving forwards. Changes are already being instigated for Royal Cornwall Show 2026.

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 to attract quality Livestock and Equines. At the same time further exploring the ways that we can expand all the educational aspects of the Show to both adults and children, yet still providing a fun and informative day out for all ages. We aim to ensure that the Show continues to be able to provide funds for the Charity.

We will continue to strongly invest in our facilities on the showground so both the Events business and the Royal Cornwall Show benefit.

We seek to expand our educational offerings that are available to both schools and other organisations.

We are currently undertaking a review of our governance to ensure that it is as strong, clear and modern as its traditions, so that the Association continues to thrive for generations to come.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

REPORT OF THE COUNCIL (continued)

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

STATEMENT OF COUNCIL’S RESPONSIBILITIES

Law applicable to charities in England and Wales requires the Council to prepare financial statements for each financial year which give a true and fair view of the Association’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements giving a true and fair view, the Council should follow best practice and:

• (a) select suitable accounting policies and then apply them consistently;

• (b) make judgements and estimates that are reasonable and prudent:

• (c) state whether applicable UK Accounting Standards and Statements of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements;

• (d) prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Association will continue in operation.

Council is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Association and which enable it to ensure that the financial statements comply with the regulations made under Section 135 of the 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 of the Council on and signed on its behalf by:

Sir Ferrers Vyvyan M S Hoskin Chairman Treasurer

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

INDEPENDENT AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS TO THE COUNCIL MEMBERS OF ROYAL CORNWALL AGRICULTURAL ASSOCIATION

Opinion

We have audited the financial statements of Royal Cornwall Agricultural Association (the 'Charity') for the year ended 30 September 2025, 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 Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

• give a true and fair view of the state of the Charity's affairs as at 30 September 2025 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 requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements. 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 significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised 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 the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

INDEPENDENT AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS TO THE COUNCIL MEMBERS OF ROYAL CORNWALL AGRICULTURAL ASSOCIATION (continued)

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Council. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the Report of the Council; or

• sufficient accounting records have not been kept; or

• the financial 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 Council members

As explained more fully in the Statement of Council’s responsibilities [set out on page 10], the Council members are responsible 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 to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Council members are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to 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 or having effect 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 accordance with ISAs (UK) will always detect a material misstatement when it 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 with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the charity and the sector in which it operates to identify the key laws and regulations affecting the entity. The key laws and regulations we identified were health and safety, employment law and compliance with grant funding conditions. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily the Charities Act 2011 and compliance with the Charities Statement of Recommended Practice.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

INDEPENDENT AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS TO THE COUNCIL MEMBERS OF ROYAL CORNWALL AGRICULTURAL ASSOCIATION (continued)

We discussed with management how the compliance with these laws and 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 to influence performance for individual gain. We audited the risk of management override of controls through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

• We reviewed legal and professional costs to identify any non-compliance or legal costs in relation to noncompliance.

• 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 to confirm 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 inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely 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 deliberate concealment, 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.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to 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 to the Council members those matters we are required to state 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, TR1 2NA Date:.............................

(13)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure account) FOR THE YEAR ENDED 30TH SEPTEMBER 2025

		General	Restricted	Total Funds	Total
	Note	Fund	Funds	2025	2024
INCOME AND ENDOWMENTS FROM:		£	£	£	£
Charitable activities
Show income	4	2,494,793	-	2,494,793	2,523,651
Annual members’ subscriptions		324,728	-	324,728	299,819
Life members’ subscriptions	5	19,810	-	19,810	18,179
		--------------	----------	--------------	--------------
		2,839,331	-	2,839,331	2,841,649
		-------------------	-------------	-------------------	-------------------
Other trading activities	2	451,937	-	451,937	504,092
Investments	3	82,079	-	82,079	81,518
		-------------	-----------	-------------	-------------
Total Income		3,373,347	-	3,373,347	3,427,259
		=======	======	=======	=======
EXPENDITURE ON:
Raising funds	2	150,597	-	150,597	139,377
Investment management costs		3,922	-	3,922	9,396
		----------	----------	----------	----------
		154,519	-	154,519	148,773
		-------------	-------------	-------------	-------------
Charitable activities
Show expenditure	6	2,005,633	-	2,005,633	1,804,067
Costs in support of the show	7	887,344	-	887,344	844,957
Irrecoverable VAT		189,587	-	189,587	160,854
Primary purpose donations		13,410	-	13,410	3,604
		----------	----------	-------------	----------
		3,095,974	-	3,095,974	2,813,482
		----------	----------	-------------	-----------
Total Expenditure		3,250,493	-	3,250,493	2,962,255
		----------	----------	-------------	-----------
Surplus before gain on investments		122,854	-	122,854	465,004
Net gain on investments		138,440	-	138,440	228,247
		------------	----------	----------	--------
Net income		261,294	-	261,294	693,251
Reconciliation of funds:
Fund balances brought forward
at 1st October 2024		6,356,901	10,296	6,367,197	5,673,946
		------------	----------	------------	------------
Fund balances carried forward at
30th September 2025		6,618,195	10,296	6,628,491	6,367,197
		========	======	========	========

The Association’s income and expenditure all relate to continuing operations.

The Association has no recognised gains or losses other than the net movement in funds for the year. The net movement in funds has been calculated on the historical cost basis as modified by the annual revaluation of listed investments to market value.

(14)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

BALANCE SHEET AT 30TH SEPTEMBER 2025

			2025		2024
	Note	£	£	£	£
Fixed Assets
Tangible Assets	11		3,091,068		2,615,381
Investments	12		2,473,377		1,958,055
			------------		-----------
			5,564,445		4,573,436
Current Assets
Stocks			-	2,208
Debtors	13	118,973		163,969
Cash at bank and in hand		1,286,108		1,889,547
		----------		----------
		1,405,081		2,055,724
Creditors: amounts falling due
within one year	14	(143,004)		(84,620)
		----------		---------
Net Current Assets			1,262,077		1,971,104
			--------------		--------------
Total Assets less Current Liabilities			6,826,522		6,544,540
Creditors: amounts falling due after
more than one year	15		(198,031)		(177,343)
			--------------		---------------
Net Assets			6,628,491		6,367,197
			========		========
Funds
Unrestricted fund:
General fund			6,618,195		6,356,901
Restricted funds	18		10,296		10,296
			----------------		---------------
Total funds	19		6,628,491		6,367,197
			=========		========

Approved by the Council on ………………. and signed on its behalf by:

Sir Ferrers Vyvyan Chairman

M S Hoskin Treasurer

(15)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025

	2025	2024
Note	£	£
Net income for the reporting period
per the statement of financial activities	261,294	693,251
Adjustments for:
Depreciation charges	212,581	159,286
(Profit)/loss on investments	(138,451)	(228,247)
(Profit) on the sale of fixed assets	(5,615)	-
Decrease/(Increase) in stocks	2,208	80
(Increase)/Decrease in debtors	44,996	(99,528)
(Decrease)/Increase in creditors	79,072	5,171
	--------------	-------------
Net cash provided by operating activities	456,085	530,013
Cash flows from investing activities:
Proceeds from sale of investments	1,990,551	-
Purchase of property, plant and equipment	(688,268)	(204,156)
Proceeds from sale of fixed assets	5,615	25,110
Purchase of investments	(2,367,422)	-
	--------------	--------------
Net cash used in investing activities	(603,439)	350,968
	--------------	--------------
Change in cash and cash equivalents in the year	(603,439)	350,968
Cash and cash equivalents at the beginning of the reporting
Year	1,889,547	1,538,579
	--------------	--------------
Cash and cash equivalents at the end of the year	1,286,108	1,889,547
	========	========
Analysis of cash and cash equivalents
Cash at bank or in hand	383,124	207,988
Notice deposits (less than 3 months)	902,984	1,681,558
	--------------	--------------
Total cash and cash equivalents	1,286,108	1,889,547
	========	========

(16)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2025

1. ACCOUNTING POLICIES

• (a) The accounts (financial statements) 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 Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011. The Association constitutes a public benefit entity as defined by FRS102.

In common with many other organisations of our size and nature 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 described below:-

(b) Income

All income is included in the SOFA when the Charity is legally entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy. The following specific policies apply to categories of income:

• i. 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.

iii. Grants

Grants are recognised as incoming resources when they are receivable.

• iv. Investments and Investment Income

• All investments are stated 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 basis.

v. Donations received

Donations are recognised in the year of receipt.

(c) 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 two specific categories:

• Raising funds

• Charitable activities

(17)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS YEAR ENDED 30TH SEPTEMBER 2025

1. ACCOUNTING POLICIES (continued)

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 activities.

Governance costs are included within charitable activities and include those costs incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Irrecoverable VAT on expenditure arising under partial exemption is shown separately.

(d) Depreciation

Depreciation is calculated to write off the cost less estimated 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 straight line basis over 10 years  buildings and pavilion straight line basis over 35 years Machinery and equipment straight line basis over 10 years Motor vehicles 25% per annum on net book value Cups and trophies no depreciation charged due to high residual value

(e) Fixed assets

It is the policy of Council to maintain the Association’s freehold houses in full repair. Depreciation is provided on a straight line basis so as to write down the cost of freehold houses to their 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 2025 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.

(f) Stocks

Stocks are valued at the lower of cost and net realisable value.

(g) Pension Costs

Contributions payable to the pension scheme are charged to the statement of financial activities in the period to which they relate.

(18)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS YEAR ENDED 30TH SEPTEMBER 2025 (continued)

1. ACCOUNTING POLICIES (continued)

(h) Contribution of Volunteers

The value of services provided by volunteers is not incorporated into these financial statements. Further details of the contribution made by volunteers can be found in the report of the Council.

(i) Funds

General funds are unrestricted funds 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.

• (j) Hire purchase and leasing

Rentals applicable to operating leases are charged to the Statement of Financial Activities over the period in which the cost is incurred.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Financial Activities so as to 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 Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.

(19)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2025

(continued)

2. OTHER TRADING ACTIVITIES

		2025			2024
	Gross	Related	Net	Gross	Related	Net
	Income	Expenditure Income		Income	Expenditure Income
	£	£	£	£	£	£
Site lettings	286,704	(43,501)	243,203	342,425	(48,107)	294,318
Pavilion centre lettings	124,322	(105,638)	18,684	111,595	(89,680)	21,915
Agricultural activities	7,644	-	7,644	13,534	(1,510)	12,024
Other income	33,267	(1,458)	31,809	36,538	(80)	36,458
	--------	--------	--------	--------	--------	--------
	451,937	(150,597)	301,340	504,092	(139,377)	364,715
	=====	=====	=====	=====	=====	=====

3. INVESTMENTS

	2025	2024
	£	£
Interest received	29,437	40,639
Income from listed investments	52,642	40,879
	--------	--------
	82,079	81,518
	=====	=====
SHOW INCOME
	2025	2024
	£	£
Admission charges	1,227,762	1,319,771
Trade stands	894,496	833,245
Show entry fees	71,161	79,968
Catalogues and refreshment rights	227,354	211,336
Prize money donations and sponsorship	74,020	79,331
	--------------	-------------
	2,494,793	2,523,651
	========	=======
LIFE MEMBERS’ SUBSCRIPTIONS
	2025	2024
	£	£
Received in year	42,245	33,460
Deferred to future years	(40,133)	(31,787)
Utilised from previous years	17,698	16,506
	-------	-------
	19,810	18,179
	====	====

4. SHOW INCOME

1. LIFE MEMBERS’ SUBSCRIPTIONS

(20)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS YEAR ENDED 30TH SEPTEMBER 2025

(continued)

6. SHOW EXPENDITURE

SHOW EXPENDITURE
	2025	2024
	£	£
Preparation of showground	1,323,189	1,248,305
Cash handling and car parks	189,882	110,466
Fees and expenses of judges and stewards	38,760	33,504
Monetary awards	73,327	72,810
Special attractions and displays	67,327	60,000
Police and security services	111,536	95,520
Catering	55,453	64,475
Marketing and promotion	138,097	118,987
Fertilisers, seeds, grass and flowers	8,062	-
	------------	------------
	2,005,633	1,804,067
	=======	=======
COSTS IN SUPPORT OF THE SHOW
	2025	2024
	£	£
Office salaries	287,255	294,649
Travel and motor expenses	22,884	37,212
Printing and stationery	31,252	30,967
Telephone and postage	33,453	36,346
Rent and rates	17,999	24,669
Lighting and heating	88,450	83,490
Insurances	35,984	32,570
Miscellaneous expenses	1,550	1,550
Bank charges and interest	9,548	4,629
Education	39,349	37,104
Legal and professional fees	54,074	49,366
Subscriptions	3,622	4,607
Badges and rosettes	17,445	8,377
Depreciation (including £0 (2024 - £535) charged to
the restricted funds)	212,579	159,286
Profit on disposal of fixed assets	(5,615)	-
Bad debt written off	6,455	-
Governance costs (see note 8)	31,060	40,135
	----------	----------
	887,344	844,957
	======	======
GOVERNANCE COSTS
	2025	2024
	£	£
Insurances	931	798
Auditors’ remuneration	10,830	6,850
Auditors’ fees for non-audit services (i.e. accountancy etc.)	19,299	32,487
	--------	--------
	31,060	40,135
	=====	=====

7. COSTS IN SUPPORT OF THE SHOW

8. GOVERNANCE COSTS

During the year the Association purchased insurance to indemnify members of Council against the consequences of neglect or default on their parts. The cost of the insurance was £931 (2024 - £798) and is included in the governance costs shown in note 8.

(21)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2025

(continued)

9.	STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT	PERSONNEL
		2025	2024
		£	£
	The aggregate staff costs during the year were:
	Salaries and wages	511,196	496,084
	Social security costs	47,701	37,766
	Other pension costs	42,223	36,889
		-----------	----------
		601,120	570,739
		======	======
	Average number of employees (full time and part time headcount)
	Clerical	15	15
	Showground	4	3
	Pavilion lettings	2	2
		-----------	----------
		21	20
		======	======

One employee received emoluments of £85,000 to £95,000 (excluding employer pension costs).

The charity considers its key management personnel to comprise the Council members, the Secretary, the PA to the Secretary, Showground Manager, Pavilion Centre Manager, Media Manager and Education Coordinator. The total employment benefits (including employer pension contributions and employers National Insurance) of the key management personnel were £312,855 (2024: £327,666).

(22)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2025

(continued)

10. CONTINGENT ASSET AND LIABILITY

Further to the UK First-tier Tribunal ruling in the case of Yorkshire Agricultural Society v H M Revenue & Customs (HMRC) on 25 April 2023, the charity submitted historic VAT claims in respect of the period from 1 October 2017 to 30 June 2019 and 1 April 2022 to 31 March 2023 on the basis that the Show is a fundraising event and hence that certain income streams are exempt rather than standard rated. Based on the revised, ongoing method currently adopted for the VAT returns the charity 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 329,000 Associated professional fees (65,800) ----------263,200 ======

The Upper Tribunal announced in February 2024 that HMRC were granted leave to appeal the Yorkshire Agricultural Society case. The Upper Tribunal heard the case on the 9[th] October 24 and agreed with the findings of the First-tier Tribunal on the 9 January 2025.

Subsequently HMRC are arguing that other agricultural Societies cases, including ours, are not identical to Yorkshire’s case and therefore are not liable. Our VAT advisors are continuing to pursue the matter and are proposing The Royal Welsh Agricultural Association to be the lead case for the other agricultural Charities, and their claim is progressing.

Whilst the trustees consider it is probable that the above sums will still be recovered, the current situation means that the matter is a contingent asset and hence no debtor has been recognised in the accounts.

VAT returns submitted since the Yorkshire Agricultural Society case have been submitted on the revised basis and settled by HMRC. Due to the uncertainty of HMRC not accepting the findings of the Upper Tribunal, the charity may need to revisit the VAT returns submitted for the quarters ending 30 June 2023 to 30 September 2025. As this is not expected, detailed calculations on an alternative basis have not been made, but are estimated to have a potential impact of £390,000 and hence this is noted as a contingent liability.

(23)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS YEAR ENDED 30TH SEPTEMBER 2025

(continued)

11. TANGIBLE ASSETS

		Expenditure		Machinery
	Freehold	on	Pavilion	and	Motor	Cups and	Total
	Properties	Showground		Equipment	Vehicles	Trophies
	£	£	£	£	£		£
COST
At 30 September	787,741	3,609,331	1,963,426	394,933	15,796	3,516	6,774,743
2024
Additions	547,611	94,187	6,505	39,965	-	-	688,268
Disposals	-	(810,575)	-	(27,473)	(3,500)	-	(841,548)
	-------------	-------------	-------------	-------------	-------------	----------	-------------
At 30 September	1,335,352	2,892,943	1,969,931	407,425	12,296	3,516	6,621,463
2025
	-------------	-------------	-------------	-------------	-------------	----------	-------------
DEPRECIATION
At 30 September	119,818	2,846,221	906,160	274,768	12,395	-	4,159,362
2024
Charge for year	8,573	116,718	56,284	30,153	853	-	212,581
Eliminated on	-	(810,575)	-	(27,473)	(3,500)	-	(841,548)
disposals
	-------------	-------------	-------------	-------------	-------------	----------	-------------
At 30 September	128,391	2,152,364	962,444	277,448	9,748	-	3,530,395
2025
	-------------	-------------	-------------	-------------	-------------	----------	-------------
NET BOOK
VALUE
At 30 September	1,206,961	740,579	1,007,487	129,977	2,548	3,516	3,091,068
2025
	========	========	=======	========	========	=======	=======
At 30 September	667,923	763,110	1,057,266	120,165	3,401	3,516	2,615,381
2024
	========	========	=======	========	========	=======	=======

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 quantify the excess.

(24)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2025

(continued)

12. INVESTMENTS

INVESTMENTS
	2025	2024
Quoted Investments	£	£
Market value at start of year	1,958,055	1,754,918
Additions at cost	2,367,422	-
Disposals	(1,990,540)	(20,234)
Net unrealised investment gain/(loss)	138,440	223,371
	----------	----------
Market value at end of year	2,473,377	1,958,055
	======	======
Historical cost at end of year	2,367,422	1,219,172
	======	======
Analysis of Quoted Investments
At the balance sheet date, the portfolio was invested as follows
Global Fund – direct equities, bonds and third party funds	2,473,377	-
UK equity shares	-	433,035
UK fixed interest bonds and deposits	-	234,259
Overseas equity shares	-	1,076,635
Overseas fixed interest	-	26,048
UK property funds	-	37,573
Absolute return	-	150,505
	----------	----------
	2,473,377	1,958,055
	======	======

At 30 September 2025 the following investments represent more than 5 per cent of the portfolio by market value

	2,047,489 Quilters Investors Limited Global Income and Growth Fund 2,473,377	2,047,489 Quilters Investors Limited Global Income and Growth Fund 2,473,377	-
	2,575 I Shares Trust Core S&P Midcap	-	119,960
	12,500 F&C Investment Trust plc GBP 0.25	-	128,750
	25,000 Ishares Core FTSE 100	-	199,825
	10,650 Monks Investment Trust Ord GBP 0.05	-	125,031
	146,832 Blackrock Fund Managers North America	-	184,275
	9,700 Alliance Trust Ord GBP 0.025	-	115,430
	2,600 HSBC ETFS S&P	-	112,377
	Other investments individually representing
	less than 5% of the total value	-	972,407
		----------	----------
		2,473,377	1,958,055
		======	======
13.	DEBTORS
		2025	2024
		£	£
	Trade debtors	38,569	108,217
	Other debtors	7,148	15,755
	Prepayments and accrued income	73,256	39,997
		-----------	----------
		118,973	163,969
		======	======

(25)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2025

(continued)

14. CREDITORS: Amounts falling due within one year

CREDITORS: Amounts falling due within one year
	2025	2024
	£	£
Trade creditors	28,760	24,143
Other tax and social security	3,275	5,000
Accruals	59,730	20,981
Deferred income	51,239	34,493
	---------	----------
	143,004	84,620
	=====	=====
CREDITORS: Amounts falling due after more than one year
	2025	2024
	£	£
Deferred income	198,031	177,343
	----------	----------
	198,031	177,343
	======	======

15. CREDITORS: Amounts falling due after more than one year

Deferred income relates to income carried forward as deposits for 2025/26 lettings and other income received in advance for life memberships which are released to the Statement of Financial Activities over 20 years.

	2025	2024
	£	£
Balance at 1 October	211,839	200,599
Amount released to income earned from charitable activities	(36,608)	(39,019)
Amount deferred in the year	74,039	50,259
	----------	----------
Balance at 30 September	249,270	211,839
	======	======

16. TRANSACTIONS WITH COUNCIL MEMBERS AND CONNECTED PERSONS

Due to the nature of the Association’s operations and the composition of the Council, it is inevitable that transactions will take place with organisations in which a member of Council may have an interest. All transactions with Council members and connected persons did not influence the separate and independent interests of the Association, were all at arm’s length, were not unusual in nature and were not material in the context of the individuals concerned. The aggregate value of all purchase transactions during the year was £46,162 (2024: £38,009) including value added tax.

The aggregate value of all sale transactions to members of the council during the year was £6,594 (2024: £3,094) including value added tax.

(26)

ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2025

(continued)

17. PENSION COMMITMENTS

The Association operates a defined contribution scheme. The assets of the schemes are held separately from those of the Association in independently administered funds. The pension cost charge represents contributions payable by the Association to the funds and amounted to £42,223 (2024 - £36,889).

18. RESTRICTED FUNDS

2025

2025
	Balance		Expenditure		Balance
	30th September	Income	gains, losses 30th September
	2024		and transfers		2025
	£	£		£	£
Development fund	10,296		-	-	10,296
	----------	----------		----------	----------
	10,831		-	-	10,296
	======	======		======	======
2024
	Balance		Expenditure		Balance
	30th September	Income	gains, losses 30th September
	2023		and transfers		2024
	£	£		£	£
Development fund	10,296		-	-	10,296
Superfast Cornwall fund	535		-	535	-
	----------	----------		----------	----------
	10,831		-	535	10,296
	======	======		======	======

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 Superfast Cornwall fund represents funds received from a grant application in the year ended 30 September 2015 under Cornwall Council’s Regional Growth Fund Investment Programme. The fund was used for the installation of Superfast broadband throughout the facilities at the showground. To the extent that the depreciation charge for the year relates to capital expenditure paid for from the above funds, it is charged against these funds.

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2025

(continued)

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

----- Start of picture text -----
|||||| |---|---|---|---|---| |2025 Unrestricted Restricted Designated Total| |funds funds fund funds| |£ £ £ £| |Fund balances of 30th September 2025 are| |represented by:| |Tangible fixed assets|3,080,772|10,296|-|3,091,068| |Investments|2,473,377|-|- 2,473,377| |Net current assets|1,262,077|-|- 1,262,077| |Creditors due after more than one year|(198,031)|-|-|(198,031)| |--------------|------------ ----------|--------------| |Total net assets|6,618,195|10,296|- 6,628,491| |========|======= ======|========| |2024 Unrestricted Restricted Designated Total| |funds funds fund funds| |£ £ £ £| |Fund balances of 30th September 2024 are| |represented by:| |Tangible fixed assets|2,605,085|10,296|-|2,615,381| |Investments|1,958,055|-|- 1,958,055| |Net current assets|1,971,104|-|- 1,971,104| |Creditors due after more than one year|(177,343)|-|-|(177,343)| |--------------|------------ ----------|--------------| |Total net assets|6,356,901|10,296|- 6,367,197| |========|======= ======|========|

----- End of picture text -----

21. FINANCIAL COMMITMENTS

At 30th September 2025 the Association had total commitments under non-cancellable operating leases as follows:

----- Start of picture text -----
||| |---|---| |Other| |2025|2024| |£|£| |Within one year|8,712 8,712| |Between one and five years|31,322 40,034| |-----------|-----------| |40,034|48,746|

----- End of picture text -----

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ROYAL CORNWALL AGRICULTURAL ASSOCIATION

NOTES TO THE ACCOUNTS

YEAR ENDED 30[TH] SEPTEMBER 2025

(continued)

22. STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure account) FOR THE YEAR ENDED 30[TH] SEPTEMBER 2024

	General	Restricted	Total Funds
	Fund	Funds	2024
INCOME AND ENDOWMENTS FROM:	£	£	£
Charitable activities
Show income	2,523,651	-	2,523,651
Annual member’s subscriptions	299,819	-	299,819
Life member’s subscriptions	18,179	-	18,179
	--------------	----------	-------------
	2,841,649	-	2,841,649
	--------------	----------	-------------
Other trading activities	504,092	-	504,092
Investments	81,518	-	81,518
	------------	----------	------------
Total Income	3,427,259	-	3,427,259
	=======	======	=======
EXPENDITURE ON:
Raising funds	139,377	-	139,377
Investment management costs	9,396	-	9,396
	----------	----------	----------
	148,773	-	148,773
	-------------	-------------	-------------
Charitable activities
Show expenditure	1,804,067	-	1,804,067
Costs in support of the show	844,422	535	844,957
Irrecoverable VAT	160,854	-	160,854
Primary purpose donations	3,604	-	3,604
	----------	----------	-------------
	2,812,947	535	2,813,482
	----------	----------	-------------
Total Expenditure	2,961,720	535	2,962,255
	----------	----------	-------------
Surplus/(Deficit) before gain	465,539	(535)	465,004
On investments
Net gain on investments	228,247	-	228,247
	------------	----------	----------
Net income	693,786	(535)	693,251
Transfer between funds	-	-	-
Fund balances brought forward
at 1stOctober 2023	5,663,115	11,369	5,673,946
	------------	----------	------------
Fund balances carried forward at
30th September 2024	6,356,901	10,296	6,367,197
	========	======	========

The Association’s income and expenditure all relate to continuing operations. The Association has no recognised gains or losses other than the net movement in funds for the year. The net movement in funds has been calculated on the historical cost basis as modified by the annual revaluation of listed investments to market value.

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