Charity Registration No. 1023932
Company Registration No. 02758883 (England and Wales)
ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr M Stoddart (Chair of Council) Mr D Tite (Vice Chair) Mr D Dooley Mrs S Mackenzie-Green Mr C Riddle Ms L Hegarty Mr A Lyons Mr T Ledbury Mrs A Baylis Mrs C Knipe (Appointed 29 February 2020) Secretary Mr P J Hooper, OBE JP Charity number 1023932 Company number 02758883 Registered office Bishopbrook House 4 Cathedral Avenue WELLS Somerset BA5 1FD Independent examiner Tim Lerwill, FCA Old Mill Accountancy LLP Bishopbrook House Cathedral Avenue WELLS Somerset BA5 1FD Bankers Lloyds Bank plc 5 High Street SHEPTON MALLET Somerset BA4 5AB
ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the accounts | 8 - 16 |
ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report and accounts for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Association's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The charitable objective and principle activity of the Association is to foster co-operation and discussion in the pursuit of matters of common interest among Show and Agricultural Organisations for the betterment of Agriculture, its kindred industries and services.
Public Benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
Achievements and performance
2020 Well what a year!!
We have been through a very difficult summer with virtually all of us losing our shows, firstly making that horrible decision to cancel, and then dealing with the fall out both emotional and financial. There have been some positives, several Societies held Socially distanced events, some have adapted to becoming Caravan Parks, Kite Flying fields, Drive in Movie parks, Sunday Lunch venues, etc etc. - it shows that we can be adaptable and resourceful.
Who would have thought that we would all be Zooming and putting on virtual shows? - Technology has come to our aid and for membership organisations us, has meant that we have been able to “Encourage and share best practise” allowing us to keep in touch and support each other. This year we have increased our support to you, our members, through zoom Catch Ups which have been well supported and very well received.
This culminated in our annual conference going virtual. Rather than an individual society putting this together it fell to The Secretariat - James Cox and Paul Hooper to compile a really interesting, relevant and thought-provoking agenda over two days with a heartfelt introduction from our Patron, Her Royal Highness the Countess of Wessex.
This year Paul Hooper and James Cox have worked harder than ever as they have lobbied, compiled, and liaised with Government bodies. They have been shunted from pillar to post, fallen down the crack between DCMS and DEFRA, but tirelessly continued to put our case to them. We must all thank them both for their hard work and willingness to embrace new technology and ideas that this year has required. They have developed into a formidable team and we have all benefited from this.
However now is the time to look forward to the coming Show season, to begin organising a Show as much as we can. It will be undoubtedly be different from previous years as we to adapt and change our shows more than we have had do since the year after Foot and Mouth. As part of our support, we have decided that shows who were members in 2020 will have their membership for 2021 at half price and at the Memberships request continue with the Zoom catch-ups as required.
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ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2020
Planning will be starting but no doubt we will have to change and alter our offering three or four times as the rules change, and the rollercoaster of positive and negative developments come and go. Hopefully with the rolling out of the vaccination programme things will generally be on the up but this does give us an opportunity to try different things and improve. The one change that the Pandemic has brought about is the importance of our relationship with our Local Authority, and this year it has been clear that those shows with good working relationships have been able to do a lot more, while in some locations there has been a blanket no to any event that brings people together. This is going to be an area of increased concern for us an as an industry but also demonstrates the benefit of talking with your local Authority as soon as possible.
The ASAO does not act as an arbitrator for the extremely complex UK show calendar, but Members are reminded to consider other shows when deliberating potential date changes and as far as practicable avoid unnecessary clashes.
At this time of great disruption and concern for all members, your cooperation on this is greatly appreciated – please remember, we are all in this together.
As I write this report it is my last as Chair of the Association and I must take this opportunity to thank the Secretariat and your Council for all their hard work and enthusiasm as there have been many extra meetings and I could not have done it without their huge help and support.
Financial review
Total income of £46,226 was received during the year, (2019:£57,070), a decrease of £10,844. After expenses of £45,813 (2019:£56,683), and an unrealised gain on investment of £3,684 (2019: £8,737), the Association made a surplus for the period of £4,097 (2019:£9,124). This is a decrease of £5,027 when compared to 2019.
Fund balances at the period end amounted to £102,458 (2019:£98,361) of which £3,000 was designated (2019:£2,000).
Reserves Policy
The reserves of the charity are those funds that are feely available to be spent in pursuing the charity's objects. The free reserves at the year end were £99,458 (2019:£96,361). The trustees consider it necessary for the charity to hold reserves to protect against fluctuations in income and expenditure. At present free reserves represent approximately 26 months expected recurring unrestricted expenditure (2019:20 months).
The Association has limited resources, which have been retained and built up over the years. The Association feels that the amount is required for easy access and needs to be secure for the following reasons:
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Any projected loss in the year;
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A war-chest in the event of a "foot and mouth" year (or similar);
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Website- update and review needs to be more regular than the current 5 year review;
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PR spend was to be reviewed regularly and that this should include the Secretary's involvement with Breed Societies and Government bodies;
The savings and other accounts used for the retention of the money is periodically reviewed. Currently these are held in Virgin and COIF Charities Investment Fund.
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ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2020
Structure, governance and management
Constitution
The Association is a charitable company limited by guarantee incorporated on the 26 October 1992 and registered as a charity on 20 July 1993. The guarantors are the members to the extent of £1 each. The governing documents of the charity are the memorandum and articles of association (as amended 1 November 2017).
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr M Stoddart (Chair of Council) Mr D Tite (Vice Chair) Mrs R Geary (Resigned 28 February 2020) Mr D Dooley Mrs S Mackenzie-Green Ms M Clark (Resigned 31 July 2020) Mr C Riddle Ms L Hegarty Mr A Lyons Mr T Ledbury Mrs A Baylis Mrs C Knipe (Appointed 29 February 2020)
Organisation
Only registered charities are eligible to become full members. There were 129 (2019: 134) such members at the balance sheet date. The trustees (elected members of Council) are representative individuals of the members and are by the members from amongst themselves.
Associate members are those members that are not registered charities. These associate members have no liability and representative individuals are not eligible to become trustees of the charity.
Total membership of both full and associate members was 218 (2019:221) at the balance sheet date.
Risk Management
The trustees have taken steps to identify the major strategic and operational risks which the charity faces. Systems have been established to enable regular monitoring of those risks so that their impact can be lessened.
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ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2020
Statement of Trustees responsibilities
The trustees, who are also the directors of Association of Show and Agricultural Organisations for the purpose of company law, are responsible for preparing the Trustees Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Association and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the Association will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Association and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Appreciation
The Association wishes to express thanks to many outside bodies and our colleagues who have all so freely given their time and expertise to ensure the furtherance of the Association.
The Trustees r eport was approved by the Board of Trustees.
Mr M Stoddart (Chair of Council)
Trustee Dated: 8 April 2021
Mr D Tite (Vice Chair)
Trustee Dated:8 April 2021
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ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
I report to the trustees on my examination of the financial statements of Association of Show and Agricultural Organisations (the Association) for the year ended 31 December 2020.
Responsibilities and basis of report
As the trustees of the Association (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Association are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Association’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Association as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Old Mill Accountancy LLP
Tim Lerwill, FCA Bishopbrook House Cathedral Avenue WELLS Somerset BA5 1FD
Dated: 22 April 2021
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ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes Income and endowments from: Donations and legacies 3 Charitable activities 4 Investments 5 Other income 6 Total income Expenditure on: Charitable activities 7 Net incoming/(outgoing) resources before gains/(losses) Net gains/(losses) on investments 11 Net movement in funds Fund balances at 1 January 2020 Fund balances at 31 December 2020 |
2020 £ 6,590 35,385 1,949 2,302 46,226 45,813 413 3,684 4,097 98,361 102,458 |
2019 £ 5,000 47,657 1,979 2,434 |
|---|---|---|
| 57,070 | ||
| 56,683 | ||
| 387 | ||
| 8,737 | ||
| 9,124 89,237 |
||
| 98,361 |
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
BALANCE SHEET
AS AT 31 DECEMBER 2020
| Notes Fixed assets Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Income funds Unrestricted funds Designated funds 16 General unrestricted funds 16 |
£ 11,512 47,933 59,445 (18,268) 3,000 99,458 |
2020 £ 61,281 41,177 102,458 102,458 102,458 |
£ 5,820 40,285 46,105 (5,341) 2,000 96,361 |
2019 £ 57,597 40,764 98,361 98,361 98,361 |
|---|---|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2020. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The accounts were approved by the Trustees on 8 April 2021
Mr M Stoddart (Chair of Council) Trustee
Mr D Tite (Vice Chair) Trustee
Company Registration No. 02758883
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ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Charity information
Association of Show and Agricultural Organisations is a private company limited by guarantee incorporated in England and Wales. The registered office is Bishopbrook House, 4 Cathedral Avenue, WELLS, Somerset, BA5 1FD.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Association's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Association is a Public Benefit Entity as defined by FRS 102.
The Association has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the Association. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
In light of the current coronavirus pandemic, the trustees have reviewed likely future developments and remain of the opinion that there is no reason to believe that the charity will have to cease operating as a result of inadequate financial resources, or any other foreseeable event, within a period of at least 12 months from the date of the approval of these accounts.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
1.4 Incoming resources
Income is recognised when the Association is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5 Resources expended
Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Governance costs are those incurred in connection with administration of the Association and compliance with constitutional and statutory requirements.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.7 Financial instruments
The Association has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Association's balance sheet when the Association becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Association’s contractual obligations expire or are discharged or cancelled.
1.8 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Association is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9 Company status
It has no share capital and the guarantors are the members whose liability in the event of a winding up is limited to £1 each. There were 129 (2019: 134) members at the balance sheet date.
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ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
2 Critical accounting estimates and judgements
In the application of the Association’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Conference donation Government grant |
2020 £ 1,590 5,000 6,590 |
2019 £ 5,000 - |
|---|---|---|
| 5,000 |
4 Charitable activities
| Subscriptions H&S (Mentor) PPL Learning Days Investments Investment income Interest receivable |
2020 £ 30,025 2,230 - 3,130 35,385 2020 £ 1,764 185 1,949 |
2019 £ 29,876 2,020 15,114 647 |
|---|---|---|
| 47,657 | ||
| 2019 £ 1,729 250 |
||
| 1,979 |
5 Investments
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ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
| 6 Other income Year Book Sales/Adverts 7 Charitable activities Staff costs Autumn Conference Subscriptions Bursaries Spring Council Accountancy Learning Days Secretarial Assistance PPL Office Expenses Insurance Website Management Phone and Postage Printing and Handbook Costs Expenses Legal and Professional PR Consultant Share of governance costs (see note 8) Analysis by fund Unrestricted funds For the year ended 31 December 2019 Unrestricted funds |
2020 £ 2,302 2020 £ 17,854 - 751 - 59 2,640 3,123 - - 2,041 1,786 6,696 1,594 1,504 709 2,431 840 42,028 3,785 45,813 45,813 45,813 |
2019 £ 2,434 |
|---|---|---|
| 2019 £ 10,917 1,505 621 750 750 2,760 969 3,285 14,387 4,255 1,334 4,587 - 1,398 4,286 288 720 |
||
| 52,812 3,871 |
||
| 56,683 | ||
| 56,683 | ||
| 56,683 |
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ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
8 Support costs
| Support costs | ||
|---|---|---|
| Support costs Governance costs £ £ Staff costs - 1,976 Independent Examiner's fees - 900 Secretarial Expenses - 909 - 3,785 Analysed between Charitable activities - 3,785 |
2020 £ 1,976 900 909 3,785 3,785 |
2019 £ 1,900 900 1,071 |
| 3,871 | ||
| 3,871 |
Governance costs includes payments to the independent examiners of £ 900 (2019 - £ 900 ) for independent examination fees. Included in charitable activities expenditure are payments of £2,640 (2019 - £2,760) to the independent examiner in respect of accountancy and other services.
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year , and none w ere reimbursed (2019: one was reimbursed £238) for council and other meeting expenses .
10 Employees
Number of employees
The average monthly number employees during the year was:
| Number of employees The average monthly number employees during the year was: |
||
|---|---|---|
| 2020 | 2019 | |
| Number | Number | |
| 2 | 2 | |
| Employment costs | 2020 | 2019 |
| £ | £ | |
| Wages and salaries | 19,830 | 12,817 |
| No employees earned more than £60,000 per annum. |
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ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
11 Net gains/(losses) on investments
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Revaluation of investments | 3,684 | 8,737 |
12 Fixed asset investments
| Cost or valuation At 1 January 2020 Valuation changes At 31 December 2020 Carrying amount At 31 December 2020 At 31 December 2019 13 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income 14 Creditors: amounts falling due within one year Notes Deferred income 15 Accruals |
Listed investments £ 57,597 3,684 61,281 61,281 57,597 2020 2019 £ £ 283 - 11,229 5,820 11,512 5,820 2020 2019 £ £ 14,908 1,275 3,360 4,066 18,268 5,341 |
Listed investments £ 57,597 3,684 61,281 61,281 57,597 2020 2019 £ £ 283 - 11,229 5,820 11,512 5,820 2020 2019 £ £ 14,908 1,275 3,360 4,066 18,268 5,341 |
|---|---|---|
| 61,281 | ||
| 61,281 | ||
| 57,597 | ||
| 2019 £ - 5,820 |
||
| 5,820 | ||
| 2019 £ 1,275 4,066 |
||
| 5,341 |
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ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
15 Deferred income
| Arising from Advertising and PPL income Current liabilities Deferred income brought forward Resources deferred during the year Amounts released from previous year Deferred income carried forward |
2020 £ 14,908 2020 £ 14,908 14,908 2020 £ 1,275 14,908 (1,275) 14,908 |
2019 £ 1,275 2019 £ 1,275 1,275 2019 £ 2,996 1,275 (2,996) 1,275 |
|---|---|---|
Income deferred in the year relates to advertisements and PPL income paid in advance.
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ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
16 Unrestricted funds
These are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.
| Movement in funds | Movement in funds | ||||||
|---|---|---|---|---|---|---|---|
| Balance at 1 | Incoming | Resources | Transfers | Revaluations, | Balance at 31 | ||
| January | Resources | Expended | gains and losses | December 2020 | |||
| 2020 | |||||||
| £ | £ | £ | £ | £ | £ | ||
| 2023 Centenary Fund | 2,000 | - | - | 1,000 | - | 3,000 | |
| Designated funds | 2,000 | - | - | 1,000 | - | 3,000 | |
| General funds | 96,361 | 46,226 | (45,813) | (1,000) | 3,684 | 99,458 | |
| Total unrestricted | |||||||
| funds | 98,361 | 46,226 | (45,813) | - | 3,684 | 102,458 | |
| Prior Year | Movement in funds | ||||||
| Balance at 1 | Incoming | Resources | Transfers | Revaluations, | Balance at 31 | ||
| January | Resources | Expended | gains and losses | December 2019 | |||
| 2019 | |||||||
| £ | £ | £ | £ | £ | £ | ||
| 2023 Centenary Fund | 1,000 | - | - | 1,000 | - | 2,000 | |
| Designated funds | 1,000 | - | - | 1,000 | - | 2,000 | |
| General funds | 88,237 | 57,070 | (56,683) | (1,000) | 8,737 | 96,361 | |
| Total unrestricted | |||||||
| funds | 89,237 | 57,070 | (56,683) | - | 8,737 | 98,361 |
The 2023 Centenary Fund - Funds set aside towards the 2023 Centenary.
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ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
| 17 Analysis of net assets between funds Unrestricted Funds Designated Funds £ £ Fund balances at 31 December 2020 are represented by: Investments 61,281 - Current assets/(liabilities) 38,177 3,000 99,458 3,000 Prior Year Unrestricted Funds Designated Funds £ £ Fund balances at 31 December 2019 are represented by: Investments 57,597 - Current assets/(liabilities) 38,764 2,000 96,361 2,000 18 Related party transactions Remuneration of key management personnel The remuneration of key management personnel is as follows. 2020 £ Aggregate compensation 9,880 |
Total £ 61,281 41,177 |
|---|---|
| 102,458 | |
| Total £ 57,597 40,764 |
|
| 98,361 | |
| 2019 £ 9,500 |
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