ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS TRUSTEES, REPORT & FINANCIAL STATEMENTS 31 DECEMBER 2022 Company registratlon Number 02758883 ChaTIty Number 1023932 ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 Contents Paga$ Reference & Adminlslrative Information TNstees' Annual Report llldependent Examiner's Report ststement of FiTranThal Activities Balanco Sheet Notes to the Financi81 Staternonts 9-16 ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS REFERENCE & ADMINISTRATIVE INFORMATION YEAR ENDED 31 DECEAIBER 2022 Patron HRH the Countess of Wessex GCVO Mr D file (Chair of Council) Mr D Dooley (Vice Chalrl Mrs S Ma¢kenzl8-Green Mr C Riddle Mr A Lyons IRÈsignad 19 March 20221 Mr T Ledbury Mrs A Baylis Mrs C Knipe Mrs M A Jones Mr D T&nnanl Mrs C Ince Mr R H8ath (Appointed 19 Marc* 2022) Trust•88 Sècretary Company reglst•red number Mr P J Hoopgr, OBE JP 02758883 Charity regl¥tr*loTr ntsrn￿r 1023932 Reglstered offlco Cooper House Lower Chadton Estato Shepton Mallet Somerset BA4 5QE Indep•nd•nt Examlnar Joshua Klngslon Bsc (Honsl ACA Burton Sweet Limited The Clock Tower 5 Farteigh Court Old Weston Road Flax Bourton Bristol 8S48 1UR Bank•rs Lloyds B8nk PLC 5 High Street Shepton Mallet Somersel BA4 SAB ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2022 The Trustees present their ￿port and accounts for the year ended 31 December 2022. The financial statements have begn wepared in accordance with the accountirtg policles sel out Fn note 1 to the financial statements and (x)mply with the Association's goveming do¢umenl, the Companies Act 2006 antJ'Accounling and Reporting by Charilies.- Statement of Recommended Practice applic8bfe to ¢harilies preparing their 8ccounts in accordance with the Financial Reporting St8nd8rd applicable in the UK and Republic of Ireland IFRS 1021 leffeotive 1 January 2019}". ObJ•ctlvès and a¢tFvltles The charitable objective and princlpal activty of the Association is to foster Go-operation and di8CUS8ion in the pursuit of matters of common ¥ntgr8St amon9 Show an(J Agricultural Organisations for tha bett8rtnènl of Agrieulture. its klndred Induslrtes and services. Publlc Benefit The trustees confimi that they have referrad to the guidance contained In the Charfty Commlssion, g9neral guidance on public bgnefil when reviewing thg charftys 8ims and obj8Ctlves and in planning future activities. Achlevgments and P•rfomian¢g As we complete 2022 yet agaln Ihfrre has b88n a variety ofexperiences from th8 start lo the end. During the year we have conlintsed with regular monthly catchup zoorll meetings followed by the AGM and Leamlng Day in person at the and of March at Stafford Showgrrt and enthusiasm for the conference and throughout thg ye8rto the industy in the much wider sense. the continuad lobbying from them both On behalf c*f the assoclatlon Is beneficial ttr Ihe memb&rshlp as a whole, whllst boosting the profile of the assoclalion genèrally. The Cwncil and Secretar*at is currendy reviewing the roles and responsibilities for Council members and 8180 the activlty of the association, both to ensure thfy organisation stays relev8nt to our 8mb6rship whilst ensuring the correct suppcrt is given to the Secr6t8riat to allow them to rleliv8r what we need. Thanks must also be given to thosè that voluntoer their tr'me frsely to the ASAO. without all involvod the organisation W￿lId not b6 able to function. ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2022 As we come to the end of both the ftnancial and phystcal yèar It Is reassuring thatshows are all planning to hold events agaln in 2023, however the cost of Ilving i5su&$ affecting ev@ryon6 across the UK 8nd the increase in costs for seNc6s in the forthcoming season is of particular conceTn. I think the assistance of the ASAO will be needed more than ever over the next 12 monlhs. Flnanclal Review Totsl income of £93,716 was rec91Vgd durtng the year. (2C121.. £49,974), an Increas& cif £43,742. After expenses of £91,90012021.. £53.5471. and an unrealised loss on investments of £8,954 {2021'. gain of £8.6931. the AssoGiatlon made a deficit for th9 Pgriod of £7,138 (2021.. £5,120 surplusl. This is an d8cr8as9 of £12,438 when r￿mpared to 2021. Fund balancas at the pe￿0d end amounted to £100,440 {2021.' £107,578) of which £4,000 wa8 designated {2021.' £4.CTrJI. R•seJv?s Poltcy The reserves of the charity are those fftat ar8 fr*ely available to bg spent in pursuing the charfty's objectives. Tho free reserves lunreslricted. uncommiited funds) at the year-end weTe £2.12012021.' £33,604). The trustees consider it necessary for the cha￿ty to hold reserv8s to prot8Ct against fltscluations In irthme and expenditure. At prfy8ent unrestricted resetv88 reprosent approximatsiy 13 months exp￿(8d recurring unrestricted expÈnditur812021.. 24 months). The target range of unre&tricled reservo$ of th6 charity is 24-3CI months. Currently the levèl of reservès as at thè year end is bèlow th6 )li¢y which has bgen mainly duts to the impact of COVID and the need of discounting rnembarship fees by SOY.. Over the next financial year, the Trustegs hope lo in￿aSe the membership fees back lo their original levej which wijl help lo rebuild the lovel of tssfyryes in line with the wlicy. The association has limited iesourctrs, ￿1¢h havo been retalned and buill up over th8 years. The Associab"on feals that the amount is required for 98sy access and needs to b8 Sacurg for the followlng reasons= Any prol6Cted 1058 in the year., A Provision in the event of 8nother"Pandemic" Yi)ot and moulh" year (cf 8imllarl.' Website- update and review n@eds to be more regular than thè Current 5 year revrew.. PR spend wes to be reviewed ragujarfy and that this should include the Secrtary's Invo￿ement th 8re&d Societies and Govemment bodies. Updating the socretarials offi¢e equipmènt The savings and other accounts used for Ihp retention of th6 Inoney Is periodicaliy reviewed. Currenlly these are held In a COIF Charttles Investment Fund. Stnicture, governancè. and management COn￿ltutIO The A$50Ctatlon is 8 cha￿table cornt)any limJtOd by guorantee incorporated on the 26 Oclob8r 1992 gnd reglster8u as a Charity on 20 July 1993. The guarantors aTr the members to the extent of£1 each. Th8 governing documents of the charity are thè memorandtjm and aitides of assockgtion 18$ amended 1 Nov6mber 2017 8nd review by Covid in De￿mber 20211. ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2022 The tnjslees. who are 8180 the dirèctors for the purpose of ¢ompally law, and who served during thè year and up to tre d8t& of signatur8 were.. Mr D Tile (Chair of Council) Mr D Dooley (Vice Chairl Mrs S Mack8nzle-Green Mr C Riddle Mr A Lyons (Resigned 19 March 2022) Mr T Ledbury Mrs A Baylis Mis C Knipè Mrs M R Jones Mr D Tennant Mt5 C Ince Mr R Heath IAppoinled 19 March 2022) Organlsation Only regisler¢d chartties are eligible to become full members. Tho Irustges {&18cled members of Council) are r8presèntativ8 individuals of the mambers and aTr elected by the fftemb8rs from among8t themsglves. Asso¢iate members are those that are not registergd charities. Thesè associat& membgr3 have no liatxlity and representative individuals are not eligible to bgcorne trusteos of the charity. Rlsk Man•gement Thè trust8es have taken steps lo identify the major stratègic and oper8tional risks whlch the charity facas. Systems have been established to enable regular {r￿nItOrIng of those rI8ks so that their impact Can be less&ned. Stat•ment of Trust￿ Responslbllltl•$ The trLtstÈes (who arè also directors of A$S(￿la110n of Show and Agricultural Organisations for the purpos8s of company law} are responsible for preparing the Trustees. Report lincorporatlng the strategic rep(xt and directors, report) and the financ*al statements in accordence with applicable18W and United Kingdom Accounting Standards. including Flnancial Reporting Standarrj 1 Q2.. The Financ￿1 Reportlng Standard appI￿able in the UK8nd Republic of Ir618nd (United Kingdom Accepted AGcounttng Practical. Company law requires the trustees lo prepa￿ financial sl8temerits for each financial ye8r which give truè and fair view of the slate of affairs of the charitabl8 eompany land the groupl and of the incomè and expendiiure, of the charitable company forthat period. In prgparing thesa finan¢Fal statements, the Iruslees aro required to.. select suitable ac¢ounting pollcies and I￿n apply thern consist8ntly,' observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudant.. stale whetherapplicable UK Accounting Standards have been followed, subject to any materiel ¢Jepartures disclos￿ and oxplglnod in the financial statEtfftenls', and prep8re the financial ststements on the going eoncem basis un￿sS it 18 inappropriate to presumè that the charitable company will continue in business. ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2022 The trustees are rèsponsiblè for keeping adequate accounting records that disclose with wsonable accuracy at any time tre financi81 position of the charrtable company and enable them to ensure that Ihe fin8ncial statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of ihe charitsble company and hence for tsking reasonable steps for the prevention and detection of fraucl and other irregularities. In so far as the trustees are awarg.. thats is no ralevant audit infrimiation of which the charitsble company's audltors arg unavrfarp-, and the trustees have taker> all steps that they ought to make themselves awaFe ofthat Infomatlon. Appreciath>n Th8 As80¢iation wishes lo expre8s thanks to many outside bodl88 and our colleagues who hgve all fr88ly giv&n their lime and èxpertise to ensure that furth6raftc8 of th8 Association. The Trustee's Report W88 approved by the Board of TrL*Ste8s on .. . on their behalf by-. and signed Mr D Tito jchair of Coun¢ill Trustee Mr D D¢x>lgy (Vic$ Chairl Trustée ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS YEAR ENDED 31 DECEMBER 2022 thdependent èxaminer's report to the trustees of As8oclation of Show and AgrI￿ltural Oryanlsatlons I'the Company'l I report lo the ¢harity trustees on my examinab'on of tho aec¢unts of the Company for the y8ar endgd 31 Decemb8r 2022. Rosponslbllltigs and ba$ls of roptsrt As the charity's trustees of the Company land a150 its directois for the puwes of company lawl you are responsible for the preparation of the aco)unts in accordance wth the requirements of the Companies Act 20061'the 2006 Act'i. Having Satisfied mysey that the accwnls of the Company are not rsquired to b¢ audited under Part 16 of the 2Q06 Act and are 8liglble for indèpend8nl oxamination, I report in respect of my examination of your charity's accotsnts as carried out under Secton 145 of the Chaiities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Dlrecb'ons given by the Charity Commission under section 14515} Ibl of the 2011 Act. Independent examlnerfs sL2tÈment I have tx)mpleled my ox8mln8tion. I confirm that no matters have come trj my 8ttention in connèction wlth the examination giving me cause to believe.. accounting records were r>ol kept in respect of the Company a$ required by section 386 of Ihg 2006 Act,. or the èccounts do not accord witt) those records,. or the accounts do not comply with the accounting roquirements of s8¢tion 396 of the 2006 Act othgr than any requirement that thè accounts giv6 a 'truo and fair view which is not a matter con5idared as part of an indep8nd8nt examination., or the accounts hav8 not been prepared in accordance wth the meth￿$ arKJ p￿ncIpleS of the Ststement of Recommènded Practice for accounting and reporting by Char￿leS applicablè lo charities preparing their accoutts in accordance wlh the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concerns and have come across no other matters In o)nneclion with the examinBtlon to which attention should be drawn in this ￿port in ordfjr to enable a proper undgrstanding ofthe a¢¢ounts to bfy reached. Joshu gston BSC IHonsl ACA Burton Sweet Limf(ed The Clock Tower S Farteigh Court Old Weston Road Flax Bourton Bri8tol BS48 1UR ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS STATEMENT OF FINANCIAL ACTMTIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 DECEMBER 2022 Total Funds 2022 Total Funds 2021 Incomg from.. Donations and legacies Charitable activiti68 Other trading acliwli@s Investments Note 26,780 62.848 1,500 2,588 25,266 22.857 Totsl tneome 1,851 Expendltur• on". Charitable 8¢tivitlos 93,716 49,974 Total expgndlture 91,900 53,547 Nel gainslllossesl on in￿stMa￿lS 91.900 53,547 10 •t Fn¢omèllexpenditural and nèt movgment in ￿ndS 18,9541 8.693 Total funds at start of year Tetal funds at wld of year {7.1381 5.120 14 107,578 102,458 14 The Challty has no recognis8d gains OT Ii)sses otheT than the results for the year 85 sel out above. 107,578 All of the activities of the charityarg classed as continulng. All the financial activities of the chaimy in the cvrTent and prior year is within unrestricted fvnds. notes on page$ 9 to 16 fom7 part of these finan¢ial stat8m&nts ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS BALANCE SHEET AS AT 31 DECEMBER 2022 Company number.. 02758883 2022 2021 Fixad assets Investments Note 10 94.320 69,974 Current assets Dei)tors Cash al bank and in hatKI 11 1,227 20,315 1,366 52.667 Llablllties 21.542 54,033 Creditors.. amounts falling du& within one y8ar 12 115,422} 116.429) Net current a$sets 6,120 37.604 Total tssets l&ss curront liabiliti•$ 100,440 107,578 Totsl Assets 100,440 107,578 Funds Unrestrfcted funds General fund$ Designated funds 15 15 103,578 4,000 4.000 Total funds 100,440 107,578 For th9 year ending 31 Dacember 2022 the company was èntitl8(I to exemption from audit under section 477 of the Companies Act 2006 relating lo small compani8S. Trustees r6sponsibilltles-. ' The members have not required the company lo obtaln an audit in accordanee wllh seetion 476 of the Companies Act 2006. The directors acknO￿edge thèir responsibilities for ¢omplwng with the requirements of the Act with respect lo accounting recoids and the preparation of accounts. These accounts have been prepared In accordance with th& provlston applicable lo companies subject to th$ small cornpanies regime. Those financial 3talaments were approved by tha Trustees on - and ar& stgngd on their behajf by.. Mr D Tite Chair of Coun¢il Mr D Oooley Vice Chair Tho llotes on paggs 9 10 16 fomi part of thèse flnanelal statements ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 1 Accounting pollcles Aecountlng convgntlon The financial statemonts have been p￿￿8red in accordanc8 with the St8tement of Recommande(I practi￿.. Accountirtg 8nd Roporting by Cha￿tte$ praparing their accounts in accordance wth th6 Financial R8POrtlng Standard applicabl8 in thè UK and Republic of Ir&land (FRS 1021 Issued in Octobar 2019 and the Flnancial Reporting Standard applicable in the Unlt8d Kingdom and Republic of Ireland (FRS 1021 and C¢)mpanies Act 200fj and LIK Generally Accepted Practice as it applSes from 1 January 2019_ The charity 1$ a publ1¢ benafil entity as dgfined unoer FRS102. Golng concern In the conlaxt of th8 curr8nt economic climate. thg Irusleas have r8vlewed likely fLtture developments and remarTr of the opinion that there are no material uncertaint￿8 aff6Ctlng the ability of the charltyto continue as a going concern. The tnJst6es have made this assessment whilst considering the ¢harity8 financial resoLFrces. bu(*gets and forecasts and a PBriod of at least 12 months from thg date of the approval of these accounts. Incom• Income from donations (s included in income when these are receivable. except as lofiows." l. Wh8n donors speclfy that donations given to th$ charity musl be used in futu￿ accountlng p8rfods, tha income is deferred until those periods,. 11. When donors imwse condilions whirh have lo bè fulfilled b&fore the chaty becomes enlided to use Income, th8 inc<)me is deferred until the pre-condilioTrs have been met. Donations in kind comprise donated serwces Mthere th8 costs are me8surable and fhè soryices would otherwise have lo be paid lor lo maint#in opgratknn81 Èff8cbveness. Income ￿ reeognisfjd when the Asso¢latlon is lègally 8nti¥ed to it after any ￿rformanCe conditions have been mot. th& amounts can bè m4aSU¥￿ relk?bly, and it is probable thot incotno wll be received. Investment income is included on a rec8ivable basis. Expendlture Expe￿￿lluT2 18 recognised In the period In which it is in￿rred. Expendlture in¢ludès 8ttrlbutable VAT which cannot be recovered. Governance costs Governance costs Inc1t￿ those costs associated with meeting th6 constitutlonal end statutory requirèmants of the ¢h8rify and include th8 Independènt axaminatlon f&è8 costs Ilnked tg th• strat8glc govemanco of the charSty. Governanc9 CQSts are iacjuderj chathtsbls activtlies costs. ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 1 Accounting poli¢lo$ {contlnuedJ Raislng funds Raising funds expenditu￿, when present. include tt)ose costs incurred in seeking voluntary contribijlions, costs of goods sold 8nd other costs whlch include the costs of running and participats.ng in fundrai8ing events. Flxad asset Investm•nt$ Investments are incluijed al market value al 31 D8cember. The SOFA includes the net gaifts and losses arising on revaluations and disposals during the year. Dfjbtors Trade debtors are amounts due from cu8toin8rs for sèrvices performed tn th8 ordinary course of businass. Tiadg debtors are recognisod initlally at the transaction pric¢. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand. deprjsits held at call w7th banks, other short-tsm) liquid in￿StMentS with orFJinal maluritlos of three rnonths OT less. and bank overdrafts. Bank overdrafts a￿ shown ¥wlhin borrowngs in current liabillb'es. Cr•dltors Creditors artr oblrgatlons lo pay for goods or services Ihal have been acquire in the ordinary course of business from suppliers. Accounts payable are cl8ssrfitsd as current liabtsliti@s if the company does not have an unconditional right, al the end of the reporting period, to defer sethement of the cr8ditor for 81 least Iwelve months after the reporting datè. If there is an unconditional right to dgfgr settlement for at least twelve month8 after the reporting date. they a pr8sent8d as non-currenl liabiliti65. Cr6ditors are rècogni$ed initially at the tr8nsaclion pr￿. Fund ac¢ounting Unrestricted funds can be used In accordance ¥￿th the charitable objects al th8 dISc￿li0n of th8 trustees. Restricted fvnds Can only bè used for parlcular Festrided purposes wlthin the objècts of the charity. RestrIct￿n9 arise when sp6cified by the donor or whèn funds are raised for particular restricl&J purpwes. Designated fvnds form part ol unrestricted funds and have been identffièd as being for parb'cular purposes by the Trustees. They are not restricted and can be transferred to general fijnds at any Ilme at the discretiori of the Truslfrfys. Furthgr explanalk>n of the naturè and purpose of each fund is Included in note 14 of the finantaal statemen￿. 10 ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 1 Ac¢ountlng polic1•$ Icontlnuodl EmpJoyo* ben*fft$ Th& cost of any unuseil holi¢Yay enlttlemenl is recognised in the period in whi¢h the employee's $eNces ar6 received. Termination benefits are recognised immadialely as an expense when the Associatlon is demonstrably committed lo terminate the employment of an employae tr prov￿& temiination benefits. Crltlcal aecountlng 88timates and Judgemgnts In the application of the Association's accounting policies, the trustee$ are requireif to makejudgements, estlmates and assumptions about the cariwng amoLtnt of assets and liabilities that are not readily 8pparenl from other sources. The eslimales and associate(J assumpt￿On8 are based on historical experience and other factors that are considwed lo be relevant. Actual results may drfler from these estimatès. The 8s1ti71*es and underlyjng assumptions are revièwad on an ongoing basis. Revisions to ac¢ountsng estimates are re¢ognisèd the period in vrfhlch the estimate 18 revised whère revision affocts only that p6riod, or in the period of the vlsion and flrture peAods where revlsion affects bDth current and futtrre periods. 2 In￿m& from: Donatlons and I9gac￿3 Totsl Funds 2022 Totsl Funds 2021 Conference donation Govemment grants Other grants 25,580 1.200 13,129 9.137 3.000 3 Incom• from: Charitabl8 actlvitles 66 rotai Funds 2022 Total Funds 2021 M&rnbgrshlp and suppllar subscriptions H&S {M8nlor) PPL Laarning days Conference trade stand Ci>nference sponsorship 20.092 3,496 17.337 15,168 100 4.141 18,S43 3,000 62.848 22.857 11 ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 4 Incomè from: Oth•r tradlng activftles Total Fund8 2022 Total Funds 2021 Year book salesladvgrts 1.5 S Incom• from." InvÈstments Total Funds 2022 Total Funds 2021 Dividends Interest racerved 2.588 1,850 Expondltur& on.. Charftsbb a¢tfvitl•s 1,851 Total Funds 2022 Totsl Fund$ 2021 St8ff costs (Note 81 Employee pen8ions (Note 8) Learning days Confeienee expenses PPL expenses M¢ntor health anfl sa*&ty ¢0sts Subscriptions Accountancy Secretarial expenses Office expenses Insuran¢e Website managemanl Printing and handbook costs Legal and professional PR consultsnt arkeling & advertising Govemanc9 costs 11ndep0nd￿l examinorfs feg) 26,857 416 3,150 32.059 12,277 600 928 2.478 2.151 3,936 1,847 23,000 1,315 7,947 4,141 720 1.604 3,830 3,082 1.831 976 1,394 35 100 409 2,520 492 2,670 91,900 12 ASSOCIATION OF SHOWAND AGRICULTURAL ORGANISATIONS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 7 Net incomel {expendltur•) for thg yoar This 1$ stated 8ftÈr charging= Independent examiner'$ fee8: 2022 2021 Indep￿dent examinatlon - A¢cotsnts preparation 1,070 1,600 960 1,560 Thre812021: Two) Trustees have betrn T8imbur$6d for their out of pocket travel gxp&nstrs £1.725 12021.. £801. No Trustee recgivgd any r8muneralSon during the yedr12021.' £nill. Aggregate don8tions from Tru8tees. k6y managernent p8rsonnel, and othèr related parbes was £Nil12021.. £Nil}. 8 Stafl costs and ntsmbor8 The aggrfygats payrojl costs We.. Wages & salaries Penslon contributlons 2022 2021 26,857 416 23,000 1.315 No $mpbyo0 re¢eived emolum&nts of more thgn £60,000. 24,315 The average weekly Dumber of employeès during the year was 212021.- 2}. ￿lculated on the basis of averagè headcounl. The total employment beneflts recèivèd by key management P8rsonnel includtng employer nation81 Ir￿UranCe and employer pen3*on were £13,57512021-. £12, 1421. 9 Taxation The charity 1$ exempl from cor￿ratIOn tax on its charitable activities. 13 ASSOCIATION OF SHOWAND AGRICULTURAL ORGANISATIONS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 fo I￿v￿tMonts List•d Investmènts Cost or valuatlon Al 1 January 2022 Additions Valuations ¢hèngo8 69,974 33,300 18,954} At 31 De¢ember 2022 Carrylng amount At 31 Décember 2022 94,320 Al 31 D￿mber 2021 94,320 11 Dèbtors 69.974 2022 Trade debtors Prepaymtrnts and ac¢nJ8d income 2021 422 1,081 285 12 Cr¢ditOTS: amounts falllng due withln one y￿r 1,227 1,366 2022 Defsrred income (Note 131 Accwals Social security and other taxes Oth8r ￿edItorS 2021 11,884 2.770 212 1.763 3,061 1.068 11,293 15,422 13 D•ferrgd Incom 16.429 2022 Deferred inwme brought forwar(1 Resources deferred during the year ounts released from prèvious year 2021 11,684 14,908 11,684 114,908} {71,e84} Income deferred in the prior ￿ar related to membership and PPL income paid in advance. 11.684 14 ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 14 Mov#m?nt In fund8 For tho ￿ar endèd 31 Dacembwr 2022 At1Jan 2022 R8valtsation$. I1￿0m• Exp•ndltur• Tran$f•r8 98lns & L08SÈS At31 De¢ 2022 Do81gnat•d funds 2023 Centenary fund 4,000 4.000 Gengral funds 103.578 4,000 93,716 Total funds 191.900) 107,578 (8,954) 96,440 Deslgnated ftind The 2023 centenary Fund- Fund8 set aside towards the 2023 Centen8ry. For the year •nd•d 31 D•c•mber 2021 91,900 8,954 AtlJan 2021 Rovaluations, Income Expettdlturè Transfers gains & Los8es At 310oc 2021 Doslgnated funds 2023 Centenary fund 3,000 1,000 3.000 4.IX)O General funds 4,000 99,458 49.974 (53,547) Total fund* {l.0(K>) 8,693 102.458 103.578 49,974 15 Analy818 of ngt assets bètwe•n funds As at 31 December 2022 8,693 107,578 UnrÈ¥M¢t•tl De$l9n*8d General Funds Funds Total Fixed asset Investmsnts Other net assets 4.000 94,320 2,120 94.320 6.120 4,000 96,440 100,440 15 ASSOCIATION OF SHOW AND AGRICULTURAL ORGANISATIONS NOTES TO THE FINANCIAL STATEMENTS, YEAR ENDED 31 DECEMBER 2022 15 Analysis of n•t a5Sots between funds Icontinuedl As at 31 December 2021 Unrestricted D•slgnated Funds Ggnèral Funds Total Fixed asset investments Other nel ass8ls 69.974 33.604 69,974 37,604 16 Rolated party transaetions 4,000 103,578 107,578 There are no tran8actions with trustees or other ralatgj parties other than those disclosed as requirèd by the SORP elsewhere in the financial ststemet)ts. 16