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|CONT
N|TS||
|---|---|---|
|Notice of|Meeting||
|Chairman's|Report||
|Treasurer|'s Report||
|Report of|the Trustees|5-8|
|Auditors'|Report|9-11|
|Statement|ofFinancial Activities|12|
|(incorporating
an income and Expenditure|||
|Account)|||
|Balance Sheet|||
|Cash flow|and notes|14-15|
|Notes to the Financial Statements||16-30|
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||for th|e year ende|d 31December|2020|||
|---|---|---|---|---|---|---|
||||||2020|2019|
||||Unrestricted|Restricted|Total|Total|
||||fund|fund|funds|funds|
|||Notes|||||
|INCOME AND ENDOWMENTS FROM|||||||
|Donations
and legacies||3|10,250|||15,817|
|Charitable
activities|||||||
|Breed improvement|||516,614||516,614|505,564|
|Other trading activities
Investment
income||4
5|25@53
~114 '74||25@53
1143'7~|32,826
125 97ll|
|Total|||666,591||666,591|680,177|
|EXPENDITURE ON|||||||
|Raising funds|||13,607||13,607|27,692|
|Charitable
activities|||||||
|Breed improvement|||551201||551/01|664,964|
|Total|||564,808||564,808|692,656|
|Net gains/(losses)
on investments|||~9ll71)||~9071|~10,223)|
|NET INCOME/(EXPENDITURE)|||92,712||92,7A'|(22,702)|
|Other recognised
ga ins/(losses)
Gains on revaluation
offixed assets|||10957||1$,957|373 )76|
|Net movement
in funds|||111,669||111,669|350,474|
|RECONCILIATION
OF|FUNDS||||||
|Total funds brought
forward|||2,936,056||2,936,056|2,585,582|
|TOTAL FUNDS CARRIED FORWARD|||3047,725|-|3,047,725|2936056|
|CONTINUING
OPERATIONS|||||||
|All income and expenditure|has arisen Irom|continuing|activities.||||
||BALANCE SHEET
31December 2020|||
|---|---|---|---|
|||2020|2019|
||Notes|||
|FIXEDASSETS||||
|Intangible
assets|14|10,926|16,299|
|Tangible assets|15|400,911|411,888|
|Investments|16|2,472 965|2,411,916|
|||2,884,$02|2,840,103|
|CURRENT ASSETS||||
|Stocks|17|5,235|5,600|
|Debtors|18|60,732|49,858|
|Cash at bank||196977|142776|
|||262+44|198,234|
|CREDITORS||||
|Amounts
falling due within one year|19|(100,021)|(102/81)|
|NET CURRENT ASSETS||162923|95953|
|TOTAL ASSETSLESSCURRENT||||
|LIABILITIES||3,047,725|2,936,056|
|NET ASSETS||3,047,725|2,936 056|
|FUNDS||||
|Unrestricted
funds||3041725|2 936056|
|TOTAL FUNDS||3047,725|2 936056|
||||||CASH FLOW STATEMENT||||
|---|---|---|---|---|---|---|---|---|
|||||for|the year ended 31December 2020||||
|||||||2020||2019|
||||||Notes||||
|Cash flows from operating|activities||||||||
|Cash generated
Irom operations||||||46|437|96372|
|Nct cash provided
by/(used|in)|operating||activities||46|437|96372|
|Cash flovrs from investing|activities||||||||
|Purchase ofintangible
fixed|assets|||||||(902)|
|Purchase oftangible fixed assets||||||(57817)||(40,724)|
|Purchase offixed asset invesunents||||||(97@68)||(80,432)|
|Saleoffixed asset investments||||||46$(6||209,971|
|Interest received|||||||72|168|
|Dividends
received||||||64|672|78 331|
|Net cash provided
by invcstmg||activities||||||166412|
|Change
in cash and cash equivalents|||in||||||
|the reporting
period||||||||70,040|
|Cash and cash equivalents|at|the|||||||
|beginnhg oftbe reporthsg|period|||||142|776|72 736|
|Cash and cash equivalents|at|the end|of||||||
|the reporting
period||||||166|677|142 776|
##
##
|OPERATING ACTIVI|TI|ES||||
|---|---|---|---|---|---|
|||||2020f|2019|
|Net income/(expenditure)||for the reportiug|period (asper the|||
|Statement
oi'Financial|Activities)|||92,712|(22,702)|
|Adjustments
for:||||||
|Depreciation
charges||||22,167|22,429|
|Lasses on investments||||9,071|10,223|
|interest received||||(72)|(168)|
|Dividends
received||||(64,672)|(78,331)|
|Decrease in stocks||||365|657|
|Increase in debtors||||(10,874)|(14,992)|
|Decrease in creditors||||~2+69|~13488|
|Net cash provided
by/(used||in) operations||46,437|96,372|
##
|ANALYSIS OFCHANGES IN NET|FUNDS|||
|---|---|---|---|
||At 1.1.20|Cash flow|At 31.12.20|
|Net cash||||
|Cash at bank|142776|54 01|196,977|
||142.,/76|54,201|196,977|
||142776|54+81|196977|
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|||NOTES TO THE FINANCIAL STATEMENT
for the year ended 31Decentber 20|NOTES TO THE FINANCIAL STATEMENT
for the year ended 31Decentber 20|S -continued
20||
|---|---|---|---|---|---|
|3,|DONATIONS
AND|LEGACIES||2020|2019|
||Royal Welsh Pavilion
Grants|82 other donations||250
~10 000|15,817|
|||||10 50|~15 817|
||Grants received, included||in the above, are as follows:|||
|||||2020|2019|
||COVLD Business Support|||||
|||||~10 000||
|4.|OTHER TRADING|ACTIVITIES||||
|||||2020|2019|
||Auction
stde income|||24,020|29,253|
||Saleofpromotional|goods||~1333|~3573|
|||||25,353|32,826|
|5.|INVESTMENT INCOME|||||
|||||2020|2019|
||Rents received|||49,630|47,471|
||Listed investment
income||(gross)|64,672|78,331|
||Bank deposit interest|||72|168|
|||||114 74|125970|
##
##
##
|INCOME FROM|CHA|RITA|BLE ACTIVITIES|||
|---|---|---|---|---|---|
|||||2020|2019|
||||Activity|||
|Subscriptions
receivable|||Breed improvement|63,662|65,046|
|Donations - unallocated||subs|Breed improvement|1,717|2,020|
|Enrolment fees k, herd||||||
|prefixes|||Breed improvement|2,100|1,875|
|Registration
fees|||Breed improvement|208,640|183,019|
|F.OT.registration|fees||Breed improvement|19,900|23,700|
|Transfer fees|||Breed improveinent|66160|4,700|
|Semen royalty
scheme|||Breed improvement|3,099|2,908|
|Breedplan
mcome|||Breed improvement|51/33|51,918|
|Gift Aid tax refund|&interest||Breed improvement|10/92|11,039|
|Import admin fees|||Breed iinprovement|2,840|2,550|
|DNA testing|||Breed improvement|1060095|126,699|
|Warranty
income|||Breed improvement|1,502|2,718|
|Export certificate fees|||Breed improvement|300|359|
|Solar income|||Breed improvement|2,152|2,678|
|Other breed society|services||Breed improvement|36022|24 335|
|||||516,614|505,564|
|RAISING FUNDS||||||
|Raising donations|and|legacies||||
|||||2020|2019|
|Auction sale expenses||||2,724|10,988|
|Charolais News
4'z|herd|books||2,923|5,596|
|Regional contributions||||4,964|~4662|
|||||~10 611|21 246|
|Other trading activities||||||
|||||2020|2019|
|Purchases||||~2996|6446|
|Aggregate
amounts||||~13 607|~27 692|
##
||for the year ended 31Decem|for the year ended 31Decem|for the year ended 31Decem|ber 2020|||
|---|---|---|---|---|---|---|
|8.|CH4QtITABLE ACTPfITIES COSTS||||||
|||||Direct|Support||
|||||Costs (see|costs (see||
|||||note 9)|note 10)|Totals|
|||||||E|
||Breed improvement|||531,430|19771|551201|
|9.|DIRECT COSTSOIi||CHARITABLE ACTIVITIES||||
||||||2020|2019|
|||||||f,|
||Staffcosts
Rent„rates, insurance,||cleaning. heat k light||250,'768
34+08|231,488
31,868|
||Telephone||||6,651|3,965|
||Postage||||11,793|11/79|
||Publicity expenses||||20/16|91,083|
||Sundries
Repairs k maintenance||-building||9,133
4,538|3,818
3,376|
||Charolais
Youth
Printing 4 stationery||||4,657|5,413
5,969|
||Maintenance ofoNce||equipment||495|492|
||Pedigree Cattle I.ivestock Services
Computer
maintenance 4support||||12/25
10,093|29,000
5,344|
||Subscriptions||||289|1,145|
||Herd inspection
expenses||||819|3,235|
||ABRI support||||229890|25,051|
||Royal We)sh Pavilion||expenses|||1,464|
||Ultra sound scanning|refunds|||9,750 y|l1,700|
||Registration
calfcredit||notes||6,045|5,510|
||DNA SNP testing||||90,552|126/96|
||Other breed society services||||13,741|8,283|
||Depreciation||||22 167|22 429|
||||||031,430|628 308|
|10.|SUPPORT COSTS||||||
|||||||Governance|
|||||||costs|
||Breed improvement|||||~19 771|
##
##
##
|Governance
costs|||||
|---|---|---|---|---|
||||2020|2019|
||||Breed|Total|
||||improvement
f|activities
f.|
|Auditors'
remuneration|||5,475|4,950|
|Auditors'
remuneration|for non audit work||2,688|2,073|
|Legal and professional|fees||7)491|8,164|
|Directors, staff k, board|navel expenses||~4117|~21 469|
||||19,771|36,656|
|NET INCOlUIE/(EXPENDITURE)|||||
|Net income/(expenditure)|is stated|after charging/(crediting):|||
||||2020|2019|
|Auditors'
remuneration|||5,475|4,9SO|
|Other non-audit
services|||2,688|2,073|
|Depreciation - owned assets|||16,794|17,056|
|Breed improvement
amortisation|||5+73|S,373|
|Income from operating
Amounts
payable
under|leases
operating|leases|(49,630)
~272|(47,471)
2272|
##
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##
|STAFFCOSTS|||||||
|---|---|---|---|---|---|---|
||||||2020|2019|
|||||||f|
|Wages and salaries|||||219~|203,299|
|Social security costs|||||16,017|14,026|
|Other peti sion costs|||||15465|14 163|
||||||2511768|231 488|
|The average monthly|number ofanployees||during the year was|as follows;|||
||||||2020|2019|
|Costofgenerating
funds|||||3|3|
|Management
k.administration|||||4|3|
|The number ofemployms||whose employee|benefits (exduding|employer pension|costs) exccedcd|f60,000was:|
||||||2020|2019|
|f70,001 -f&0,000|||||1|I|
##
|INTANGIBLE FIXEDASSETS||
|---|---|
||Breed|
||unpfovelilent|
|COST||
|At
1 January 2020 and 31 December 2020||
|AMORTISATION||
|At
1 January 2020
Charge for year|10465
~573|
|At 31December 2020|~15 938|
|NET BOOK VALUE||
|At 31December 2020|~10 926|
|At 31December 2019|~16 99|
##
|TANGIBLE FIXEDASSETS||||
|---|---|---|---|
||Leasehold||Fixtures|
||property||k, fittings|
||-Royal|Leasehold|-Royal|
||Welsh|property|Welsh|
||Pavilion|-NAC|Pavilion|
|COST||||
|At 1 January 2020|138+27|456,442|6,098|
|Additions||||
|At 3l December 2020|138827|456 442||
|DEPRECIATION||||
|At 1 January 2020|86,079|107,263|6,098|
|Charge for year|6593|491$||
|At 31December 2020|92,672|112181||
|NET BOOKVALUE||||
|At 31December 2020|46 155|||
|At 31December 2019|52 748|349,179||
||Fixtures|||
||4,fittings|Computer||
||-NAC|equipment|Totals|
|COST||||
|At 1 January 2020|33,234|22,179|656,780|
|Additions||5,817|5817|
|At 31December 2020|33/34|277996|~662 97|
|DEPRECIATION||||
|At 1 January 2020||12+18|244,892|
|Charge for year||5+83|16,794|
|At 31December 2020|33434|17,581|2616$6|
|NET BOOKVALUE||||
|At 31December 2020||18495|~4M
11|
|At 31December 2019||9961|411888|
##
##
|FIXKDASSET INVKSTMKNTS||
|---|---|
||Listed|
||investments|
|MARKET VALUE||
|At 1 January 2020|2,411@16|
|Additions|97@68|
|Disposals|(55476)|
|Revaluations|18997|
|At 31Dcccmber 2020|~479966|
|NET BOOKVALUE||
|At 31 December 2020|~24~72 6S|
|At 31 December 2019|7411916|
|17.|STOCKS||||
|---|---|---|---|---|
||||2020|2019|
|||||E|
||Goods for resale||~55|~5600|
|18.|DKBTORS:|AMOUNTS FALLING DUE WITHIN ONE YEAR|||
||||2020|2019|
||Trade debtors||56,724|45,738|
||Prepaymcnts|and accrued income|~4008|~4120|
||||~60 732|~49 858|
##
##
|CREDITORS|: AMOUNTS FALLING DUE WITHIN|ONE YEAR||
|---|---|---|---|
|||2020
f|2019
f|
|Trade creditors||36/89|86,634|
|Social security|and other taxes|4,988|4,337|
|VAT||5,501|6,360|
|Other creditors||48/93||
|Accrued expenses|||4,950|
|||100,ll21|102281|
|Balance|as at 1 January 2020|28,625|
|---|---|---|
|Amounts
Amounts|released to income during the year
deferred
during the year|{28,625)
48,293|
|Balance|as at 31 December 2020|~48
93|
##
||2020|2019|
|---|---|---|
|||f|
|Within onc year
Between one and five years|2472
~3764|2,272
~6036|
||6,036|8,308|
##
|ANALYSIS OFNET ASSETS|BETWEEN FUNDS||||
|---|---|---|---|---|
||||2020|2019|
||Unrestricted|Restricted|Total|Total|
||fund|fund|fiinds|funds|
|||||f|
|Fixed assets|411,837||411,837|428,187|
|Investments|2+727965||2,472,965|2,411,916|
|Current assets
Current liabilities|262,944
~100021||262,944
~100ll21|198,234
~102281)|
||3047720||3047 720|2,936,016|
##
|MOVEM|EN|T IN FUNDS||||||
|---|---|---|---|---|---|---|---|
|||||||Net||
|||||||tnovem
cot|At|
||||||At 1.1.20|in funds|31.12.20|
|||||||g||
|Unrestricted||funds||||||
|General|fund||||2,936,056|111,669|3,047,725|
|TOTAL|FUNDS|||follows;|~293 056|111669|3047725|
|Net movement||in fiends, included||iu the above are as||||
|||||Incoming|Resources|Gains and|Movement|
|||||resources|expended|losses|in funds|
|||||||E||
|Unrestricted||funds||||||
|General|fund|||666/91|(564408)|9,886||
|TOTAL|FUNDS|||666,591|]55~808)|9SS6|111669|
|Comparatives||for movement|in|funds||||
|||||||Net||
|||||||movement|At|
||||||At 1.1.19|in funds|31.12.19|
|Unrestricted||funds||||||
|General|fund||||2,585,582|350,474|2,936,056|
|TOTAL|FUNDS||||2585,582|350474|2936056|
|||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|
|||resources|expended|losses|in funds|
|||g|E|K||
|Unrestricted|funds|||||
|General fund||680,177|(692,656)|362,953|350,474|
|TOTAL FUNDS||680,177|~692656)|362953|350474|
##
##
##
||||Net||
|---|---|---|---|---|
||||inovement|At|
|||At 1,1.19|in fimds|31.12.20|
|||||f|
|Unrestricted|funds||||
|General fund||2,585,582|462,143|3,047,725|
|TOTAL FUNDS||2,565,5112|462 143|3 1147,725|
|||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|
|||resources|expended
f|losses
f|in funds|
|Unrestricted|funds|||||
|General fimd||1,346,768|(1,257,464)|372,839|462,143|
|TOTAL FUNDS||1 346766|(1257,4643|372 It39|462 143|
##
##
|||DETAILED STATEMENT OFFINANCIAL ACTIVITIES|||
|---|---|---|---|---|
|||for the year ended 31December 2020|||
||||2020|2019|
||||f,||
|INCOME AND ENDOWfVIKNTS|||||
|Donations and legacies|||||
|Royal Welsh Pavilion|dt.|other donations|250|15,817|
|Grants|||10000||
||||10/50|15,817|
|Other trading
activ itles|||||
|Auction sale income
Sale ofpromotional
goods|||24,020
~333|29/53
3573|
||||25@53|32,826|
|Investment
income|||||
|Rents received|||49,630|47,471|
|Listed investment
income (gross)|||64,672|78,331|
|Bank deposit interest|||72|168|
||||114@74|125,970|
|Cbaritable
activities|||||
|Subscriptions
receivable|||63,662|65,046|
|Donations
- unallocated
Enrolment
feesk herd
Kegistration
fees|subs
prefixes||13717
2,100
208~|2,020
1,875
183,019|
|F.O.T.registration
fees|||19rt00|23,700|
|Transfer fees|||6,960|4,700|
|Semen royalty scheme|||3,099|2,908|
|Breedplan
income|||51@33|51,918|
|Gift Aid tax refund k.|interest||IO+92|11,039|
|Import admin fees|||2,040|2,550|
|DNA testing|||106)095|126,699|
|Warranty
income|||1,502|2,718|
|Export certificate fees|||300|359|
|Solar income|||2,152|2,678|
|Other brccd society services|||36,022|24,335|
||||316614|505 564|
|Total incoming resources|||666+91|680,177|
|EXPENDITURE|||||
|Raising donations
and legacies|||||
|Auction sale expenses|||2)724|10,988|
|Carried forward|||21724|10,988|
|||for the year ended 31Decem|ber 2020||
|---|---|---|---|---|
||||2020|2019|
|Raising donations
and||legacies|||
|Brought fora ard|||2,724|10,988|
|Charolais News &herd||books|2,923|5,596|
|Regional conNbutions|||4944|4,662|
||||10,611|21,246|
|Other trading
activities|||||
|Purchase ofpromotional||goods|2,996|6,446|
|Charitable
activities|||||
|Wages|||219+86|203,299|
|Social security|||16,017|14,026|
|Pensions|||15,465|14,163|
|Rent, rates, insurance,|cleaning, heat &!ight||34,208|31,868|
|Telephone|||6,651|3,965|
|Postage|||11,793|11,379|
|Publicity
expenses|||20,516|9I,083|
|Sundries|||9,133|3,8I8|
|Repairs &maintenance|—building||4,538|3,376|
|Charolais Youth
Printing &stationery|||4,657|5,413
5,969|
|Maintenance
ofoffice|equipment||495|492|
|Pedigree Cattle Livestock Services|||12@25|29,000|
|Computer
maintenance|&support||10,093|5,344|
|Subscriptions|||289|I,I45|
|Herd inspection
experises
ABRI support|||819
22,890|3,235
25,051|
|Royal Welsh Pavilion|expenses|||1,464|
|Vltra sound scanning
refunds|||9,750|I1,700|
|Registration
calfcredit|notes||6,045|5,510|
|DNA SNP testing|||909552|126,296|
|Other breed society services
Amort ofbreed improvement
Depreciation ofshort leasehold
Depreciation oflong leasehold
Depreciation ofcomputer
equipment|||13,741
5+73
6,593
4,918
3193|8,283
5,373
6,593
4,918
5,545|
||||531,430|628,308|
|Support costs|||||
|Governance
costs|||||
|Auditors'
remuneration|||5,475|4,950|
|Auditors'
remuneration||for non audit work|2,688|2,073|
|Legal and professional||fees|7,491|8,164|
|Directors, staff &board||travel expenses|4 117|21 449|
||||19,771|36,656|
##
||for the year ended 31Decem|ber 2020||
|---|---|---|---|
|||2020|2019|
|Total resources expended|||692 656|
|Net h)come/(expenditure)|before gains and|||
|losses||101,783|(12,479)|
|ReaHsed recognised
gains and losses
Gams/(losses)
on fixed asset investments||~9071|~10,223)|
|Net income/(expeuditnre)||92712|~22 702)|