2020-12-31-accounts

		Page
Trustees' report		1 —14
Statement oftrustees'	responsibilities	15
Independent auditor's	report	16—18
Statement offinancial	activities	19
Balance sheet		20 —21
Statement ofcash flows		22
Notes to the financial	statements	23-44

			Mr David Brian Jones MBE FRAgS	Mr David Brian Jones MBE FRAgS	Mr David Brian Jones MBE FRAgS
			Mr Christopher Kim	Lloyd ARAgS
			Mr Meirion Owen ARAgS
			Mr Richard William	Kenrick Price
			Mr Richard Maudce		Vaughan
			Mr Geraint Meredydd		James MNAEA MNAVA FLAA-
			Appointed 11 March		2020
Key management		personnel	Steve Hughson —Chief Executive
			Andrew Crockett —Estates Manager
			Louise Stokes —Head of Finance
			Caron Evans —Head ofAdministration
			Sarah James - Head		of Business Development
			Mared Jones - Head		ofOperations
Bankers			HSBC
			Middleton Street,
			Llandrindod Wells
			Powys
			LD1 5EU
Solicitors			Dilwyns
			Temple Street
			Llandrindod Wells
			Powys
			LD1 5DL
Investment	managers		Brewin Dolphin
			5Callaghan Square
			Cardiff
			CF105BT

				Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
				funds	funds		funds	funds
				2020	2020	2020	2019	2019	2019
			Notes	6	6	6	6		6
Income and endowments			from:
Donations and legacies			3	647,999	217,344	865,343	1,482,097	788,663	2,270,760
Charitable acgvities			4	633,022	296,814	929,836	4,701,161		4,701,181
Other trading activities			5	11,612		11,612	39,189		39,189
Investments			6	28,165		28,165	38,586		38,586
Other income			7	265,497		265,497	20,259		20,259
Total income				1,586,295	514,158	2,100,453	6,281,292	788,663	7,069,955
~E* dil
Raising funds					160,687	160,887		446,157	446,157
Charitable activities			9	2,098,334	299,354	2,397,688	6,260,488		6,260,488
Total resources
expended				2,098,334	460,041	2,558,375	8,260,488	448,157	6,706,645
Net gains/(losses)		on
investments			13	8,743		8,743	121,941		121,941
Net (outgoing)
/incoming resources
before transfers				(503,296)	54,117	(449,179)	142,745	342,506	485,251
Gross transfers
between funds				(1,139)	1,139		323,668	(323,668)
Net movement	in	funds		(504,435)	55,256	(449,179)	466,413	18,838	485,251
Fund balances at 1
January 2020				13,279,430	977,652	14,257,082	12,813,017	958,814	13,771,831
Fund balances	at	31
December 2020				12,774,995	1,032,908	13,807,903	13,279,430	977,652	14,257,082

				2020	2019
			Notes
Fixed assets
Tangible assets			14	10,305,879	10,840,017
Investments			15	1,039,183	1,014,548
				11,345,062	11,854,565
Current assets
Debtors			17	389,107	128,088
Cash at bank and in	hand			2,852,271	2,710,688
				3,241,378	2,838,776
Creditors: amounts	falling	due within
one year			18	(778,537)	(436,259)
Net current assets				2,462,841	2,402,517
Total assets less current		liabilities		13,807,903	14,257,082
Income funds
Restricted funds IJ titdhd				1,032,908	977,652
Designated funds			22	11,779,962
General unrestricted	funds			995,033	13,279,430
				12,774,995	13,279,430
				13,807,903	14,257,082

						2020		2019
					Notes	6		6
Cash flows from operating			activities
Cash (absorbed by)/generated			from		26
operations							(207,630)		938,577
Investing	activities
Purchase	oftangible fixed assets					(5,060)		(521,107)
Proceeds	on disposal oftangible			fixed
assets						342,000		417
Purchase	of investments					(345,009)		(998,490)
Proceeds	on disposal of investments					329,117		976,279
Investment	income received					28,165		38,586
Net cash	generated from/(used			in)
investing	activities						349,213		(504,315)
Net cash	used in financing		activities
Net increase in cash and cash				equivalents			141,583		434,262
Cash and	cash equivalents	at beginning			ofyear		2,710,688		2,276,426
Cash and	cash equivalents		at end of		year		2,852,271		2,710,688

		Unrestricted	Restricted	Total	Total
		funds	funds
		2020	2020	2020	2019
		8	8	8	f
Donations and gifts		157,952	217,344	375,296	1,445,602
Legacies receivable		40		40	3,000
Membership fees		490,007		490,007	747,636
Donated goods and services					74,522
		647,999	217,344	865,343	2,270,760
For the year ended 31 December 2019		1,482,097	788,663		2,270,760
Donations and giRs
County donations		80,199	216,216	296,415	869,131
General donations		3,805		3,805
Summer show donations					484
Shearing committee		3,872	1,128	5,000	9,508
Sponsorship		70,076		70,076	562,381
Smallholding and Countryside	Festival donations				3,890
Winter Fair donations					208
		157,952	217,344	375,296	1,445,602

				2020f	2019 f
Outside events (including		all utilities	recharges)	102,011	581,456
Rental income (permanent		buildings)		207,893	255,318
Grants				619,932
Smallholding and Countryside Festival					211,372
Winter Fair					434,773
Summer Show					3,218,242
				929,836	4,701,161
Analysis by fund
Unrestricted funds				633,022	4,701,161
Restricted funds				296,814
				929,836	4,701,161
Grants
Welsh Government	- Economic Resilience Fund			47,500
Welsh Government	-Welsh Cultural		Recovery Fund	200,000
Welsh Government	-Resilience Grant			44,618
Powys County Council				31,000
Coronavirus Job Retention		Scheme		296,814
				619,932
Other trading activities
				Unrestricted	Unrestricted
				funds	funds
				2020	2019
				f	f
Solar panel income				10,971	21,761
Wayleaves and phone mast income				479	5,743
Merchandise				162	11,685
Other trading activities				11,612	39,189

		Unrestricted	Unrestricted
		funds	funds
		2020	2019
		6	6
Income	from listed investments	23,216	28,414
Interest	receivable	4,949	10,172
		28,165	38,586

				Unrestricted	Unrestricted
				funds	funds
				2020	2019
				8	8
Net gain on disposal of	tangible	fixed assets		225,073
Sundry income including	insurance		claims	40,424	20,259
				265,497	20,259

Counties	expenditure
Shearing	committee	expenditure

Restricted	Restricted
funds	funds
2020	2019
8
153,669	438,611
7,018	7,546
160,687	446,157

			Summer	Winter Fair	SH&C	Outside	Total	Total
			Show		Festival*	Events	2020	2019
			6		6	6	6	6
Staff costs						722,202	722,202	879,490
Catering	and sundry
expenses								239,834
Insurance						85,148	85,148	111,404
Printing,	stationery	and
badges			4,481	25	3,004		7,510	43,771
Prizes			10,703	858			11,561	253,026
Publicity			274	325	6,030		6,629	98,241
Show expenses			13,702	11,865	3,416		28,983	489,415
Showground staging			and
expenses			12,365	145	476		12,986	1,805,518
			41,525	13,218	12,926	807,350	875,019	3,920,699
Share of	support costs
(see note	10)					1,497,245	1,497,245	2,290,423
Share of	governance
costs (see note 10)						25,424	25,424	49,366
			41,525	13,218	12,926	2,330,019	2,397,688	6,260,488
Analysis	by fund
Unrestricted funds			41,525	13,218	12,926	2,030,665	2,098,334
Restricted funds						299,354	299,354
			41,525	13,218	12,926	2,330,019	2,397,688
For the year ended			31 December 2019
Unrestricted funds			4,806,421	666,680	352,227	435,160		6,260,488

Support c	osts
				Support	Governance	2020	Support costs	Governance	2019
				costs	costs			costs
				8	F			f
Staff costs				196,597		196,597	282,103		282,103
Depreciation				422,271		422,271	452,773		452,773
Administration		expenses		479,801		479,801	1,052,845		1,052,845
Donated services							74,522		74,522
Donations				1,850		1,850	8,215		8,215
Permanent	site			353,451		353,451	327,837		327,837
Postage, telephone			and
sundries				43,275		43,275	92,128		92,128
Audit fees					8,625	8,625		10,875	10,875
Legal and	professional				16,799	16,799		15,289	15,289
Trustees expenses								23,202	23,202
				1,497,245	25,424	1,522,669	2,290,423	49,366	2,339,789
Analysed	between
Charitable	activities			1,497,245	25,424	1,522,669	2,290,423	49,366	2,339,789

Employment costs	2020	2019
	F	6
Wages and salaries	804,332	1,026,519
Social security costs	68,411	86,008
Other pension costs	46,056	49,066
	918,799	1,161,593

were:
		2020	2019
		Number	Number
F80,000	- F89,999	1	1

Unrestricted	Unrestricted
funds	funds
2020	2019
6	6
8,743	121,941

					2020 6	2019 6
	Revaluation	ofinvestments			8,743	121,941
14	Tangible fixed assets
				Land and	Showground	Total
				buildings	appliances,
					solar panels,
				office furniture
					and show
					shop
				6	6
	Cost
	At 1 January	2020		17,577,762	534,963	18,112,725
	Additions			5,060		5,060
	Disposals			(153,694)		(153,694)
	At 31 December 2020			17,429,128	534,963	17,964,091
	Depreciation	and impairment
	At 1 January	2020		6,874,928	397,780	7,272,708
	Depreciation	charged	in the year	394,834	27,437	422,271
	Eliminated in	respect ofdisposals		(36,767)		(36,767)
	At 31 December 2020			7,232,995	425,217	7,658,212
	Carrying amount
	At 31 December 2020			10,196,133	109,746	10,305,879
	At 31 December 2019			10,702,834	137,183	10,840,017

Fixed asset invest	ments
		Listed	Cash in	Other	Total
		investments	porffolio	investments
		9
Cost or valuation
At 1 January 2020		968,128	46,320	100	1,014,548
Additions		345,009			345,009
Valuation changes		8,743			8,743
Cash movement			(10,649)		(10,649)
Disposals		(318,468)			(318,468)
At 31 December 2020		1,003,412	35,671	100	1,039,183
Carrying amount
At 31 December 2020		1,003,412	35,671	100	1,039,183
At 31 December 2019		968,128	46,320	100	1,014,548
				2020	2019
Other investments	comprise:		Notes	8	6
Investments in subsidiaries			25	100	100

16	Financial	instruments								2020	2019
										6	f
	Carrying	amount	of	financial		assets
	Instruments measured			at fair value through			profit or loss			1,003,412	1,014,548
17	Debtors
										2020	2019
	Amounts	falling	due	within one year:						6	6
	Trade debtors									67,878	75,745
	Other debtors									297,685	1,407
	Prepayments and		accrued income							23,544	50,936
										389,107	128,088
18	Creditors: amounts			falling due within one year
										2020	2019
									Notes	6	6
	Other taxation and social security									201,370	34,459
	Deferred	income								343,750	33,530
	Trade creditors									26,032	146,787
	Amounts	due to subsidiary			undertakings					100	100
	Accruals									207,285	221,383
										778,537	436,259
19	Deferred	income
										2020	2019
										6	6
	Other deferred income									343,750	33,530
	Deferred	income	is included		in the financial		statements	as follows:
										2020	2019
										F	6
	Balance	brought	forward							33,530	13,712
	Income received		in year							800,227	767,454
	Released	to income								(490,007)	(747,636)
	Balance	carried forward								343,750	33,530

					Nlovement	Nlovement	in funds
				Balance at	Incoming	Resources		Transfers	Balance at
				1 January	resources	expended			1 January	r
				2010					2020
				6					6
Feature county funds				454,363				158,576	612,939
County funds	held by Advisory		Committees	344,190	754,374	(438,611)		(382,964)	276,989
Shearing committee				40,261	31,289		(7,546)		64,004
I egacy				100,000				(99,280)	720
Prize funds				20,000	3,000				23,000
Coronavirus	Job Retention	Scheme
				958,814	788,663	(446,157)		(323,668)	977,652

		Balance at	Transfers	Balance at
		1January		31 December
		2020		2020
		8		8
Fixed asset	fund		10,305,879	10,305,879
Investment	fund		1,039,083	1,039,083
Showground	site reinvestment		225,000	225,000
Staff costs			210,000	210,000
			11,779,962	11,779,962

			Unrestricted	Designated	Restricted	Total	Unre»
			2020	2020	2020	2020
			f	8		E
Fund balances at 31 December 2020 are
represented		by:
Tangible	assets			10,305,879		10,305,879	10,8
Investments			100	1,039,083		1,039,183	1,0'
Current	assets/(liabilities)		994,933	435,000	1,032,908	2,462,841	1,4:
			995,033	11,779,962	1,032,908	13,807,903	13,2:

Details ofthe charity's su	bsidiaries at 31 De	cember 2020are as follows:
Name of undertaking	Registered	Nature ofbusiness	Class of	'%%d Held
	office		shares held	Direct	Indirect
R.W.A.S.Enterprises	Wales	Dormant	Ordinary	100.00
Limited			Shares

26	Cash generated from operations	Cash generated from operations	Cash generated from operations			2020	2019
						5	8
	(Deficit)/surplus for the year					(449,179)	485,251
	Adjustments for:
	Investment income recognised	in	statement	offinancial	activities	(28,165)	(38,586)
	(Gain)/loss on disposal oftangible		fixed assets			(225,073)	17,077
	Fair value gains and losses on	investments				(8,743)	(121,941)
	Depreciation and impairment oftangible fixed assets					422,271	435,696
	Movements in working capital:
	(Increase)/decrease in debtors					(261,019)	146,343
	Increase/(decrease) in creditors					32,058	(5,081)
	Increase in deferred income					310,220	19,818
	Cash (absorbed by)/generated		from operations			(207,630)	938,577
27	Analysis ofchanges in net funds