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





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||||Mr David Brian Jones MBE FRAgS|Mr David Brian Jones MBE FRAgS|Mr David Brian Jones MBE FRAgS|
|---|---|---|---|---|---|
||||Mr Christopher<br>Kim|Lloyd ARAgS||
||||Mr Meirion Owen ARAgS|||
||||Mr Richard<br>William|Kenrick Price||
||||Mr Richard Maudce||Vaughan|
||||Mr Geraint Meredydd||James MNAEA MNAVA FLAA-|
||||Appointed<br>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<br>Street,|||
||||Llandrindod<br>Wells|||
||||Powys|||
||||LD1 5EU|||
|Solicitors|||Dilwyns|||
||||Temple Street|||
||||Llandrindod<br>Wells|||
||||Powys|||
||||LD1 5DL|||
|Investment|managers||Brewin Dolphin|||
||||5Callaghan<br>Square|||
||||Cardiff|||
||||CF105BT|||





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|||||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<br>and legacies|||3|647,999|217,344|865,343|1,482,097|788,663|2,270,760|
|Charitable<br>acgvities|||4|633,022|296,814|929,836|4,701,161||4,701,181|
|Other trading<br>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*<br>dil||||||||||
|Raising funds|||||160,687|160,887||446,157|446,157|
|Charitable<br>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<br>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|





## 

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|||||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<br>IJ<br>titdhd||||1,032,908|977,652|
|Designated<br>funds|||22|11,779,962||
|General<br>unrestricted|funds|||995,033|13,279,430|
|||||12,774,995|13,279,430|
|||||13,807,903|14,257,082|





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|||||||2020||2019||
|---|---|---|---|---|---|---|---|---|---|
||||||Notes|6||6||
|Cash flows from operating|||activities|||||||
|Cash (absorbed<br>by)/generated|||from||26|||||
|operations|||||||(207,630)||938,577|
|Investing|activities|||||||||
|Purchase|oftangible<br>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<br>from/(used|||in)||||||
|investing|activities||||||349,213||(504,315)|
|Net cash|used in financing||activities|||||||
|Net increase<br>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|





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|||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|||
|||2020|2020|2020|2019|
|||8|8|8|f|
|Donations<br>and gifts||157,952|217,344|375,296|1,445,602|
|Legacies receivable||40||40|3,000|
|Membership<br>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<br>and giRs||||||
|County donations||80,199|216,216|296,415|869,131|
|General donations||3,805||3,805||
|Summer show donations|||||484|
|Shearing<br>committee||3,872|1,128|5,000|9,508|
|Sponsorship||70,076||70,076|562,381|
|Smallholding<br>and Countryside|Festival donations||||3,890|
|Winter Fair donations|||||208|
|||157,952|217,344|375,296|1,445,602|





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## 

|||||2020f|2019<br>f|
|---|---|---|---|---|---|
|Outside events (including||all utilities|recharges)|102,011|581,456|
|Rental income (permanent||buildings)||207,893|255,318|
|Grants||||619,932||
|Smallholding<br>and Countryside<br>Festival|||||211,372|
|Winter Fair|||||434,773|
|Summer Show|||||3,218,242|
|||||929,836|4,701,161|
|Analysis<br>by fund||||||
|Unrestricted<br>funds||||633,022|4,701,161|
|Restricted<br>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<br>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<br>and phone mast income||||479|5,743|
|Merchandise||||162|11,685|
|Other trading<br>activities||||11,612|39,189|





## 

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|||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<br>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<br>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<br>funds|||4,806,421|666,680|352,227|435,160||6,260,488|





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|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|



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|Employment<br>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|



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





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



||||||2020<br>6|2019<br>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<br>in|respect ofdisposals||(36,767)||(36,767)|
||At 31 December 2020|||7,232,995|425,217|7,658,212|
||Carrying<br>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|





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|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<br>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<br>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<br>in subsidiaries|||25|100|100|





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|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|16|Financial|instruments||||||||2020|2019|
|||||||||||6|f|
||Carrying|amount|of|financial||assets||||||
||Instruments<br>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<br>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<br>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|





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||||||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||





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|||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|



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