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2021-12-31-accounts

4] AZETS

Page
Chairman's statement 1-2
Trustees' report 3-13
Statement of trustees' responsibilities 14
Independent auditor's report 15-17
Statement offinancial activiTies 18
Balance sheet 19-20
Statement ofcash flows 21
Notes to the financial statements 22-43

Mr John David Benjamin Thomas Mr John David Benjamin Thomas FRAgS
Mr Richard Maurice Vaughan
Mr David Lewis DL FRICS FLAA FRAgS - resigned 10/12/21
Key management personnel S Hughson —Chief Executive
A Crockett —Estates Manager
LStokes —Head of Finance
C Evans —Head ofAdministration
CJames - Head ofBusiness Development
M 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
5 Callaghan
Square
Cardiff
CF105BT
Auditors Azets Audit Services
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
CF238AB

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
Notes 2021f 2021f 2021
f		 2020f 2020f 2020
ncome and endowments from:
Donations
and legacies		 597,739 207,361 805,100 647,999 217,344 865,343
Charitable
activities		 1,802,588 254,557 2,057,145 633,022 296,814 929,836
Other trading
activities		 23,710 23,710 11,612 11,612
Investments 25,127 25,127 28,165 28,165
Other income 28,236 28,236 265,497 265,497
Total income 2,477,400 461,918 2,939,318 1,586,295 514,158 2,100,453
Eza
dll
Raising funds 54,510 54,510 160,687 160,687
Chariitable
activities		 9 2,461,903 254,557 2,716,460 2,098,334 299,354 2,397,688
j
Total resources
expended 2,461,903 309,067 2,770,970 2,098,334 460,041 2,558,375
j
Net gains/(losses) on
investments 13 147,771 147,771 8,743 8,743
Gross transfers
between funds (1,139) 1,139
Net movement in funds 163,268 152,851 316,119 (504,435) 55,256 (449,179)
Fund balances at 1
January 2021 12,774,995 1,032,908 13,807,903 13,279,430 977,652 14,257,082
Fund balances at 31
December 2021 12,938,263 1,185,759 14,124,022 12,774,995 1,032,908 13,807,903

2021 2020
Notes 8 5
Fixed assets
Tangible assets 14 9,896,082 10,305,879
Investments 15 1,200,527 1,039,183
11,096,609 11,345,062
Current assets
Debtors 17 211,969 389,107
Cash at bank and in hand 3,544,724 2,852,271
3,756,693 3,241,378
Creditors: amounts falling due within
one year 18 P29,280) (778,537)
Net current assets 3,027,413 2,462,641
Total assets less current liabilities 14,124,022 13,807,903
Income funds
Restricted
v
I'e		 funds
dhr		 21 1,185,759 1,032,908
Designated funds 22 11,581,509 11,779,962
General unrestricted funds 1,356,754 995,033
12,938,263 12,774,995
14,124,022 13,807,903

2021 2020
Notes E 8
Cash flows from operating activities
Cash generated
from/(absorbed		 by) 27
operations 680,899 (207,630)
Investing activities
Purchase oftangible fixed assets (5,060)
Proceeds on disposal oftangible fixed
assets 342,000
Purchase of investments (353,522) (345,009)
Proceeds on disposal of investments 339,949 329,117
investment income received 25,127 28,165
Net cash generated
from investing
activities 11,554 349,213
Net cash used in financing activities
Net increase
in cash and cash		 equivalents 692,453 141,583
Cash and cash equivalents ai beginning ofyear 2,852,271 2,710,688
Cash and cash equivalents at end of year 3,544,724 2,852,271

3 Donations
and legacies		 Donations
and legacies
Donations
and gifts
County donations 81,800 206,245 288,045 296,415
General donations 727 727 3,805
Shearing
committee		 1,116 1,116 5,000
Sponsorship 133,643 133,643 70,076
216,170 207,361 423,531 375,296
4 Charitable
activities
2021 2020
6
Outside events (including all utilities recharges) 305,314 102,011
Rental income (permanent buildings) 182,411 207,893
Grants 1,139,494 619,932
Winter Fair 429,926
2,057,145 929,836
Analysis
by fund
Unrestricted
funds		 1,802,588 633,022
Restdcted funds 254,557 296,814
2,057,145 929,836
Grants
Welsh Government -Economic Resilience Fund 47,500
Welsh Government -Welsh Cultural Recovery Fund 700,000 200,000
Welsh Government -Resilience Grant 44,618
Powys County Coundl 40,000 31,000
Coronavirus
Job Retention		 Scheme 254,557 296,814
Welsh Government - Innovation Fund 20,000
Welsh Government -Discretionary Grant 124,936
1,139,494 619,932
Unrestricted Unrestricted
funds funds
2021f 2020
Solar panel income 21,943 10,971
Wayleaves and phone mast income 476 479
Merchandise 1,291 162
Other trading activities 23,710 11,612

Unrestricted Unrestricted
funds funds
2021 2020
f
Income from listed investments 22,310 23,216
Interest receivable 2,817 4,949
25,127 28,165

Unrestricted Unrestricted
funds funds
2021 2020
6
Net gain on disposal of tangible fixed assets 225,073
Sundry income including insurance claims 28,236 40,424
28,236 265,497

Raising funds
Restricted Restricted
funds funds
2021f 2020
Counties expenditure 54,510 153,669
Shearing committee expenditure 7,018
54,510 160,687

Summer Winter Fair SH &C Outside Total Total
Show Festival' Events 2021 2020
6 6 6 6
Staff costs 38,382 729,260 767,642 722,202
insurance 3,597 68,336 71,933 85,148
Printing,
stationery		 and
badges 2,964 2,964 7,510
Prizes 10,123 34,119 18 44,260 11,561
Publicity 5,843 1,443 7,286 6,629
Show expenses 47,727 208,424 256,151 28,983
Showground
staging and
expenses 53,586 53,586 12,986
63,693 342,515 18 797,596 1,203,822 875,019
Share ofsupport costs
(see note 10) 74,815 1,421,488 1,496,303 1,497,245
Share ofgovernance
costs (see note 10)		 817 15,518 16,335 25,424
63,693 418,147 18 2,234,602 2,716,460 2,397,688
Analysis
by fund
Unrestricted
funds		 63,693 418,147 18 1,980,045 2,461,903
Restricted funds 254,557 254,557
63,693 418,147 18 2,234,602 2,716,460
For the year ended 31 December 2020
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

Support c osts
Support Governance 2021Support costs Governance 2020
costs costs costs
f 6 6 f
Staff costs 142,767 142,767 196,597 196,597
Depreciation 409,797 409,797 422,271 422,271
Administration expenses 636,257 636,257 479,801 479,801
Donations 1,550 1,550 1,850 1,850
Permanent site 246,456 246,456 353,451 353,451
Postage, telephone and
sundries 59,476 59,476 43,275 43,275
Audit fees 10,000 10,000 8,625 8,625
I egal and professional 6,335 6,335 16,799 16,799
1,496,303 16,335 1,512,638 1,497,245 25,424 1,522,669
Anslysed between
Charitable activities 1,496,303 16,335 1,512,638 1,497,245 25.424 1,522,669

Employees
Employment
costs		 2021
6		 2020
Wages and salaries 792,643 804,332
Social security costs 71,822 68,411
Other pension costs 45,944 46,056
910,409 918,799

Net gains/(l osses)
on investments
Unrestricted Unrestricted
funds funds
2021 2020
8
Revaluation ofinvestments 147,771 8,743
Land and Showaround Total
buildings appliances,
solar panels,
ufaoe furniture
and show
shop
6
Cost
At 1 January 2021 17,429,128 534,963 17,964,091
At 31 December 2021 17,429,128 534,963 17,964,091
Depreciation and impairment
At 1 January 2021 7,232,995 425,217 7,658,212
Depreciation charged in the year 387,848 21,949 409,797
At 31 December 2021 7,620,843 447,166 8,068,009
Carrying
amount
At 31 December 2021 9,808,285 87,797 9,896,082
At 31 December 2020 10,196,133 109,746 10,305,879

Fixed asset invest ments
Listed Cash in Other Total
investments portfolio Investments
8
Cost or valuation
At 1 January 2021 1,003,412 35,671 100 1,039,183
Additions 353,522 353,522
Valuation
changes		 147,771 147,771
Cash movement 440
Disposals (340,389) (340,389)
At 31 December 2021 1,164,316 36,111 100 1,200,527
Carrying
amount
At 31 December 2021 1,164,316 36,111 100 1,200,527
At 31 December 2020 1,003,412 35,671 100 1,039,183
2021 2020
Other investments comprise: Notes 6
investments
in subsidiaries		 26 100 100

16 Financial instruments Financial instruments 2021 2020
f
Carrying
amount		 of financial assets
Instruments
measured		 at fair value through profit or loss 1,164,316 1,003,412
17 Debtors
2021 2020
Amounts
falling		 due within one year: 6 6
Trade debtors 131,625 67,878
Other debtors 56,509 297,685
Prepayments
and		 accrued income 23,835 23,544
211,969 389,107
18 Creditors: amounts falling due within one year
2021 2020
Notes 6 6
Other taxation and social security 44,942 201,370
Deferred income 330,395 343,750
Trade creditors 123,014 26,032
Amounts
due to subsidiary		 undertakings 100 100
Accruals 230,829 207285
729,280 778,537
19 Deferred income
2021 2020
8 6
Other deferred
income		 330,395 343,750
Deferred income is included in the financial statements as follows:
2021f 2020
6
Balance brought forward 343,750 33,530
Income received in year 318,214 800,227
Released to income (331,569) (490,007)
Balance carried forward 330,395 343,750

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27 Cash generated
from operations		 2021
8		 2020
f
Surplus/(deficit)
for the year		 316,119 (449,179)
Adjustments
for:
Investment
income recognised
in statement		 offinandsl activities (25,127) (28,165)
Gain on disposal oftangible
fixed assets		 (225,073)
Fair value gains snd losses on investments (147,771) (8,743)
Depreciation
and impairment
oftangible		 fixed assets 409,797 422,271
Movements
in working capital:
Decrease/(increase)
in debtors		 177,138 (261,019)
(Decrease)flncresse
in creditom		 (35,902) 32,058
(Decrease)/increase
in deferred income		 (13,355) 310,220
Cash generated
from/(absorbed
by) operations		 680,899 (207,630)
28 Analysis
ofchanges
In nst funds

Page
Chairman's statement 1-2
Trustees' report 3-13
Statement of trustees' responsibilities 14
Independent
auditor's		 report 15-17
Statement offinancia! activities 18
Balance sheet 19-20
Statement ofcash flows 21
Notes to the financial statements 22-43

4/ AZETS vv