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| ## ## |||||||e Jlcv||DI
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0|| ## ## ## ## ## ## ## ## ## ## |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