2022-12-31-accounts - The Royal Welsh Agricultural Society Limited

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			Page
Chairman's	statement		1-4
Trustees'	report		5-11
Statement	oftrustees'	responsibilities	12
Independent auditor's		report	13-15
Statement	offinancial	activities	16
Balance sheet			17-18
Statement	ofcash flows
Notes to the financial		statements	20-46

			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds		funds	funds
		Notes	2022 6	2022 6	2022f	2021 6	2021 6	2021
Donations and
legacies		3	1,267,716	502,144	1,7B9,860	597,739	207,361	805,100
Charitable activities		4	4,519,568		4,519,568	1,802,588	254,557	2,057,145
Other trading
activities			43,763		43,763	23,710		23,710
Investments			29,846		29,846	25,127		25,127
Other income			553		553	28,236		28,236
Total income			5,861,446	502,144	6,363,590	2,477,400	461,918	2,939,318
Raising funds				21,212	21,212		54,510	54,510
Charitable activities		9	6,652,012	15,552	6,667,564	2,461,903	254,557	2,716,460
Total expenditure			6,652,012	36,764	6,688,776	2,461,903	309,067	2,770,970
Net gains/(losses)		on
investments		13	(136,327)		(136,327)	147,771		147,771
Net (outgoing)/incoming
resources before
transfers			(926,893)	465,380	(461,513)	163,288	152,851	316,119
Gross transfers
between funds			1,940	(1,940)
Net movement	in	funds	(924,953)	463,440	(461,513)	163,268	152,851	316,119
Fund balances	at 1 January
2022			12,938,263	1,185,759	14,124,022	12,774,995	1,032,908	13,807,903
Fund balances	at	31
December 2022			12,013,310	1,649,199	13,662,509	12,938,263	1,185,759	14,124,022

			2022	2021
		Notes	6	6
Fixed assets
Intangible assets		15	27,072
Tangible assets		16	9,627,501	9,896,082
Investments		17	1,381,648	1,200,527
			11,038,221	11,096,609
Cunent assets
Debtors		19	675,479	211,969
Cash at bank and in	hand		2,387,313	3,544,724
			3,082,792	3,756,693
Creditors: amounts	falling due within
one year		29	(436,504)	f729,280)
Net current assets			2,626,288	3,027,413
Total assets less current liabilities			13,862,509	14,124,022
Income funds
Restricted funds		23	1,649,199	1,185,759
tIBIBBIIIgtgwfi~n
Designated funds		24	11,311,122	11,581,509
General unrestricted	funds		702,188	1,356,754
			12,013,310	12,938,263
			13,662,509	14,124,022

				2922		2921
			Notes	5		6
Cash flows from operating		acfivities
Cash (absorbed by)/generated		from
operations					(695,256)		680,899
Investing	activities
Purchase	of intangible assets			(30,079)
Purchase	oftangible fixed assets			(144,474)
Purchase	of investments			(420,883)		(353,522)
Proceeds	from disposal of investments			103,435		339,949
Investment	income received			29,846		25,127
Net cash	(used in)/generated	from
investing	activities				(462,155)		11,554
Net cash	used In financing	activities
Net (decrease)/increase in cash and			cash
equivalents					(1,157,411)		692,453
Cash and	cash equivalents at beginning		ofyear		3,544,724		2,852,271
Cash and	cash equivalents	at end of	year		2,387,313		3,544,724

Donations and legacies
	Unrestricted	Restricted	Total	Total
	funds	funds
	2022	2022	2022	2021
		8	8
Donations and giRs	734,037	302,144	1,036,181	423,531
Legacies receivable	3,663	200,000	203,663	50,000
Membership fees	530,016		530,016	331,569
	1,267,716	502,144	1,769,860	805,100
Forthe year ended 31December 2021	597,739	207,361		805,100
Donations and gilts
County donations	88,670	293,552	382,222	288,045
General donations	9,946		9,946	727
Summer show donations	5,543		5,543
Shearing committee		8,592	8,592	1,116
Sponsorship	620,525		620,525	133,643
Winter Fair donations	8,583		8,583
Spring show donations	770		770
	734,037	302,144	1,036,181	423,531

						2022	2021
							8
Outside events (including		all utilities			recharges)	507,700	305,314
Rental income (permanent		buildings)				259,747	182,411
Grants						52,692	1,139,494
Smallholding and	Countryside		Festival			206,899
Winter Fair						487,003	429,926
Summer Show						3,005,527
						4,519,568	2,057,145
Analysis by fund
Unrestdcted funds						4,519,568	1,802,588
Restricted funds							254,557
Grants
Welsh Government	- Welsh Cultural				Recovery Fund		700,000
Powys County Council							40,000
Coronavirus Job Retention		Scheme					254,557
Welsh Government	-Innovation			Fund		24,150	20,000
Welsh Government	-Discretionary			Grant		28,542	124,936
						52,692	1,139,494

			Unrestricted	Unrestricted
			funds	funds
			2022f	2021f
Solar panel		income	14,592	21,943
Wayleaves	and phone mast income		5,225	476
Merchandise			2,294	1,291
Grass Keep			21,652
Other trading		activities	43,763	23,710

		Unrestricted	Unrestricted
		funds	funds
		2022f	2021 8
Income	from listed investments	25,378	22,310
Interest	receivable	4,468	2,817
		29,846	25,127

					Unrestricted	Unrestricted
					funds	funds
					2022	2021f
Sundry	income	including	insurance	claims	553	28,236

Raising	funds
		Restricted	Restricted
		funds	funds
		2022	2021
		0	f
Counties	expenditure	21,212	54,510
		21,212	54,510

Charitable	activities	activities
		Summer	Winter Fair	SH &C	Outside	Total	Total
		Show		Festival*	Events	2022	2021
		8			6		8
Staffcosts		794,065	128,667	54,663	134,135	1,111,530	767,642
Catering and sundry
expenses		208,084	30,330	9,900		248,314
Insurance		80,994	13,124	5,576	13,682	113,376	71,933
Printing, stationery		and
badges		15,920	9,756	8,769		34,445	2,964
Prizes		220,647	27,449	17,363		265,459	44,260
Publicity		38,262	10,253	5,148		53,663	7,286
Show expenses		737,960	47,603	45,927		831,490	256,151
Showground	staging and
expenses		1,487,531	210,115	110,374		1,808,020	53,586
		3,583,463	477,297	257,720	147,817	4,466,297	1,203,822
Share ofsupport costs
(see note 10)		1,550,668	251,263	106,747	261,942	2,170,620	1,496,303
Share ofgovernance
costs (see	note 10)	21,894	3,548	1,507	3,698	30,647	16,335
		5,156,025	732,108	365,974	413,457	6,667,564	2,716,460
Analysis by fund
Unrestricted	funds	5,140,473	732,108	365,974	413,457	6,652,012
Restricted funds		15,552				15,552
		5,156,025	732,108	365,974	413,457	6,667,564
Forthe year ended		31 December 2021
Unrestricted	funds	63,693	418,147	18	1,980,045		2,461,903
Restdcted funds					254,557		254,557
		63,693	418,147	18	2,234,602		2,716,460

Support costs
		Support	Governance	2022	Support	Governance	2021
		costs f	costa f		costs f	costs f
Staff costs		153,041		153,041	142,767		142,767
Depreciation		416,061		416,061	409,797		409,797
Administration expenses		1,184,307		1,184,307	636,257		636,257
Donated services		33,442		33,442
Donations		2,602		2,602	1,550		1,550
Permanent site		320,961		320,961	246,456		246,456
Postage, telephone sundries	and	80,206		60,206	59,476		59,476
Audit fees			12,500	12,500		10,000	10,000
Legal and professional			9,436	9,436		6,335	6,335
Trustees expenses			8,711	8,711
		2,170,620	30,647	2,201,267	1,496,303	16,335	1,512,638
Analysed between
Charitable activities		2,170,620	30,647	2,201,267	1,498,303	16,335	1,512,638

	2022	2021
	Number	Number
Ofgce staff	23	28
Site staff	12	7
Total	35	33


Employees		(Continued)
Employment costs	2022	2021
	6	6
Wages and salaries	1,081,972	792,643
Social security costs	97,241	71,822
Other pension costs	85,358	45,944
	1,264,571	910,409

The number ofemployees whose annual remunerati were:	on was 660,000 or more
	2022	2021
	Number	Number
F80,000-F89,999		1

Net gains/(l	osses) on investments
		Unrestricted	Unrestricted
		funds	funds
		2022	2021
		5
Revaluation	ofinvestments	(136,327)	147,771

intangible fixed asse	ts
		Software
Cost
At 1 January 2022
Additions - separately	acquired	30,079
At 31 December 2022		30,079
Amortisation and impairment
At 1 January 2022
Amortisation charged	for the year	3,007
At 31 December 2022		3,007
Carrying amount
At 31 December 2022		27,072
At 31 December 2021

Tangible fix	ed assets
			Land and	Showground	Total
			buildings	appliances,
				solar panels,
				otncs furniture
				and show
				shop
			8	8
Cost
At 1 January	2022		17,429,126	534,963	17,964,089
Additions			141,188	3,286	144,474
At 31 December 2022			17,570,314	538,249	18,108,563
Depreciation	and impairment
At 1 January	2022		7,620,843	447,165	8,068,008
Depreciation	charged	in the year	379,888	33,166	413,054
At 31 December 2022			8,000,731	480,331	8,481,062
Carrying amount
At 31 December 2022			9,569,583	57,918	9,627,501
At 31 December 2021			9,808,285	87,797	9,896,082

Fixed asset investments	Fixed asset investments
		Listed	Long term	Cash in	Other	Total
		investments	fixed asset	portfolio	investments
			investment
			held to
			maturityf
Cost orvaluation
At 1 January 2022		1,164,316		36,111	100	1,200,527
Additions		120,883	300,000			420,883
Valuation changes		(136,327)				(136,327)
Cash movement				739		739
Disposals		(104,174)				(104,174)
At 31 December 2022		1,044,698	300,000	36,850	100	1,381,648
Carrying amount
At 31 December 2022		1,044,698	300,000	36,850	100	1,381,648
At 31 December 2021		1,164,316		36,111	100	1,200,527
					2022	2021
Other investments	compdise:			Notes	6	8
Investments in subsidiaries				28	100	100

18	Financial instruments						2022 8	2021f
	Canying amount of	financial assets
	Instruments measured	at fair value through		profit or loss			1,044,698	1,003,412
19	Debtors
							2022	2021
	Amounts falling due	within	one year:
	Trade debtors						233,844	131,625
	Accrued legacy income						202,000
	Other debtors						235,856	56,509
	Prepayments and accrued income						3,779	23,835
							675,479	211,969
20	Creditors: amounts	fafilng	due within one year
							2022	2021
						Notes	8	8
	Other taxation and social security						129,094	44,942
	Deferred income					21	29,518	330,395
	Trade creditors						118,303	123,014
	Amounts due to subsidiary undertakings						100	100
	Other creditors						388
	Accruals						159,101	230,829
							436,504	729,280
21	Deferred income
							2022	2021
							8
	Other deferred income						29,518	330,395
	Deferred income is included		in the financial	statements	as follows:
							2022	2021
								8
	Deferred income is included		within:
	Current liabilities						29,518	330,395
	Movements in the year:


21	Deferred income				(Continued)
	Deferred income at	1 January 2022		330,395	343,750
	Released from previous		periods	(530,016)	(331,569)
	Resources deferred	in	the year	229,139	318,214
	Deferred income at	31	December 2022	29,518	330,395

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Name ofundertaking	Registered	Nature ofbusiness	Class of	% Held
	office		shares held	Direct Indirect
R.WA.S.Enterprises	Wales	Dormant	Ordinary	100.00
Limited			Shares

28	Cash generated from	operations			2022	2021
					8	8
	(Deficit)/surpus for the	year			(461,513)	316,119
	Adjustments for:
	Investment income recognised in statement			offinancial activities	(29,846)	(25,127)
	Fair value gains and losses on investments				136,327	(147,771)
	Amortisation and impairment ofintangible		assets		3,007
	Depreciation and impairment oftangible fixed assets				413,054	409,797
	Movements in working	capital:
	(Increase)/decrease in	debtors			(463,509)	177,138
	Increase/(decrease) in	creditors			8,101	(35,902)
	(Decrease) in deferred	income			(300,877)	(13,355)
	Cash (absorbed by)/generated from operafions				(695,256)	680,899
30	Analysts ofchanges	In net funds

		2022		2021
		8	F.
Winter Fair
Tradestands		153,723		123,584
Gate receipts and online ticket sales		253,043		207,529
Exhibitor entry fees		29,387		17,563
Catering concessions		50,849		38,480
Caravan and accommodation				25,629
Sponsorship		124,314		102,993
Show donations
Miscellaneous				17,141
Total income			611,316
Less: expenditure
Charitable resources expended
Catering and sundry	expenses	30,330
Insurance		13,124		3,597
Printing, stationery	and badges	9,756		2,964
Prizes		27,449		34,119
Publicity and advertising		10,253		1,443
Show expenses		47,604		208,424
Showground staging and expenses		210,114		53,586
Wages, Nl and pensions		128,667		38,382
Total expenditure			477,297
Contribution to overheads			134,019

			2022
					S	8
Smallholding and	Countryside	Festival
Tradestan de			49,082
Gate receipts and online ticket sales			127,480
Exhibitor entry fees			22,160
Catering concessions			4,134
Caravan and accommondation			3,273
Sponsorship			46,050
Show donations			5,543
Miscellaneous			771
Total income				258,493
Less: expenditure
Charitable resources expended
Catering and sundry	expenses		9,900
Festival expenses			45,928
Insurance			5,576
Printing, stationery	and badges		8,769
Prizes			17,363
Publicity and advertising			5,148
Showground staging and expenses			110,374
Wages, Nl and pensions			54,663
Total expenditure				257,721
Contribution toov	erheads			772