Hampshire Down Shccp Breeders, As%oci2tion THE HAMPSHIRE DOWN SHEEP BREEDERS ASSOCIATION Company Limited by Guarantee UNAUDITED FINANCIAL STATEMENTS 31 AUGUST 2025 Company Registration Number: 31195 Charity Registration Number: 1058398 Streets.
THE HALWSHIRE DOWIY SHEEP BREEDER'S ASSOCIATION COMPANY LIIIIITED BY GUARANTEE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 PAGE Trustees, annual report (in¢orporating the direGtorfs report) Independent examiner's report to the trustees Statement of financial activities (Including in¢om¢ and expenditure account) Statement of financial position Notes to the financial statements
THE HAMPSHIRE DOWN SHEEP BREEDER'S ASSOCIATION COMPANY LIMITED BY GUARAIYTEE TRUSTEES, ANNUAL REPORT U]YCORPORATING THE DIRECTOR'S REPORT) AR ENDED 31 AUGUST 2025 The Iru5t¢es, who are also the directors for the purposes of company law. pr¢s¢nt their report and the Unaudit financial statements of the chaiity for the year ended 31 August 2025. REFERENCE ATr4D ADMINISTRATIVE DETAIiS Registered charity name Th¢ Hampshire Down Sheep Breederfs Association Charity regislratioll number I058398 Company registratioll number 31195 Prineipal Olee and registered Equitable House oifice 55 Pellon Lane Halifax West Yorkshire HXI 5SP The trustees Mr C R Hurst- President MYR A Rundle- TSurer Mr D D Middleditch Mr J Barnard Mrs J M Galbrnith Dr S A Jones Mr R McFarlane MrJ T Birkwood Mr T Hunter Mr K P Mccarthy Mr J I S M¢r¢er MrGKTodd Mr A MeFadden Mr A Jones MrSJRShort Mrs L S J Heywood Mr E Brant Mr D H¢nd¢rson Mrs E M T Jones Mr J Caiinter Mr A Terrett Mrs S Dilibero Mr G Robinson Miss A E Tory Miss H Grindey Ms A Shaw Mr L J Siainthorpe (Resigned 18 October 2024) (Resigned 18 October 2024) (Resigned 18 October 2024) (Resigned l 8 October 2024) (Appointed l8 October 2024) (Appointed 18 October 2024) (Appointed 18 October 2024) Company secretary Mrs J Hill
THE HAMPSHIRE DOWN SHEEP BREEDER'S ASSOCIATION COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT {INCORPORATING THE DIRECTOR'S REPORT) YEAR ENDED 31 AUGUST 2025 llldependeJJÉ exomiDer S R Sliacklock FCA Equitabl¢ House 55 Pellon Lane Halifax West Yorkshire HXI 5SP STRUCTURE, GOVERIYANCE AND MANAGEMENr Governing document The organis8tion is a charitable company limited by guArantse, in¢orporated on 3 April 1890 and regist¢r¢d as a charity on l October 1996. The Company was ¢stablished under a Memorandum of Asso¢iation which established the objects and power5 of the charitable company and is governed under tli¢ Arti¢1¢5 uf Association. In the ¢vent of the company b¢Èng wound up members are reqvired to contribute an amount not exceeding £ l. Recruitmenl aDd aypointment oftrustees The directors of the company ar¢ also charity trustees forthe purposes of charity law. The number of Triistees (Council Memb¢rs) sliall not be less than l2 not more than 24 inGluding the President and Vi¢e-President if either of Ih¢in is not aIready 8 m¢mber of the Council. The only member eligible to stand as a Trustee is an individual or a director of a Corporate member who is a full member. A lull member is one who is entitled to vote at Gerleral mectings of the Association. Trustees ar¢ appointed at an Annual General Meeting and shall r¢tir¢ from office at thc Annual General Meeting held in the third year after appointment. A retiring Trustee shall be eligible for re-election. The Council of Management 'e r¢cruil¢d from within the metnbership of the HDSBA and are recruited to address a specific need that the organisalion may have xi that time. Trustee Rnduction and trninillg The President and Se¢tEtary are re5ponsibl¢ for guiding new trustees in th¢ir responsibilities. At the fIt trustees meeting after the Annual GenerAI Meeting, all iniste¢s ar¢ reminded ol their rcSPODsibiliti¢s and new Iru5tees provided with a copy of CC3.- R¢sponsibilities of the Charity Trustees and a copy of the company's Memorandum and Article5 of Association. Risk management The Council of Mana(yement has conducted a review of the major risks to which the charity is exposed. Where appropriate, systems or procedur¢s have been ¢5tablished to mitigate the rÈsks the charity faces and additional policies are being put in pla¢¢ where required. Internal risks are minimised by the implementation of prwedures for authorisation of all transactions and projects. Organisa¢ional strueture Th¢ Charity is organised 50 that the Trust¢¢s (Council of Management) meet at least four times a year to manage its affairs. Various commilteeb rovering different aspects of the Association's work provide detail¢d re¢omtllendations to as5isI Council's decision making. Each member entitled to vote at an General Meeting of the Association shall have onc vote for each
THE HAIVLPSHIRE DOWN SHEEP BREEDER'S ASSOCIATION COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DKREcfoR'S REPORT) YEAR ENDED 31 AUGUST 2025 vacancy ynd the person or persons in whose favour the most votes are cast shall be deemed to have been appointed or re-appointed to Council. Th¢ i'esult of the ballot shall be read out at the Annual General Meeting. Subject as aforesaid any tie shall be decided by lot to be held at such tim¢ and in such manner as Council may decide. The day lo day man2gement of the Charity is del¢gat¢d to the secretary. OBJECTIVES AND ACTIVITIES The Charity's object and its principal activity continue to be that of breed sg¢i¢ty funrtions in recording pedigrees of Hatnpshire Down sheep and to promote the science and practice of agriculture by the encouragement of bl'eeding of HaJnpshir¢ Down sheep at liome and abroad. The Charity also undertake5 research in the subject of sheep breeding. wool production aiid matters relating thereto. Public Benefit Statement The Trust¢cs arc aware of their obligations to ensur¢ the actiyities of the Charity are in line with the Public Benefit guidance and regulations as published by the Charity Comtnission. The trnst¢¢s feel Iliat the above objectives sat15fy this principle and that in reality the activities iindertaken have bDme this out. The Charity's work ha5 SUPPOrted the education of its betteficiaries resulting in their iinproved knowledge and perforniance, better placing them to suc¢eed both on a mentally stimulating and also economtc basis. Th¢ work of the TTU5tees contributes to the wider ediication of those members of society who hav¢ an interest in the production of an environmentslly sensitively produced alld healthy source of protein. ACHIEVEMENTS AND PERFORMANCE During the past twelve months tht breed has continu¢d to progress in line with the principles set out in th¢ a¢counts for last year. In the last twelv¢ months the Association has had a stand at each of the five NSA events held in the UK and the positive reception received at each event confirnis that the overnll message promoted by the breed is being received. The promotion of the breed as a terminal breed to challenge the continentsl breeds is being effectively delivered and the Trustees devote a great deal of time and effort pursuing this cause. At the events in Wales, Scotland, Northern Ireland. North of England and South West England the Hampshire stand was manned by enthusiastic and Willin h¢lp¢rs and, at each evenL we received very positive f¢¢dback from the large number of visitors lo our stand. Our PR and Marketing committee had sale cards. and our new look Fit for the Future leaflet, printed and these were handed out with other promotional items to visitors to the stand. In April we held our inaugural Judg¢s Traiiiing Day in North East England whioh was a sucoessful event which saw about 20 p¢ople aliend and sev¢ral potential judges for the fvture w¢r¢ selected by our facilitator5. The Trustees are considering making this a bi-annual event ivhich will be run in different parts of the country in the future. In June we hosted a delegation from Argentina who visited during our National Show at the Three Counties in Malveffl. The Argentinian delegatioii also announced tl)eiT intention to hold th¢ first Hampshire Down National Congress in Argentina during July 2026.
THK HAMPSHIRE DOWN SHEEP BREEDER'S ASSOCIATION COMPAIYY LIMITED BY GUARANTEE TRUSTEESI ANNUAL REPORT (INCORPOIL4TING THE DIRECTOR'S REPORT) YEAR ENDED 31 AUGUST 2025 The usual involvetnent iii breeders at shows aroiind the county was somewhat ¢Llrtailed due to the effects of the Bluetongue restrictions this year and, therefore, th¢ usual 50Ci81 int¢raction at shows such as The Royal Welsh and The Royal Highland were not possible this year with movement restrictions throughout all four countries. The suh committccs havc eontlAued to undertake good work on behalf of the members. The Bl'eed Development Lommittee had to oversee a fEw changes to our DNA niles due mainly to the rapid advances made in genoFlliC testing. This committ¢c ha8 also overseen th¢ promotion of our best rams onto the Ram Compare Scheme to ensure we retain the gTht progress the breed has made in continually being the best breed for days to slaughter. The Education Committee continiies to organise and promote edu¢alional webinars and group calls on a wide range of topics which are requested by the embehIp. Thg Sales and Sliows committees work tirelessly to ensure all of th¢ usual events a well organised and continu¢ to attract good support from the tnembersliip. The PR and Marketing Committee ¢ontinue to ensure all of our promotional materials are up to date. relevant and available for circulation at the many events organised throughoiit the year. Thc Financc and General Purposes Committee rnet in August to set a new biidget which provides a sound basis for our plans for the next Iwelv¥ months ensuring that our incom¢ meets our expendittwe and that the plans agreed can be undertaken effectively and within the resoiirces available and will not pla¢e the Association at risk. The announcetnent by Janet Hill, Dur Registration Finance Secretary. of her wish to stand down has meant that the Trustees need to agree on a replacement. Drdwing from advice and experience from other so¥i¢ties the Trustees have provisiollally agreed to look closely at the possibilAty of using Pedigree l.iv¢stock Services to carry out the tasks previously undertaken by Janet. A fal de¢ision on this will be made prior to the AGM at thc end of October and will be notified to the membership at this time. Fll¥ANCIAL REVIEW Transactions aud final positioll The operatin8 surplus for tkke year was £1,322 (2024 - £711) aftcr taking into account the unrealised gain on investments of £3,568. {2024 unrealised gain £7,975) which has beetl added to r¢serv¢s. Unrestricted reserves at the end of the year were £101,494 (2024 - £99,572) which are to be used to rinanc¢ additional projects, trading in the ensuing year and as a backup reserve. There are £1.139 {2024- £1,739) held in a restricted fund. Reserves The tnistees have examined th¢ charity's requirettlents for serVeS in liuht of ihe main risks to the organisation arEd have established a policy whereby the unrestricted funds not committed or invested in tangiblc and intangible fixed assets or designated for a specific iise should b¢ maintained at a level equivalent to at least twelve montli's ¢xp¢ndilur¢ wliich amounts to approximately £75,000. Council ¢onsiders that reserves at this lev¢1 will ensure tha¢ in the event of a signifi¢anl drop in funding, they will b¢ abl¢ to continue the charity's current activities while consideration is given to ways in w'hich additional fund5 may be raised. Unrestricted funds are £101.494 iJ)¢luding fixed assets of £6,244
THE HAMPSHtRE DOWN SHEEP BREEDER'S ASSOCIATION COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (llYCORPORATING THE DIRECTOR'S REPORD YEAR ENDED 31 AUGUST 2025 tlierefore the present l¢vel of reserves available to th¢ charity is £95,250. Whilst tliis is highei. than current policy il is the intention of CounGil to look to the long lem) future and are conttnuing public relations and marketing campaigns. Due to the present economic Climate, Council consider it prudent to hold the surplus reserves at this time. Prineipal.funding Sources Th¢ principal suurLes of income were= Subs¢riptions, including publicity subscriptioii 350/• (2024 28&10) Registrations 36f/*¢ (2024 - 35 %) Shows and Sales 69/0 (2024 - 60/0) DNA test fees 14% (2024 - 16Tr/0), Other income 90/0 (2024 - 15fj/o). Investment policy Aside from retaining a prndent amount in reserv¢s each year, most of the Chllrity's funds are to be spent in the short term so there are few fiinds 8vailable for long terni investm¢nt. Siirplu5 fuDds are invested with NFU Mutual. PLANS FOR FUTURE PERIODS The Trustees will continue to develop th¢ breed along sitnilar lines to that followed in past years. Iii particular, the evidence gained from th¢ Ram CoJnpaTe Scheme will be utilised to push th¢ breed fotward ld to ojnplify tli¢ qualities bighlighted in tlie annual results of the s¢hem¢. The trustees are eommitted ro following a scientific approach to br¢cd d¢vclopmcnt and in particular lo capitalis¢ on th¢ work successfully completed in the field of DNA testing. The tnistees will continu¢ to work clostrly with Signet to establisli and reeord data and information which will be used to further ihe breed's potential as a temiinal breed. The siib committees WAII continue to be encouraged in their work to promote thc breed particularly in the areas of Breed Development, Sales, Education, Shows, PR and Marketing and, more recently, Export opportunities. To compliment this work the Truste¢s will be forniiDg & five-year plan which will provide direction to the sub-committee8 and provide an agreed a8¢nda of the issu¢s and opportlinities the Trustees wisli to follow on an annual basis and provide con5iStn¢y for the future which will be tt) the benefit of Council. SMALL COMPANY PROVISIONS This report has been prepared in accordance witli the provisions applicable to companie5 ¢nlitled to the small companies exemption. The ttvst¢¢s' annual report was approved OD 24 October 2025 and signed on behalf of the board of trustees by: MR R A RUNDLE Treasurer
THE HAMPSHlllE DOWN SHEEP BREEDER'S AsSOcTION COMPANY LIMITED BY GUARANTEE INDEPENDENT EL4MINER'S REPORT TO THE TRUSTEES OF THE HAMPSHIRE DOWN SHEEP BREEDER'S ASSOCIATION (COllElnritdJ YEAR ENDED 31 AUCUST 2025 I report to the trustee5 Otk my exnintIon of the fin8ncial statements of The Hampshire Down Sheep Breed¢Vs Associatloll {'the charity,) for the year ended 31 August 202S. RESPONSIBILITIES AND BASIS OF REPORT As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the finAn¢ial statements in accordance with tli¢ requirements of the Companics Act 2006 ('the 2006 Act.). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligibl¢ for independent examination, I report Tn respect of my examinaiion of the Charity's accounts as catTied out under section 145 of the Charities Act 2011 ('the 201 l Act.). In canying out my examination I have followed the Dlrections gtven by th¢ Charity Commission under section 145(5)(b) of the 2011 Act. INDEPENDENf EXAMINERIS STATEMEIYT I have cofflpleted rny examination. I confirnj that no matters have come to my attention in conneclion with the exatnination giving m¢ cause to beli¢v¢,' accounting records were not k¢pt in respect of the charity as required by section 386 of the 2006 Act. or the financial statèments do not accord with those records- or the financial statements do not Comply with the accounting requirements of s¢¢tion 396 of the 2006 Act other than any requirement that th¢ accounts give 2 'true and fair, view which is not a matter considered as part of an ind¢pendent e¥aMinatioii' or the financial statements have not en prepared in accordance with the methods and principles of the Statement of Recommended Practice for accoullling Imd reporting by charities applicable to charities preparing their accounts in accordance with ihe Financial Reporting stalld.d applicable in the UK And Republic of Ireland (FRS 102). I hav¢ no concerns and have come across no other matters An Connection with the exatnination to which attention should be drawn in this report in order to enabl¢ a proper ulld¢rstanding of the accounts to be reached. S R Shacklock FCA Independeiit Examiner Equitable House 55 Pellon Lane Ilalifax Webl Yorkshire HXI 5SP
THE HAMPSHlllE DOWN SHEEP BREEDERIS ASSOCIATION COMPANY LLIIITED BY GUARANTEE STATEII(ENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUND YEAR ENDED 31 AUGUST 2025 2025 Restricted funds Tolal funds Total funds 2024 Unrestricted funds Note Income and endowments Donations and legacics Charitable activities Other trading activities Invesltnent incoine 25.247 41,028 5,118 1,622 73,015 25247 41,028 5,118 1.622 22.843 39,902 4.390 1.364 Total income 73,015 68,499 Expenditure Expenditure on charitabl¢ activities Tolal expenditure 9,10 74,661 74,661 600 75261 75.763 600 75261 75.763 Net {lossesVgains on investments 12 3,568 3,568 7.975 Net (expeMditure)lincome and net movement in funds 1,922 (600) l?22 711 Re¢on¢iliatAOll offunds Total funds brought forward Total funds carrled fornard 99,572 1.739 ioijii 100.600 101,494 1.139 102,633 101,311 The statement of financial activities in¢lud¢s all gains and1055es recognised ill the year. All income and expenditur¢ derive from continuing activities. Tbe uotes on pages 9 to 19 forni part of these financial statements.
THE HAMPSHIRE DOWN SHEEP BREEDER'S ASSOCIATION COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL posrrIoN 31 AUGUST 2025 2025 2024 Note FtXED ASSETS Intangible asscts Tangible fixed assets Investmcnts 17 18 19 2,415 4,968 68058 3,683 6.474 73,968 76,241 84.125 CURRENT ASSETS 20 21 1258 12,608 32272 1.026 30,768 27.780 Debtors Cash at bank and in hand 46,138 59,574 CREDITORS: Ydmoullls falling due within one year 22 19,746 42,388 ET CURRENT ASSETS 26?92 17,186 TOTAL ASSETS LESS CURRENT LIABILITIES 102,633 102,633 101.311 101,311 NET ASSETS FUNDS OF THE CHARTrY R¢stri¢ted funds UnTestricted funds 1,139 IOIA94 1,739 99,572 101,311 Total eharity funds 23 102,633 For the year ending 31 August 2025 the charity was entitled to exemption from audit under se¢tion 477 of the Companics Act2006 relating to small companies. Directors, responsibilitie5: The memb¢rs have not required the compan}. to obtain an audit of its fAttancial statements for the year in question in accord2nee with scction 476- Th¢ directors acknowlcdge their responsibilities for complying witli the requirements of the Act with respect to accounting records and the preparation offitiancial statement5. These fu)aneial st&tements have beetL prepared in accordance with tht provisions applicable to companies subject to the small ¢ompanies' Tegime. These fmancial statements were approved by the board of trustees and authorised for issue on 24 OctobeT 2025, and are signed on behalf of the boord by.. MR RUNDLE Treasurer Tbe llo¢e5 on pages 9 10 19 form part of these financial statements.
THE HAMPSHIRE DOWN SHEEP BREEDER'S ASSOCIATION COMPANY LIMITEI D BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 GENERAL INFORMATION The charity is a public benefit entity and a private company limifrd by guarantee. registered in England and Wales and a gIStered charity in England and Wales. The address of the r¢gistered offic¢ is Equitable House, 55 Pellon Lane. Halifa4 West Yorkshire, HXI 5SP. STATEMENT OF COMPLIANCE Th¢5¢ finan¢ial statements have been prepared in compliance with FRS 102, 'The Finall¢ial Reporting Standard applicablc in the UK and the Republic of Ireland,, the Stateinent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Chariti¢s SORP (FRS 102)) and the CorrLpanies Act 2006. ACCOUNTING POLICIES Ba8is of preparation The financial ststements have been prepared on the historieal cost basis, as modified by the revnluation of certaia financial assets and liabilities measured at fair value througli income or expenditur¢. The financial stat¢ments are prepared in slerling, which is the functional currency of th¢ entity. Going concern There are no material uncertainties about the charitys ability to lltinue. Judgements alld key sources ofeslimation uncertainty The prepllrdtion of the fInGla1 staten]¢nts requires management to make judgements, estiinates and assumptions that affect the amounts reported. These estimates and judgem¢tLts are continually revi¢w¢d and ar¢ based on experience and other factors, including exp¢ctations of future ev¢nts that are believed to be reasonable under the ¢ircumstances. There are not considered to be any judgements or accounting estimates or a55umptions that have a sig]iificant impact on the financial statements. Foreign currencies Foreign currency transactions are initially rccorded in the functional curr¢ncy, by applying the spoi exchange rate as at the date of the trans110. Monetary assets and liabilities denominated in foreign CUencieS are trdnslated at the exchange rate ruling at th¢ reporting date, with any gains or losses being taken to the stat¢m¢nt of financial activities.
THE HAMPSHIRE DOWN SHEEP BREEDER'S ASSOCIATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENfs (tb#ilAiit YEAR ENDED 31 AUGUST 2025 AccoillYTING POLICIES (conrfiNierfJ Fund a¢eounting Unrestricfrd funds are available for us¢ at th¢ discretion of the trustees to further any of the charity's purpos¢s. In¢oming resources All income is included iT] the statement of financial activities when entitlett]ent has passed to th¢ charity, it is probable that the economio benefits associated with the trnnsaction will flow to the harity and the amount can be reliably measured. The following specific policies are applied to particular categories of in¢ome'. income from di)nations or grants As recognised when there is evidence of entitleinent to the gift, rcceipt is probabl¢ and ils amount can be me&sured reliably. income from subscriptions. registrations. shows and sales are ¢redited to iTrcome in full in th¢ year of rec¢ipt. Resources expended Expenditure is recognised on an accruals basis as a liability is in¢urred. ExpeTrditure includes any VAT which &innot be fully recovered. and is classified under headings of the statement of financial activities to whilh il r¢lates- ¢Ypenditure on raising funds includes the costs of all fulldraising activities. events, non-charitable trading activities. and the sale of donated goods. expenditure on charitable activities include5 all costs incurred by a charity in undertaking actLVlties that further ils charitable aims for the benefit of its benefi¢iaries, including those support costs and wsts relating lo the governance of the charity apportioned to charitable activities. other expenditu includes all expenditure that is neither related to rnising funds for tELe charity nor part of its exp¢nditur¢ on charitable activities. All costs are allocated to expenditure categories reflecting the us¢ of the resource. Direct costs attributable to a single activity are allocat¢d dircctly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiabl¢ and wnsislent basis. Intangible a55ets Intangible asset5 are ii)itially recorded at cost, and are subsequently stated at cost less any a¢¢umulat¢d aTnortisation aThd impairn)ent losses. Any intangible assets carried at revalued amounts. are recorded at the fair valu¢ at the date of revaluatio as detet7nined by reference to an active market. less any subsequent a¢oumulat¢d amortisation and subsequent accumulated imp&irment losses.
THE HAIVIPSIIIRE DOWN SHEEP BREEDER'S ASSOCIATION COMPANY LIMITED BY GUARANTEE PIOTES TO THE FINANCIAL STATEMENfs fconrfAuÉ AR ENDED 31 AUGUST 2025 AccouwfiNG POLICIES (cvNll1thÉ) Intangible gssels (¢oiiilBN) Intangible assets acquired as part of a business combination are only recognised separately from goodwill wh¢n they aris¢ fM COT]tractual or othei- legal rights. are separable, Ihe expected future economi¢ benefits are probable and the cost or value can bc measud reliably. Amortisation Amortisation is calculated so as to write off th¢ cost of an asseL le5S its estimated residiial value, over the useful life of that asset as follows: Websits development & promotionttl video - 330/0 reducing balance Marketing videos 20 /• Straight line If there is an indication that there has been a significftnt change in amortisation rate. tEseful life or residual value of an intangible asset, the amortisation is vIsed prosp¢ctively to reflect the new estimates. Tangible assets Tangible assets are initia]ly recorded at cost, and subsequently stAted at cost l¢ss any accumulated depreciation and impairment105ses. Any tangible asscts carricd at revalued amount5 gre worded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairnient losses. Depreci•tioR) Depreciation is calculated so a5 to write off the cost or valuation of an asseL less its residual value, over the uselul eLvnoJRic life of that asset as follows.. Office and display equipment 25(/lo reducing b&lance Investments Listed ifLvestments are measured at fair value with changes in fair value being recognised in profit or loss. Impaiment of fixed assets A review for indicators of impairment Is carried out at eacli reporting dat¢, with the recOvebIe amount being estimated wh¢re such indicators exist. Wliere the carrying value ex¢eeds th¢ recoyerable amount, the asset is impaired accordingly. Prior impairnients are also reviewed for possible Teversal al each reporting date. li
THE IIAMPSHIRE DOWN SHEEP BREEDER'S ASSOCIATION COIIqPANY LIII(ITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (coDIl dj YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES fcoibinued) Stocks Sto¢ks are mea511red at the lower of Cost and estimated selling price less costs to complete and sell. Cost in¢liides all costs of purchas¢, costs of conversion and other Costs incurred in bringing th¢ stock to its present location and condition. Financial iD3truments The cotDpany only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequentl>' measLired at th¢ir settlement value with the exception of loans which are subsequently measiired at amortised cost using the effective interest method. LTMITED BY GUARATr4TEE Each member of the charitabl¢ company undertakes to contribute to the assets of the cotnpany in the event of it being wound up while they are a member, or within one year after they cease to be a member. such amount as may be required, not exceeding £1. for the debts and liabilities contracted before they ceased to be a member. DONATIONS AND LEGACIES Unrestricted Total Fullds Unr¢stricted Total Funds Funds 2025 Funds 2024 DONATIONS Don&tions Giftaid 43 3,789 43 3.789 3,526 3,526 SUBSCRIPTIONS Subs¢riptions Publicity subscription 21,458 260 21,458 260 13,261 5.750 l3,261 5.750 25.247 25,247 22,843 22,843 12
THE HAMPSHIRE DOWN SHEEP BREEDER'S ASSOCIATIO COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (¢u•riiwed) YEAR ENDED 31 AUGUST 2025 CHARITABLE ACTIVITIES Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Shows and competitions Sales entry fe Ewe lamb registration Stock TaTn registration Transfer certificates Birth notification AGM expenses siirplusldeficit Training days and workshops National shoiv and Premier s&le dinner SEtrplus on sale of merchandise DNA tsst fees 914 3,222 9,OOU 4,385 1.991 10.808 (500) 914 3222 9,000 4,385 1,991 10008 (500) 970 3,248 7.591 3,527 1,617 11.233 33 400 1,229 (626) 10,680 970 3.248 7,591 3,527 1,617 11.233 400 1,229 (626) 10,680 895 356 9.957 356 9,957 41.028 41,028 39.902 39,902 OTHER TRADING ACTIVITIES Unrestrieted Total Funds Unrestricted Total funds Funds 2025 Funds 2024 Sponsorships 100 club surplLI5 Website adverts Flo¢k book 1,400 99 887 2,732 5,118 1,400 99 887 2,732 250 339 926 2.875 250 339 926 2,875 4,390 5,118 4,390 INVESThtENT INCOME Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Income from listed investjnents 1.622 1,622 1,364 13
THE HAIWSHIRE DOWN SHEEP BREEDER'S ASSOCIATION COMPALNY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEprfs (¢(snlrirNe YEAR ENDED 31 AUGUST 2025 EXPENDITURE ON CIL4RITABLE ACrIvIEs BY FUND TYPE Unrestricted Funds ReStri¢d Total Funds Funds 2025 Shows and competition5 HDSBA Sales Promoting the breed Support costs 3,550 1,508 29,110 40,493 3550 I08 29,110 41,(J93 75,261 600 74,661 600 Unrestricted Funds Restricted Tota] Funds Funds 2024 Shows and competitions HDSBA Sales Promoting the breed Support Costs 4,370 1.703 28,606 40,484 75,163 4,370 1,703 28,606 41.084 600 600 75,763 10. EXPENDITURE ON CHARTTABLE ACTIVITIES BY AcTIVy TYPE A¢livities und¢rtaken directly Support costs Total funds 2025 Tot&1 fund 2024 Sliows and competitions HDSBA Sales Promoting the breed Governance c05ts 3,550 1,508 29.110 36,731 40281 1,508 29,110 4J62 75261 41.686 1,703 28,606 3,768 75.763 4,362 41,093 34.168 14
THE HAMPSHIRE DOWN SHEEP BREEDER'S ASSOCIATION COMPANY LIMITED B Y GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ( coRili1rf) YEAR ENDED 31 AUGUST 2025 11. ANALYSIS OF SUPPORT COSTS Totsl 2025 Total 2024 Comtnunicalions and IT General office Secretarial services Bank Charges A¢¢ountan¢y fees Travel expenses Insurance Professional fees Depreciation Amortisation Cost ot trust¢¢ meetings Bad debts NSA Subscriptions 2J67 1,473 2841 466 950 339 942 1,542 1,506 1268 1,537 2,176 2,420 27,624 480 900 905 1,157 449 2,008 1,310 I,522 (17) 150 162 41,093 41,084 12. NET (LOSSESYGAINS ON INVESTMENTS UnreslriLled Total Fund5 Unrestrictcd Total Funds Funds 2025 Funds 2024 Gains on listed investments 3,568 3,568 7,975 7,975 13. NET (EXPENDITURE)/tNCOLIIE Net (expendRtureyincome is stat¢d after chargingl(¢rediting): 2025 2024 Amortisation of intangible assets Depreciation of tangible fixed assets Forei exchange differences 1,268 1,506 (4) 1.310 2.008 14. INDEPENDENT EXAMfF4ATION FEES 2025 2024 Fe¢s palable lo the independent &xaminer for: Independent examitt&tion of the financial statements 950 900 15
THE HAMPSHIRE DOWN SHEEP BREEDER'S ASSOCIATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (eonrfii#t YEAR ENDED 31 AUGUST 2025 24. ANALYSIS OF NET ASSETS BETWEE4 DI FUI4DS Unrestricted Funds Restricted Total Funds Funds 2025 Intanstble assets Tangible fixed assets Jnvestmcnts Current assets Creditors less than l year NEt assets 1,276 4,968 68.858 46,138 {l9.746) 101,494 1.139 2,415 4,968 68,858 46,138 {19,746) 102,633 1,139 Unrestricted Fund8 Restricted Tot funds Funds 2024 Intangible assets Tangible fixed assets Investtllents Current assets Crcditors less than l year Net asscts 1.944 6,474 73,968 1,739 3,683 6,474 73,968 59,574 (42.388) 101,31 {42.388) 1,739 25. RELATED PARTIES There were no disclosable related party transactions in this or the prior year. 19