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 O￿lee and registered Equitable House
oifice
55 Pellon Lane
Halifax
West Yorkshire
HXI 5SP
The trustees
Mr C R Hurst- President
MYR A Rundle- T￿Surer
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
fI￿t 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 ￿embe￿hIp.
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 f￿al 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 AsSOc￿TION
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 ex￿nin￿tIon 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 fIn￿Gla1 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 trans￿110￿. Monetary assets and liabilities denominated
in foreign CU￿encieS 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¢ f￿M COT]tractual or othei- legal rights. are separable, Ihe expected future
economi¢ benefits are probable and the cost or value can bc measu￿d 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 recOve￿bIe
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 ACrIv￿IEs 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
I￿08
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 AcTIV￿y 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 (
coRili1￿rf)
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
28￿41
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