Charlty ieglstratlon number 1115366 (England and Wales) Company re8lStration number 0367861Z NATIONAL BEEF ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 NATIONAL BEEF ASSOCIATION LEGAL AND ADMINI￿RATIVE INFORMATION Trustees Mr S Heerhan Mr A Laughton Mr A Watson Mr D Mitchell Dr J Capper Mr G Boyes Mr R Venner Mrs S Tomlins MT P Sneyd Mr 8 Harman (Appointed 30 May 20231 IAppointed 16 Februarv 20231 IAppointed 26 Februarv 20241 Ms A Howell Chlef Executlve Offlcer Mr N Shand Charlty number 1115366 Company number 03678612 Reglstered office Concorde House 24 Wanvick New Road Leamington Spa Warwickshire CV32 5JG Independent examlner BvrBis & Bullock 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA Bankers Uoyds TSB Bank PIC 48 Belle Vue Terrace Malvern Worcestershi WR144QG Sollcltors Blythe Liggins Edmund House Rugby Road Leamington Spa CV32 6EL NATIONAL BEEF ASSOCIATION CONTEKf5 Page Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial ststements 9.19 NATIONAL BEEF ASSOCIATION TRUSTEES. REPORT {INCLUDING DIRE￿oR5. REPORT) FOR THE YEAR EJ¥DED 31 DECEMBER 2023 The TrLJStees present their annual report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charity's governing document being the charity's Memorandum and Articles of Association. the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective I January 20191. Oblectlves and actlvltles The principal objectives of the Assoclation are.. • Preserve and improve for the benefit of the public the general standards of cattle, especially beef tattle, in the United Kingdom and elsewhere, by promoting an(J encouraging breeding of beef cattle. • Improve general standards in the management, transport, slaughter and treatment of cattle, especially beef cattle, and otherwise improve the quality and safety of beef, by the education of farmers and farm managers, veterinarians, auctioneers, hauler's, the managers of abattoirs, processors and retailers of food and the general public. Promote agriculture and work for the protertion of the environment by encouraging, where appropriate, the grazing of cattle. Carry out such other charitable purposes includin8 the relief in cases of need or hardship of beef farmers and their employees and the dependents of beef farmers and their employees, as the board of management Improve the health and welfare of beef cattle. Improve transparency in the food chain. Public benefit The Trustees confirm that they have referred to the directions contained in the Charity Commission's general guidance on public benefit when reviewing the Association's aims and objectives and in the planning of future activities to achieve the Trust's objectives to preserve and improve for the benefit of the public the general standards of cattle, especially beef cattle. in the United Kingdom and elsewhere, by promoting, improving and encouraging the bTeedin& health, transport and slaughter of beef Cattle. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity Should undertake. NATIONAL BEEF ASSOCIATION TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR EJ¥DED 31 DECEMBER 2023 A¢hlevements aftd perfomian¢e Significt7nt octivities and achievements ogoinst objertives Revlew of 2023 The Association remained fully engaged both with Government at Westminster and all the devolved administrations. The SBA continued to lead the discussions successfully with the Scottish Executive. The Association was represented at numerous virtual and face to face meetings and continued to make a concerted effort to re-establish itself as a major voice in the industry, ensuring the food chain from farmer level was represented at numerous forums atr055 the UK. Association staff and members have been engaged in di5cvssion5 With Government5 and other parties on many topics, intluding meat hygiene, food security, beef labelling, givin8 appropriate shelf space to UK products, forward contracts for cattle, TB policy, etc. Research projects an(J strategies have been discussed wlth research organisations and those funiling research projects,. it remains a critical topic as cattle keepers strlve for greater efficiency in order to maintain a viable business. In late 2023 bluetongue 3 was dlscovered In GB and this has added considerably to the workload of the CEO who is a member of the GB Bluetongue core group; The decision to leave the EU continue to add to the work of the NBA as we represent the beef industry to Government. We have been involved in providing evidence to committees in both the Commons and House of Lords. The NBA have been heavily involved in Work towards provision of a new cattle database and the proposed introduction of EID. The organisations CEO continued to lead a task and finish group focusing on resolving the live trade barrier for breeding anima15 resulting from Brexit- a workable solution to this had been found but ha5 been put on hold die to the ernergence of Bluetongue. The NBA tontinue to believe the way forward is for an Ombudsman to be created to ensure the relationship between the primary producer, processor and retailer is one of fairness and transparency. We continue to push for a review of fairness sin the supply chain. The Association has continued to provide a facility for breeding cattle to be transported across the English Channel in a healthy environment with high standards of animal welfare, via the or8anis3tions' subsidiary, National Beef Services Limited. Animal nutrition is important in animal welfare, economic produrtion, and carbon gas emissions. Cattle health has also been an important topic in meetings and journals, with considerable emphasis on Bovine Viral Diarrhoe3. Johne's Disease and Liver Fluke. Members are sent a weekly newsletter by e-mail keeping them abreast of market trends in the UK and across the world. The newsletter also covers rule changes for animal keepers. disease. and nutrition news and other subjects of relevance to cattle. Via the Newsletter. the Association has been able to keep cattle owners informed of the moving cattle price enabling them to better sustain their cattle business. The A550ciation continues to publish it5 own magazine the "National Beef A550ciation Magazine" a quarterly publication containing industry insights, technical information, and NBA updates. The Magazine has proved itself to be well reteived by a1135perts of industry. NATIONAL BEEF ASSOCIATION TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR EJ¥DED 31 DECEMBER 2023 Flnan¢lal revlew The a550ciation showed a deficit for the year of £9,057. There were significant consultancy costs of over £13,000 in 2023 that tontributed to this deficit. These costs were a one-off and not expetted to be repeated in the near future. The management inherited a tough financial situation and there remains an ongoing police investigation onto the previous CEO'S acrions. Specifically the charity's subsidiary company National Beef Services had poor historic debt management. Mew internal accounting practices have been put in place to prevent this in the future, where by payment for services must now be paid for in advance. The board expects to see the company generate profits in the future Yea￿ enabling It to resume donating to the parent charity. The management have taken steps to reduce costs in areas such as staffing and software. Some savings will be seen in the 2024 accounts whilst the full effect. believed to be in excess of £12.000 per annum. will be evident frorn 2025 onwards. The trustee5 are also considering an increase to membership fee5 following a ten year period of no change. Once an amount ha5 been agreed on this will result in a significant increase in income for the charity. Going concern The Trustees have considered the going concern assumption in light of the results noted above. The conclusions on going concern have been set out in the accounting poliry in note I to the financial statement5. Reserves policy The board of Trustees, aim is to maintain enough in the Association's reserves to provide against a sudden and unpredicted fall in future income. Unrestricted reserve5 as at 31 December 2023 were in deficit of £26.101. The trustees believe that the measure5 discussed above are sufficient to enable the charity to resume generating surpluses in future accounting period5 and are committed to reducing this deficit. StN¢ture* 8overnan¢e and mana8ement The charity 15 a company lirnited by guarantee . The member5 of the National Beef A550ciation have no shareholding but in the event of a winding up each has undertaken to contribute to the payment of liabilitie5 such an amount as may be required not exceeding a total of £1. NATIONAL BEEF ASSOCIATION TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR EJ¥DED 31 DECEMBER 2023 The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were= Mr S Heenan Mr A Laughton Mr E Ritchie (Retired 30 May 20231 Mr A Watson Mr D Mitchell Dr J Capper MrG Boyes Mr R Venner Mrs S Tomlinson MrPSneyd Mr 8 Harman Ms A Howell (Appointed 30 May 20231 (Appointed 16 February 20231 (Appointed 26 February 20241 Recruitment ond appointment of trustees Trustees are voted and elected at l)oard meetings as required in line with the Associatlon's governing document. Other motter5 The Trustees, report was approved by the Board of Trustees. Mr R Venner Trustee 20 Dec 2024 Date- NATIONAL BEEF ASSOCIATION INDEPENDENT LXAMINER'S REPORT TO THE TRUSTEES OF NATIONAL BEEF ASSOCIATION I report to the Trustees on my examination of the financial statements of National Beef Association Ithe charity) for the year ended 31 December 2023. Responslbllltles and basls of report A5 the Trustee5 of the charity land a150 It5 dirertors for the purposes of company lawl, you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Att 2011. In carrying out my examination I have followed the Dirertions 8iven by the Charity Commission under sertion 14515llbl of the Charities Act 2011. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connectlon wlth the examination giving me cause to believe that in any material respect.. accountinB records were not kept in respect of the charity as required by section 386 of the Companies Act 2￿6. the financial statements do not accord with those records,. or the financial statements do not comply with the accounting requirements of section 396 of the Companies Art 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination,. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no toncerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial staternent5 to be reached. W A Hubbard FCCA Burgis & Bullock 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA 20th December 2024 Date: NATIONAL BEEF ASSOCIATION srATEMENT OF FINANCIAL A￿1VITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR EJ¥DED 31 DECEMBER 2023 Unrestrlrted Unrestrlrted funds funds 2023 2022 Notes Income from: Voluntary income Charitable activities 127,852 46.708 203 127,227 185,486 459 Investments Total Income 174,763 313,172 EM endlture on: Raising fund5 23,115 30,188 Charitable activities 160.705 282,925 Total expendbture 183,820 313,113 Net lexpendlturelllncome for the yearl Net movement In fund$ 19,0571 59 Restated fund balances at l January 2023 117.0441 117,1031 Fund balances at 31 December 2023 126.1011 117,0441 The statement of financial activities includes all gains and losses ￿(08n1$ed in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Art 2(Kl6. NATIONAL BEEF ASSOCIATION BALANCE SHE ASAT31 DECEMBER 2023 2023 2022 Notes Flxed assets Investments 12 Current assets Debtors Cash at bank and in hand 13 80,350 71.777 77.637 42,765 152.127 120,402 Credltors,. amounts fallln8 due wlthln one year 15 1157,1651 1112,4251 Net current Illabllitiesllassets 15,0381 7,977 Total assets less Current Ilabllltles 15,0371 7,978 Credltors: amounts falllng due after more than one year 16 121,0641 125,0221 Net Ilabllltles 126,1011 117,0441 Income funds Unrestricted funds 126,1011 117,0441 126.1011 117.0441 NATIONAL BEEF ASSOCIATION BALANCE SHE￿ ICONTINUEDI ASAT31 DECEMBER 2023 The company is entitled to the exemption from the audit requirement contained in sertion 477 of the Companies Att 2￿6, for the year ended 31 December 2023. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies sublect to the small companies regime. 20 Dec 2024 The financial statements were approved by the Trustees on ......................... Mr R Venner Trustee Company rellstratlon number 03678612 NATIONAL BEEF ASSOCIATION NOTES TO THE FINANCIAL ￿ATEmE￿r5 FOR THE YEAR EJ¥DED 31 DECEMBER 2023 A¢¢ountlng poll¢les Charlty Informatlon National Beef A550Clation 15 a private company limited by guarantee incorporated in England and Wales. The registered office 15 Concorde Hoijse, 24 Warwick New Road, Leamington Spa, Warwick5hire, CV32 51G. 1.1 A¢countlng ¢onventlon The financial statements have been prepared in accordance with the charity's Memorandum and Article5 of Association, the Companie5 Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland~ I'FRS 102-1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applrcable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021" leffecrive l January 20191. The charity is a Public 8enefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement ofcash Flo￿. The financial statements are prepared in sterling. which is the functional currency of the charitv. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The prlncipal accounting policies adopted are sei out below. 1.2 Golng concern The Association's activities were affected in previous years by mismanagement as set out in the Trustee's Report. The board and mana8ement of the charity have commenced a number of cost saving measures and expert to see the charity generating surpluses in futu￿ accounting periods. At the time of approving the financial statements, the Trustees have 3 reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future despite the deficit reserves position at the year end. This is reliant on the continued support of the members. Thus the Trustees continue to adopt the goin8 concern basis of accounting in preparing the financial statements. 1.3 Charitable fund5 Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. NATIONAL BEEF ASSOCIATION NOTES TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR EJ¥DED 31 DECEMBER 2023 Accountlng pollcles {Contlnuedl 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. Cash donation5 are recogni5ed on receipt. Other donations are recognised once the charity has been notified of the donation. unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treateil as a contingent asset. Membership Income Is recognised over the period to which it relates. Warranty Incomebs recognised at the point of sale. Advertising income is recognised in the period to which it relates. l.S Expendlture Expenditure is recognlsed once there is a legal or constructive obligation to transfer economlc benefit to a thlrd party, It Is probable that a transfer of economic benefits will be requlred In settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basi5 of time spent, and depreciation charge5 are allocated on the portion of the asset's use. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised 50 a5 to write off the c05t or valuation of a55ets less their residual values over their useful lives on the following ba5es'. Fixtures and fittings 33% straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial activities. 10- NATIONAL BEEF ASSOCIATION NOTES TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR EJ¥DED 31 DECEMBER 2023 Accountlng pollcles {Contlnuedl 1.7 Fixed asset investrnents Fixed asset investments are initially measured at transaction price excluding transaction costs. and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/lexpenditurel for the year. Transaction costs are expensed as incurred. A subsldiary is an entity controlled by the charity. Control is the power to govern the financial an(1 operating policies of the entity so as to obtain benefits from its activities. 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term Ilquld Investments with original maturities of three months of less, and bank overdrafts. Bank overdrafts are shown w5thln borrowings In current Ilabilitles. 1.9 Flnanclal Instruments The charity has elerted to apply the provislons of Section 11 '8asSc Financlal Instruments, and Section 12 '0ther Financial Instruments Issues. of FRS 102 to 311 of its financial instruments. FSnancial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Bosl¢flnon¢lol ossets Basic financial assets, which include debtors and cash and bank balance5, are initially measured at transaction price including transaction costs and are subsequently carried at arnortised cost using the effective interest method Unless the arrangement con5titute5 3 financing transaction, where the transaction is measured at the present value of the future receipts discovnted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. BaslcAlnanclol Ilobllltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transartion, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditor5 are obligations to pay for goods or services that have been acquired in the ordinary course of operations from supplier5. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditor5 are recognised initially at transaction price and subsequently measured at amort15ed cost using the effertive interest method. NATIONAL BEEF ASSOCIATION NOTES TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR EJ¥DED 31 DECEMBER 2023 Accountlng pollcles {Contlnuedl Derecognitfflon oAfin¢wnciolliubilities Financial liabilities are derecognised when the charitl5 contrartual obligations expire or are discharged or cancelled. 1.10 Employee benefflts The cost of any unused holiday entitlement is recognised in the period in which the employee's 5ervice5 are received. Termination benefits are retognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.11 Retlrement benefits Payments to (Jefined contribulion retirement benefit schemes are charged as an expense as they fall due. Crltlcal a¢countlnB estlmates and ludgements In the application of the charity's accounting policies. the Trustees are required to make judgements, estimates and assumptions about the carryin8 amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying 355umptions are reviewed on an ongoing ba515. Revision5 to accounting estimate5 are recognised in the period in which the estimate is revised where the revision affect5 only that period, or in the period of the revision and future periods where the revision affects both current and future perio(Js. In¢ome from donations and le8a