Charity registration number 1115366 (England and Wales) Company registration number 03678612 NATIONAL BEEF ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
NATIONAL BEEF ASSOCIATION LEGAL AND ADMINisfRATIVE INFORMATION Trustees Mrs Heenan Mr A Laughton Mr A Watson Mr D Mitchell Drj Capper Mr G Boyes Mr R Venner Mr5 S Tomlinson Mr P Sneyd Mr B Harman {Appointed 30 May 20231 {Appointed 16 February 20231 (Appointed 26 February 20241 Ms A Howell Chief Executive Officer Mr N Shand Charity number 1115366 Company number 03678612 Registered office Concorde House 24 Warwick New Road Leamington Spa Warwickshire CV32 5JG Independent examiner Burgis & Bullock 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA Banker5 Lloyds TSB Bank PIC 48 Belle Vue Terrace Malvern Worcestershire WR14 4QG Solicitors Blythe Liggins Edmund House Rugby Road Leamington Spa CV32 6EL
NATIONAL BEEF ASSOCIATION CONTENTS Page Trustees, report Independent examiner's report Statement of financial attivities Balance sheet Notes to the financial statements 9-19
NATIONAL BEEF ASSOCIATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report and financial statements for the year ended 31 December 2023. The financi31 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 Prattice 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. Objectives and activities The principal objectives of the Association are: 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 and 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 retailer5 of food and the general public. Promote agriculture and work for the protection of the environment by encouraging, where appropriate, the grazing of cattle. Carry out such other charitable purposes including 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 thinkfit. 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 breeding, 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) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and performance 5ignificGnt activities and achievements against objectives Review 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 across the UK. Association staff and members have been engaged in discussions with Governments and other parties on many topics, including meat hygiene, food security, beef labelling, giving appropriate shelf space to UK products, forward contracts for cattle, TB policy. etc. Research projects and strategies have been discussed with research organisations and those funding research projects: it remains a critical topic as cattle keepers strive for greater efficiency in order to maintain a viable business. In late 2023 bluetongue 3 was discovered 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 animals resulting from Brexit- a workable solution to this had been found but ha5 been put on hold die to the emergence of Bluetongue. The NBA continue 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 organisations, subsidiary, National Beef Services Limited. Animal nutrition is important in animal welfare, economic production, and carbon gas emissions. Cattle health has also been an important topic in meetings and journals. with considerable emphasis on Bovine Viral Diarrhoea. 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 Association continues to publish its own magazine the "National Beef Association Magazine" a quarterly publication containing industry insights, technical information, and N BA updates. The Magazine has proved itself to be well received by all aspects of industry.
NATIONAL BEEF ASSOCIATION TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial review The association showed a deficit for the year of £9,057. There were significant consultancy costs of over £13.000 in 2023 that contributed to this deficit. These costs were a one-off and not expected to be repeated in the near future. The management inherited a tough financial 51tuation and there remains an ongoing police investigation onto the previous CEO'S attions. Specifically the charity's subsidiary company National Beef Services had poor historic debt management. New internal accounting prattices 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 years 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 from 2025 onwards. The trustees are also considering an increase to membership fees following a ten year period of no change. Once an amount has 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 policy in note I to the financial statements. 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. Unrestritted reserves as at 31 December 2023 were in deficit of £26.101. The trustees believe that the measures discussed above are sufficient to enable the charity to resume generating surpluses in future accounting periods and are committed to reducing this deficit. Structure. governance and management The charity is a company limited by guarantee . The members of the National Beef Association have no shareholding but in the event of a winding up each has undertaken to contribute to the payment of liabilities such an amount as may be required not exceeding a total of £1.
NATIONAL BEEF ASSOCIATION TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 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: Mrs Heenan Mr A Laughton Mr E Ritchie (Retired 30 May 20231 Mr A Watson Mr D Mitchell Dr J Capper Mr G Boyes Mr R Venner Mrs STomlinson Mr P Sneyd Mr B Harman Ms A Howell (Appointed 30 May 2023} (Appointed 16 February 2023} (Appointed 26 February 2024} Recruitment and appointment of trustee5 Trustees are voted and elected at board meetings as required in line with the Association's governing document. Other matters The Trustees, report was approved by the Board of Trustees. Mr R Venner Trustee 20 Dec 2024 Date..
NATIONAL BEEF ASSOCIATION INDEPENDENT EXAMINER'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 (the charity) for the year ended 31 December 2023. Responsibilities and basis of report As the Trustees of the charity (and also its direttors 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 Directions given by the Charity Commission under section 14515llbl of the Charities Act 2011. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006. 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 Att 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 Prattice 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 {FRS 1021. I have no concerns and have come across no other matters in connertion with the examination to which attention should be drawn in this report in order to enable 3 proper understanding of the financial statements to be reached. W A Hubbard FCCA Burgis & Bullock 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA 20th Dember 2024 Date..
NATIONAL BEEF ASSOCIATION STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Unrestricted funds fund5 2023 2022 Notes Income from: Voluntary income Charitable activities Investments 127,852 46,708 203 127,227 185,486 459 Total income 174,763 313,172 enditure on: Raising funds 23,115 30,188 Charitable activities 160.705 282,925 Total expenditure 183,820 313,113 Net (expenditure)/income for the year/ Net movement in funds {9,0571 59 Restated fund balances at l January 2023 {17.0441 {17,1031 Fund balances at 31 December 2023 {26,1011 (17,0441 The statement of financial activities includes all gains and losses recognised 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 Att 2006.
NATIONAL BEEF ASSOCIATION BALANCE SHEET AS AT31 DECEMBER 2023 2023 2022 Notes Fixed 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 Creditors: amounts fallin8 due within one year 15 1157.165} 1112.4251 Net current Iliabilitiesl/assets {5,0381 7,977 Total assets less current liabilities (5.0371 7.978 Creditors: amounts fallin8 due after more than one year 16 (21.0641 (25,0221 Net liabilities {26.1011 (17,0441 Income funds Unrestricted funds (26.1011 (17,0441 (26,1011 117,0441
NATIONAL BEEF ASSOCIATION BALANCE SHEET (CONTINUED) AS AT31 DECEMBER 2023 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Art 2006, 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 subject to the small companies regime. 20 Dec 2024 The financial statements were approved by the Trustees on . Mr R Venner Trustee Company registration number 03678612
NATIONAL BEEF ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity information National Beef Association is a private company limited by guarantee incorporated in England and Wales. The registered office is Concorde House, 24 Warwick New Road, Leamington Spa, Warwickshire, CV32 5JG. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" {"FRS 102,1 and the Charities SORP "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 l January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterlin& which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern The Association's activities were affetted in previous years by mismanagement as set out in the Trustee's Report. The board and management of the charity have commenced a number of cost Saving measures and expect to see the charity generating surpluses in future accounting periods. At the time of approving the financial statements, the Trustees have a 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 going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds 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 restritted 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 sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {Continued) 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 donations are recognised 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 expetted. If the amount is not known, the legacy is treated as a contingent asset. Membership income is recognised over the period to which it relates. Warranty income is recognised at the point of sale. Advertising income is recognised in the period to which it relates. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required 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 basi5 consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges 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 as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases- 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 sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {Continued) 1.7 Fixed asset investments 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 incomellexpenditurel for the year. Transaction costs are expensed as incurred. A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The charity has eletted to apply the provisions of Sertion 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments15sues' of FRS 102 to 311 of its financial instruments. Financial 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. Basicfinanciol assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transattion costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Bosicfinancial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. 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 creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 11
NATIONAL BEEF ASSOCIATION NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {Continued) Derecognition offinanciol liobilities Financial liabilities are derecognised when the charit¢s contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.11 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting estimates and judgements In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying 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 assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donations and legacies Unrestrirted funds 2023 Unrestricted funds 2022 Membership fees Gift aid income Corporate subscriptions Other 93,246 19,894 8,110 6,602 84,090 21,893 12,914 8,330 127,852 127,227 12-
NATIONAL BEEF ASSOCIATION NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activities Ad¥ertlsing and warrnntie$ Total Advertlslng and 1023 warraleS Beef Expo Total 2022 2023 2022 2022 Cattle warranty sales Stands and sponsorship Advertising income 10.366 10.366 13.709 13.709 780 780 136,173 136,173 35,604 35.562 35.562 35.604 45,928 780 46,708 49,313 136,173 185,486 Income from investments Unrestricted Unrestricted funds funds 2023 2022 Interest receivable 203 459 Expenditure on raising funds Unrestrirted Unrestricted funds funds 2023 2022 Fundraising and publicity Advertising 23.115 30,188 13-
NATIONAL BEEF ASSOCIATION NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on charitable activities Members Beef expo services Totsl Members Beef expo services Total 2023 2023 2023 2022 2022 2022 Direct costs Event costs Motor and travel expenses 3,854 4.438 8.292 3,425 114,929 118,354 15.733 15.733 10.958 10,958 19,587 4,438 24,025 14,383 114,929 129,312 Share of support and governance costs Isee note 8) Support 29.281 28.510 Governance 39,445 39,444 57.791 78,889 35.161 41,646 35.160 41,646 70,321 83,292 88.313 72.392 160.705 91.190 191.735 282,925 Analysis by fund Unrestricted funds 88.313 72.392 160.705 91.190 191.735 282,925 14-
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NATIONAL BEEF ASSOCIATION NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees During the previous year the daughter and wife of trustee Gareth Boyes were paid a total of £300 for 35SlSting at the Beef Expo. No trustees (or any persons connected with them) received any remuneration or benefits from the charity during this year. Trustees, expenses paid to seven trustees during the year tot311ed £2.54312022'. £6851. 10 Employees The average monthly number of employees during the year was- 2023 2022 Number Number Employment costs 2023 2022 Wages and salaries Social security Costs Other pension costs 28,000 38,170 63 863 992 28,863 39,225 There were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The remuneration of key management personnel was as follows. During the year £66,000 plus VAT of consultancy fees was paid to the CEO for their services as key management personnel. In addition a further £13,200 + VAT was accrued as payable at 31 December 2023 to the CEO as redress payments forthe years 2020-2023. 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 12 Fixed asset investments 16-
NATIONAL BEEF ASSOCIATION NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Fixed asset investments {Continued) Other investments Cost or valuation At l January 2023 & 31 December 2023 Carrying amount At 31 December 2023 At 31 December 2022 2023 2022 Other investments comprise: Notes Investments in subsidiaries 20 13 Debtors Restated 2022 2023 Amounts falling due within one year: Trade debtors Amounts owed by subsidiary undertakings Prepayments and accrued income 39,034 23,803 17.513 35,263 20,186 22.188 80,350 77,637 14 Loans and overdrafts 2023 2022 Bank loans 24,954 28,912 Payable within one year Payable after one year 3,890 21,064 3,890 25,022 17-
NATIONAL BEEF ASSOCIATION NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Loans and overdrafts {Continued) The above loan relates to a Covid Bounce Back Loan which is incurring interest at 2.5% and is repayable over 10 years. IS Creditors: amounts falling due within one year Restated 2023 2022 Notes Bank loans Other taxation and social security Trade creditors Other creditors Accruals and deferred income 14 3,890 7,837 11,924 16,983 116,531 3,890 2,014 25,430 12,180 68,911 157,165 112,425 Included in other creditors are defined benefit pension creditor of £438 {2022 - £6051. Deferred income relates to membership and Beef Expo income that was received in advance. All of the 2022 deferred income was released in 2023. 16 Creditors: amounts falling due after more than one year 2023 2022 Notes Bank loans 14 21.064 25,022 17 Retirement benefit schemes 2023 2022 Defined contribution schemes Charge to profit or loss in respett of defined contribution schemes 863 992 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 18 Operating lease commitments At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: 18-
NATIONAL BEEF ASSOCIATION NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Operating lease commitments {Continued) 2023 2022 Within one year Between two and five years 592 1,479 14,088 2,071 2.071 16,159 19 Related party transactions There were no disclosable related party transactions during the year {2022 - none). 20 Subsidiarie5 These financial statements are separate charity financial statements for National Beef Association. Due to the size of the charity and the group there is no requirement to prepare group accounts and therefore group accounts have not been prepared. National Beef Services Limited 15 a wholly owned 5ub5idiary of the National Beef Association. The directors of National Beef Services Limited have approved the donation of the company's annual profits each year, where applicable, to the National Beef Association under the corporate gift aid scheme. Details of the charity's subsidiaries at 31 December 2023 are as follows: Name of undertaking Registered office Nature of business Class of shares held % Held Direct Indirect Nation31 Beef Services England & Limited Wales Scottish Beef Association England & Wales Import and export of livestock Dormant Ordinary loo.00 Limited by Guarantee loo.00 21 Prior year adjustment It was identified that deferred income and bank balances were understated in 2022 by £12,026 and £451 respectively, and trade creditors were overstated by £846. The comparative position for 2022 has been restated accordingly to reflect these adjustments. 19-