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 De￿mber 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
warra￿leS
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-

Ln w o Ln co
Ln (¢ o ￿ r4 Ln D)
o) tD O)
CT)
0 (71
co ¢ fft ¢

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-