REGISTERED COMPANY NUMBER: CE001656 (England and Wales) REGISTERED CHARITY NUMBER: 1158301 biodynamic. association REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 FOR BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA FRCM C4JR FARM
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Page Reference and Admlnistrative Details Report of the Truste85 Independent Examiner's Report statement of Financial Activlties 10 statement of Financial Position 11 to 12 Notes to the Financial Statèments 13 to 22 Detalled Statement of Financial Activltigs 23 10 24
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023 TRUSTEES lan Stanley Bailey Spencer Christy Iresigned 31.8.221 Judy Foster Iresigned 14.1.231 Odilia Kirsl (resigned 14.1.231 Hannah Robson (resigned 30.6.221 Jennrfer Rosenbro¢k Chair Andre Tranquilinl (resigned 30.1.231 Julia Wright (resigned 14.1,231 Liz Findlay (resigned 1.12.221 Andrew Scolt (resigned 1.12.221 lan Thomas (resigned 1.12.221 Jeremy Stephens lappoinled 1.3.231 Tom Petherick lappoinled 14.1.231 Richard Thornton Smith lappoinled 14.1.23) REGISTERED OFFICE Open House Painswick Inn Gloucester Street Slroud Gloucestershire GLS 1QG REGISTERED COMPANY NUMBER CE001656 (England and Wales) REGISTERED CHARITY NUMBER 1158301 INDEPENDENT EXAMINER Andorran Limited 6 Manor Park Business Centre Mackenzie Way Chellenham GIoUsterShIre GL519TX EXECUTIVE DIRECTOR Gabriel Kaye BANKERS Triodos, Deanery Road. Bristol, BS15AS Lloyds, 134 High Street, Stourbridge, DY8 1DS Page 1
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 The trustees who are also directo¥s of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of Ihe charity for the year ended 31 March 2023. The trLJStees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charitie5 preparing their accounts in accord2nce with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. OBJECTIVES AND ACTIVITIES STRUCTURE, GOVERNANCE AND MANAGEPJIENT Governing document The Biodynamic Agricultural Associalion IBDAAI, tradin9 as the Biodynamic Association IBDAI, is a Charity Incorporated Organisation ICIOI updated as a CIO in May 2014 governed by a Constitution first adopted 7th February 1975. Registered as a UK charity with the Charity Commission No. 1158301 and company registration no CE001656. Appointment of trustees Tfustees are appointed by the members of the Association al the Annual General Meeting. The Trustees meet regularly, 5-6 times a year to oversee the affairs of the charity, with executive staff allending ID repoit progress and inform decision-making_ Structure The Council of Trustees defines the strategic direction and carries the legal responsibilities of the whole Charity. The Certification activity is held as a distinct separate cost. The Tiuslees are kept fully informed of all developments. Governance The Association uses the NCVO 'Code of Good Governance, to inform its governancè procedures. Particular attention Is paid lo correct procedure concerning conflicts of interest viz a viz transactions with Trustees and voting righ15 in Council meetings. Guidance is sought through the Charity Commission and legal advisors where relevant. Trustees may c18im expenses if appropriate- these are reported iii the accounts under costs of Governance and are minimal. Risk Ass&ssment The Iruslees risk assess the aclivilie5 and responsibilities ol Ihe BDA and Council and seek to be aware and minimise risk when feasible. The aims and objoctlves of the Biodynamic Association Objects.. as per the Charity Incorporated Organisalion constitution of the BDA The object of the CIO is to research and develop, promote and disseminate knowledge of the Biodynamic methods inaugurated by Dr Rudolf Steiner for the betterment of farming, forestry and gardening." Our Purpose: To research, inspire, enthuse and empower increasing numbers of people in the UK to practice, engage with and explore biodynamic farming and gardening and food. as part of the global suslain8bility movement. 08JECTIVES AND ACTIVITIES The biodynamic method of farming and gardening: works with and harnesses the natural rhythms of the forces of earth, planets. constellations, sun and moon. to heal and regenerate the soil, plants, anifflals. people and ecosystems; empowers the farmer and gardener lo work creatively, compassionately and intuitively with Nature through respectftjl relationships with the farm and garden as a living natural and social organism and ecosystem", produces nourishing food with provenance, aiming to feed the mind and spirit, support our energy to engage with our life purpose and support our èvolving consciousness. Page 2
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 MARCH 2023 OBJECTIVES AND ACTIVITIES - contlnued 5-year Strategic Plan 2019: for promoting biodynamic knowledge, practice and rese3roh an running the charity Slralegy 1 Strategy 2 Strategy 3 Strategy 4 Strategy Sal Strategy 5bl Making biodynamics more accessible to more people Engaging and sustaining new and existing biodynamic supporters Expanding and strengthening the Biodynamic food netsork from producer lo consumer Consolidating the biodynamic movements position as a pioneer, partner and influencer Nurturing and sustaining the Biodynamic organisational network and its people Governance, Charitable status, leadership and delegation Public Benefit In planning the charity's aGlivilies for thè period the trustees kept in mind the Charity Commissior¢'s guidance on public benefit. The focus ol the charity's activities during the period, which explains the delivèry by Ihe charity of public benefit, is sel out below under 'Achievement and performance, and above under 'Objeclives and aims.. ACHIEVEMENT AND PERFORMANCE Activitles In 2021-22 Overview: During this year the Association has continued lo consolidate ils position in the UK. although Membership and Licensee numbers have fallen slightly compared lo the previous year. The Association continues lo provide certification to organic and Demeter standards. Quarterly newslellers and the twice-yearly magazine 'Slar and Furrow, continue to inform members and provoke livety debate, as does the Association'5 online presence through different social media platforms. A¢tlvity reports: Books and Preparations mostly via the webshop activity have performed well. Our amazing volunteers help with orders, pack and dispatch. The Preparab'on Group continues lo meet at least once a year and the team are in contact by email at other limes lo ensure that production meets demand and is ol assured quality. The majority of preparations are made by Bernard Jarman and Briony Young to order. The after-effecls of BSE continue lo mean that horns and other ingredients are sourced from as far afield as Latvia and Germany. The Three Kings Preparation remains a strong favourile with members of the Gardening Club and ready-prepared, small quantities are available for them and larger kits available for farms. Many thanks to Bernard Jarman and Hawkwood College for providing a home for the Prep Store and lo Janetle and lan for their weekly care, pack and dispatch woik. Communications and outrea¢h, newsletters and Star & Furrow: The learNs carrying this work are continuing lo ensure that published conlenl is forward-looking and relevant. We Iharik Digital Natives for their dedication in working with us lo getting the biodynamic message out. Education.. the increase in online courses which was precipilaled by the 2020 pandemic continues to widen the audience for BD courses. Our partners, the BD Agriculture College, Ruskin Mill. Apricot Centre, Wholistic Health Instilule, Wa51ham Place and others provide an increasingly large vaiiety of high quality courses and trainings endorsed by the BDA Board of Studies. Gardenlng Club: The Club is an important area of sharing information and practice about biodynamic methods lo a wider audience, it has a good team of expert BD gardening advisors and is coordin21ed by staff. It has seen a bil less activity this year wilhoul the many hours lo activate and hold it that Lynda BTown pulling in as a paid member ol thè team. 11 continues lo offer gardening support and advCe via its Facebook group, regular email upyates ahoul seasonal gardening activities, events and related news. Farm Servlces supports potential biodynamiG and organic farmers and growers as well as existing linsee8 and members. Farm Services also provides support for grant application5 for Sustainable Farming Incentive, Countryside Stewardship and ELMS. This work carried by Dan Powell, is benefiting farmers and the BDA through increased exchanges of information, activity and resources. The 2022 on-farm visits were much appreciated and mostly well attendeol. Page 3
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 ACHIEVEMENT AND PERFORMANCE- continued Marketlng and Supply chain: our online and web-based presence has beèn maintained. And the BDA and partners have continued lo be present al key national events for regener21ive and biodynamic farming. The new 2021 logo. representing the earth and soil, plant life, human and animal waimlh. and the sky and cosmos above us, has given the Association a fresh, modern feel. Membership.. Membership numbers have fallen slightly over the previous year bul remain around the long term average levels. Many members pay their subscription and give an extra donab'on, which is always greatly appreciated and allows us lo do that essential little bil more. As a membership organisation Il is important for us lo understand more fvlly the requiremer¢ls and interests of our membership. An online survey of members views wa5 carried out in late 2022 to help the BDA be aware ol members interests, views, elc Ilhank you to th8 Trustees who carried thi5, especially lan Thomas). Members views were further consulted al the AGM. A new database lo beller hold membership activity and records is now in place enabling members lo manage their own renewals and benefit from any discounts. Certification is a key area lor the BDA with numbers of licensees holding steady at around 280. There has been little change from last year. with around go Demeter and 50 organic producers (farmers Jgrowersl, and 50 Demeter ar 90 organic processorsltraders, this latter including importers. The BDA has contracts lo deliver certification to UK organic regulations with DEFRA, and is therefore inspected by UKAS. The organic standards undefpin the Demeter standards so it is helpful to certify lo both. BDA Certification enables Nvorking partnerships with other UK Organic Certifiers. While working with the requirements of our government brings challenges, especially post Brexit il is a valuable part of the whole. BDA continues to work with Irish licensees Ihiough a Demeter lop-up with the Irish Organic Association IIOAI. Finding the right Certification manager and keeping the staff expertise al necessary levels is an ongoing challenge. Thank you lo those steady staff who are holding the workload and responding lo licensees needs. This year severi new inspectors joined and were trained up lo lake on this important role carrying both biodyrkamics and our 8DA ethics out and about through the annual inspecb'on work. Reaching beyond the UK. the BDA plays an active part in Biodynamic Federation Demeter Intemational IBFDII, holding several roles on their commillee5 including Standards, Accreditation, Research and Training. The BDA is a full member of BFDI, paying membership and gelling benefits. Association's general a¢tlvlty The day to day business of responding to enquiries and information about biodynamics is an ongoing, core activity. as is the business rllanagemenl of the charity. Our January 2023 AGM (postponed from 20221 and Biodynamics Day event was held at the Ruskin Mill Wool Bam. Members were updated on activity and plans and consulted as part of the 'Breathing into OLJr Biodynamic Future, initiative, looking al expressing biodynamics, at key aims for different aspects of biodynamics in Britain. research and other key activities, supporting farms and training the next generation. 11 was an active and engaging day for members, slafl and trustees together. The BDA also participated in three important events.. the annual global Biodynamic Agriculture Conference in Dornach Switzerland in February where we piesented aspects of the British Genius Persona and Biodynamic History,. the now international Oxford Real Farming Conference (ORFCI in Oxford in January where the Biodynamics led on three different workshops {and was rnenlioned in many others). The third was in June where the BD movemonl had a stand al Groundswell and interacted with many, many, farmers ililerested in regenerative agriculture in one way or another. Page 4
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 ACHIEVEMENT AND PERFORMANCE- continued Government changes in farming policy and iegulation remain an important factor in the farming world., the BDA is involved in DEFRA consullalions, workshops, supporting other organisalions and being part of pressLfre group5 such as the English Organic Forum, Sustain, Beyond GM elc. on mallers such as ELMS and the National Food Strategy, gene editing changes in law and more. The progressive reductton in the Basic Payment Scheme for farms is making Trabl]ity ever tighler. FINANCIAL REVIEW FINANCES AND APPRECIATION OF SUPPORT Change of FinanGial Year - in 2023.. earlier this year il was decided to move lo a financial year starling in January rather than April, making 2023 a nine-month year ljust this lime April lo December). This is to beller support and align with the cerliftcalion activity which is the calendar year. For this rea50n figures for the next accounting year120231 may not be directly comparable with those currently reported hele of 2022123, Sponsorship and Partnerships these have come in many guises, funds for printing the newsletter, and support for events, andlor donations. all these are very much appreciated and make such a difference. We would like lo thank in particular,. Wallham Place and the Oppenheimer f8mily, the Dewcross Centre for Moral Technology, Weleda, Aonghus Gordon and Ruskin Mill Trust, Newton Dee Camphill Community, Botlon Village (CVTI and Lols Road Auctions for their ongoing support and all those not rnenlioned, but appreciated, who give extra help. Partnerships are particularfy helpful in enabling us to tackle and have more impact on the issues that maller here are some.. Wallham Place supports the BDA'S work generously in both staff time and other material support wth events. gardening courses, advice for the G8rdening Club and more. Aonghus Gordon and various members of his team al the Ruskin Mill Trust, collaborating on a variety of projects including delivery of the Slep by Slep gardening Courses in seven venues around the country and the informing and enabling of the Genius Loci process. Hermes Trust continues to offer grants for specific activities supporting the work of biodynamics in general. Dewcross Centre for MDral Technology continues lo generously support our printed newsletters with annual funding. Legacles: Reserves created through legacies over the past few years have enabled the continued funding of a part lime Exe¢ulive Director post, maintaining a good level of social m8di3 and other communications work, svpporling the continuation of the Gardening CILJb and Farm Services. as well as keeping some reserves for these posts for the next financial year 120231- The diminishing reserves will be ieviewed again for 2024. Fundraising is active. Donations including membership contributions and general donations continued to be of major supwil, providing approx. £32,000 of income this last year. Many members make regular donations by giving some extra with their membership. This is greatly appreciated and really helps cover much of the basic running costs of the charity. We can and do get Gift Aid wheie applicable on donation5, which gives an added bonus of 25TrA (usually about £3,000), Both legacies and donations help to enable projects and activities to meet the cha¥ltable and Strategic objectives. Grants: DEFRA continues to provide funds lo support the reporbng fftquired by registration as an organic certification body, this was approxlmalely £21,000. A grant from the Anthroposophical Society awarded in 2019 funded research into 4 biodynamic farms, ihis project has now completed. Parl of Ihis the grant helped pay for 4 short films in summer 2022 see hllps.'Il.b¢odynaMkc.0ry.UkI4-farm-caSe-studyl ., fuilher dissemination the results of this interesting piojecl is ongoing. Page 5
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 FINANCES AND APPRECIATION OF SUPPORT Investments.. Income from a legacy from Grange Kirkcaldy {GKKI, invested in 'charilable ethical, investments, contributes a variable amount of annual interest. In 2022123 it again prodUd around £10,000 which suppoits the charitable work while keeping the capital safe. £1000 of this is pul aside for bursaries to support students and young people allend BD trainings of various sorts. This year. several BD apprerkliceslex-apprentices were helpèd lo aitend ORFC and present a '8iodynamics Mallers, session, they did a great job. Rlsk - The BDA Trustees have designated these reserves {GKK investment fundl as our fund to meet Dur required risk policy. This 15 to cover the risk if the BDA should collapse financially lor some reason, the funds are then available lo support the charity through a temporary crisis. The value of this fund al the end of any financial year can vary - this year it has regained some of what it lost in the pandemic period and is now above its 2018 value al £183,830 on 31103123. Olhei risks are li$ted, evaluated and monitored al Trustee meetings and held in mind. and mitigated as much as possible. Any new pefceived fisk is discussed, assessed and listed. Financial overview Further development of diflerenl activities of the BDA was intended, yel due to financlal and people constraints we have had to pull back somewhat and this planning is not complete. Some reserves, donations as well as a surplus from the Ceilification income and reduced staffing has kept the boat afloat and the activity going. 2023 is also tight and a big fundraising push is on to help the organisation have the resources to share biodynatnics even more across the UK farming sector, particularly in 2024, the 100 years of biodynamics. The BDA works carefully with ils finances, preparing a budget in advance with fegular monitoring by staff and the executive director with a professional bookkeeper. reporting monthly to the Trustees. All key financial decisions arè made by the Trustees. The Iwo parts of the aclivily, charity Imembership and certfficalion have different needs and challenges,. they lend to complement each other pretty well so that cash flows 3nd the bottom line is miraculously maintained. The Iruslees were disappointed to learn of the administration of the Seed Co-operative since the year-end, placing al risk the Association's investment of £75,000. As il Is Still early in the process, the Iruslees are uncertain as lo how much, if any, of Iheii investment they will be able lo recover. They have chosen therefore not to impaif the value of thèir investment in these financial statements. structure and governanGe The BDA is led by Trustees bringing a variety of skills and experience, some of whom have supported the charty for many years and are on their fenewed second term of office. Trustees wlth special responsibility.. Jenni Rosenbrock is chair and also represents the BDA on the Seed Cooperative board, and with BD Agriculture College. lan Bailey is vice~chaii with goveinance and policy oversight, he volunteers with the preparations, Jeremy Stephens has taken on lo be Treasurer. Richard Thornton.Smith holds over5ighl for the Ceflification activity and Board, Tom Petherick is supporling fundiaising. LOOKING TO THE FUTURE In this current year 2023 the BDA stsrted the year by consulting with its members and licences to ensure that the future strategy and structure most accurately reflects the members and licences interests, this was undertaken by onlinè survey in NovlDec 2022 and al the January AGM event. It is also preparing for the 100 year5 since the introduction of biodynamics, to share and lo celebrate what this now ollers the world with depleted soils and struggling nature. There is more lo do and reviewing the Strategy from 2019 is part of the TTuslees work and they support the fundraising lo enable special activities lor a celebratory year. Page 6
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT AUTONOMOUS ASSOCIATED ACTIVITIES The A550cialion operates al the heart of the Biodynamic Movemènt with slruclural connections lo organisations with a shared common puiposè. Though associated, the following are fully autonomous organisations with no financial dependency between them and the BDA. Biodynamic Agricultural College {BDAC): The Biodynamic Agricultural College IBDACI became an independent charity in 2010. BDAC runs the Biodynamic Work-based Diploma training which is similar to an apprenticeship, and the online Introduction to Biodynamics and now has an excellent Viticulture Course into its second year and other offers. It is suppoiling biodynamic training across the English speaking worl(f wilh shared material. Biodynamic Land Trust Ltd: The Biodynamic Land Trust IBDLTI, founded in 201110 hold land for biodynamics. 11 is a Community Benefit Society and exempt charity. The purpose of the Trust is lo retain & secure land for Biodynamic farming. gardening ancl food growing with community connections where possible. The BDA is a Custodian Trustee and holds an asset lock. The Land Trust has several tenant farms and building a group of associated farms across the UK. It is parl of a nationwide development of work lo grow access to land potential by working with other agroecological land trusts and other such fora.11 is also working with large land owners. Blodynamic and Organic Plant Breedlng and Seed$ Ltd. laka Seed Co-operatlvel: The Seed Co-operative is a Community Benefit Society registered under the full name of Biodynamic and Organic Plant Breeding and Seeds Limited. 11 has Ihree main aims.. Breeding new strains of open pollinated plants, Pioducing and dislribulillglselling certified biodynamic and organic seed, Sharing knowledge and skills about seed saving, plant breeding and the imptsrtance of seed and food sovereignty. Currently it is sadly in administration and we do not yet know what the long term outcome might be. Section for Agrlculture and the Experlmental Circle In UK: The BDA, including the Certification team. work5 closely with the UK part of the international biodynamic research group called the Experimental Circle, whose task il is lo continue lo research and develop the application ol biodynamics. 11 works with the international coordination, promotion and research hub that is the Section for Agriculture, based 31 the Goelheanutn in Dornach, Switzerland, the annual agriculture conference and other workshops. These activities are connected lo the inlernalional Biodynamic Federation Demeter International of which the BDA is a mefflber, supports and parlicipates in certification workshops elc. There is also a regular meeting of the UK Agriculture section for those seeking to share and deepen their work with biodynamics on 3 spiritual as well as practical basis. Links and afflllations: Whole Health Agriculture Weleda UKCOG - the group or organic Certifiers in the UK Sustain Real Farming Trust Regen Ag Oxford Real Farming Conference Organic Research Centre Marinel- Marine Conseivalion for the UK Land Workers Alliance Inlernalional Federation ol Organlc AgricLsllure Movemenls IIFOAMI GM Freeze Garden Organic, Rylon Farming the Future FamiEd English organ Forutn IEOFI Eat Beller Beyond GM Page 7
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Financlal Fraud Th& BDA has processes 8nd procedures In Pla lo ensure protection aoalnst unauihorlsed access to systems or assols.Thes8 indude regular softrmre updates, strong password controls. aulhorisation limlls and segregation of duties. However, hackers gained acce55 to our email 5ysl8m during th8 Easter 2021 holSdays and generated fraudulent payment instructions which appeared to be legllimate Inslructlons. Acting on theso fraudul8nl paymenl Inslructlons 3 payments of £5,000 each was paid from the Biodynamlc Lond Trust Account on béhalf of the BDA. On disLvenng the fraud some £5,000 was recovered Ihrough the banking system. The BDA and BDLT agreod lo splll the net finanddl loss resulting fiom this fraud. Indudad in other costs is £5,000 whlch is th8 BDA loss Incurr8d. The Trus188s expect BDLT to pursue a dalm against the bank thal Issued the payment instruLlions and potentially recoup some or 811 of thts loss in the future. EVENTS SINCE THE END OF THE YEAR Inform81ion relatin9 lo events since th& end of the year 18 given in the notes lo the financial slatements. STATEMENT OF TRV3TEES' RESPONSIBILITIES The Iruslaès (who 8re also the dir8clors of BiodynarnicAgriuJltural Associatlt)n for the PUFPOS8S of company law) are responsible for preparlng the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted AcGountlng PrBcticel- Company18w requires the twstees lo prepare finandal Statements for each linanclal year whlch glve a trua and fairviow of thè stale of affairs of the Gharitable Company and of lh8 inwmlng resources and appllcation of resources, includlng the incoma and expenditure, of Ihe charitable company lor that pariod. In PT8paring Ihos6 financi81 statements. the tru5te&s are required to salact sult8bl8 8CAx)unng policiets 8nd then apply them consistenlly. observe the methods and princlples in the Charity SORP- make judgements and estimates that are reasonable and prudenL prepare the finan¢lal slalements on the golng ct¢ncem basls unless It Is lnapproprtate to presume that the charltable company will contlnua in busines& The trustees are responsible for keeplng proper accounting records which disdose wth reasonable accurocy at any lime the financial position of the charit8bJe company and to 8nable thèm io ensure that the financi81 slatements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the chaiitable company and hence for reasonable steps for the PTèV8nlion an¢J datection of fraud and other Irregularities. Approved by order of the board of tTUStee8 on. and slgned on its behalf by: ifer Rosenbrock- TnJste& Page 8
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BIODYNAMIC AGRICULTURAL ASSOCIATION Independont examinerfs report to the trustees of Biodynamlc Agricultural Associatlon I'the Company'l I report lo the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023. Responsibilities and basis of report As the charity's Iruslees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'lhe 2006 Acl'}, Having satisfied myself that the accournls of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I rèpoll in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 I'the 2011 Acl'l. In carrying out my exarllinalion I have followed the Directions given by the Charity Commission under Section 145151 Ibl of the 2011 Act. Indepondent examiner's statement Since your charity's gros5 income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the exarninalion because l am a member of the Institute of Gharlered Accountants in England and Wales. which is one of the listed bodies. I have ¢ompleted my examination. I confirm that no matters have come to my attention in connecb'oti with the examination givillg me cause lo believe.. accounting record5 were not kept in respect of the Company as required by Section 386 of the 2006 Act.. or the accounls do not accord with those records,. or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a Maller considered as parl of an independent examination., or the accounts have not been prepared in accordance with the methods ancl principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 10211. I have no concerns and have come across no other matters in connection with Ihe examination lo which allenlion should be drawn in thi5 report in order lo enable a propèr understanding of the accounts lo be reached. Roger Downes FCA Andorran Limited 6 Manor Park Business Contre Mackenzie Way Chellenham Gloucestershire GL519TX 10 October 2023 Page 9
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 31.3.23 Total funds 31.3.22 Total funds Unrestricted Reslricled funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 83,766 1,500 85,266 62,344 Charitable activiti¢s Charitable activities 335.301 335,301 368,898 Investment income 10,808 2,880 13,688 9,769 Total 429,875 4.380 434.255 441,011 EXPENDITURE ON Raising funds (2,5721 12,5721 2,572 Charitable activitigs Charitable activities 462.706 5,868 468,574 491,608 Total 460,134 S,868 466,002 494,180 Net gainsl(lossesl on investments 111,9661 {11,9661 13,299 NET INCOMEIIEXPENDITUREI Transfets between funds 142,2251 11,7151 11,4881 1,715 143,7131 139,8701 18 Net movemant in funds 143,9401 227 143,7131 139,8701 RECONCILIATION OF FUNDS Total funds brought fonaid 210,329 231,278 441,607 481,477 TOTAL FUNDS CARRIED FORWARD 166,389 231,505 397.894 441,607 The notes form parl of these financial statements Page 10
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA STATEMENT OF FINANCIAL POSITION 31 MARCH 2023 31.3.23 Total funds 31.3.22 Total funds Unreslricled funds Restricted funds Notes FIXED ASSETS Investments Investments Social investments 13 14 46,259 76,000 137,571 183,830 76.000 195,796 75,000 122,259 137,571 259,830 270,796 CURRENT ASSETS stocks Debtors Cash al bank and in hand 15 16 10.530 43,850 24,878 10,530 43,850 118,812 14,569 36,616 151,778 93,934 79,258 93,934 173,192 202,963 CREDITORS Amounts falling due within one yèaf 17 135.1281 135,1281 132,1521 NET CURRENT ASSETS 44,130 93,934 138.064 170,811 TOTAL ASSETS LESS CURRENT LIABILITIES 166.389 231,505 397,894 441,607 NET ASSETS 166,389 231,505 397,894 441,607 FUNDS Unrestricted funds Restricted funds 18 166,389 231,505 210,329 231,278 TOTAL FUNDS 397,894 441,607 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. The members have not requiTed the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibillties for lal ensuring that the charilable company keeps accounting r&cords that comply with Sections 386 and 387 of the Companies Act 2006 and Ibl preparing financial statements which give a true and fair view of the slate of affairs of the charitable company as al the end of each financial year and of ils surplus or deficil for each financial year in accordance with the requirements of Sections 394 and 395 and which olherwi5e comply with the requirements of the Companies Act 2006 relating to financial statements, so far a$ applicabl? lo the charitable company. The notes form part of these financlal statements Page11 continued...
BIODYNAMIC AÈRICULTURAL ASSQCIATIQN TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA STATEMENT OF FINANCIAL POSITION- ¢ontlnu•d. 31 MARCH 2023 Thes8 financial $talements have been prepared In accrdanrE 1th the provisloro appli¢8blg lo charitsble Gompanles subject to th& small compBnie8 regime. Th& financial statements re approv¢d by the Board of Twst88s and aUlh(KI for is%ue on d were sigNod on ils b8h8lf by- ifor Rosenbrock- Tr¢68 The notes form part of these financlal 3tatements Pagg 12
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 GENERAL INFORMATION The Charity is an Charitable Incorpofated Organisation 'CIO' registered in England, CE001656. The reglstered office is Open House, Painswick Inn, Gloucester Street, Stroud, GL5 1 QG. ACCOUNTING POLICIES Basls of preparing the flnancial statements The financial statements ol the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 1021 'A¢counting and Reporting by Charities., Statement of Recommended Practice applicable to charities preparing theif accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191,. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland. and the Companies A¢1 2006. The financial statements have been prepared under the historical cost Gonvenlion, with the exception of investments which are ncluded at market value, as modified by th8 revaluation of certain assets. Income All income is recognised in the Slalemenl of Financial Activities once the charity has entitlement to the funds, il is probable that the Income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as tsxpendilure as soon as there is a legal or construct5ve obligation committing the chaiity lo that expenditure, it is probable that a transfer ol economic benefits will be required in selllemenl and the amount ol the obligation can be measured reliably_ Expenditure is accounted for on an accruals basis and has been classified Ljnder headings that aggregate all cost related lo the category. Where costs cannot be directly atlribuled lo particular heading5 they have been allocated lo activities on a basis consistent with the use of resources. Social Investments Social investments are made exclusively lo further the charity's aims by funding specific aclivilies. Equity instruments are measured al their fair valuè at the reporting date if this can be measured reliably, or al cost less impairment. Concessionary loans are either initially measured al the amount received and paid and then adjusted in subseqLJent yeais lo reflect repayments, interest and any impairrnenl, or they are initially measured al the fair value and subsequently at their amorlised cost Using the effective interest method. Social investments that are measured al cost or amortised cost are assessed for objective evidence of impairment al the end of each reporting period. Any impairment losses are recognised immediately as a cost within 'expenditure on ¢haritsble activities, in the statement of financial activities. Stocks Stocks are valued at the lower of cost and nel reali5able value, after making due allowance for obsolete and slow moving items. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the IrLsslees. Resiricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and PLJrpose of each fund is included in the notes lo the financial statements. Page13 continued...
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATIQN OR BDA NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES. continued Foreign currencias Assets and liabilities in foreign currencies are translated into sterfing at the rates of exchange ruling at the statement of financial position dale. Transactions in foreign currencies are translated into slerSing al the rate of exchange ruling at the dale of transaction. Exchange differences are taken into account in arriving al Ihe operating result. DONATIONS AND LEGACIES 31.3.23 31.3.22 Donations and legacies Grants - Defra Subscriptions & membership Fundraising income 33,896 27,438 23.932 7,247 24,923 24.721 5.453 85,266 62,344 Grants received. included in the above, are as follows.. 31.3.23 31.3.22 Defra Gyanl 27,438 24.923 INVESTMENT INCOME 31.3.23 31.3.22 Donations for the Seed Coop Income from listed investments Deposit account interest 2,880 10,349 459 9,676 93 13,688 9,769 INCOME FROM CHARITABLE ACTIVITIES 31.3.23 31.3.22 Aclivlty Educational income- Training Books & Pyeparalions Certification activities Advertising income Gardening Club Farm SeNices Genius Loci BFDI Recharge Charitable activities Charitable activities Charitable activities Charitable activities Chartable activities Charitable activities Charitable activities Charitable activities 670 35,609 230,704 3,244 1,035 1,899 7,408 34,972 245,493 3,124 3,270 2,610 14,000 58.021 62,140 335,301 368,898 Page 14 onlinued...
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2023 RAISING FUNDS Other tradlng activitles 31.3.23 31.3.22 Bad debts 12,5721 2,572 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 81 Support costs (see note 91 Totals Charitable activities 76,070 392,504 468,574 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.3.23 31.3.22 Education, training & Bufsaries Projèct costs Participation & subscriptions Books & Prepaiations Star & Furrow, newsletter Gardening Club (incl salaries) Farm Services lincl salaries) Genius LDCI Seed Coop donations Outreach 310 4,000 600 25,362 12,533 3,520 8,945 13,923 592 468 22,550 10,916 21,006 13,089 9,521 1,868 18,932 26,047 76,070 118,112 SUPPORT COSTS Certification Activity Governance costs Management Totals Charitable activities 75,653 305,090 11,761 392,504 10. TRUSTEES, REMUNERATION AND BENEFITS There were no Iruslees, remuneration or other bènefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. Trust¢es' expense5 All expenses are paid in accordance with Charity Commission guidelines and all transactions with Iruslees are al market value. During the year to 31 March 2023. trustees claimed expenses or had their expenses mel by the charity. In total £53312022.. £8651 of expenses were reimbursed lo trustees during the year. Page 15 continued...
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA NOTES TO THE FINANCIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 31 MARCH 2023 11. STAFF COSTS The average monthly full time equivalent gmployees during the year was as follows.. 31.3.23 31.3.22 CertÈfi'calion Office Adminislralion No employees received emoluments in excess of £60,000. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslficted Reslricled fund5 ftjnds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 62.344 62,344 Charltable activlties Charitablè aclivities 354,898 14,000 368,898 Investment income 9,389 380 9,769 Total 426,631 14,380 441,011 EXPENDITURE ON Raising funds 2.572 2,572 Charitable activitles Charitable activities 481,487 10,121 491,608 Total 484,059 10,121 494,180 Net gains on investments 3,347 9,952 13,299 NET INCOMEIIEXPENDITUREI 154,0811 14,211 {39,8701 RECONCILIATION OF FUNDS Total funds brought lomard 264,410 217,067 481,477 TOTAL FUNDS CARRIED FORWARD 210,329 231,278 441,607 Page16 continued...
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE 810DYNAMIC ASSOCIATION OR BDA NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2023 13. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1 April 2022 Revaluations 195,796 111,9661 Al 31 March 2023 183,830 NET BOOK VALUE Al 31 March 2023 183,830 At 31 March 2022 195,796 There were no investment assets outside the UK, Cost or valijalion at 31 March 2023 is represented by.. Listed investments Valuation in 2019 Valuation in 2020 Valuation in 2021 Valuation in 2022 Valuation in 2023 Cost 2,329 142,5791 34,326 13,299 111,9661 188,421 183,830 The balance ol listed investments above represents £137,572 ftom the Grange Kirkcaldy fund and £46,258 of general funds. Interest received on these investments is Ireated as general unreslricled income, 14. SOCSAL INVESTMENTS Programme related investments equity MARKET VALUE At 1 April 2022 Additions 75.000 1.000 Al 31 March 2023 76.000 NET BOOK VALUE At 31 March 2023 76,000 Al 31 March 2022 75,000 Shares in Biodynamic & Organic Plant Breeding & Seeds Limited (Seed Co-operalivel Shares in Tablehursl & Plaw Hatch Community Farm Limited Page 17 onlinued...
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2023 15. STOCKS 31.3.23 31.3.22 Books & preparations 10,530 14,569 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.23 31.3,22 Trade debtors Other debtors Prepayments and accrued income 42,512 795 543 35,475 648 493 43,850 36,616 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.23 31.3.22 Tracle creditors Social security and other taxes VAT other credilors Accruals and deferred income 15,197 4,075 4,690 7,920 3,246 7.561 4,730 9,877 1,500 8,484 35.128 32,152 18. MOVEMENT IN FUNDS Nel movement in funds Transfeis between funds Al 31.3.23 Al 1.4.22 Unrestricted funds General fund Gardening Club 207,059 3,270 143,2601 1,035 11,7151 162,084 4,305 210,329 142,225} 11,7151 166,389 Restricted funds Grange Kirkcaldy Fund Seed Cooperative Anthroposophical Sociely GB Genius Loci Communication of Biodynamics - RMET Newsletter Printing 146,526 75,988 2,285 4,479 146,526 77.000 1.012 14,0001 1,715 4,479 2.OOD 2,000 1,500 1,500 231,278 11,4881 1,715 231,506 TOTAL FUNDS 441,607 143,7131 397,894 Page 18 continued...
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 18. MOVEMENT IN FUNDS. contlnued Nel movement in funds, irkcluded in the above are as follows.. Incoming resources Resources expended Gains and Movement losses in funds Unrestrlcted funds General fund Gardening Club 428,840 1,035 1460,134} 111,9661 143,2601 1,03S 429,875 1460.1341 111,9661 142,2251 Restrtcted funds Seed Cooperative Anthroposophical Society GB Newsleller Printing 2,880 11,8881 14,0001 1,012 14,01)01 1,51K) 1,500 4.380 {5,8681 {1,488) TOTAL FUNDS 434.255 1466,0021 111,9661 {43.7131 Comparatives for movement in funds Net movement in funds Al 31.3.22 Al 1.4.21 Unrestricted funds General fund Gardening Club 264.410 157,3511 3,270 207,059 3,270 264,410 154,0811 21D,329 Restrictèd funds Grange Kirkcaldy Fund Seed Cooperative Anlhroposophsc31 Society GB Genius Loci Communication of Biodynamics - RMET 136,574 75,608 2.885 9,952 380 16001 4,479 146,526 75,988 2,285 4,479 2,000 2,000 217,067 14.211 231,278 TOTAL FUNDS 481,477 139,8701 441,607 Page 19 continu8d...
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA NOTES TO THE FINANCIAL STATEMENTS- continugd FOR THE YEAR ENDED 31 MARCH 2023 18. MOVEMENT IN FUNDS- continued Comparative nel movement in funds, included in the above are as follows.. Incoming Resources resources expended Gains and Movement losses in funds Unrestricted funds General fund Gardening Club 423,361 3,27D 1484.0591 3,347 {57,3511 3,270 426,631 1484,0591 3.347 154,0811 Restricted fund$ Grange Kirkcaldy Fund Seed Cooperative Anthroposophical Society GB Genius Loci 9,952 9.gS2 380 16001 4,479 380 {6001 19,5211 14,000 14,380 110,121) 9,952 14.211 TOTAL FUNDS 441,011 1494,1801 13,299 139,8701 Gardening Club Fund To assist In selling up the Gardening Club. Grange Klrkcaldy Fund To support those learning about biodynamics with small amount for courses and events. SBed Cooperative Fund Sh2res held in this Community Benefit Society to support and underpin the ownership of land and business for biodynamic seeds. Anthroposophical Society GB Fund Farm Case Sttjdy research project. Genlus Loci Fund To ensure that the BDA and the biodynamic movement in the UK is fit for purpose and ieady lo upscale Communicatlon of 8iodynamlcs Fund - RMET To engage, mainly young. people with the communication of biodynamics via text and video clips. Newsletler printing To assist with printing and distribution of the pap&r version of the newsletter. The policy lor deployment of these funds is that the Trustees agr to the funds being used as per their designation or reslrictlon and any further details as needed and how much can be used in each financial year via the budget preparalioy work in the trustee meelings. Once this is decided the Executive Director agrees particular spends if needed and monitors the use as pèr budget agreed. Fage 20 continued...
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2023 19. RELATED PARTY DISCLOSURES Waltham Place Farm A licensee in which A Tranquilini is a senior employee. During the year the Association made sales tolalling £1.612 12022,, £1,509} lo Wallh8m Place Farm and received a donation of £120 (2022.. £651. These transactions were al an arm's length basis. Laurlston Farm A licensee in which S Christy is the CEO. During the year the Association made sales tolalling £1,16712022.' £1,004} to Laurislon Farm. These transactions were al an arm's length basis. Severn Valley Biodynamic Land Tralning Course A now closed linked organisalion of which l Bailey was a director. During the year Severn Valley Biodynamic Land Training Course donated £nil 12022.. £8) to the Association. The Association made sale5 tolalling £152 12022.. £1271 to l Bailey. These transactions were at an arm's length basis. Nantclyd Farm A licènsee in which L Findlay is a senior employee. During the year the Association made sales lolalling £3,53612022.' £1,175) lo Nanlclyd Farm. These Iransaotions were al an arm's length basis. Biodynamlc Land Trust Community Benefit Society of which the Association is custodian Iruslee. During the year the Association made sales totalling £60912022.. £761 lo Biodynamic Land Trust and paid invoices to the related party totalling £nil 12022-. £5,091). These transactions were al an arm's length basis. Biodynamic Agricultural College Charitable educational organisalion with similar aims to the Association and run out of the same premise5. During the year the Association made sa8 lotalling £nil 12022.. £3511 lo Biodynamic Agricultural College. These transactions were at an arm's length basis. Seed Co-operative Seed and plant breeding CBS, a community benefit society which offers investment in withdrawable shares of which the Association is a custodian trustee. During the year the Association collected donations tolalllng £2,88012022.. £llill for this society and paid over £1,86812021". £nill to the society. These transactions were al an arm's16ngth basis. Page 21 continued...
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2023 20. POST BALANCE SHEET EVENTS Since the year-end the Seed Co-operative ha5 gone ir¢to administration, placing at risk the Association's investment of £75,000. As the Iruslees are uncertain as to how muGh, if any, of the investment will be iecovered, no impairment of the investment valuab.on has been included in these financial statements. Page 22
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR BDA DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 31.3.23 31.3.22 INCOME AND ENDOWMENTS Donatlons and legactes Donations and legacies Grants - Defra Subscriptions & membership Fundraising income 33,896 27,438 23,932 7,247 24,923 24,721 5.453 85.266 62,344 Investment income Donations for the Seed Coop Income from listed investments Deposit account interest 2,880 10,349 459 9,676 93 13.688 9,769 Charitable activitles Educational income - Training Books & Preparations Certification activities Advertising income Gardening Club Farm Services Genius Loci BFDI Recharge 670 35,609 230.704 3.244 1,035 1,899 7,408 34,972 245,493 3,124 3,270 2,610 14,000 58,021 62,140 335,301 368,898 Total incomlng resources 434,255 441,011 EXPENDITURE Other trading activltle5 Bad debts 12,5721 2,572 Charitable activitl8s Educ8lion, training & Bursaries Project costs Pailicipalion & subscriptions Books & Preparations Star & Furrow, newsletter Gardening Glub lincl salaries) Farm Services (incl salarie51 Genius Loci Seed Coop donations Outreach 310 4,000 60D 25,362 12.533 3,520 8,945 13,923 592 468 22,550 10,916 21,006 13,089 9,521 1,868 18,932 26,047 76,070 118,112 This page does not fo¥m part of the slalulory financial statements Page 23
BIODYNAMIC AGRICULTURAL ASSOCIATION TRADING AS THE BIODYNAMIC ASSOCIATION OR 8DA DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 31_3.23 31.3.22 Support cost5 Managem¢nt staff costs Ollice costs 62,481 13,172 81,314 12,312 75,653 93,626 Certification Activity Staff costs Accreditation Office costs Promotion Management and certifi'cation workshop5 International representation Inspectors, fees Inspectors, expenses Other costs including BFDI rechaTge 119,404 7.416 9,243 1,198 11,779 2,836 56,175 34,785 62,254 93,844 10,640 8,320 4.420 7.606 5.198 53.504 20,981 62,526 305,090 267,039 Governance costs Accountancy and bookkeeping Costs of Iruslee$' meetings Bank charges Legal and finance 6,480 1,419 263 3,599 5,939 1,129 399 5,364 11,761 12,831 Total resources expended 466.002 494.180 Net expenditure before gains and losses 131,7471 153,1691 Realised recognised galns and losses Realised gainsl{losses) on fixed asset investments 111,9661 13.299 Net expenditure 143,7131 139,8701 This page does not form pafl of the slalulory financial statements Page 24
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