**REGISTERED COMPANY NUMBER: 00065252 (England and Wales) REGISTERED CHARITY NUMBER: 212110** ## **Report of the Trustees and** **Unaudited Financial Statements** **for the Year Ended 31st March 2024** **for** ## **Royal Smithfield Club(The)** Rennie Welch LLP Academy House Shedden Park Road Kelso Roxburghshire TD5 7AL **Royal Smithfield Club(The)** ## **Contents of the Financial Statements for the year ended 31st March 2024** |||**Page**|| |---|---|---|---| |**Report of the trustees**|1|to|4| |**Independent examiner's report**||5|| |**Statement of financial activities**||6|| |**Balance sheet**||7|| |**Notes to the financial statements**|8|to|15| |**Detailed statement of financial activities**||16|| **Royal Smithfield Club(The) (Registered number: 00065252)** ## **Report of the Trustees for the year ended 31st March 2024** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019). ## **Objectives and activities** ## **Objectives and aims** The principal objective of the Charity is to promote the production of quality prime stock for the benefit of all producers and consumers through competitions, exhibitions, publications, demonstrations, research, collaboration and participation, to achieve the adoption of best practice in managing all aspects of breeding, husbandry, health, hygiene, welfare and safety of livestock. ## **Public benefit** The Charity's objectives and activities are all aimed at benefiting, through the opportunity of increased knowledge and understanding, those involved in the production of livestock for the meat sector, those involved in the preparation and retailing of British meat for the retail customer, and for the consumer to understand the criteria used for defining quality meat. Whilst the Charity offers unrestricted membership for those directly involved in the business of meat production, the majority of the Charity's activities are open to all members of the industry. In regularly reviewing the activities of the Charity the Trustees ensure that the Charity always meets the criteria of public benefit. ## **Achievement and performance** ## **Charitable activities** During the year, the Charity has presented trophies and had a presence at the following events: - One trophy was presented at the Royal Ulster Beef & Lamb Championships for the Calf Champion - One trophy was presented to the Young Handlers Champion at Stars of the Future - Two trophies were presented at LiveScot - Two trophies were presented at AgriFest South West - The Duke of Norfolk trophy was presented at the English Winter Fair alongside other trophies for YFC, RABI and Beef Ribs & Saddle of Lamb - A further trophy was loaned to the British Society of Animal Science for its Sir John Hammond award The Club has selected a winner for its annual Bicentenary Trophy award to recognise a person or company who has made a significant contribution to the British meat livestock industry, to highlight the benefits of their work to the industry. Page 1 **Royal Smithfield Club(The) (Registered number: 00065252)** ## **Report of the Trustees for the year ended 31st March 2024** ## **Achievement and performance** ## **Review of the Charity's Activities** In the current economic environment, the Trustees have continued to undertake further detailed reviews of all aspects of risk that face the charity: - declining business numbers in livestock farming and butchery - the changing needs of the industry for technical events rather than major shows - the lower numbers of animals in the livestock sector - the changing direction for agriculture and the development of the retail sector ## **Ongoing activities** The Charity will continue to organise competitions, for which the Charity has donated trophy assets, valued at £122,371, to demonstrate various classes of production on an annual basis and continues to identify new areas of demand, where such competitions can improve the quality of the product. These trophies are included within the balance sheet of the attached financial statements. In addition, the Charity will: - review the role of livestock competitions and the classes involved to focus on today's markets in order to help producer understanding - seek new areas of co-operation with other agricultural organisations to help the farming community handle the changing business environment - continue to encourage participation in study and research through scholarships ## **Financial review** ## **Financial position** There was an increase in the income received in the year, combined with a fall in expenditure, resulting in a surplus for the year (before gains on investments) of £26,413 compared to losses of £10,950 in the prior year. There was a gain on investments in the year of £2,707 compared to a loss of £2,525 in the prior year. The Charity's capital and reserves therefore increased by £29,120 (2023: decreased by £13,475). Seven Investment Management (Seven IM), who have now completed their thirteenth full year as the Charity's investment managers, have performed well during the current period. the investment portfolio will continue to be monitored closely with the Charity's advisors and the Trustees with reviews of the funds and the investment policy at each trustee meeting. ## **Investment policy and objectives** The Trustees have a policy of maintaining a low risk income generation objective for the investment portfolio. The investment managers, Seven IM., were given the discretionary management of the Charity's portfolio, and the trustees instructed Seven IM to manage the portfolio with a balanced approach. The strategy is reviewed periodically. ## **Reserves policy** The Trustees follow the policy of maintaining the reserves at a level that will produce sufficient investment income to be able to fund the shortfall between current income and the cost of running its charitable events and activities, on an ongoing basis. The trustees have instigated a more frequent programme of reviews with the Charity's investment managers to monitor the portfolio of investments. The current level of total reserves of £193,004 (2023: £163,884) and 'free reserves' (i.e. total reserves less any restricted funds less the carrying amount of any tangible fixed assets) of £68,673 (2023: £39,561) have met this objective following the Trustees review of all costs to reduce the shortfall of previous years and consideration of new methods of income generation. In addition the Club's Trustees meet at least twice every year to review the changing demand of the livestock farming and meat industry, to ensure the activities of the Charity are correctly focused. Page 2 **Royal Smithfield Club(The) (Registered number: 00065252)** ## **Report of the Trustees for the year ended 31st March 2024** ## **Structure, governance and management Charity governance** The board of up to six trustees is responsible for the direction and control of the Charity's activities and finance. the Trustees report to an open Annual Meeting of Charity Members once in each year. The trustees are all elected / approved by the Members at the Annual Meeting. ## **Charity constitution** The Royal Smithfield Club is a company limited by guarantee and is governed by its memorandum and articles. ## **Recruitment and appointment of new trustees** Trustees are appointed by Charity Members in accordance with the procedures set out in the byelaws. Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the charitable company in the event of a winding up. The total number of such guarantees at 31st March 2024 was 6 (2023: 6). ## **Trustees induction and training** New Trustees are drawn from the membership and are therefore people who already have a full understanding of the Charity's purpose, activities and operations. Individual briefing for each new Trustee is given as necessary. ## **Reference and administrative details Registered Company number** 00065252 (England and Wales) ## **Registered Charity number** 212110 ## **Registered office** 1b Back Lane Rosebud House Claybrooke Magna Leicestershire LE17 5AW ## **Trustees** G W Burgess J Hopwood H S Orpwood C P Riddle (resigned 31/12/23) F W S Bedell J R Dracup J Campbell (appointed 1/1/24) ## **Company Secretary** R H Saunders ## **Independent Examiner** Rennie Welch LLP Academy House Shedden Park Road Kelso Roxburghshire TD5 7AL Page 3 **Royal Smithfield Club(The) (Registered number: 00065252)** ## **Report of the Trustees for the year ended 31st March 2024** ## **Reference and administrative details Solicitors** Stone King 13 Queen Square Bath BA1 2HJ **Principal Bankers** National Westminster Bank Plc 24-25 Stall Street Bath BA1 1QF ## **Investment Managers** Seven Investment Management 55 Bishopgate London EC2N 3AS ## **Industry Strategy Director** John Dracup Approved by order of the board of trustees on 31st October 2024 and signed on its behalf by: H S Orpwood - Trustee Page 4 ## **Independent Examiner's Report to the Trustees of Royal Smithfield Club(The) (Registered number: 00065252)** ## **Independent examiner's report to the trustees of Royal Smithfield Club(The) ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2024. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. ## **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: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. 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 matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mairi Drummond FCCA CTA Rennie Welch LLP Academy House Shedden Park Road Kelso Roxburghshire TD5 7AL 7th November 2024 Page 5 ## **Royal Smithfield Club(The)** ## **Statement of Financial Activities for the year ended 31st March 2024** |**Unrestricted**
**fund**
**Notes**
**£**
**Income and endowments from**
Donations and legacies
1,068
Other trading activities
2
17
Investment income
3
855
Other income
32,000
**Total**
33,940
**Expenditure on**
Raising funds
4
1,008
**Charitable activities**
5
Winter Fairs
3,913
Awards and Scholarships
1,353
Advice and information to members
1,253
Smithfield Forum
-
**Total**
7,527
Net gains/(losses) on investments
2,707
**NET INCOME/(EXPENDITURE)**
29,120
**Transfers between funds**
12
(8)
**Net movement in funds**
29,112
**Reconciliation of funds**
Total funds brought forward
161,932
**Total funds carried forward**
191,044|**Restricted**
**fund**
**£**
475
-
-
-
475
-
285
95
95
-
475
-
-
8
8
1,952
1,960|**2024**
**Total**
**funds**
**£**
1,543
17
855
32,000
34,415
1,008
4,198
1,448
1,348
-
8,002
2,707
29,120
-
29,120
163,884
193,004|**2023**
**Total**
**funds**
**£**
2,761
-
559
-
3,320
1,690
3,663
776
2,052
6,089
14,270
(2,525)
(13,475)
-
(13,475)
177,359
163,884| |---|---|---|---| The notes form part of these financial statements Page 6 **Royal Smithfield Club(The) (Registered number: 00065252)** ## **Balance Sheet 31st March 2024** |**Unrestricted**
**fund**
**Notes**
**£**
**Fixed assets**
Tangible assets
9
122,371
Investments
10
63,236
185,607
**Current assets**
Cash at bank and in hand
7,479
**Creditors**
Amounts falling due within one year
11
(2,042)
**Net current assets**
5,437
**Total assets less current liabilities**
191,044
**NET ASSETS**
191,044
**Funds**
12
Unrestricted funds
Restricted funds
**Total funds**|**Restricted**
**fund**
**£**
-
-
-
1,960
-
1,960
1,960
1,960|**2024**
**Total**
**funds**
**£**
122,371
63,236
185,607
9,439
(2,042)
7,397
193,004
193,004
191,044
1,960
193,004|**2023**
**Total**
**funds**
**£**
122,371
40,668
163,039
4,052
(3,207)
845
163,884
163,884
161,932
1,952
163,884| |---|---|---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 31st October 2024 and were signed on its behalf by: H S Orpwood - Trustee The notes form part of these financial statements Page 7 **Royal Smithfield Club(The)** ## **Notes to the Financial Statements for the year ended 31st March 2024** ## **1. Accounting policies** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. ## **Income** Income is largely derived from membership donations, subscriptions, sponsorship, investment income and other donations. Incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment advisor of the dividend yield of the investment portfolio. ## **Expenditure** Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. All expenditure, other than that which has been capitalised, is included in the Statement of Financial Activities. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure has been allocated directly where possible, or on a basis of estimated usage. The allocation fo support costs not relating to once specific activity have been allocated as follows: |**Category**|**Contractor Costs**|**Other Costs**| |---|---|---| |Raising funds|Between 5% and 20%|-| |Winter Fairs|Between 20% and 60%|30%| |Awards and Scholarships|Between 5% and 20%|Between 5% and 20%| |Smithfield Forum|Between 0% and 45%|Between 0% and 45%| |National Young Stars|Between 0% and 15%|Between 0% and 10%| |Advice and Information to Members|Between 10% and 25%|Between 10% and 20%| Further details are provided in the notes. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Trophies and memorabilia - not provided Show equipment - at varying rates on cost Trophies, paintings and memorabilia are included in fixed assets at the insurance valuation where available and any subsequent additions to this category are included at either cost or the donated value as appropriate. No depreciation has been charged as the trustees believe that this is not relevant given the nature of the assets involved. Page 8 continued... **Royal Smithfield Club(The)** ## **Notes to the Financial Statements - continued for the year ended 31st March 2024** ## **1. Accounting policies - continued** ## **Tangible fixed assets** Expenditure is only capitalised on individual assets with a cost of at least £1,000. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. ## **Going concern** The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising the financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to continue as a going concern. ## **2. Other trading activities** ## **3.** ## **4.** |Merchandise sales
**Investment income**
Investment income
**Raising funds**||**2024**
**£**
17
**2024**
**£**
855||**2023**
**£**
-
**2023**
**£**
559| |---|---|---|---|---| |||**2024**||**2023**| |||**£**||**£**| |Investment management fees||408||377| |Smithfield forum||600||1,313| |||||| |||||| |||1,008||1,690| |||||| |||||| Page 9 continued... **Royal Smithfield Club(The)** ## **Notes to the Financial Statements - continued for the year ended 31st March 2024** ## **5. Analysis of expenditure on charitable activities** ## **Year ended 31 March 2024** |**Year ended 31 March 2024**|||||| |---|---|---|---|---|---| ||**Winter**
**Fairs**|**Awards**
**&**
**Scholar-**
**ships**|**Smithfield**
**Forum**|**Advice**
**& info to**
**Member**
**s**|**Total**| ||**£**|**£**|**£**|**£**|**£**| |Insurance|1,114|371|-|371|1,856| |Postage and stationery|161|54|-|54|269| |Sundries|22|7|-|7|36| |Events|154|-|-|-|154| |Travelling and subsistence|76|26|-|26|128| |Subscriptions and donations|459|253|-|153|865| |Contracted management
services|1,440|480|-|480|2,400| |Book-keeping & consultancy|292|97|-|97|486| |Accountancy fees|480|160|-|160|800| ||||||| ||||||| |**TOTAL**|**4,198**|**1,448**|**-**|**1,348**|**6,994**| ||||||| ## **Year ended 31 March 2023** |**Year ended 31 March 2023**|||||| |---|---|---|---|---|---| ||**Winter**
**Fairs**|**Awards**
**&**
**Scholar-**
**ships**|**Smithfield**
**Forum**|**Advice**
**& info to**
**Member**
**s**|**Total**| ||**£**|**£**|**£**|**£**|**£**| |Insurance|877|146|1,316|585|2,924| |Postage and stationery|199|33|298|133|663| |Sundries|10|2|16|7|35| |Events|263|-|-|-|263| |Travelling and subsistence|95|16|143|64|318| |Subscriptions and donations|457|176|686|304|1,623| |Contracted management
services|1,312|328|2,954|659|5,253| |Book-keeping & consultancy|142|24|213|94|473| |Accountancy fees|308|51|463|206|1,028| ||||||| ||||||| |**TOTAL**|**3,663**|**776**|**6,089**|**2,052**|**12,580**| ||||||| ## **6. Net income/(expenditure)** Net income/(expenditure) is stated after charging/(crediting): ||**2024**|**2023**|| |---|---|---|---| ||**£**|**£**|| |Surplus on disposal of fixed assets|(32,000)||-| Page 10 continued... **Royal Smithfield Club(The)** ## **Notes to the Financial Statements - continued for the year ended 31st March 2024** ## **7. Trustees' remuneration and benefits** There were no trustees' remuneration or other benefits for the year ended 31st March 2024, other than £3,000 paid to Mr R Saunders in his capacity as Secretary. There were no trustees' remuneration or other benefits for the year ended 31st March 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023. ## **8. Comparatives for the statement of financial activities** |**Unrestricted**
**fund**
**£**
**Income and endowments from**
Donations and legacies
1,761
Investment income
559
**Total**
2,320
**Expenditure on**
Raising funds
1,690
**Charitable activities**
Winter Fairs
3,293
Awards and Scholarships
714
Advice and information to members
1,805
Smithfield Forum
5,534
**Total**
13,036
Net gains/(losses) on investments
(2,525)
**NET INCOME/(EXPENDITURE)**
(13,241)
**Reconciliation of funds**
Total funds brought forward
175,174
**Total funds carried forward**
161,933|**Restricted**
**fund**
**£**
1,000
-
1,000
-
370
62
247
555
1,234
-
(234)
2,185
1,951|**Total**
**funds**
**£**
2,761
559
3,320
1,690
3,663
776
2,052
6,089
14,270
(2,525)
(13,475)
177,359
163,884| |---|---|---| Page 11 continued... **Royal Smithfield Club(The)** ## **Notes to the Financial Statements - continued for the year ended 31st March 2024** ## **9. Tangible fixed assets** |**Trophies**
**and**
**memorabilia**
**£**
**Cost**
At 1st April 2023 and 31st March 2024
122,371
**Depreciation**
At 1st April 2023 and 31st March 2024
-
**Net book value**
At 31st March 2024
122,371
At 31st March 2023
122,371
**10.**
**Fixed asset investments**
**Market value**
At 1st April 2023
Additions
Disposals
Revaluations
At 31st March 2024
**Net book value**
At 31st March 2024
At 31st March 2023
There were no investment assets outside the UK.
Cost or valuation at 31st March 2024 is represented by:
Valuation in 2024|**Show**
**equipment**
**Totals**
**£**
**£**
111,640
234,011
111,640
111,640
-
122,371
-
122,371
**Listed**
**investments**
**£**
40,668
24,861
(3,347)
1,054
63,236
63,236
40,668
**Listed**
**investments**
**£**
63,236| |---|---| Listed investments are held in the Seven Investment Management GBP Mutual Funds and traded in quoted public markets. The fair value of these investments is determined by reference to the equivalent market value, using the bid price at the balance sheet date. Page 12 continued... **Royal Smithfield Club(The)** ## **Notes to the Financial Statements - continued for the year ended 31st March 2024** ## **11. Creditors: amounts falling due within one year** |Trade creditors
VAT
Accrued expenses|**2024**
**£**
209
963
870
2,042|**2023**
**£**
1,118
1,219
870| |---|---|---| |||3,207| **12. Movement in funds** |**At 1.4.23**
**£**
**Unrestricted funds**
General fund
161,932
**Restricted funds**
Subscriptions
1,952
**TOTAL FUNDS**
163,884
Net movement in funds, included in the above are as follows:
**Incoming**
**resources**
**£**
**Unrestricted funds**
General fund
33,940
**Restricted funds**
Subscriptions
475
**TOTAL FUNDS**
34,415
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**Restricted funds**
Subscriptions
**TOTAL FUNDS**|**Net**
**movement**
**in funds**
**£**
29,120
-
29,120
**Resources**
**expended**
**£**
(7,527)
(475)
(8,002)
**At 1.4.22**
**£**
175,174
2,185
177,359|**Transfers**
**between**
**At**
**funds**
**31.3.24**
**£**
**£**
(8)
191,044
8
1,960
-
193,004
**Gains and**
**Movement**
**losses**
**in funds**
**£**
**£**
2,707
29,120
-
-
2,707
29,120
**Net**
**movement**
**At**
**in funds**
**31.3.23**
**£**
**£**
(13,242)
161,932
(233)
1,952
(13,475)
163,884| |---|---|---| Page 13 continued... **Royal Smithfield Club(The)** ## **Notes to the Financial Statements - continued for the year ended 31st March 2024** ## **12. Movement in funds - continued** Comparative net movement in funds, included in the above are as follows: |**Incoming**
**resources**
**£**
**Unrestricted funds**
General fund
2,320
**Restricted funds**
Subscriptions
1,000
**TOTAL FUNDS**
3,320
A current year 12 months and prior year 12 months combined
**At 1.4.22**
**£**
**Unrestricted funds**
General fund
175,174
**Restricted funds**
Subscriptions
2,185
**TOTAL FUNDS**
177,359|**Resources**
**Gains and**
**Movement**
**expended**
**losses**
**in funds**
**£**
**£**
**£**
(13,037)
(2,525)
(13,242)
(1,233)
-
(233)
(14,270)
(2,525)
(13,475)
position is as follows:
**Net**
**Transfers**
**movement**
**between**
**At**
**in funds**
**funds**
**31.3.24**
**£**
**£**
**£**
15,878
(8)
191,044
(233)
8
1,960
15,645
-
193,004| |---|---| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||**Incoming**|**Resources**|**Gains and**|**Movement**| |---|---|---|---|---| ||**resources**|**expended**|**losses**|**in funds**| ||**£**|**£**|**£**|**£**| |**Unrestricted funds**||||| |General fund|36,260|(20,564)|182|15,878| |**Restricted funds**||||| |Subscriptions|1,475|(1,708)|-|(233)| |**TOTAL FUNDS**|37,735|(22,272)|182|15,645| Page 14 continued... **Royal Smithfield Club(The)** ## **Notes to the Financial Statements - continued for the year ended 31st March 2024** ## **13. Related party disclosures** There were no related party transactions for the year ended 31st March 2024. Page 15 ## **Royal Smithfield Club(The)** ## **Detailed Statement of Financial Activities for the year ended 31st March 2024** ||**2024**|**2023**| |---|---|---| ||**£**|**£**| |**Income and endowments**||| |**Donations and legacies**||| |Membership subs and donations|1,068|1,461| |Donations|475|1,000| |Smthfield forum membership|-|300| ||1,543|2,761| |**Other trading activities**||| |Merchandise sales|17|-| |**Investment income**||| |Investment income|855|559| |**Other income**||| |Gain on sale of tangible fixed assets|32,000|-| |**Total incoming resources**|34,415|3,320| |**Expenditure**||| |**Raising donations and legacies**||| |Smithfield forum|600|1,313| |**Investment management costs**||| |Investment management fees|408|377| |**Charitable activities**||| |Insurance|1,855|2,924| |Postage and stationery|269|663| |Sundries|35|35| |Events|154|263| |Travelling and subsistence|128|318| |Subscriptions and donations|866|1,623| |Contracted management services|2,400|5,253| |Book-keeping & consultancy|487|473| |Accountancy fees|800|1,028| ||6,994|12,580| |Total resources expended|8,002|14,270| |**Net income/(expenditure) before gains**||| |**and losses**|26,413|(10,950)| |**Realised recognised gains and losses**||| |Unrealised gains/(losses) on fixed asset||| |investments|1,054|(5,334)| |Realised gains/(losses) on fixed asset||| |investments|1,653|2,809| |**Net income/(expenditure)**|29,120|(13,475)| This page does not form part of the statutory financial statements Page 16