Charity re9l$tratlon number 213782 Company regl$tratlon numb•r 00013393 (England and Wah$l THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE ROYALASSOCIATION OF BRITISH DAIRY FARMERS LEGAL AND ADMINISTRATIVE INFORMATION Trusto•s Mr PJ Alvis MT J Brierfey Mr RK Craig Mr TJ Downes MrLR C Edwards Mr MP King Mr GN Trehane Mrs DR Wastenage Mr WJ Westacott Mr WH Whiteford Mr WLArmilage Mrs SJ Tomlinson Mrs KE Halton Charlty number 213782 Company number 00013393 Reglstered offlce Rase Centrg 6th Street StOnelgh Pa Kenilworth CV8 2LG Ind•p•nd•nt èxamln•r Cottons Accountants LLP The Stables Church Walk Davenlry Northamplonshire UK NN114BL
THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS CONTENTS Pag• Trustees. rewt Independent examinèls raport Statement of finanaal activities B81an¢e $h8gt Statement of cash flows Notes to the financial statements 8-18
THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordanea with tho acvnI1ng policies set out in note 1 to the financial statements and comply with the charity's goveming document. the Companies Act 2006 and "Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their 8ccounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeetlve 1 January 20191". Structure. governance and management RABDF is a charitable company limited by guarantèe and does not have any share capltal. The Assoeiation was incorporated under Licence ol the Board of Trade on 151 October 1879 and ragistered a5 8 charity on 5th Oecembef 1961 INo.2137821. The company was established undèr Memorandum of Association which estsblished the objects and powers of the charitable company and ¢s govemed under its Articles of Association. In thè Èv8rt1 oflhe company being wound up mernbeTS are required lo contribute an arnounl nol exceeding £5. The directors ol the company are also charity trustees for the purpose of charity law and under the company's Arbcles known as members of the Council. Members to rètire will be those that have been longest in office since their 18St election or appointment. Al members of tho Council musl be active wSthln the dairy farming Industry. RABDF Members are annually approached as to whether they are interested to stand for election onto couneil. Any new trust8e undergoes a Id8vant Induction process which focuses upon their role and responsibilities. The Council of Managèment 8cts a8 ihe Board ol Trustees and is r8sponsible for the overall g0Veman of the charity. It meets at least 8 titn8s a yeaf in addition lo the AGM. Thè Board requests the Chairrnan's committee to meet more freqttrently wlh appropriate members of staff to ensure the efficient running of the charity. Other committe85 frorn within the Board ale lo¥m•d usually using a ask based" approach to carry oul certain duties. Two standing commitlees- one on Rernuneration & Audit and th8 Other on Investmenis meel as and when. Risk Management This ha5 become much MO important in recent times and the Trust80$ have conducted their own review of the major nsk8 to which the charity is likely to be exposed and put in appropriate systems lo deal with such eventualities. Obloctlves and actlvltles The Association's charitable aims and objective5 are lo encourage the devdtspment 018 su¢ce55f(sl, sustainab18 arKI profitablè dairy farrning sector in (he UK. It d06S this by 8 series of relevant activities, the main one of which is the running ol Dairy-Tech. RABDF 8Te the only nation dairy MnbershIp assoclation wrth the freedom capacity to lobby. We have unique and well-established relationships up and down the whole dairy supply chain and w6 aro tha only dairy organisation holding a Royal Warrant and the influance and access to funding that brings. Our aim Ss to ¢tsntinue to delivèr in our activities for the UK dairy induslry. Dairy-Te¢h 2025 will see an enlarged footprint with an addits.onal area focused and building on our Down to Earth brand. where we will be sharing knowledge about regenerative farming. We see this as an excellent opportunity lo extend out stand and sponsorship revenue. We will be monitoring the performancè and success of this short-lem goal by ulilising sales plans. sales targets and key perfom)ance indieators. The increased stand revenue will help further fund RABDF'S charitable aims and objecl¢ves by allowing us lo allocate more resource into OLrr policy actiwly. Followng a very successful 'Down to Earth, 2024 we intend to hold similar events in future years where we hope lo glow our sponsorship. èxhibitor and visitor revenue. We will be monitoring the performance and success of thi5 short-temi goal by ulilisirrfJ sales plans, sales largats and koy performance indicators. The trustees have paid due regard to guidan¢e issued by the Charity Commission in dgciding wh8t 8rtiwtse5 the charity should undertake.
THE ROYALASSOCIATION OF BRITISH DAIRY FARMERS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance Th8 past year has sèèn all our activities robjm lo normal lollowing the upheav81 of the pandemic. We held 8 very 5u¢¢essful Dairy -Tech at Stonelelgh Park In February and plans are well adv8n¢eil for Dalry-Tech 2025 where we will see further growth of our flagshlp èvent with more sellable stand space and a new règén-farming hub alongside our wellstabli5hed Dairy and Innovatitsn hubs. In July we held our "Oown to Earth" al Grosv8nor Farms in Ch8shire. Our most successful event yet attracted signrficant industry support and an increased attendance frorn dairy famers and industry professionals from across the UK. In a change from the previous year where we held iwo èvants tha offer of an industry leading high-profilè host wovad a huge success. Planning has begun for'Down lo Earth, 2025 whe¥e we hope to build on the SucsS of previous yèars by eontinuing to dellver the practical advice dairy farmers ne9d lo comply wth current and fvture legislation back on their famis. RABDF has very successfully organised and run 8evgrdl knowlgdga transfer evonts suth as a farm open day. meetings and has continued the well-established and appreTratgd Entreprèneurs in Dairying training programme for young people recently out of collegeluniversity who want lo incr8as8 thair business skills. This is a joint initiative botwoen RABDF, AHDB. NFU and Andersons and the 2024 course is due lo start in &ady Septembgr. RABDF conunued lo bts at tt)8 forefront for Informing and influenclng the issu85 surrounding the rellance of overseas labour on dairy farms. RABDF continue to inform on this key industry issue and have supplied stats. facts and case studies to vaiKUS govemmental group5 as wall hs hosting a round table debate about the key Issu6s. RABDF influencing activities continue wilh regular meetings with DEFRA. whgro wg have informed them on topical industry issugs surrounding on-farni siaffing resources, TB and AMR. Plans lor the future WÈ have found success in a collaborative approach and have rgfused to work on projects that duplicate others work. Thè uniqua work focused on overseas labour and anlibiobc reduction has been well received by the whole of thè dairy industy. W6 will continue with the successful mantra of ctsllaboratè, rathèr than duplicate, and infom) and inlu9nC8 On the biggest issues affecting the industry, we also plan lo 8xt8nd tsur policy work, focusing on areas that th8 board of trLJSte85 see fit. Public benefit The trustees consider thèy havè eomplièd with their duty to have due regard tr> the guidance on public ben8fit. 85 published by the Charity Cornrnission, in exercising their powers and duties.
THE ROYALASSOCIATION OF BRITISH DAIRY FARMERS TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financlal r•view This year we a able to report a surplus and 9rowlh in our resetves, in part due lo the increase in the value ol our investmènts. Our reported surplus was affected by some unexpected and excepts'onal overhead costs which we were able to offset against our achieved earnings. The tumov8r and profit figures for the previous finaneial year do not bear direct cornparison as they included the ineom8 from Dairy Tech èvants. In a nofrnal year and assuming our current level of overhead cost we WOL41d expect lo report a healthy revenue surplus. Thè financial model of the Association is reliAnl upon the income and surplus that OUT subsidiary company, Events for You Ltd is able lo generate from Diary Tech. The Assoaation also runs the Gold Cup Open Day and Down lo Earth both of which contribute to our income streams and hèlp to cover the costs associated wth our main charitable airns. The Trustees remain #Wa of the need to maintsin these revenues and keep these under view on a regular basis. 11 is the policy of the Association lo rnaintain unrestricted funds at a level sufficient to meet expendittfjre over a ihree to six month peri<)d. The Trustees keep this under review in the light of changing circurnstsnce5 8nd consider that this policy and level of reseNes will ensure that, in the event ol a signifiranl drop in fvnding, these resèrves would 6nable the charity to maintaln otjr activities while considaratStsn be given to way5 in which the flnancial position could be altered. This l•v81 ol reseryes has been maintslned Ihroughout Ihe financAal year. Our $hort-l&rm cash position rèmains *lèquate to meet our day to day operating c4)sts. Our longer-tem) investment policies are in linè with our charitsble status and aré set al a moderate risk profile Invèsted tts provide relum ovér a five yèar time horizon. In the current year th6$0 investments generated incomè for thè Associ8tion and also showed a Capital gain. The financial statemènts have been ppared on a going concem basis. The Trustees h8v8 review8d the level of funds held and the level of expected income and &Kpenditure for 12 months fvom aulhorisin9 Ih8se financial statèments. The budgeted income and expenditure is Sufficient, when combined wth the level ol reserves. for the charity to be able to Continue as a going concem. The trusteès, who are also thè dire¢iors fw the purpose of company law, and who served during the year up to the date of signalurè of thè financial statements were.. Mr PJ Nvis Mr J Briertey Mr RK Cratg MrTJ Oownas Mr LR C Edwards Mr MP Kin9 Mr GN Trehane Mrs DR Wastenage Mr WJ Westacott Mr WH Whiteford Mr WLAmitage Mrs SJ Tomllnson Mrs KE Halton
THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ststement of trustses. responsibilities The trustees, who are also the directors of The Royal Assoclation Of British Dairy Famers for the purpose of company law, are responsible for preparing the Trustees, Report and the financial stslernenls in accordance with applicablg law and United Kingdom AccountiThJ Stsndards Iunrted lfjngdom Generally Accepted Accounting Practice). Company Law requires the tnjstees to prepare financial stalements for each financlal ar which glve a true an lair view ol the slate of affair8 of the Charity and ol the Incomlng resources and application of resourcès, Including thè Incomo and &xpenditure, of the charitsbl8 company for that year. In PT$paring these ffinancial staiements, the trustees are requirgd to.. - select suitable accounting policl•s and then apply Ihem o)nsistenlly', - observe ihe melhods and principles in the Ch8rihes SORP., maka jLtdgements and estimates that are reasonablg and prud8nt', slal& whelh8r appllcabla UK Accounting Standards have been followed, subject to any material departures disdosed and explainad in the financial statements.. and propare the financial statement5 011 the going concam basis unless it is inappropria18 to prasume that the eharity will continue in operation. The trustÈes are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and enable thern lo ensure that the finanual statements wmply with the Companies Aet 2006. They are also responsible for safeguarding tha assèts of the charity and hence for taking reasonable st8ps for the prevention and detection of fraud and other irregularities. Th& Iruslges, report was approved by the Board of Trusts&s. Mr J Bri•rfey Trustee Dated: ......................... RK Cralg Trustee .. Dated..
THE ROYALASSOCIATION OF BRITISH DAIRY FARMERS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS I report to the tru51ees on my exarninab.on of the financial stat6m8nts of The Royal Association Of British Dairy Farmers Ithe ch8rity1 f thè year ended 31 March 2024. R8$ponsSbilltles and basis of report As the trustees of the charity land also ils directors for the purposes of compaThy18wl you are responsible for Ihe prpar8ton of th9 finan¢ial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Acll. Having satisfied myself that the financial statements ol the charity are not required to be audited undèr Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my axamlnation of the charity's finanei81 statements ¢arried out under section 145 of the Charities Act 2011 Ith6 2011 Act). In carrying out my examination I have followed all the aptAi¢8ble Directions given by the Charty Commission under section 14515llbl ol the 2011 Act. Independent examiner's ststemèftt Since th8 charity's gross income exceeded £250,000 YWT examiner must b8 a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the ex8minats.on because l am a member ol thè Inslilule of Chartered Accounlanis in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attantion in connection with the examinatlon giving mo cause lo believe thal in any material respect.. accounting records We not k8Pt in respect ol the charty as required by section 386 of the 2006 Act,. or the financial staternents do not accord with those records,. or the financial statèment5 do not comply wilh th8 accounting requirements of section 396 of the 2006 Act othèr than any requirement ihat the aeeounts givo a tnje and fair view which is not a matter Considered as part of an independent examination". or the financial statements have not been prepared in a¢¢ordance with the methods and prin£Yples of the Statèrnenl of Recommended Practice for accounting and reporting by charities applicable to charities pr8paring their accounts in accordancè wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have comè a¢ross no other matters in connection with the examinatlon to whlch attention should be drawn in this report in order to enable a proper understanding of (he financlal statsments lo be reached. Callum Vgasey A.C.A Cottons Accountants LLP The Stables Church Walk DavÈntry Northamplonshire NN114BL UK Dated:
THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unr•strlcted Unrestricted funds funds 2024 2023 Notos Income and endowments from: Donations and18gacle other trading activities Investments Other income 202,780 221.372 24,313 113,483 401,443 112.494 19,353 103,473 Total Incomg 561,948 636,763 Ex ndltur• on: Staff costs Depreciation and loss on disposal Insuranee Telephjne Postage and stationery Sundry expensès Premises expenses Membership costs Conference. evtrnts and awards Policy 8dwsors remunerth'on Bank charges and interest Invastmant brokers fees Legal and profes5ion81 fees Govefnanc8 wsts 363,420 1,544 1,330 1,943 3,414 2,230 24,658 1,436 148,743 4,165 256 1,325 4.208 13,819 301,983 1,500 1,234 2,015 5,167 6,115 24,813 1,925 107,489 5,418 186 1,429 321 27,567 Total eharltabl• •xpendlture 572.493 487.160 Net gains]IIos58sl on investments 38.057 140.4011 Net moY•ment In funds 27,512 109,202 Fund balan(xs at 1 Awl 2023 863,235 754,033 Fund balancos at 31 March 2024 890.747 863,235 The statement of financial activiti$s Includes all gains and losses r8¢ogntSgd in th& year. The statement of financial activities includes all gain5 and losses recognised in the year, All Income and expendllure derive from ¢ontinuing activities. Th8 statement ol finanaal activitie5 also complies wilh the requirements for an income and expenditure account under the Companles Act 2006.
THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS CHARITY BALANCE SHEET ASAT31 MARCH 2024 Unrèstrldèd funds 2024 Unrostricted lunds 2023 Notes Flxed assets Tangible assets Investments 15 16 2.371 587.376 3,915 550,978 589,747 554.893 Curront a8$•ts Debt$ Cash at bank and in hand 17 230,730 170,450 229,007 181,450 401,180 410,457 CTedltor5= amounts falllng du8 within one y•ar 18 1100,1801 1102,1151 Nel ujrrent assets 301,000 308,342 Total assets less currènt Ilablllti 890,747 863,235 Income funds Unrestricted funds- general 890,747 663,235 890,747 663.235 The company enlitled to the exbfflption from the audit requirem8nt contained in section 477 of the Companies Act 2006, for the year endèd 31 March 2024. The directors acknowledge their responsibilities for cotnplyng with the requiremenis ol thè Companies Act 2006 with respect tr) ac¢oun¢ing records and th8 preparation of financial statements. The matnbers have not required the company to obtain an audit of ils financial slatements under the requirements of the Companies Act 2006, ft>r the year in question in accordancg with section 476. Thase financial statèTnents have bean prèp8red in acrdance wth the provisions applicable lo ¢ompanies subject to the small cornpanies regirne. The financial statements were approved by the Trustees on ......................... Mr J Brietry Trustee RK Crai Trustee Company R•glstratlon No. 00013393
THE ROYALASSOCIATION OF BRITISH DAIRY FARMERS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Not•s Cash flows from operating activitles Cash absorbed by operations 21 136,972} 17,0201 Investlng o¢tlvltles Purehasè of tangible flxed assets ProTreds from disposal of tangible fixed assets Proceeds from disposal of investrnents Investment income Teceivgd 12,7571 514 1.663 19.353 f.659 24,313 N8t cash gèn•rated from investlng a¢tiviti¢$ 25,972 18,773 Net cash used in financing a¢tivities Ngt Idèeroasèlllner•as• In cash and cash equivalerrtj {11,0001 11,753 Cash and cash equivalents al beginning of year 181,450 169,697 Cash •nd ¢ash èqulvalènts at end of year 170,450 181,450
THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policios Charlty inlormatlon The Royal Association Of British Dairy Famers is a private company limited by guarantee In¢orporatod in England and Wales. The registered office is Rase Cgnlre, 6th Street. Stoneleigh Park, Kenilworth, CV8 2LG. 1.1 Aeeounting ¢onv•ntlon The financial slalemenls c>f the charitable company, which is a publlc benefit enty undèr FRS 102, have been prepared in accordan wth the Charities SORP IFRS 1021 'Accounting and R8pDr'ng by Charities.. stement of Recommended Practice applicable to charities preparing their 8w)unts in accordance wth the Financial Reporting Standard applicable in the UK and Rapublic ol Ireland IFRS 1021 (effective 1 January 20191,, Financial Reporting Standard 102 'The Financi81 Reporting Standard applicable in the UK and R8public ol Ireland. and the Companies Act 2006. Thg finanual statements have been prepared un(*er the historical cost convention, with the exception of invèstments which are included at market valua. as modified by the revaluation of rtain assets. The finan¢ial statements are presented in steding which is the functional currency of the charity. The charity has opted to report the eXndItUre on the basis of thè naturè of expèTh4iture, rather than on an actrvity basis. 1.2 Golng concom At the time of approving the fin8noial statements, Ihe trustees have a reasonable expectation that the charity has adequate r850urces to continue in operational existence for the foreseeable future. Thus the trust68S continue lo adopt the going concem basis of accounting in preparing the financial statemants. 1.3 Charitable lund5 Unr8slricted funds arg available for use al the discTetSon of Iho tru$lees in furtherance of their charitable objectives. 1.4 Income Income is r8c(xJnised when the charity is18gally èntitled lo il after any p6rfomancè eonditlons have been rnet. the amounts can be measured reliably, and it is probable that incomo will bè rgceivèd. Cash donations are reeognised on rèc8ipL Other donations are recognlwd onc8 the charity has been notified of the donation, unless performance eonditions require delarral of the amount. Incorne lax recoverable in relation lo donations received under GiftA'd or deeds of covenant Is recognised at the time of the donatkm. Membership subscriptions are apportioned over the period th&y ralatè lo. Invesimont inwme is earned thiough holding asset5 for investment PLtrposas such as sharés. Management charges rdatè to amounts recharged to othèr èntity'es in relation lo expenses inujrred on behalf of those entities. 1.5 Expèndlture Liabi1th8s are recognised as expenditure as soon as there is a legal or constructive obligatson commiiting the charity to that expenditure. it is probable that a tfan5fer of economic benefits will be required in settlement and the amount of the obligatitsn can be m9asured reliably. Expenditu is aecounted for on an a¢cruals basis and has been classified under headings that aggregate all cost related to th8 Galegory. Where costs cannot b8 directly attributed to paCUlar haadin9S thèy have been allocated to activities on a basis consist8nl with the use of r&sourc•s.
THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Aeeountlng pollcl•s Icontlnuedl 1.6 Tangibl• fixèd assèts Tangible fixed assets are initially measurèd at cost and subsequently measured al cost or valuation, net of depreciatm and any impaimient losses. Dèprethation is Tecognised so as lo wllte off lh8 Cost or valuation of assets less iheir residual values over their Useful lives on the followng bases.. Flxlures and fittings Computers 33Vo on reducing balance 25Vo on cost The gain or loss arising on the di$p()sal of an Bsset is deterniined as the diffgren¢g bètween Ihe $810 proceeds and the carrying value of the asset, and Is racognisod in the statement ol financi818ctiwti8S. 1.7 Flx•d asset investments Fixed asset investments are Initially measured at transaction price èxeluding transaction costs. and are subsequenlly measured al fair value at each reporting date. Changes in fatr valuè ara recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incuryed. Other investments are measured al cosl16ss imp8im8nt. A subsidiary is an entity controlled by the charity- Control is Ihe power to govern the finanry81 and operating policies ol the entity so as to obtain benèfits Irom ils a¢tlvlfj&s. Investments in subsidiaries are m&a$urod 81 cost loss impairment. 1.8 Cash and cash equlvalents Cash and cash equivalents indude cash in hand. deposits held at call with banks, other $hort-lèrm Ilquld investments with original maturitses of thrao months of1g$s, and bank overdrafts. Bank overdrafts arè shovm within btsrrowings in currènt liabilities. 1.9 Flnanclal Instruments The eharty has 818ctèd lo apply the provisv)ns of Se¢tion 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruménts Issuas, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the ¢harftrfs balanca sheet when the tharity ¢0M•S party to thé contractual provisions of tha instrument. Financial assets and liabilities are offsel, with the nel arnounts prèsented in the financial slaterrenls, when there is a legally enforceable right to set off the recognised amounts and there Is an intention lo setde on a n•t basis or to realise the asset and sèttlè thé liability simultaneously. Basic finan¢ial assets Basic financial assèts, which include debtors and cash atyj bank balance5, are initially measured al iransaclion price including transaction costs and are subsequèntly carried at amortised cost using the effective interest rnethod unles5 the arrangement constitutes a fin8ncing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rale of interest. Flnanaal assets classified as receivable within one year are not amortised.
THE ROYALASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Aeeountlng pollelas Icontlnuedl Baslc Ilnanelal liabilities Ba51¢ financial liabilities, Including creditors and bank loans are initially recognisèd at transactlon prlce un1è5S the arrangement constitut8s a financing transaction, where the debt instrument is measured at the present value of the lutLJre payments discounted al a market rate ol interest. Financial liabililie5 classified as payable wilhin on& yaar are not amorti5ed. Debt Instruments are subsequently carried at amortiSg¢J ¢ost. using the effective interest rate method. Trade creditors are obligations to pay for good5 or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as currenl liabilities if payrnent Is due wthin one year or less. If not. they ar8 presented as non-currenl liabililias. Trade creditors are rewgnised initially al transaction price and 8ubsequenlly rneasured at amortised cost using Ihe gffects'vg interest melhThY. Derneognition of financial liabllltl•s Financial liabilities are derecognised when the charity's contractual obligats'ons expire or are discharged or cancelled. 1.10 Tax*lon The charity is exempt from lax on incomè and gains falling within section 505 of the Taxes Acl 1988 or sectlon 252 of the Taxation of Chargeable Gains Act 1992 10 the extent that these are applied to Its charitable objec15. 1.11 Employee benèftts The cost ol any unused holiday 6nlldemant is racognised in the period in vthich the empbyee's services ale recèived. Temiination benefits are recognised immediately as an expense when tha tharity 1$ dÈmtsnstrabty Cornmitted to terniinate the èmployment of an employee or to wovide tem)inats"on benert9. 1.12 R•tlr•mènt beneffts Payments to defined corbtribution Teliremenl benefit schemes are chargèd as an èxpènse as thèy f811 duè. Incom• from donations and18gacl•s Unr•strlet•d funds 2024 Unr•strleted funds 2023 Oonalions and gifts Membership faés 158,416 44,364 340,080 61.363 202,780 401,443 10
THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from other trading aetivitl•s Unrestrfcted Unrestr5cted funds fvnds 2024 2023 Events it)come 221.372 112.494 Income from Inv8stm•nts Unrèstrlcted Unrostrlctod funds funds 2024 2023 Dividends and interest eamed 24,313 19,353 Other In¢om• Unr•strlcted Unr¢strlet•d nds funds general general 2024 2023 Net gain on disposal of tangible fixed assets Management charges 95 103.378 113,483 113,483 103,473 Trust••s None of the trustees lor ony persons connected with them) received any remuneraiion or btrnefits from the charity during the year. Trustees were reimbursed travel expenses of £1.876 during the year12023.. £2,799>. At the year end the arnount duè to the trustees was £2,051 12023.. £4631 Support costs allocat•d to actlvltle$ Charltable actlvities 2024 Total 2023 8•sls of •lloeallon Govemance 13,819 27.567
THE ROYALASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support ¢08ts allocat•d to aetlvitie8 (Continued) 2024 2023 Govèrnance costs comprls•'. Audit fees Accountancy Independ8nl examination fees Council meMr5, expenses and meeting costs 12.000 5.500 2,130 2,000 9,689 10.067 13.819 27.567 Employees The average monthly number ol employees during Ihè y88r was.. 2024 Numbor 2023 Number Employment eosts 2024 2023 Wages and salaries Social security Costs Othèr pension cA)sts 307,962 29.778 25,680 251.858 25.740 24,385 363,420 301.983 Redundancy and lerrninalion payments lolalling £50,827 w?rè provided in the reporting period. This related lo one employee for payment 013 months notice including holiday accrued. iemination payment and employers national insurance and pension. As at the reporting date this was still outstanding but was paid within 9 months ol thg reports'ng period. The key rnanagemènt porsonn81 of the charity comprise the trustèes and the Chief Executive Offi¢er. The total ernployee benefits of the k8y rllana9emenl personnel of the charity wèrg £94,09212023.. £90.7921. The numbèr ol employees whose annual remuneratlon w8s more than £60,0(X) is as fdlows.. 2024 Numbgr 2023 Number £90,001-£100.000 12
THE ROYALASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Galns and 103$e8 on investm&nts Unrestrfct•d Unrestrlcted fvnds funds 2024 2023 Gain31llossesl arfsing on.. Revaluation of investments 38.057 140.4011 Unr881ised net lair value gains I (Losses) of £38,034 2023.. 1£40,3471 and realised gains I ILo83esl of £23 2023.. {£541 hre induded in th6 statement of financial activities as Nèt gains I Ilossesl on investments. 10 Taxation Th& charity is exempt from lax on incorne and gains falling within section 505 of the Taxes Act 1988 or seth'on 252 of the Taxation of Chargeable Gains Act 1992 to tho èxtènt that these are applied to its charitable objects. 13
THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Fixed asset Inv05tments Llstgd Investments Cash In Othèr portfollo Investments Total Cost or valuation At 1 April 2023 Addio'ons Valuation changes Dispuals 549.866 1.109 1.673 550,978 1,673 38,057 13,3321 38.057 11.6731 11.659 At 31 March 2024 586.252 1.123 587,376 Carrying amount Al 31 March 2024 586,252 1,123 587,376 At 31 March 2023 549,868 1.109 550,978 The fair value ol all listed inveslmenls is taken to be the open markgt valije of identical shares on an active stock market. Investment returns are exposed lo various risks which include credit, liquidity and market risks. Both credit and liquidity risks are assessed as low as the charity invests in a security in which the failure rale is historically low and the investment is traded on markets in which central banks and other regulators have an interest in ensuring ccffitinuation of ordedy tra(ling. Market risk is the principle risk laced by th8 charity due lo a combination of uncertainty in inve51menl mark8ts and volatility in yields. This was hiohlighled recently by the effect of global events on the financial markets which resulted in sharp reductions in both prices and diwdends. Th8 trustees managè thèsa risks by retaining the expert servicès of fvnd managers. 2024 2023 Other invÈ$lmenls compriso.. Notè$ Investments in subsldiaries 13 Listed investments included above-. 2024 2023 Listed investments carrying amount (Excluding cashl Market value If different from carrying amount IEx¢luding cashl 495,711 586.252 497.203 549,868 14
THE ROYALASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Tangible fixed 4$$ot$ Flxtur•$ and flttlngs Comput•r8 Total Cost At 1 April 2023 6,841 9.104 15,945 Al 31 March 2024 6,841 9,104 15,945 DepreclatSr>n and Impairment At 1 April 2023 DepreciatTron charged in the year 6.707 45 S.323 1.499 12,030 1,544 At 31 March 2024 6.752 6,822 13.574 Carrylng amount At 31 March 2024 89 2,282 2.371 At 31 March 2023 134 3,781 3,915 13 Sub¥idlarl•s These financial statement$ ar& sèparate charity finanaal statements for The Royal Association of British Dairy F&m)ers. Detai15 of the charity's subsidiaries at 31 March 2024 Jro as folows.. Namo of undertakSng R•glsl•r•d offle• Nature of busln?$¥ Class of shares held % Held Direct Indirect Events For You Llmlted Rase Centre 6th Holdlng of èvents Street, Stoneleigh Park, Kenllworth, England, CV8 2LG Ordinary 100.00 Namo of undertaking ProfltllLossl Capital and R•sorve$ Turnover Expenditure Events For You Llmitad 496,019 1496.0191 15-
THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Debtors 2024 2023 Amounts falling ¢Jue within one yèar. Trade debtors Arnounts owed by fellow group undertakinLK8 Other debtors Piepayments and accrued incom¢ 26.287 185,575 8,Q82 10,786 60.700 156,697 710 10,9)0 230,730 229,007 1S Creditors.. amgunts falllng du• wlthln om yèar 2024 2023 Notes Other tsxation and swal $urIty Income received in advance Trade creditors Accrued expenses 9,756 61,728 9,796 20,835 30,212 11.751 58.217 100,180 102,115 16 Rètlrèment benèfft seh•me5 Defined contribution schomes The charity operates a defined contribution pension scheme for all qualifying employees. The assets ol the scheme are held separately from those of the charity in an indep8ndenlly administered lund. The charge to profit or loss in resp•ct tsf dèfin8d (x)ntribuli)n schemes was £25,68012023 - £24.3851. 17 unr0strled funds These aro unrestricted hthich are material to th8 ch8rity3 activities made up as follows.. Mov•m•nt in funds Rtr8our¢eJ Tra[5 •xpendod Balanc• at 1 Aprll 2022 In¢•mlt)g r•sourt•S Galn$ and 108$08 Balance at 31 March 2023 unrestricted funds 754,033 636,763 {487,1601 140,4011 863.235 Movement In funds Rfrsourc•s Tr•n$hrs •XPond•d BaJan¢a at l Aprll 2023 Incominq r•srJY¥ Gains and loss•$ Balan¢• at 31 March 2024 unrestrided funds 863.235 561,948 1572,4931 38,057 890,747 16-
THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Analysis of not 8ssèts botw••n funds Unreslrlcted fund$ 2024 At 31 March 2024: Taftgible assets Investments Current assetsllliabilitiesl 2,371 587,376 301,000 690,747 Unr•strlct•d funds 2023 At 31 March 2023: Tangible assets Investments Curtent assetsllliabiliti'esl 3.915 550,978 308,342 863,235 19 Operating le3s0 commitments Lo$e Al the reporting end date the charily had outstanding comrnilrnents for future minimum lease payments under non-cancellable operaling1&8ses, which fall d¢Je as follows.. 2024 2023 Within one year Belween two and five years 1,782 14,079 1,782 1,782 15,861 17-
THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Related party transactions Tranlaetions wlth r•lated partl•s J Brierfey, R K Craig and T J Downes are trustees ol Thè Royal A55ociation of British Dairy Farmers IRA8DFI are also dirÈctor8 of Events For You Limited. RABDF 8150 hold5 100°A ol the shares in Events For You Limited. Indudod in other income is a management charge of £713,48312023-. £103.3781 charged to Events For You Lirnit8d for expenses incurre¢J on b8half of the company. Events For You Limited giftèd its 18xablg surplus for the year of £158,41612023.. £340,080) lo RABDF which is detailed in donations income. 21 Cash 9enerat•d from opgrations 2024 2023 Surplus lor the year 27,512 109,202 Adjustments for. Inveslmenl income recognised statement of financial activities Gain on disposal of tangiblè fixèd asseis Fair value gains and losses on investm6nts Depraciation and impairment of tsngible fixed assèts 124.3131 119,3531 1961 40.401 1.500 138,0571 1,544 Movemènts in working capitsl.. Ilncreasel in dèbtors Increase in creditors IOecrease)finuease in deferred income 11,7231 29,581 131,5161 1179,8441 29,477 11.693 Cash absorb•d by opgratlons 136.9721 17,0201 18