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
StOnel￿gh 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 ac￿vnI1ng 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 M￿nbershIp 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 well*stabli5hed 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 Suc￿sS 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 vaiK*US 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 p￿pared 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 pr*par8t*on 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 ac￿rdance wth the provisions applicable lo ¢ompanies subject
to the small cornpanies regirne.
The financial statements were approved by the Trustees on .........................
Mr J Brie￿try
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 en￿ty undèr FRS 102, have been
prepared in accordan￿ wth the Charities SORP IFRS 1021 'Accounting and R8pDr￿'ng by Charities..
s￿tement 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 eX￿ndItUre 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 pa￿CUlar 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 bener￿t9.
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 meM￿r5, 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 $￿urIty
Income received in advance
Trade creditors
Accrued expenses
9,756
61,728
9,796
20,835
30,212
11.751
58.217
100,180
102,115
16 Rètlrèment benèfft seh•me5
Defined contribution schomes
The charity operates a defined contribution pension scheme for all qualifying employees. The assets ol the
scheme are held separately from those of the charity in an indep8ndenlly administered lund.
The charge to profit or loss in resp•ct tsf dèfin8d (x)ntribuli)n schemes was £25,68012023 - £24.3851.
17 unr0strl￿ed funds
These aro unrestricted hthich are material to th8 ch8rity3 activities made up as follows..
Mov•m•nt in funds
Rtr8our¢eJ
Tra￿￿[5
•xpendod
Balanc• at
1 Aprll 2022
In¢•mlt)g
r•sourt•S
Galn$ 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