Charlty reglstratlon number 213782 (England and Wale81 Company reglstratlon numbèr 00013393 THE ROYAL ASSOCIATION OF BRrrisH DAIRY FARMERS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrPJAMs Mr J Brierley MrRK CrawJ MrTJ Downes Mr LR C E¢Jward8 MrMP Mr GN Trehane Mt3 DR Wastenage Mr WJ Westacott Mr WH Whtteford Mr WLArmttage Mrs SJ Tomlirbson Mrs KE Halton Charlty numb8r (England and Wabs) 213782 Company numb•r 00013393 Reglstered 0ffi¢o Unit4 Athèrsfrjnè Hlll Fami Atherstone on Stour Stratlord Upon Avon CV37 8NF 1nd•￿nd•nt èxamln CottonsAc(￿nIants LLP The Stables Church Walk Daventry Norlhamptonshirv UK NN114BL THE ROYAL ASSOCIATION OF BRMSH DAIRY FARMERS CONTEfrrrs Pagg Trust88s' roport staternent of tsu8tees' rvspcrfJ*imie5 IndÈpend8nl IW)rt Slatament of fln8n(481 Balan￿ sheet Slat¢m+nt of ca8h tTrJws Nol6s lo the ststwts 10-20 THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Thg trustees present thgtr annual rewt arKI Iln8n¢iol statements trthe Y￿￿ded 31 M8r¢h 2025. The Itnanclal statements have bw) pr8pared tn a(xYJrdan¢8 vAth tha aco)unllng p￿J&S 58t out In note 1 to the ￿n￿Ck￿l statéments and c(Impty Ihe dtarws govemlng dowment, Companles Act 2006 and "Acwunling gnd Repofung by Charrf￿.. Statsment of RecommeThded PraGtice appJlca)le lo thariti88 preparfng thglr accounlg In accordancè the Fin8rKkqS Raportlng SlaTvJard appucabk In the UK and RepubllB of Irèland IFRS 1021 leffe¢Alve 1 Januwy 2019r. structurej govamanco and n￿nI￿￿ant RABDF18 a charitsble c(wnp8ny Ilmlted by 9uarJntse and does not have any share c3pilal. The Assodatlon was IncDrporaied ur..der Licence of th& Board of Trade on 1st OctrA)er 1879 and r￿l¥lered as a ¢harfty on 5th ecember 1961 IND.2137821. Tho ¢inpany was estabjishod under Memordndum of Associati(m wh￿h established thè otyects and powefs of the chsrltabla cornpany arKI is gwemed undtr its Artldeg OfA$s￿18110n. In th& event of th8 company belng I￿Und up mernbers are reqdired to ¢onlrlbute on amount not eX￿eding £5. The diTrctors of th8 wmpany ara also chadty trustees for th& pwposg of law and undèr thg companys A￿cleS known as members of Ihe Council. Men￿19r$ to retire WIU be those that have been lonytsst In office slnc& thelr last @I￿tion or appolntmenL An rnombers oflhe CourKil must be ac¢i¥e ￿lhI￿ the dairy fam)ing Int￿$try. RABDF Memb8Y¥ are 8nnuaHy apw08ched 89 to %thetheT they ar8 Interesied to stand for Blection onlo councl, Any rtow trustee undergoes a ￿evenI Induction pNwss wlllch foCA￿S U[￿ thelr and responsibilit￿8. The Counthl of M￿agement acl8 as the Board of Truslees anu ts rosP￿S1)b frjr tho ¢)veraU govemancB of thg ¢harfLy. 11 meets al least 4 tHnes a year in o(kltbon io the AGNI. Tho Board rèquests tho Chaimwn's committeg lo meet ffequeth apPK￿rI3￿ membors of stsff t9 ensurè the effithont rurTning of the charity. Otlw tommittees fY(hn vAlhTn the Bowd we fomied usuaty uslng a agk based" approaGh to cary out ￿rtaIn daftes. Two standlng commlltO&8- one on Remuneratton &Audll and th8 othw on Investrnen16 me81 a8 and ¥then. Rl$k Management This has become much more h￿N￿ntin re￿￿1 thM6s and ihe TnJstee8 have o)mmTiiwJ to conduGting ￿pW of the rn8jor rlsks lo whK* Iho ¢hartty Is likgly to be exF¥)sed aThJ wrt In 4yropriate systems lo deal wlth SUGh eventualit1￿. A rfsk reglsler for the year 25126 wlll be ¢reated and revlewed, amended and a(Aed ori Bccordlngly al I￿ard n8alingS. ob￿C￿ve$ and a¢tlvlties The Assodatlon's charilablg wms and obiectives arp to aP,￿urage Ihg d&velopment of a sU￿ss$ful. sustalnable and profftablo dalry f&rnyng seclÈ>r in. Ihe UK. It does INY by 8 ser£es of te18vant activillès, Inthdlng the running of Dalry-Tech. Entreprenéurs En Dairy. Womgn in Dalry arKI its awards for studgnts, InnDvatlon. and allt8 dBIry perf0m￿nce. RABDF Is thè only nalonai dairy mombership assodatlon with the freedom and capacity lo lobby. Wo hav unlque and w811-8stabllshed ffjlal1onsh￿9 stakehddern throughout th& (lairy itKlu$ty. RABDF Is the only dahy oruanl5a￿un to hold a Royal Patronage, th ac£ess to the infiuon(* and respm4&)illty that brings. D￿l￿TeCh 2025 $8w an enlgrged fwlprytt wtth an 'hub' area fetused ￿ our Down to Earth brand, where 8peakgrs shared knowl¢dge about regenorative famiing arKt envlronThntsl lopk8. In￿e&Sed stand revenue ftr tho dalry Industy. In term8 of acilvlty. RABDF held a very Su￿SSful 081ry-TeL* at Stoneletgh Park In Febnjary 2025 and plans are well advanced for Dalry-Tech 2026", wherE we wll ￿ further growih of our Ilagshlp evont ￿ more $ellable st8nd space and an enhanced swnsorship packag8. For the Ilrst time. RABDF hog contracied external evént pTof¢s9￿41ts for hs sponsorship and $8b8. Th19 will provlde the necessary expgrtlso. effKiency. Tètums wJoss sponsorship arKI $818s- r8presenlkng an overall bèttèr retum on investment. 11 alw frees up reS￿rCe in tho OT9arisation to foc#Js on othor rKJre activlties. Th8 decision was takan nol to hdd 'Down io Earth. in 2025, in part dua to staff tLtmover rdalad to thg èvent. hut mole broadly #s part of the Chigf Executive's rgwew of the org8ni88tion provldSrrtJ an opp)rtunity to pausg and rathlnk the purpose obiothes of the event given fh8 8xplosion Df 'regen￿tive faTming' Initlabvg& In tho dairy wtorslnc8 Its Inc2pUtsn. RABDF has held very ￿cCessfullY ortJ¥nised 0￿1 wn member events this year. The Gc4d Cup farm open rlay at HaTper Adams Universlty was well att￿nded and 8tlracted a hiph nurnber of exhlbitor and sptsnsor Interest. Tha WDmon in Dairy Conf9T?￿ hdd in Septèmber, wa3 tho besi yel. Yrith a Ene-up ol high PTofAe spoakgrs and tha largest number of $ponsors and d￿e￿S to dale- testaM￿t to th6 wokllng popularty and MeM￿rshIp of this RAeDF led programmè. In gddiltsn, our establl8hed Entrepw8ur8 kn D8Yying tr01n1￿ progrdmme for young people recendy out of cd1egelun6ve￿1ty who want lo easp Ihetr business sknlL8. commenced In Seplpmb6r 2025 wllh almost 40 partl¢lpJntg. Thls 15 a 50int Inltiatlve, frontsd by RABDF. wlh Ihe partner supwrt and d8li¥ery ofAHDB. NFU 8nd Andersons ¢on8ultants. A PDskouTSg revlew wlli lako pla￿ to to 8nhan(* r8fr9sh this programrme to ensur¢ it$ ongolng relevarKe and valu8 In yoars. THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Plan$ for th8 futur* With a new Chld Executlve In pla￿, RABDF Is In 8 tranSrttC￿ ped¢xl. The Twstees and Chalr have requested the new Chl8f Ex8¢utNg tak?s a fresh IDok at th8 organisatit)n, and Trbuki Is 8rKI rebrM)ts ts profjle, membership, strate￿¢ focus, TBSOUiC8S and obiectsves. Under Hayleys leadershp, we a￿ o)nfidfjnt that RABDF wjl reBch its full polenlk711o advocale strongly for dairy fa￿nerS, prorfding on inauential vcl¢e in thè &g￿ltural ¢xJmmunity. Wa look forward lo embarklng on a r￿W era of and tnnovation for tha or9anisatknn. After a sumssfvl and produciNe $traiegy and F4anning se8slon hgid in Marth 2025, the trust8&8 have app￿Ved 3hort-t&medlum tern) a¢tion p￿n that fr￿use9 Intemal a¢Mty on Several important areas: InclucliNJ govemanco, stratsgyi Stafflng WJ braft(lir￿. The Chlef Executive reportg to twstees on progr￿ made egalnsl Ihe Org￿lSaIlo￿8I '¢hange plan. 81 eath m¢eting. and wth (yJmmunkation as wulred b8lween mèetlngs. A govemancs reviewwas ujmml8sio￿J in May 21Y25, and is wdl maervray, alongsid8 8 ngwvlslon, mlssion end Purpo￿ for RABOF. Intemally, fdtowthg SWBI staff Ch￿ge8. a rE-struthre has bgen Intro(fuced whltth rebalances the resources of th6 ¢)rganiSati￿. Ms In skths gaps, aNI offarB rnora progrèssion and ¢ar&er development wportunltl¢$. Thls has craat8d some resour(* Issues. I￿1h other mwnber8 of Iha taam absorbing 4ddWonal workbad and laking $cmo of the Chief Exeartlve'$ 8ttenlbn onto JThXè OP8rational 188uw than the strate9k and b￿lnesS fo¢us il s￿L[1d hav8. The organisation wiu ￿ ba(* up lo full staffing ty MaTch 2026. wrth roltrs, onhanced pollcies ancf HR sys19ms1n place, a positfveteam ctJluYe and va]ue5 that ￿11 allgn wlth the chartly'$ puyposa and reputalon, RABDF has rnoved office from 115 base at sto￿le￿ah Partl where It had tsken on a 12-month rolung loa8& agr¢em6nt at short noliee, to morè swtsblg th attrthe rural prerrllses near str4tlonkup0￿AvcSn. 2026 marks the 150th Anniversary of RABDF vthii* 15 a key rt￿n9 for th8 wganksatkx) and a wime (>ppINtunity lo como back lo the lore wth a T￿eWed strotegy, memtwollerand strmg. eneTgi8od volc8. Publlc bontsfit The trustees ¢Dnskler Ih8y have ¢omFAl&d wilh thetr duty io have duo regard to Ihe guKlance on pub￿0 benetli a& publlshèd by (be Gh8rlty Commls8ion. In 8x8rristw thelr POV*Yrs and duties. THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 nanrlal rovlbw We ara 8bl& lo report anothgr year of surplus arKI gr￿ in tsjr rns8Ne8. Although our Income lell, In part due Ir) running fewer events, our eXpen￿ltUre was red￿ed t[r￿ last year. Lowgr staff costs were due to a In th@ rst half of th8 year whon we ha¢J a number of varAnd8s whth have now bean Illèd. Thls aL80 r88ulted In th reduced manog¢mènl Charge to our 8thsidiary. E¥￿ts lor You Ltd, bul It wa8 able lo G5ft Ajd an Intrease¢l sum reprp89nliny the p4J￿luS ea¢T￿d frun the Doiry Tec* ev8nÈ The AnantJal modd of tho Association Is rn￿arrt the ￿¢0￿8 and $urK4us that oiir 8ubsiOiary companyi Ev¢nts for You Ltd Trs ablo to generate from Dairy Teth. The As$octatkJn also runs smaller events whilst a8soclated with delWor5ng our main chgrttable ain￿. also generato enough revenue through sponsor8hlp and 8èle8 lo cover th￿r costs, and al ￿me$, generat8 $]rAI surplus for ￿InvaSI￿￿1t. Th8 TnotbBS remain awar8 of the n8￿ to mointaln these revenues and keep Iheso under reV￿W on a regular ba￿. It Is the pdN)y of Assodafton to mwntafn untsslrided funds at a level suffldenl b rn8et $xp8ndltut• over Ihree lo SL¥ month period. The Trustses keep this uThder re¥iew (n tho Ilghl of thanglng cirwrnstan￿S and ¢onsider that thls pollGy andlgvel of r95eiv6s wql ensure that, in Ihe gvent ￿ a slgnific2nt thop in fundlng, Ih¢so raservès wwkt enable tho ch8ty to mRintah) our aclhities consklwatknn bo gfven to ways In whlch th8 financigl posltton wuld allere(l. Thls lgvel of has been maintai￿￿ Ibr￿￿ tho lkngncgal year. Our short4em7 cash posltion remalns adequate to meel our day to day operatlng ¢05ts. Our loWJ￿40m1 Investment pollcl¢¥ In Iln8 wlth our arIlab￿ status arKI are sol #t a modgrate rlsk profile invested to WOVKlg a r8bJm ovar a fNe y8ar thno horfzon. In th& Qurwnt year thesè inYe8lm8ntg generated h)rAYne for Ihe ABxdafion and also sh¢ywed a CapIt￿ galn. Thg finan￿1 siatemenls have b9en prepared on 8 goH)g LThcffin basis. The Tfusle8$ havé raviewed the iavel of fund$ hdd and the level ol expected Incl￿￿& and expeTMlitur8 for 12 months from authr¢rising these financlal 8tatemBnts. The budpted income and expendrtuTr b Suffl¢i￿rt. when comb1r￿d y￿th tho levet of r85eNe8, fortho ¢harfty lo ba obla to contlnue as a gJlwJ ￿nc*M. The tsusteos. yvtK> ore dso the difectois for the purpo80 ofo)mpary I￿. and ¥tho 88Ned the year and up o the d¥18 of slgngtuie of the finen¢iai statThnts Y￿19. ' Mr PJ Avls Mr J Brtori8y Mr RK Craig Mr TJ Dtswngs Mr LR C Edwards Mr MP K￿g Mr GN Trehane Mr8 DR Wastsnage Mr WJ VVe8tscolt MrWN Whileford Mr WLAmillago Mrs SJ Tomlfnson Mrs KE Halton Tho tnts e6, reportway approv￿ by ts Board of Trusle88. Mr J 8rleTiey Twsteg Cralg TrLtstee sir Dated: .... THE ROYALASSOCIATION OF BRITISH DAIRY FARMERS STATEMENT OF TRUSTEES. RESPONSIBILrriES FOR THE YEAR ENDED 31 MARCH 2025 The trustees. are also the d,reL*tsr3 of The Roy81 Assodation Of British Dairy Farmers for the purpose of company law, are responsible for preparing the Trustees. Rep(￿1 8nd the financ￿1 stalements in accordance wlth applicabl8 law and United lQ'ngdom Ao)Juning Standards {Untted G¢nerally Accepted Accounting Practice). Company law requires the twsltses to prepa￿ financlal statements for each finanad year which a tru8 and falr vlew ol the state of affairs of the chaTty and of the incoming reSOur￿S and applleatlon of resources, includlng tho income and expendjture, of the charltable c4Jmpany for that year. In preparing these finan￿al stalemtrnts, thè triJst8es are Yequired ID- - select suitable accounting pol￿188 and thén 8ppty them eonsist8nlty' observè the methods and Pfincip18S in the Ch8rities SORP., - m8kè judg&m8nts esb'mates Ihat are reasonable arKJ pnjdent.. slatè whather applicable UK Accounting Standards have been follow0d, subloci tr) any material departuras disclosgd and explained In the financial statements., arKI - prepare the financial statemènts on Ihe aoing conc£m basis Unk￿ it is Inapproprfate to prosum& that the charlty wlll continue Sn oporahon. The twslees are responsible for keeping adequate a(xountlng rw>y(Ls Ihat dlsdose vAlh reasonable accuracy at any time the financial posllion of the charity and enable them lo ensure that thg financial stalements comply with the Companie8 Ad 2006. Thèy ara also responsitrAe for safeguarding the assets of the chanty and hence for taking reasonable sl8ps for Iha preventlon and detectiw Df fraud and other irregularitses. THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROYALASSOCIATION OF BRMSH DAIRY FARMERS I report tu tho trustee8 on my examination of the firwndal 8tstements ol Th8 Royal Assockwbon Of BrW$h Da Farmers (the ch#rtyl for thg year er￿ed 31 March 2025. Ro$ponslbllSlles and ba$ls of rnport As the Irusteats of the land 8180 its fJlreclors for thè purposgs of (￿)MpanY law}. you arg re8pwsU)19 for Ihe PJBpar*KJn of the financial ststements In ac¢￿an￿ with th& requiremertts ofU* CrmpaniesAGI 2006. frlavlng 88UsffÉd rnysaifthat the )Inanclal stalwnents ofth8 charfty are Trt rgqulred to b0 audllbd undgr Part 18 of the Comp8nles Act 2006 and are eligible for indep*)dent exarr4natfr)n. I r8port In Tespecl of my axamination of the ch8rity'8 finonclal state[￿ntS L*rrted out uThJer sectN)n 145 d the Charfkn A¢t 2011. In carylng out my examlnalion I have followed the Direciions glven by the Cb8r¢ty C￿L￿1s510n under sedon 14515llbl of the CharillesAci 2011. Independont ¢xaMlnfj￿S slat¢m•nt Sbnce Ihtr thonvs gross Incotne exceeded £2￿).￿￿, indeFendenl examlngr mu$ be a momber of a body Ilsled In sèctlon 145 of the Chartlles Act 2011. 1 confim Ihat l am qualfftèd to undertake the ex8mlnalbn becauÉe l am o Member of tha InsUtut8 of Chartfjred A(¥x)untants In Engknd and wa￿5, whltth ts on8 of the Ilsled boLfies. I have Complèled my ex&mlnatltsn. l Gonfirm that tK> mallgrs have (x)mg to my atlentl(In in ￿nr￿tIOn wRh Ihs examlnalton glvlrr4 me cau89 to believe that in any materid rnSDert atrxunllng records were not kopt kn respacl of the charity as rwuked by Secti￿ 386 0., the Comp8n Act 2006. the fjnaneial statements do not ac￿1￿ wth records., or Ihe Ifnancial stateMe￿S do not eA)nwty a¢cwnling requIrem￿lts of sgcliDn 396 of tha Companles Act 2006 oth8r.than any requiroment that the finandal swiements give a true and fair vrow, whl¢h is not a mattef con5idor¢d as part ol an Independent examination.. or tho flnandal slÈlements have nol been In *COrdan￿ th thè methcth and pdnrylès of the 8tstemenl of Recommended Pra¢tlo for accountirvJ and repThlfng by dMrftJes applkabl& to ¢harft165 pr8parfng their fiftanc4￿ statements in 8ccordan¢8 wlth Ihè Nnanoal Raporung SiarMJard aprAicabI8 In the UK and RèpubUG of Irel8nd (FRS 1Q2). I have no C￿ceM8 and have come a(¥oss no other mattgrs In o)nnecllDn wttr Ihe examlnatlon to vffiich aLlention should bè drawn in Ihis report In order to en8ble a wopw undersianthng of the fin8nci81 statements to be reached. Callum V8asey .CA Cottor18 Aw)untsnts LLP The Stsblas Church Walk Davenlry Ntsrthomptonshi NN114BL UK Dated: ...21 THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS STATEMENT OF FINANCIALACTMTIES INCLUDING INCOME AND EXPENDrruRE Accouwr FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted Unrestricted fur4Js fundy 2025 2024 co e and •ndowmen Donatlons andlggacles Other Iraoing actlvttjas Investmonls Ottr￿[ Income 252.758 156,937 27.343 55235 202,780 221.372 24.313 113,483 Totsl Inw 492.273 561,948 nd Staff costs Depreei8b'on ond toss on dlsposal Insuran Telephone Postage and 8tatlMgry Advwtislng and promotton Sundry 8xpen5e¥ Promlses expenses Membershlp costs Collference, evants and awards Pollcy advtsors iemwi0r8￿On Bank tharges and inbrest Investment brokerslèes Legal and profes$k)nal fees Govemance co4ts 252A97 1,482 1.171 1,9 4J47 2,1&4 1,9&5 25,276 2,312 93,975 3,396 451 1.480 30.e94 27.437 363,420 1,330 1414 2,230 24,658 1A36 148,743 4,165 256 1.325 4.208 13.819 Total ch*rkabl¥ expendl£urg 452,488 572,493 Nel gaIn￿{loS8&sI on knvBstrnents 38.057 N¢t movemgnt In fvnds 40,250 27,512 Fund balanc￿ 011 Aprf 2024 890,747 863,235 Fund bal•nces at 31 March Z025 930,997 89D,747 The st819ment offinancial aclimllgs indutk5 al gains and h)sses reryyfjsad in Iho year. Tho statement of Ilnancl81 ao1fv6tles Indudes all gatns and ￿$S¢S Tecognlsed In Ihe JEar. Al Incom& and oxp&ndllurp deriv8 from continuing a(*vltie& The st8ternenl of finandal acovldgs also wilh Ihe T￿4￿11¢m￿nts for an irKome and pxp6rxlltUTO aGCOLMt under th8 CompanS&sAct 2006. THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS BALANCE SHEET ASAT31 MARGH 2025 2025 2024 Flxed a88¢ts Tang',ble assats Invoslments 12 11 4.998 586,096 2,371 587,376 591,094 589,747 Cur¥ènt ass8ts DBblors C8sh at bank 8rxl In hand 14 181,536 228.4 230.730 170,450 410.032 401.180 Crodltorg: amounts falllng dufrwlthln oney 15 (70.129) 1100.1801 N?t ¢urrgnt assets 339,91XJ 301,CK)O Total aysats less ¢Unont ItabllltS09 930,997 890,747 Th"¢ lunds of the ch￿rIty UnrBstrKtsd funds 930.997 890,747 930,997 890.747 The cotwany18 gntitled to the 8xompkn from Ihe autht requtrement cOnlak￿j in 4n Df th8 Compani98 A 2006, for thg y¢ar ¢nd¢d 31 Ma￿1 2025. The d1￿ctorS acthowledge ttxir wponslbilske5 for (X*npI￿nQ wtth the requirements of the Companies Act 2006 th rsspect to 8wountin9 re￿d8 and the prepwation DI finar￿v.￿ statgments. Th$ mgmbers have not r8quirad the rmipany to obtaln an 8udft of its ffnancial statoments undor the wu1￿meNts ol tho Companies Act 2Q06, for fhe yoar in questkjn in aceordance with section 476. Theso fln&nclal stat&mènts havo been wepared In a¢cordance wlth the provlsk)ns appKcable to compaThe¥ subJ8ct to thè 5rnall companlgs regime. The financlal stalements approved by Ihe ITuste88 IAI... 2oLr Mr J Brlerfey Tru$tg• Company re*?trallon number 00013393 (Ekngtond and Wths) THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AIARCH 2025 2025 2024 Nots$ C￿h flows from oporatlng a¢tlvl¢l&s Cash generated from11abs￿knd by) oporalons 21 136,972) Inve8tlng a¢tlvltl¢s Purchase oftangible fixad 889ets Pro¢eeds from dispos81 of investrn8nts Invgstment Income wlv8d 14.1111 1.Y60 27.343 1,659 24,313 Net Cash gongrnt8d from investlng actlvltles 24.9W2 25,972 Not Cash us•d In ffnanelng athltFes Net In¢roas*l{d¢orgase) In cash and cash •qulvalents 58,046 111,0001 Cagh and cash equfvalents at beglnnhg of year 170.450 181,450 Cash and cash oqulvalgnts at of yo•r 228,496 170,450 THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accovntlng pollcSoB Charlty Infomiatlon Th8 Royal Assoclation Of BrfU8h D&ry Famws Is o wlvate company Umlted by guar8nteè incDrporatBd In England and W*s. The rOg￿t￿red office is Unit 4 AthwBtone Hjll Farm, Ather8t(¥18 on StOUT, Straff0￿ Upon Avon, CV37 8NF. 1.1 AcCoUn￿ng conventlon The financlal statemènts of the choritab￿ company. vthl(* Is a pu￿1¢ tenefit entity under FRS 102, have bee prepared in accordan¢g ￿1h the Charlties SORP {FRS 102} 'Aecounling and Report6ng by Charlti86.' ststemant of Recommended Prad'ce applcat48 lo tharittes pM8paring thwr accounts in accordance wtth the Financfal Reporting StaThJard appllcabl8 in Ihe UK and Repdbtk of Irelarbd IFRS 1021 leffe¢tive 1 January 2019}', Fin8nclal RepThltng Stsndard 1U2 The Flnandal Reporl'ng Stanrjard appllcablo In the UK and Republlc of Irelsnrf 8nd (he Compan￿5 Act 20LK. Th8 finanaal slalements have begn prepared under the storical cost convBntkJn, vith the eXC£pt￿ crf inve8inwnts whbth w Ir￿uded at ma¢K8t vakfj8. as mc¥Jffied by tho rovaluatlDn of assats. The fin8ndal $lat6ments ?re Pfe8Wrted In stertlng vthtrc*b is the fjjndonal ofthe tharity. The charity has opt&1 lo rnport th8 eX[endi￿ra on th& baw8 of thg natur8 of expendltsjre. rather thgn on an acthrfty bas18. 1.2 GOI￿ con¢grn A* the Ilme Df approving thB lknancral *atèmenis, Ihe truste8s have a raasonable gxpoctallon U*1 the thgrfty has adequate resouTQ*S to In operatic￿al 8XiSten¢e tor ihe foreseeable luturè. Thu8 th8 Irustaes continuo lo adopt the gotno ¢oncem b8819 of acojunting in preparlNJ the fin8ndal Stat￿￿ents. 1.3 Challtable funds Uniestri¢tfjd fijnds are aval18trAe for Al the d15creUon of INsleos In furthernnee ol thetr ¢h#ritabl¢ objecfves. 1,4 Incomè Income is r8wynised when the tharity 15 legaly entswed to It after any perfurmanE8 condltions have been mel the amounts can bg measured rellabty. and it w probaNg tst in￿rne WVJ be re¢givod. Cash rJonaliDllS are fecogni5ed on receipt. Othef donabong aro rwJt)Ised once the charity has bèen notlfled of trie donation. unless perfomH)(* eorKlrborks requlre d8ferr81 of thg omou)t. Incomg tsx r8¢ovwable rdatlon to donalons recelved under GfftA(d or deeds of o)venant Is r￿Qg￿lSe￿ al thg Ilrne of ihe donauon. ryemb8rship sub8erlption8 are amtiL￿ed over thg p￿l￿d they relale to. Investment incoffl8 [8 e8Med Ihrough hotdlry assets inves1￿ pu￿$￿8$ sud) 88 sha￿. Management chargès relate to ￿n￿nts to olher entFties tn rolaljon to gxponses [r￿lled on behalf of fho59 entities. 1.$ Exp¢odltur• Llabllllles are recognlsed as èxpenthiure as as th?re is a kgal or construd1￿ obllg81ion commitbng the charity to that exp8nditurè, t i8 pffjbabig th318 transfgr of 8conomlc benefits wrfl I requiwd in setUem8nt and the anount OF the obligation can b& measured refiably. Expènditure [8 accounl8d for on an a¢¢ruab baw oTrJ has besn dasslfjed under h8ading5 that sggregate all cost relatad lo the categ￿. Wherè costs cannot be direcdy attritxrtd to partioular Wings Ih6y havfr en al£L￿ated to actlvitses Csn a consisientNMth tho use of ￿ourCeS. 10- THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Ac¢ountlng pollcles (Contlnuedl l.fj Tanglble fixed assets Tangible fixed assets are iniliaHy mgasurgj 8t cosi arKI subsequwtly mgasured at cost valuallon, n&1 of depreci8tlon •ry impawment losses. DepracÉaU¢)n Is rècognised so aslo writo off tha cost or vduatton of ass&ts1oss the￿ ro8Klual valu8e overlhelr useful fjves the fo￿￿ng ba$es: Flxtur¢s and fthings Computors 33% on r9dL￿1rva batancg 25% on co8t The gain or loss arising on the dlsposal of an as5el Is de*rmined.as th& diffBrgn¢& be￿¢en the sa18 pr(Keeds and the ￿nYIng vdue of the a￿( and Is recognLsed in Ihe statemnl plflnan¢181 ar.1￿1186. 1.7 Fixed a95et Invèstments Fixed assat investrents are Inif*TI4 moasurgj at transaclh)n excluding trarwactlon costs. and are subsequently measL+red at fair al each rep)rting dale. Charvjes In fair valuo aro rectgnL%ed In n&t Incoméllexp¢nditurg1 lor the year. Trdn8actiM costs ar8 exw4sed as inwrred. Other investments mèasured at c￿1 less inwalnn8nL A subsldSary Is an en]ily contrdled by the (*arfty. Control Lg the F#Mr k) wvem ffnanc*l an(1 opor8lktig polldgs of the entity 30 88 to obtakn b8nefts from It8 acbvibes. Investments In subsldlarie5 are m&a¥ure(l at cost less impairment. 1.8 Cayh and cash ?quivalorrt5 Cash and c&sh equfval8nts indude cash in hand, depxhs ￿k1 at wlth banks. 0th6r short-term IKiuid Investrents with orijnal maturi￿¢S of three m￿rth$ w less. and bank ¢)votdrafts. Bank o¥etdr8fts arg ghtjwn withln borrowings in (￿rrent It&ilttiOS. 1.9 Flnanc141 instrurnpnts The charity has elected to apply the provtgh)ns of 8w*bn 11 'B&8lc FinarKld Instrumgnts. and SeGllon 12 'Olher Finan¢sal Inslrumertts Issues, of FRS 102 to ajl of its ffinandal instrument& Finandal Instrum&nts are rgcognised in Ihe charws t￿￿ce shget wh8n chatliy become5 pariy lo th8 contradual pro￿s1onS oflhe instrumnL FlnanciBI as8eis and li8bSfftios ara offset, wth the net amoLfftts presenlgd in the finan¢tal statomonts, whon the,'e L* 8 legally enfDrce8ble ri9ht to set off ths recxwi5od knjunls aid th8rB Is un intenllon to s81118 on a net basls or to reallse the asset a￿1 s8tUs the Ikablriy 81mthngthtsty. Basic *3nanclal &ssets Ba81¢ finBncial assely, whlch inthjde debtsrs and cash aryj bank balancos, are Iniuylfy measurèd at transacfion prtcp IrKluding transa￿lOn costs and aTe 8ubwugntty caThied at amortl$èd c4Jsl using the ¢ffedve Interest mèthod unless the arr￿￿nent constiiute5 a fin￿ryng IransactiDn. whore the IransaoL.'on 15 ma8surgd at the prwnt value of th6 fulurg r￿Ipts dtsGounbJ at a markel rate of Interest. Flnanclal ass918 dassified 88 receivable wtthkn m year a￿ Aot amorlised. 11 THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 hlARCH 2025 AC¢oun￿n9 poll¢ies {Contlnubd) 8asJ¢ Ilnanctslll?bllltles Ba&ic financial liabllili&s, including creditors tyfjnk loans ara knltially recLTrgnBod at Iransattlon prfc8 unlass 8rrangemenl constitutes a financirvJ trar)yaCl￿, whèrè thè debt instrLsment Is mgasurgd al Ihg present valug of the future payTnents discounted at a fTwket Trle of kntèrasL Financial Irabllilles das¥iffivd as payable wlthln one yew 9rg not ￿011￿1. Debt instruments are subsequentty carrlgd * am(Kti5ed U8kng tha gffedve Inleresl rate mothod. Trade rrethtors obllgatSons tr) p8y for or sew1￿& that have be6n acquired in the orthnary cour88 of opèrallons from suppfieFS. p3yalA8 (lassif￿d as current liabllides rf paymonl Is due wllhin gne y8*r or less. ￿ not, they are presented a5 r¥Jn4￿rrenI liablttles. TIBde crethtorn 816 recognised Inmally al tran8aclion prk* at7d SLthoquendy mea$W￿ at amorfi88d cost using th6 thctiye intaresl method. Dgrowitlon of financlalliabllld•s Fln3ndal 118bilFtio8 we d￿eCogniSed when the c(%ttfa(knl obliJaflons expire or are d18th8rgèd or can￿11￿d. 1.10 T&xallon Th& tharity ks oxèmptfrom tax on incLNng and galns f￿117g wilhln sect￿)n 505 of thB Tax&sAct 1988 Dr 88¢tton 252 of Ihe Taxgllon of Charg8able G8ln6 A¢* 1992 to the extent Ihal thost 8r8 to its ¢ha￿tal￿O oblocts. 1.11 EnWoy8a honèfits Thts cosl of ary unused hollday enllUem¢nl Is recognised Tr) the period In whlch the emtAoyee's servtces are rec8lv8d. Termlnatlon benoffts are re¢ognFBed Immedlately as an expm vthen the charity d8mn8trably oommltted larmlnale thg ern￿oYment of orl èmpbye8 ￿ to pthde termination ben8flt8. 1.12 Ret5rement bongffts Payments to dgflned rnntribution retirement b8MKt schemes are charged a8 an expen80 as Ih¢y fall dw. Incom8 from donatlons and tega¢lgs UnrostrlGted Vnr6strl¢t8d lund funds 2025 2024 Donations and gffls Membafshlp fees 216,265 36,493 158,416 44.364 252.758 202,780 -12- THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONT1NUED) FOR THE YEAR ENDED 31 MARCH 2025 Incomg from othw tradlng acttvitles Unrnstrlcted Unre5trktsd funds fund$ 2025 2024 Acttvilfes & Evgnl8 156,937 1.372 InooM8 from Invoslmfrrts UnTostslrt￿ Unrgstrlctpd funds funds 2025 2024 Olherln¢t)mo 27,343 24.313 othèr Incom• Unre5trlctsd Unr¢$lrlcttyd funds fvnds 9onenl gan?ral 2025 2024 Management d)arye8 55,235 113,483 Trustso$ Non8 of the trustees {or ony p8rxffis connected vlth Iheml r8cENed any remunoratTh or benèfits from the charity during the year. Triths w8re reimbursed travel expens￿ of £4.802 durfrvJ thB y¢ar12024: £1,878 At the ytrarfjnd the am￿Int duo to the tNstees Wds £1202 Wb24: £2.051} Support costs allocaled to ¥tl¥ltles Charttsbl¢ acUvltt05 2023 Total 2024 Govemaneé 27,437 13,819 13- THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support ¢0gts allocatgd to •ctMtt8# IContlnu8d) 2025 Govèmancè Cr￿￿ compfi8•: IndepenfJ6nt èxamin8trJn foes Acc￿￿ntancY Caun(xl membgTS' expen￿ and rneeting e4)sts 1500 4,455 20,482 2,130 2,000 9,689 27,437 13,819 Employees The average num￿rOf emp￿$ during the yearwas: 2025 Numb•r 2024 Number Employment cotsts 2025 Wayes and ￿*￿eS Sodal security costs other penslon eost8 217,518 20,555 14,424 307,￿2 29.778 25,680 252,497 383.420 Tho kw management personnel ofthe charity r￿Mp￿Se Ihè trn8tees and Ihe Chtof Execufve Oftker. Tho tolal employea bgneNts ofthe key rnanag8m8nl pw)nd of charity £36,409 (2024.. £g4n92>. Th8 numb8rofemployees wtN)$8 gnnual tYmun8Takn was more than £60.000 is as foll(ywg: 2025 NurAber 2024 Numbor £90.001￿l00,OOO 14- THE ROYALASSOCIATION OF BRMSH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 3f hlARGH 2025 Galns and Iossu$ on Investmonts Unrestrlotsd Unrestrklod funds funds 2025 2024 GBlTrsl{lossesl ari8in9 Dn.. ReValUaJ(￿ of Investhwnts 38,057 Unroall8ed nel 18ir value gain8 1 {Lossesl of £435 2024.- £38,034 8nd rgalised gains I ILtrgs¢sI of £30 2024.. £23 are In￿￿8￿ In thg statement of financw att￿lt￿S a5 Net gawi8111tsssesl on #iveslmgnts. 10 Taxation The ¢harfty Is exempt from tsx on incomg and yarns falNThJ wlthin sethn 505 ofthe Taxes Ad 1988 or $g¢tion 252 of the Taxollon of Charg&able Gains Act 1992 b the extent that thes8 aB applled lo Its ¢haritao19 obiocts. 15- THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 FIX￿ è¥$¢t Inv•stm•nts CaBh In portfollo Investments Totsl Cost orvaluatlan Al 1 Aprll 2024 Addlllons Vauafion ¢harKdes DI4)(￿1$ 7,723 1052 587,376 1,852 (1.852} 11.745) 13,59n At 31 M8rch 2025 1230 586,096 Carrylng amount At 31 March 2025 1,230 586.096 At 31 March 2024 586,252 1,123 587,376 Th& falr valuè of &1 listed tnveslmgfts takèn to be the open market value of Idenlkal shares on an actfve 81ock markoL Inve51mgnl r8￿mS aro 8wed to various rlsks iTKludo u8dlL liquidity maTket risk8. Bulh ¢rèdll and Ilquldlty rfsks gro assessed as km as the charity Inwssta in a s8curfty In whlch the falknra rate Is histDricalty low and the Investment is traded on markets in whrch r*nlral banks and other regulators havg interest In ensur1￿ Eontinuation of orderty Ir*lkwJ. Markgt risk is the prfnciple risk faced by th& d￿ritY (Jue lo a combination of uncgrtainty in investmont m8rkels and vo]w￿lity n) Y￿Id5. Thls was htghlvJhted ￿e￿￿Y by the effect of global events on the finanoaal mprkets whtch multed In Sharp r￿uCtIonS In both prtces and ￿￿endS. The Irustees manage the58 fb8k8 ty relainlng thB expert swvlc4s of fu￿1 m8n8gws. 2025 2024 Othw Inves¢m&its compriso: Investments In 8ubsId￿r(es 13 sted inv&sbm8nls Sncluded ab)vg; 2025 Li¥led Inv&strn&nis carrying amount {Exduding cashl Marf(el value rf differontfrom eaTrying amount (Exdudkng coshl 494,169 584,865 495,711 588,252 16- THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR niE YEAR ENDED 31 MARCH 2025 12 Tanglblo fixad a$s•ts F6¥tur￿ and Compui8r8 Iltungs Totsl Cost Al 1 April 2Q24 Additlon5 6.841 9,104 4.111 15,945 4,111 At 31 Marth 2025 6,841 13,215 20,068 Depreclatlon and Impathent At 1 April 2024 FJepr0clollon tharged In the yéar 6,752 30 6,823 1,453 13,575 1.483 At 31 March 2025 6.782 8276 15,058 Carrylng amount At31 Marth 2025 4,939 4,998 At 31 March 2024 89 2,282 2,371 13 Subsldlarfes Thè8è firkqndal 8talgmnb ar8 s¢p¥ala (*artty financial statements fvr The Royal knodatjon of Brlllsh D81ry Farmers. Detallg ofth¥ tharlty'$ subsldaries at 31 Marth 2025 are fol0￿. Name of undortaklng R¥glster•d NatUf9 of Iwslness Class ol 8h•m hold % Hold Dlro¢t Indlrè¢l Events You Ljmited Ordlnary 100.00 HUI Fami. AU)erslone on str￿r. Stratfurd up￿ Avon, CV37 8NF Name of undgrt4klng ProffV(Lossl Capital and Tumov•r Ewndltur• Even18 For You Ltmtted 522A5CI 1522,4501 17- THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Dpbtors 2025 2024 Amotsnl• falllng due wlthln one year. Trade debtor3 Amounts owed by fgfojw grwp ￿￿￿￿ng$ Olhgr dobtors Prepgymgnts a￿U8￿ InLx¥nB 34,931 119,853 12,594 14,158 28,28Y 185,575 8,082 10,786 1al,536 230,730 15 Cr¢dltors: amounts falllng duo vrfthln one yoar 2023 2024 Income rec*ved In adv8n¢8 Trade creditors Atcruad 8xp￿SeS 43,329 17,05S 9.74 30,212 11,751 58,21T 70,129 100,180 16 Rotlr•mgnt bonafit s¢hemes Dgfined cortr1k￿ts0n sch•me8 The oharity operates a defined conts11x￿ pens￿ schBme for al quabfytng 8mpEoyees. Tho &888ts 01 thè scheme are hdd separately from those of th9 tharlty In an independ￿llY administered fur￿. The Gharge lo profil or loss in respB¢I ofdeflnets contribut*)n schemes was £14,42412024- £25.680). 17 Unrostrlctèd fvnds These are unrestricted whlch aro nwlerlal to the eharivs activrftes made up as folltyw8'. Movomant In thnds Tran8f¥rs BB14n¢o*t IW2023 Gains and 84lqnco al 31 2024 unrostrfcted fvnds 863,235 561.948 (512,493) 38.057 890,747 B4lan¢* at In¢omlny Ré8otsrt 1 Aprtl 2024 re8ourc8s oxpbrthd Tran810rn And 106sè 31 Mar¢h 2025 unT￿tricted funds 890,747 492.273 (452.488} 465 930,997 THE ROYAL ASSOCIATION OF BRITISH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 18 Analysis of nat a$￿ts b6twe•n funds Unretstrlcted fund$ 2025 At 31 March 2025: Tanglblo assets Investments Curr&nl a55?Is1l￿abIIiliesl 4,998 586,096 339,W3 930,￿7 Unrestrl¢tsd funds 2024 At 31 Marrh 2024: Tanglblts assets Invesbnents Current a888tsllllatryliil8s) 2,371 587,376 301,CIJO 890,747 19 Operoung ioa8e commitin8nts Lé$sae At the reporting end date the chartty had C￿nd1￿ cxjmmttm￿ts tr fuknre mintrnum leas8 payments under npTrcancellabie op8roting leases, which fall dJe as follow8.' 2025 2024 Wthln ono year Between tsyo and flve years 1,117 3.630 1.782 4,747 1,782 -19- THE ROYAL ASSOCIATION OF BRMSH DAIRY FARMERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThYE YEAR ENDED 31 MARCH 2025 Rèlated party lrnn$actlons Tr￿S4¢fI￿n5 with related p4rtles J 3ri&doy. R K Craig and T J Djwnes are knsiegs ofThe RDyd A%soctath)n of B¥iNsh Dalry Farners IRABDF) are also (tir8dor3 of Evants For You Llmited. RABDF a180 holds 100% of the shaf89 ¢1 Evenls For You L(mlted. IncJuded in othor In￿)Me is a managem￿1 r*8rga of £55,T35 (2024: £113,483) Bhargad to Evanls For You Limitsd for oxp8n8es incurred on behalf of the company. Events For You Llmlted glfted Its taxabkg SUr￿U$ for thg year 01£216,26S12024'. £158,416) to RABDF vthich is dotal￿d in donatloFkS Incom8. 21 Cash gen•rntod fromllab50rbBd byl operallons 2025 2024 Swplus for the yw 27.512 Adju$lmenl$ for. Investmènt income re¢c*3nwI in ststèmènt offknanwl a¢lwitl&8 Falr vatue galns and losses on Investments DepreThalion arKI irnpatrm￿l ¢S l• r￿ed &53el¥ 127.343} (465) 1.482 124,313) 138,0571 1,544 Movoments In worklng capltsj: De¢r88sg1(Increasg1 in debtr)rs IDecr6a$eyincrease In Creditor5 Increaselldecrea5el In deferred inccn 49,194 143,1811 13.117 (1,723) 29,581 (31.516y Cash generatod froml(absorlxd by) oper•ilty 33,D54 (36,9721