CHARITY REGISTRATION NUMBER 234523
LONGSHAW SHEEP DOG TRIALS ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LONGSHAW SHEEP DOG TRIALS ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr R A Priestley Mr W E Outram Mr J G Rusling Mr M J Farnsworth (Appointed 19 October 2023) Honorary Treasurer F Newbould Secretary Mrs S M Humphreys MBE Charity number 234523 Principal address 1 Moorland Road Hathersage Hope Valley Derbyshire S32 1BH Independent examiner UHY Hacker Young 6 Broadfield Court Broadfield Way Sheffield S8 0XF Bankers Royal Bank of Scotland plc Drummond House 1 Redheughs Avenue Edinburgh EH12 9JN
LONGSHAW SHEEP DOG TRIALS ASSOCIATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the accounts | 6 - 14 |
LONGSHAW SHEEP DOG TRIALS ASSOCIATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their report and accounts for the year ended 31 December 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Association's Constitution, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)”
Objectives and activities
The Association's objects are as follows:
To improve and foster the skill of man and dog for the purpose of raising the standard of shepherding and the care and protection of sheep.
To promote and hold sheepdog trials.
To provide financial assistance to other charitable bodies.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Association should undertake.
The charity aims to achieve these objectives through holding an annual sheepdog trial and by raising money from an annual dinner.
Longshaw Sheep Dog Trials Association's trustees recognise their responsibility in ensuring that the organisation continues to provide a service of public benefit and to this end refer to Charity Commission guidelines on this matter.
Achievements and performance
During the year the Association held its annual sheepdog trial and held the annual members' dinner to raise funds.
Financial review
As a result of the changed circumstances described above, fund balances have increased in the year by £1129 (2022: increased by £712).
The Association's reserves policy is to preserve the Association's funds for as long as possible to enable the charitable purpose of the Association to continue. The freely available unrestricted reserves at 31 December 2023 were £50,850 (2022 £49,144). Details of funds that the trustees have designated for specific purposes are shown in the notes to the accounts.
The charity adopts a low risk investment policy and the trustees are solely responsible for the investment decisions made.
The trustees have assessed the major risks to which the Association is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
- 1 -
LONGSHAW SHEEP DOG TRIALS ASSOCIATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Structure, governance and management
The Association is governed by a Constitution adopted on 19 March 1964. The charity registration number is 234523.
Trustees are appointed by the charity at the Annual General Meeting. Members of the Association volunteer to take on the responsibility of being a trustee.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr R A Priestley Mr S A Ollerenshaw (Deceased 1 January 2023) Mr W E Outram Mr J G Rusling Mr M J Farnsworth (Appointed 19 October 2023)
It is with sadness that the Trustees note that Mr S A Ollerenshaw, a long term supporter of the Association, passed away on 8 January 2024.
The charity's principal office address is as follows: 1 Moorland Road Hathersage Hope Valley Derbyshire S32 1BH
The Association is run by the Board of Trustees with a meeting of all members at least once a year. There is very little activity that needs much control on a regular basis.
The trustees' report was approved by the Board of Trustees.
..............................
Mr R A Priestley
Trustee Dated: .........................
- 2 -
6 Broadfield Court Broadfield Way Sheffield S8 0XF
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LONGSHAW SHEEP DOG TRIALS ASSOCIATION
I report on the financial statements of the Association for the year ended 31 December 2023, which are set out on pages 4 to 14.
Respective responsibilities of trustees and examiner
The Association’s trustees are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
(i) examine the financial statements under section 145 of the 2011 Act;
-
(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
(iii) to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner's statement
In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:
-
(a) which gives me reasonable cause to believe that in any material respect the requirements:
-
(i) to keep accounting records in accordance with section 130 of the 2011 Act; and
-
(ii) to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
-
have not been met or
-
(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
A D Hulse FCA
UHY Hacker Young
Chartered Accountant
Dated: .........................
- 3 -
LONGSHAW SHEEP DOG TRIALS ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | 2023 | 2022 | ||
| general | |||||
| Notes | £ | £ | £ | £ | |
| Income from: | |||||
| Donations and gifts | 3 | 17,321 | - | 17,321 | 15,514 |
| Charitable activities | 4 | 9,056 | - | 9,056 | 9,185 |
| Other trading activities | 5 | 4,465 | - | 4,465 | 5,370 |
| Investments | 6 | 633 | - | 633 | 114 |
| Total income | 31,475 | - | 31,475 | 30,183 | |
| Expenditure on: | |||||
| Raising funds | 7 | 3,018 | - | 3,018 | 3,185 |
| Charitable activities | 8 | 27,327 | - | 27,327 | 26,286 |
| Total resources expended | 30,345 | - | 30,345 | 29,471 | |
| Net income/(expenditure) for the year/ | |||||
| Net movement in funds | 1,130 | - | 1,130 | 712 | |
| Fund balances at 1 January 2023 | 56,456 | 587 | 57,043 | 56,332 | |
| Fund balances at 31 December 2023 | 57,586 | 587 | 58,173 | 57,044 |
- 4 -
LONGSHAW SHEEP DOG TRIALS ASSOCIATION
BALANCE SHEET
AS AT 31 DECEMBER 2023
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Fixed assets | |||||||
| Tangible assets | 14 | 3,997 | 4,293 | ||||
| Current assets | |||||||
| Stocks | 15 | 3,309 | 3,560 | ||||
| Cash at bank and in hand | 51,437 | 49,731 | |||||
| 54,746 | 53,291 | ||||||
| Creditors: amounts falling due within | 16 | ||||||
| one year | (570) | (540) | |||||
| Net current assets | 54,176 | 52,751 | |||||
| Total assets less current liabilities | 58,173 | 57,044 | |||||
| Income funds | |||||||
| Restricted funds | 17 | 587 | 587 | ||||
| Unrestricted funds | |||||||
| Designated funds | - | 6,888 | |||||
| General unrestricted funds | 57,586 | 49,569 | |||||
| 57,586 | 56,457 | ||||||
| 58,173 | 57,044 | ||||||
| The financial statements were approved | by the | trustees and authorised for issue on ......................... and are | |||||
| signed on its behalf by: | |||||||
| .............................. | .............................. | ||||||
| Mr R A Priestley | Mr J G Rusling | ||||||
| Trustee | Trustee |
The financial statements were approved by the trustees and authorised for issue on ......................... and are signed on its behalf by:
- 5 -
LONGSHAW SHEEP DOG TRIALS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
Longshaw Sheep Dog Trials Association is a charity registered in England and Wales. The principal address is 1 Moorland Road, Hathersage, Hope Valley, Derbyshire, S32 1BH.
1.1 Accounting convention
The accounts have been prepared in accordance with the Association's constitution, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Association is a Public Benefit Entity as defined by FRS 102.
The Association has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The accounts are prepared in sterling, which is the functional currency of the Association. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Association has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Incoming resources
Income is recognised when the Association is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Association has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
- 6 -
LONGSHAW SHEEP DOG TRIALS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the Association has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business.
1.5 Resources expended
Resources expended are recognised in the year in which they are incurred and include irrecoverable VAT. Resources expended are allocated to headings within the statement of financial activities based on the actual purpose of the expenditure.
Raising funds comprises the costs associated with trading for fundraising purposes.
Charitable activities represents the direct expenditure incurred in the furtherance of the charity's objectives.
Governance costs represent the expenditure for compliance and management of the charity.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. The policy is not to capitalise fixed assets under £250. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Seats, huts and trophies No depreciation charged Equipment 25% reducing balance Fixtures and fittings 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the Association reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
- 7 -
LONGSHAW SHEEP DOG TRIALS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Financial instruments
The Association has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Association's balance sheet when the Association becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
- 8 -
LONGSHAW SHEEP DOG TRIALS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Association’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the Association’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and gifts
| Donations and gifts | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 17,321 | 15,514 |
- 9 -
LONGSHAW SHEEP DOG TRIALS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
| 4 5 6 7 |
Charitable activities 2023 2022 £ £ Income from trials 9,056 9,185 Other trading activities 2023 2022 £ £ Activities for generating funds 4,465 5,370 Investments 2023 2022 £ £ Interest receivable 633 114 Raising funds 2023 2022 £ £ Trading costs Other trading activities 3,018 3,185 |
|---|---|
- 10 -
LONGSHAW SHEEP DOG TRIALS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8 Charitable activities
| 8 | Charitable activities | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Depreciation and impairment | 296 | 434 | ||
| Hire of marquee & equipment | 5,405 | 5,373 | ||
| Lunches and teas | 11,263 | 9,995 | ||
| Insurance | 1,252 | 1,276 | ||
| Prize money | 1,556 | 1,556 | ||
| Printing, programmes & advertising | 1,105 | 1,258 | ||
| Postage and telephone | 310 | 806 | ||
| Engraving | 265 | 225 | ||
| Sundries | 333 | 787 | ||
| Judges | 190 | 343 | ||
| Labour | 807 | 218 | ||
| Rent | 275 | 275 | ||
| 23,057 | 22,546 | |||
| Grant funding of activities (see note 9) | 1,700 | 1,200 | ||
| Share of governance costs (see note 10) | 2,570 | 2,540 | ||
| 27,327 | 26,286 | |||
| 9 | Grants payable | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Grants to institutions: | ||||
| Grants to individuals | 1,700 | 1,200 | ||
| 1,700 | 1,200 |
- 11 -
LONGSHAW SHEEP DOG TRIALS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10 Support costs
| Support costs | |||
|---|---|---|---|
| Governance | 2023 | 2022 | |
| costs | |||
| £ | £ | £ | |
| Accountancy | 570 | 570 | 540 |
| Secretary's honorarium | 2,000 | 2,000 | 2,000 |
| 2,570 | 2,570 | 2,540 | |
| Analysed between | |||
| Charitable activities | 2,570 | 2,570 | 2,540 |
Governance costs include payments to the independent examiners of £570 (2022 : £540) for accountancy and examination fees.
11 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Association during the year.
12 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |||
|---|---|---|---|---|
| Number | Number | |||
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
13 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
- 12 -
LONGSHAW SHEEP DOG TRIALS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
| 14 | Tangible fixed assets | ||||
|---|---|---|---|---|---|
| Seats, huts and | Equipment | Fixtures and | Total | ||
| trophies | fittings | ||||
| £ | £ | £ | £ | ||
| Cost | |||||
| At 1 January 2023 | 3,865 | 2,971 | 2,319 | 9,155 | |
| At 31 December 2023 | 3,865 | 2,971 | 2,319 | 9,155 | |
| Depreciation and impairment | |||||
| At 1 January 2023 | - | 2,971 | 1,891 | 4,862 | |
| Depreciation charged in the year | - | 43 | 253 | 296 | |
| At 31 December 2023 | - | 3,014 | 2,144 | 5,158 | |
| Carrying amount | |||||
| At 31 December 2023 | 3,865 | (43) | 175 | 3,997 | |
| At 31 December 2022 | 3,865 | - | 428 | 4,293 | |
| 15 | Stocks | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Items held for resale | 3,309 | 3,560 | |||
| 16 | Creditors: amounts falling due within one year | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Accruals and deferred income | 570 | 540 |
- 13 -
LONGSHAW SHEEP DOG TRIALS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
17 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Balance | at | Balance at | ||
|---|---|---|---|---|
| 1 | January | 2023 | 31 December | |
| 2023 | ||||
| £ | £ | |||
| F & E Dalton Bequest | 587 | 587 |
The F & E Dalton Bequest fund was established to provide for the annual prize at trials for a novice.
Sufficient resources are held in an appropriate form to enable each fund to be applied in accordance with any restrictions placed upon it.
18 Analysis of net assets between funds
| Unrestricte d funds Restricted funds Total 2023 2023 2023 £ £ £ Fund balances at 31 December 2023 are represented by: Tangible assets 3,997 - 3,997 Current assets/(liabilities) 46,701 587 54,176 50,698 587 58,173 |
Total 2022 £ 4,293 52,751 |
|---|---|
| 57,044 |
19 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
- 14 -