CHARITY REGISTRATION NUMBER 23452i LONGSHAW SHEEP DOG TRKAIS A&￿ClATION UNAUDITED FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 *UHY LONGSHAW SHEEP DOG TRIALSASSOCIATION LEGALANDADmINI￿RATlVE INFORMATION Trustees Mr R A Priestley Mr W E Outrdm Mr J G Rusling Mr M J Famsworth HoDor4ry Trusurer Ms V Richardson Secretary Mrs S M HumFthws MBE Charity number 234523 Prl•¢ipl addresg l MooAand Road Hather5age Hope Valley Derbyshire S32 IBH Indepettdellt e￿mI￿tr UHY H&ker Young 6 Broadfield Court Broadfi¢ld Way Sheffield S8 OXF Bankers Royal Bank of Scotland pl¢ Drurnmond House l Redheughs Avenue Edinburgh EH129JN LONGSHAW SHEEP DOG TRIALS ASSOCIATION CONTENTS Page Truste¢5' Independent e￿￿mine￿$ report Statement of financial activilies Balance sheet Notes to the accounts 6-14 LONGSHAW SHEEP DOG TRIAIS ASSOCIATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trust¢es p￿ent their reN)rt and accounts for the year endeAI 31 Decemttr 2024. The acwunts have been prepar￿ in accordance with the accounting policies s¢t out in note I to the a￿OUnts and comply with the Association's Constitution. the Charities Act 2011 and -Accounting and Reporting by Charities: Statement of R¢¢ommended Practice applicable to charities preparing iheir accounts in ￿CordanCe with the Financial Re￿￿Ing Standard 8pplic4bl¢ in the UK atml Republic of Ireland (FRS 102) (effective l January 2015)- Objectives Ind *¢tivities The Association's objects are &s follows: To improve and foster the skill of man and dog for the purrKJse of raising the standard of shepherding and the care and proie¢tion of sheep. To promote and hold sheepjog trials. To provid¢ finan¢ial assistance to other charitable t￿les. The trusttts have paid due regard to guidarKe issued by the Charity Commission in d¢ciding wh8t a¢tivities the Association should undertake. The charity aims to achieve th&se objectiV&8 through h)Iding an annual sheeth trial and by raising money from an annual dinner. Longshaw She¢p Dog Trials Ass(Kiation's tr￿teeS recogrtise their Te5rx)nsibility in eTk8uring that the organisation continues to provide a serviee of publi¢ benefit and to this end refer to Charity Commission guidelines on this matter. Achievememts and performan¢e During the year the Association held its annual shwrflog trial and held the annual members. dinner lo raise funds. FiD4theial r¢vievA Fund balance5 have in¢Rased in the year by £4.793 (2023: inclea￿d by £l.130). The Asswiation's reserves wlicy is lo preserye the AsyKiation's futb& for as long &$ wible to enable the charitable purpose of the Association to continue. The freely availabl¢ unr¢stricted reserves at 31 December 2024 were £58.141 (2023: £50.850). Detsi15 of funds that the trusiees have designated for specifi¢ purposes are shown in the notes to the a¢counts. The charity adopts a low risk inveslment p)li¢y and the trustees are solely Tesp)nsible for the investment decisions made. The trustees have assessed the major risks to whi¢h the A&8ociation is exwsed. and are ￿1SfIed that systems are in place to mitigat¢ ¢xposure to the major risks. LONGSHAW SHEEP DOG TRIALS ASSOCIATION TRUSTEES, REPORT (coNfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structhr< govertt*#¢e and The Association is governed by a ConstitsAion ado￿1 on 19 March 1964. The charity regislrdtion number is 234523. Tn￿e￿ are appointed by the charity at the Amiual General Meetin& Members of the A&80ciation volunteer lo take on th¢ reS￿nsibility of being a trustee. The trustres who s¢rved during the year and up to the date of signature of the financial ststements were.. Mr R A Priestley Mr W E Outram Mr J G Rusling Mr M J Famsworth The charity's PTincipal otrice addTess is as follows: l Moorland Road Hathersage Hope Valley Derbyshire S32 IBH The Association is twn by the Board of T￿￿tee5 with a meeting of all memFKrs at lrnsl one£ a year. There is very little activity that needs much control on a regular b&8is. Th¢ tNst¢es' reiM)rt was approved by the Board of Trustees. A Priegt Truste 7 MAICd Hackeryoung 6 Broadfield Court Broadfield Way Sheifield S8 OXF INDEPEIYDENT EXAMINER'S REPORT TO THE TRUSTEES OF LONGSHAW SHEEP DOG TRIALSASSOCIATION I report on the financial statements of the Associalion for the year eThJed 31 December 2024. whith are set out on pages 4 to 14. R¢4pectiv¢ responsibililies oftrutees and eumltter The Association's trustws are resrM)nsible for the preparation of the financial ststements. The charity, t￿slee5 consider that an audit is not required for this year unthr sertion 144(2) of the Charities Act 2011 (the 2011 Act) and that an IndeF￿nI examination is neede It is my responsibility to.. (i) examine the financial ststements under section 145 of the 2011 A¢t: (li) io follow the procedures laid down in the general Directio￿$ given by the Charity Commi&sion under Section 145(5Xb) of the 2011 ACL and (iii) to State whether micular mattus have come to my attention. B&qis of independent eumltser's re￿re My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a Teview of the accounting records kept by the charity and a comparison of the financial ststements presental with those records. It also includes consideration of any unusual items or disclosures in the financial stst¢ments. and seeking explanations from you as trustees ¢oncerning any such rnatters. The prcaures undertaken do not provi(k all the evidence that would be required in an audit and consequenily no opinion is given as to whether the financial ststements present a 'tTue and fair view, orMI the rep)rt is limited to tIM)se matteTS set out in the next statement. Independent ¢x4mia¢r'$ 8¢atemeDt In connection with my examination. no other matter except that refffrna to in the P￿10￿$ parngrnph has Come to my attention= (a) whi¢h gives me re&8onable cause to believe that in any material Tespect the requirements: (i) lo keep ￿COUntIng records in acLordance with section 130 of the 2011 ACL and (li) lo prepare financial 5taiements which ac￿rd with the accounting reth and comply with the acwunting requirements of the 2011 A have not been met or (b) to which, in my opinion. attention should be drawn in order to ¢nabl¢ a prnp¢r understsnding of the financial statements to ￿ Teached. A D Hulse FCA UHY Hacker Young Chartered Ac¢ountant Dated:. 11 rfAied >J> LOIYGSHAW SHEEP I)OG TRIALSASSOCIATION STATEMENT OF FINANCIALAcrtVmES INCLUDING INCOME AND EXPEIYDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Total Totsl f•• 2(ft4 2023 Donations and gifts Charitsbl¢ activities Other trading activities Investments 21.930 12.348 1.055 831 21.930 12.348 1,055 831 17.321 9.056 4.465 633 Totsl illcomt 36.164 36.164 31.475 nditure Oll: Raising funds Charitable activities 1,069 30.302 3,018 27.327 30.302 Totsl resollrce8 ezpended 31.371 31.371 30.345 Net iD¢omel(expenditure) for the yearl Net movemeDI im funds 4,793 4.793 1.130 Fund toiances at l January 2￿24 57.586 5*7 58.173 57.043 F*nd b•lanryg at 31 Detember 2024 62.379 587 61966 58,173 LONGSHAW SHEEP DOG TRKAIS ASSOCIATION BALANCE SHEET AS AT31 DECEMBER 2024 2023 Notes Fiied auets Tangible assets CurreDt *S8ets Stocks Cash at bank and in hand Is 3.865 3.997 16 3.081 58.728 3,309 51.437 61,809 54.746 Creditors: amouDts falliBg dme wi¢hi one ye•r 17 (2.708) (570) Net current ass¢ts 59.101 54,176 Totsl assets less curretst liabilities 61966 58.173 lllcome funds Restricted funds Unrestrict¢d funds 18 587 62.379 587 57.586 62,966 58,173 Th¢ financial ststements wete approved by tk trustees a signed on its behalf by: authoTiS for issue on ... Icll gP&C . and are MrRA Trustee estle Mr J G R￿lIng LONGSHAW SHEEPDOG TRI￿sASsOCIATIoN NOTES TO THE FtNANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accowntlng policies Cb*rity illform*tioti Longshaw Sheep Dog Trials AsxKiaiion is a charity registeTrAI in Engia￿l and Wales. The principal address is l Moorland Road, Hather58g4 Hope Wley. Dttbyshiye. S32 IBH. 1.1 AeeoMntlDg eODveDtioD The accounts have been in ￿rda￿ with th¢ AwKiation's constitutiofy the Charities Act 2011 and -A¢￿unting and ReFKJrting by Charitie5: 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 a￿untIng period5 commencing from I January 2016). The knociation is a Public Benefit Entity as defined by FRS 102. The knociation has taknn thantsge of the provisions in th¢ SORP for eh8rities applying FRS 102 Update Bulletin I not to prepare 8 Statement of Cash Flows. The accounts are prewvj in sterlin& whi¢h is the fimctional currency of the Association. Monetary amounts in th&%e financial ststements are rDunded to the nearest £ The accounts have been wepared under the historical CO￿ convention. The PTincipal accounting policies adopted are set out below. 1.2 Going eoneern At th¢ time of apryoving th¢ financial statemenL% the tr￿￿tee9 have 8 reasonable eXp￿￿tiOn thai th¢ Association has adequa* resources to ¢ontinue in operational existence for the fo￿Seeable futhre. Thus the trustew wntinue to adopt the going concem basis of a¢￿￿tIng in preFHring the financial statements. IJ Cb*rilable ftynds Unrestricted fi￿d$ are available for we at the discretion of the trU￿eeS in furthernnce of their charitable objectives. Designated fvnds comprise funds whith have been set &8ide at the discretion of the trustees for specific purposes. The purposes and uses of the designaied funds are set oul in the to the financial statements. Restricted funds are subject to SI￿1r1e conditions by dortors or grantors as to how they may be used. The purposes and uses of the r￿trIcted funds aTe set out in the notes to the financial slalements. 1.4 IDeomin8 resources Income is recognised when the Association 15 legally entitled to it after atry ￿fOrnIanCe Conditions have been m¢¢ the amounts can be measured reliably. and it is probable that income will be ￿e1ved. Cash donations are reco￿lSed on receipt. Other donations are recognIs￿ once the Association has been notified of the donation. unless perfomiaKe ￿ndItionS require deferral of the amount. Income tsx recoverable in relation to donations received under Gift Aid or deeds of cov¢nant is recognised at the tim¢ of the donation. LONGSHAW SHEEP DOG TRIAiSASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aecoullting pdicies (COntin￿ed} Legacies are recognised on receiO or otherwise if the Association has notified of an impending distributio￿ the amount is k￿Wn. and receipt is eX￿trd. If the amount is not known. the legacy is treated as a conting¢nl asset Turnover is measured at the fair valu¢ of the considerdtion received or receivable and represents amounts r¢c¢ivable for goods and services provided in the nornMI COUTse of ENJsiness. 1.5 Resourees expellded Resources expended are recognised in the year in which they are incunrd atxl in¢lud¢ irrecoverable VAT. Resources exFend¢d are allocated to heading5 within the statement of financial ￿tiVitieS based on the artual purwse of the expenditure. Raising funds comprises th¢ ￿$ts associated with trading for fundraising PUTP05es. Charitable activities represents the direct eX￿￿lture incurr¢d in the fvrtherdnce of the charity's objectives. Governance costs represent the ex￿d1¢Ure for compliance arml management of the charity. 1.6 Tangibk fixed *sgets Tangible fixeAI assets ore initially mwured at cost and sub5equentty measur&J at cost or valualion. net of depreciation and any impaimi¢nt losse Tangible fixed assets are ststed at cost less de￿latIOn. The policy is not to capitalis¢ fixed &8sets uThler £250. Depreciation is provided at rat￿ calculaled to write off the cost less e￿Irnated residual value of each ￿et over its expecta usefvl life. as follows: Seat& huts and trophies Equipment Fixttjres and fittings No depreciation charged 25% reducing balance 2(P/• s1rdi￿li line The gain or loss arising on the dIs￿)saI of an &sset is detem)iried as the difference b¢tw¢en the sale proceeds and the urrying value of the rt armj 15 ￿)￿lIsed in the sW¢m¢nt of financial activities. 1.7 1mpairmeDt of fixed ￿ets At each rerK)rting end dat4 th¢ A&sociation reviews the caThying amounts of its tangible and intangible gssets to deterniine whether there is any indication that those &￿ts have suffered an impaimient loss. If any su¢h indication exists. the recoverable amount of the &8set is estirnated in order lo detertnine the extent of the 1mpairn￿t loss {if any). LONGSHAW SHEEP DOG TRIALS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢oyntiDg N)li¢ie8 (CoDtinwed) R¢￿Verable amount is the higkr of fair value less costs to sell aThJ value in use. In assessing value in us4 the estimateAJ future c&8h flows are discounted to their ptesent value ￿Ing a prtrt&x discount rate that reflects current market I￿sSments of the time value of money and the risks S￿IfiC to the &8set for whid] the estimatss of ￿tUre cash flows have not been ￿JuSt￿l. If the recoverable amount of an &￿et is &8timated to be Itss than its carrying amounL the carrying amount of the asset is reduced to its T￿0Verable amount. An impairnient loss is recognised immediately in in¢omej(¢x￿iditU￿) for the year. unless the ￿levant asset is carried at a revalued amoun¢ in which ase the impairnent105S is treated &$ a revaluation decrease. Recognised impairnlent losses are reverwj if. and only if. the reasons for the impainnent loss have ceased to apply. Where an impainnent loss subsequently reverses, Ihe cwing amount of the asset is in¢rea5ed io the revised estimate of its recoverable amounL but so that the increased carying amount does not exceed the ca￿1n8 amount that would have ixen detern)in¢d had no irnpairnient loss been recognised for the asset in prior years. A TeveTsal of an Impalm￿lt loss is re¢ognised immediately. unless ihe relevant asset is carried at a revalud amounL in which c￿e the reversal of the impaimient 105s is treated &8 a revaluation increase. 1.8 Stoekq Sto¢ks are slated at the lower of cost aJyJ estimated selling price Itss costs to ¢ompl¢t¢ and sell. Cost comprises direct materials an(L where applicabl< direct lalK>ur costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distrib￿lon at no or nominal colksideration are measurtd the lower of ￿pI￿ement COSt and cost. Net realisable value is the estimated selling price Iw atl estimated costs of completion and cosis to be incuTred in marketin& selling and distribution. Provision is made for slow movin& obsolete or damaged st￿k where the realisable value is less than cost. 1.9 C4sb c4sh equivaknts Cash and cash equivalents include cash in hand. held At call with bBnk4 other short-terni liquid investments with original maturiiies of three months or les& and bank ov¢rdrnfts. Bank ov¢rdrnfts are shown within borrowins5 in current liabiliti￿. 1.10 FiDaDei81 iDstrumeDts The A550¢iation has elected io apply the provisions of Section I I 'Basic Financial Instruments. and Section 12 '0ther Financial ISS￿5. of FRS 102 ￿ all of tts financial instruments. Financlal itWrum¢nts a￿ recognised in the Aswciation's balaJKe sheet when the Association k¢om¢s party to the Contra￿ual provisions of the instrumenL Financial and liabilities are offseL with the net amounts presented in the financial ststements. wh¢n th¢r¢ is a legally enforceable right to Set off the recogni5ed amounts and there is an intention to settle on a net trL%is or to realise the a￿t and settle the liability simultaneously. LONGSHAW SHEEP DOG TRIAIS ASSOCIATION NOTES TO THE FINANCIAL STATEMENIS (CONTINUED) FOR THE YEAR EIYDED 31 DECEMBER 2024 Aceounting politiej (Continued) 8a$lc fftwnclal assds Basic financial assets, which includ¢ delknrs and cash and bank bAlaJKe& are initially M￿Ured at transaclion price including tranwtion costs and are subsequently carried at amortised wst using ihe effective interest method unless the amngement ￿titUteS a financing traT]saction. where the trdnsaction is measured at the p￿ent value of the future receipts dtscounted at a market rate of interesL Financial assets cl&ssified as receivable within one ye8T aTe not amortised. B&8ic financial liabilitiffj inclLKling creditots and bank loaTlS are initially recO￿lSed at transaction price Unl￿ the atrangement conslituts a financing transa￿0￿ where the (kbi instrument is me&sured at the present value of the futur¢ payments discounted at a market rdte of interest. Financial liabilities ¢1￿]ried as payable within one year are not amortised. Debt instrurnents are subsequently wrieAI at amortised cosL using the effective interesi rate method. Trade creditors are obligations to pay for 8oods or services that have been acquired in the ordinary course of operations from supplier5. Amounts pyable a￿ Classified as current liabilitie5 if payment is du¢ within one year or I￿. If no( ty are prtsent*J as non