CHARrrY REGISTRATION NUMBER 234523 LONGSHAW SHEEPDOG TRJALS A&SOCtATION UNAiJDITED FINAI¥CL4L STATEMENTS FOR THE YEAR ELYDED 31 DECEMBER 2025 and it is probable that income will be receiv￿. Cash donations are recognised on receipt. Other donations ar¢ re￿gniSed once the Associalion has been notified of the donation, un1¢55 performance conditions require deferral of the amount. Inwme tsx recoverable in relation to donations received under Gift Aid or deeds of covenant is recogllised at the time of the donation. LONGSHAW SHEEP DOG TRIALS ASSOCIATION NOTES TO THE FINAYJ CIAL STATEMENTS (CONTINUED) FOR THE ITAR ENDED 31 DECEMBER 2025 A¢¢oullting polici {Continued) Legacies are reco8nised on receipt or otherwise if the Association has been notified of an impending distribution. the amount is known. and receipt is expected. Ir the amount is not known, the l¢gacy is treated as a ¢ontingent 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 nom)al course ofbusines8. l.S Re50urees eipended Resources expended are recognised in the Ye￿ in which they hre incurred and include irrecoverdble VAT. Resources expended bre allocated to headings within the ststement of financial activities based on the actual purpose of the expenditure. Raising fun(L4 comprises the costs associated with trading for fundraising purposes. Charitable activities rtpresent5 the direct expenditure incurred in the fiwtherancc of the Charity's objectives. Governance costs represent the expenditUT¢ for compliance and mana8emenl ofthe charity. 1.6 Thngible r￿ed Assets Tangible fixed assets are initially me￿ured at ¢ost and Sub￿quentIY me￿ured al cost or Valuatio￿ n¢t of depreciation and any impairnient losses. Tangible fixed &ssels are stated at cost less depr¢ciation. The policy is not to capitali3e fixed &ssets under £250. Depreciation 15 provided at rate8 calculated to write off th¢ cost less estimated residual value of each asset over its exixcled useful lift, as follows.. Seats, hLts and trophies Equipment FiX￿reS and fittings No depreciation charged 25•/* reducing balance 20ty/• straight line The gain or loss arising on the disposal of an asset is deterniined &8 the difference between the s￿e proceeds and the carrylng value of th¢ 8sseL and is rewgmised in the statement of fin&nciai activlties. 1.7 Impainnent of flxed assets At each reporting end date, the Association reviews the carrylng amounts of its tangible and intsngible assets to deterniine whether there is any indication that those assets have suffered an impairnient loss. If any such indication exists, the recoverable amount of the &5set l5 estimated in order to detemiine th¢ extent of the impainnent loss (if any). LONGSHAW SHEEP DOG TRIALS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policies (Continued) Recoverable amount is the higher of fair value less costs to sell and valu¢ in use. In assessing value in use, the estimated ￿tUre cash flows are discounted to their present value using a p￿taX discount rate Ihat reflects current market ￿eSsMents of the time value of monry and the risks sFecific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimatrd to be less than its carying amounL the c￿ryIng amount of ihe asset is reduced to its recoverable amount. An impaiment loss is recognised immediately in incomel(expenditure) for the year. unless the relevant asset is ¢aJTied at a ￿valued amount, in which case the impairnient Ioss is treated a revaluation d￿reaSe. Recognised impairment losses are reversed if, and only if, the reasons for the impaimient 1035 have eea3ed to apply. Ivhere an impalment Ioss subsequently reverses, the carrying amount of the asset is increased lo the revised estimate of its recoverable amounL but so that the increased carrying amount does not exceed the carying amount that would have been deternjind had no impairnient 1088 been recognised for th¢ asset in prior years. A reversal of an impaimient loss is recognised immediately. unle58 Ihe relevant ￿Set is carried at a revalued amount, in which case the reversal of the impaimient loss is treated as a revaluation in¢r¢ase, 1,8 Sto¢k8 Stocks are ststed ai th¢ lower of Lost and esiimaled selling price 1¢35 costs to ¢omplete sell. Cost comprise8 direct M￿erIalS and. where applicabl4 direct labour Costs and thos¢ overheads that have been inCu￿ed in bringing the stocks to their pr¢senl location and condition. Items held for distribulion at no or nominal consideratiotTr are meBsured 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 inGurred in marketin& selling and distrtbthion. Provision is made for slow movin& obsolete or damaged stock where the net realisable value is le85 than w8t. 1.9 Cash #nd ¢qulvalents Cash and c&8h equivalents include cash in hand, deposits held at call with banks, othcr short-tcmi liquid investments with originat maturities of three months or les4 and bank overdratL4. Bank overdrafts aro shown within bormwings in current liabilities. 1.10 FinAnei*l instrllmellts The Association has elected to apply the provisions of Section I I 'Ba8ic Financial Instrnments. and Section 12 '0ther Financial Instruments Issues. of FRS 102 to all of its financial instrnments. Financial instwments are recO￿lSed in the Association's balattce sh¢¢t when th¢ Association becomes party lo the contractua] provisions ofthe instnjmenl. Ftnancial assets and liabilities are offs¢L with the net amounts presented in the financial statemen when there As a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net b&8is or to realise the asset and settle the liability simultaneously. LONGSHAW SHEEP DOG TRIALS AsSOC￿TION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Aceoundng polleles {Con¢lnued) B•sl¢ finan¢lalass•ts Basio financial assels, which include debtors and cash and bank balances. are initially meh5UTed at transaction price including transaction costs and are subsequently Ca￿led at amortised cost using the effective interest method unles5 the ￿Tangement constitules a financing transaction. where the transaction is measured ttt the present value of the futhre receipts discovnted at a market rnte of interest. Financial assets classified as receivable within one year are not amortised. Bask flnan¢l•l Ilabllltles Basic financial li#bilitie8. including creditors and bal￿ loans are initially reco8nised at transaction price unless the arrangetnent constitutes a financing transaction. where the debt instrument is measured at the prwnt value of th¢ future payments discounted at a m8rk¢t rate of interesL Financial liabilities classified as payable within one year are not amortised. Debt inslruments are subsequently wried at amortised cos( using the etTectiYe interest rnte 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 clasyified As current li&bilities if payment is due within one year or less. If nol they are presented as non-current li8bililie3. Trade creditors Bre recognised inilially at transaction price atid subsequently me&8ured ￿ amortised cost using the effective interest method. olflnjnctsl Il•bHftI Financial liabilities are derecogni5ed when the Association's contractual obligations expire or are dis¢hAr8ed or cancelled. CrltleAI Aeeounting and JudgemeDts In the application of the Association's accounting policles. the trustees are required to make judgements. estimates and assumptions &bout the carrying amount of assets and liabilities that are not wdily apparent from other source3. The estimates and associated assumptions are based on historical experien¢¢ and other factors that are considere4J to be relevant. Actual results may differ from these estimates. The ¢sfimat¢s and underlying ￿sumptIOnS 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 fiiture periods where the revision affects both current and future periods. DonatiOll5 and gifts 2025 2024 Donations and gifts 23.729 21.930 LONGSHAW SHEEP DOG TRIALS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIYDED 31 DECElVtBER 2025 Charitsble oc¢fvfitie 2023 2024 Income from trials 19.355 12.348 Other tradlng •¢tfvltffies 2025 2024 Activit1¢8 for genernting funds 2,588 .055 IDve4lmellts 2025 2024 Interest receivable 745 831 Ralslng 2025 2024 din Other trading activities co 2.481 1,069 io LONGSHAW SHEEP DOG TRIALS ASSOCIATION NOTES TO THE FtNANCIAL STATEMENTS (COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Charitsble activitiej 2025 2024 Depreciatton and impairnient Hire of marquee & equipment Lunches and te45 Insurance Prize money Printin& programmes & ￿vertIsing Postage and telephone Engraving Sundries Judges Labour Rent Bank charges 132 5.422 12.348 ,269 1,012 916 639 233 476 loo 1,760 275 7.050 11.477 1,365 1,408 1.066 591 195 1,202 525 545 400 25,914 24.582 Grant funding of activities (see note 9) Share of governance costs (see note 10) 2.200 2.600 3,150 2,570 30.714 30,302 Gr4nts pay*ble 2025 2024 Grants to in5titulions: Grants to individuds 2.200 3,150 2,200 3,150 LONGSHAW SHEEP DOG TRIALS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 10 Support costs Governance eosts 2025 2024 Accountancy S•'s honorarium 600 1000 600 2,000 570 2.(K)O 1600 2.600 2,570 Analysed between Charitable ￿tIVItieS 2.600 2,6 2,570 Governance costs include payments to the Independent examiners of £6(K) (2024.. £570) for accounlancy and examination fee5. 11 Net movement In tsDds 2025 2024 The net movement in funds is stated after cha]EinF/(creditin8)'. Depreciation of owned tangible fixed assets 132 12 Trustees None of the trustees (or any person5 comiected with them) receiv¢d any remuneration or benefits from the Association during the year. 13 Employees The average monthly number of employees during the year was: 202S 2024 Number Number Total There were no employees whose annual r¢munerntion was more than £60,O¢Y). 14 TaxAtioD The charity is exempt fmm taxation on Its activities because all its income is applied for charitsble purposes. l2- LONGSHAW SHEEPDOG TRIALS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTIIYUED) FOR THE YEAR ENDED 31 DECEMBER 2025 15 Tangible flxed 4s8ets i•d fltlln Cojt At l January 2025 3.865 2.971 2,319 9.155 At 31 December 2025 3.865 2.971 2.319 9,155 DepYecl*tioD ond Impalrnient At l January 2025 2.971 2.319 5,2 At 31 December 2025 2.971 2,319 5.290 CgrrylDg Amount At 31 December 2025 3,865 3.865 At 31 Dec¢mber 2024 3,865 3.865 16 Stocks 202J 2024 Items held for re5a]e 2.610 3,081 17 Credltor8: •mounts f*lllng due wlthlll one ye*r 2025 Other creditors AccNals and deferred income 2,108 600 7.334 7.334 2,708 13- LONGSHAW SHEEP DOG TRIALS ASSOCIATION NOTES TO THE FINANClkL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 DECEMBER 2025 18 Re8¢rkt¢d fun The restricted funds of the charity ¢omprise the unexpended baian¢¢s of donations and grants held on trust subject to specific CODditions by donors as to how they may be used. l Jan•Ary2•ts Jl Dtttvjber F & E Dalton Bequest 587 587 The F & E Dalton Bequest fund was estAblished to provide for the annual prize at trials for a novlee. Sufficicnt resources are held in an approprigle fonn to enable each fund to be applied in accordance with any restrictions Pl￿ed upon it. A9 ADgly81s of net 4M¢ts betweell fynds Unreslrlete Restricted d funds ds 2025 2025 Totsl Tot 2025 2024 Fund balances at 31 December 2025 are represented by: Tangible ￿ets Currertt &8setsl(liabilitie5) 3,865 72,323 3,865 72.323 3.865 59,101 76,188 76.188 62,966 20 Retated pNrty tr8n8actlons There were no di$¢108able related party transactio￿$ during the year (2024- none). 14.