CHARITY REGISTRATION NUMBER.. 252714 The Bluefaced Leicester Sheep Breeders Association Financial Statements 31 December 2023 LAMONT PRIDMORE Chartered accountants 31 Lonsdale Street Carlisle Cumbria CA1 1BJ
The Bluefaced Leicester Sheep Breeders Association Financial Statements Year ended 31 December 2023 Page Trustees, annual report Independent auditorfs report to the members statement of financial activities Statement of financial posttion 10 Statement of cash flows 11 Notes to the financial statements 12 The following pages do not forni part of the financial statements Detailed statement of financial activities 20 Notes to the detailed statement of financial activities 21
The Bluefaced Leicester Sheep Breeders Association Trustees. Annual Report Year ended 31 December 2023 The trustees present their report and the financial slalements of the charity for the year ended 310ecernber 2023. RgferenG¢ and admlnistrative details Registered charlty name The Bluefaced Leicester Sheep Breeders Association Charity roglstration number 252714 Principal office Riverside V WarwKk Road Cadisle Cumbria CA12BS The trustg9s Mr W R C Lamont Mr M Roberts Mr L Allison Mrs K Smith Mr M Ridley Mr J German Mr E Owen Mr C Stephenson (Resigned 14 June 2023) Audltor Lamont Pridmore Chartered accountants & slatulory auditor Ae House 31 Lonsdale Slreet Cartisle Cumbria CA1 1BJ Structuro. governance and management Governing document: Rules adopted 3rd Dmber 1962 Charty constitution.. Association consisting of some 1.300 members Trustee selection.. When appropriate Trustees are confimi&J al annual general meeting held in May Charty's organi5ational structure: The Association shall have s8ven Trustees. a President, Wi(* PresKlents, a Treasurer and a Secretary The business of the Association is on recommendation from the Associath)n Council whose members are elected al regional annual general meeliros of the fNe areas. the seven Iruslees and th8 treasurer of the association by the direction of the ASslatIon Council and with the approval ofthe annual general meeting of the Association the trustees are required to be continuous members of the Finance and General Purposes Committee. The Trustees. Association Council. and Finall and General Purposes Committee have under continual consideration risks and a system and prOdureS to manage them.
The Bluefaced Leicester Sheep Breeders Association Trustees. Annual Report (Gonrfnued) Year ended 31 December 2023 Oblgctives and a¢tivltie8 Objects in governing d¢xument The Asso¢ialion is established for the purpose of promoting agriculttjre by-_ al encouraging the breeding and maintaining the purity of the Bluefaced Leicesler Sheep. b} establishing and publishing a flock book of recognised wre bred stock of the Bluefaced L8icester Sheep. cl registering the pure bred progèny of the Bluefaced Leester Sheep. d} generally advancing the Bluefaced Leicester Sheep and maintainirwJ and improving Ihe slaThJard of carcase quality. milking ability and prolrficacy of the Bluefaced Leicester Sheep and their progeny. e) doing all such things as incKlentrdl or conducive to th& attainment of the above objects or any of them. fj encouraging an economic role for sheep famiing in rural areas. thereby helping lo maintain farmlng a¢tivity in sensitive and remote areas. g) attending and holding shows and sales which help further the education and knovleege of the public lo the importance of the Bluefaced LeSter wthin the sheep industy. h) publication of magazines and updating the a$s(lation website keeping members and the publi¢ informed. In carrying out these aims the Association has regard to the requirements of The Charities Act lo provide public benefit. 11 meets these aims by holding and attefiding events to whlch the public have access, where they can leam about this Sla1 breed whith 15 important in the human food chain, The Association expresses considera1e appreciation for the great contribution throughout the year by member volunteers. Achievements and perfomianco The total incoming resources for 2023 were £221.089. This represents a very small decrease on the previous yearfs figure of £221,551. Interest on bank and building society accounts held was up £3,549 on the previous year. The lolal resour¢es expended increased to £245,501, compared to the previous yeaffs total of £239,727. The Trustees endeavour to anti¢ipate any major risks lowhich the Charty is exposed. There is a policy of ongoing review of systems to mIt81e any risks.
The Bluefaced Leicester Sheep Breeders Association Trustees, Annual Report (contlnu Year ended 31 December 2023 FlnanGial review Net outgoing resources of £22.412. have decreased the total unrestricted income funds to £321,846 a decrease of just over 7Yo. No paymonts were made lo Trustees in Ihe year. The Association regards the level of reserves as satisfactory and aims to hold sufficient funds to meet on8 yearfs expenditure in the event of unforeseen contingencies. The income and expenditure have been made in the furtherar)ce of the key objectNes of the charity. Plans for future perlods The Charity plans lo conlinue with the development and promotion of the breed in fiJture periods through shows and the distribution of promotional materials. Trustees. responslbllltles Statement Tre trustees are responsible for preparing the tn]slees' report and the financial statements in accordance with applicable law and United lQngdom Accounling Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England and Wales requires the charity trustees lo prepare financial statements for each year which give a true and fair view of the stale of affairs Df the charty and of the incoming resources and application of resources, of the charity for that peri(Ml. In preparing these financial stalemenls, Ihe trustoes are required lo.. select suitable a¢counting policies and then apply them consistenily., observe the methods and princip8 in the applKable Charibes SORP", make judgtnenls and accounts.ng estimates that are reasonab and prudent,. state whether applicxble UK Accounting Standards have been follow8d, subject to any material departures disclosed and explained in the financial statements.. prepare the financial slalemenls on the Ing concern basis unless tt is inappropriate to presume that the charity will continue in txjsiness. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transaCt)nS and disclose with wasonable accuracy at any time the financial position of the charity and enable them to ensure thal the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and dotection of fraud and other irregularities.
The Bluefaced Leicester Shoep Breeders Assoclatlon Trustees. Annual ReportlMndDUé Year endod 31 December 2023 Tie Iruslee8' annual report wa8 Approved on 25th A1 2024 and slqned Dn behalf of the ard of J31a88 by.. Mr W R C Lsmonl Trustee Mr E (len Mrs H Carr Smllh Secretary
Tho Bluefaced Leicester Shaep Breeders Association Independent Audltorfs Report to the Members of The Bluefaced Lelcester Sheep Breeders Associatlon Year ended 31 December 2023 Oplnlon Vve hav6 audited the flnandal stalements of The Bluefacd Le[st Shggp Breeders AssodatlDn for the year ended 31 #tr D8cembv 2023 which &)rnprise the slatetnent of ffii andal aCtfvS, stal8wenl of flnsndal position, sl8tement of cash )Iows and tie reiated nottss. Thè fifiancial wportlng framework that has been appl,'ed In their preparation 15 a).ICa I ard the Uni ed lQngd(Mn Ac¢ounlhg Standards (Ulli18d iQngdDrn Generaity Accepted AnJng Practi) includlng FRS102 °Th9 Flnancial Repong Standard 8Jpli(xble In the UK aid Repuk.'ic Df Ireland.. Thls report 18 mttde 801gly to th8 chartvs trJstee8, as a body. h act0rdBn with secton 144 of the Chariti85 Aot 2011 and r8Eulations made under section 154 of that Aot. C)Jr audit work has b89n undertaken so that we .mlghl stale to the charis listges thos& matter8 we are requld to 81018 to them In an aLrditor's report and for no oth.er purKMJse. To the fullest extent perwmed by law, we do nal acop.' or assume responglbilily to 8iyone otqgr than the chalty and the charlys Irust6es as q bLxIy. fDr our audll work, for th13 reptsrt, for opinions ¥4e ha-ve formed. In L)ur oplniDn th& financial 8talements: glva a tru8 and falr vieY of the st818 of the chalvs affairs as at 31kt Dec¢mber 2023 and of Incoming rers and 4)p{ltiOn of resoLtr¢%S for th8 year et¥Jed,' hav6 been woperfy pr8pwed kn ¥dan( wllh Un[ Kltyjom Gonerally Acceplad Accounllng prtIce. and have been prepared In aeA%)rdanc8 with the wuir8ments of the Charlues Act XJ11. Ba818 for oplnlon We Gonduoled oup audit In 3ccordance wtth Iqlgmauonat Standerds on Auditlng (UK) {iSAs {UK)l and appllcable law. Our re8por.sibilltles under those standard8 are bjrther doscrlbed In thg auditor's responslblllllei for the audil of the fillancial st8leiwents SeCtn of our r8POrt, We are Independent of the charlty In accordan w,ilh Ihe ethlca, requTemants at are ravant lo our audth of the financlal statements in th8 UK, InJudiTrJ the FRC'S Ethlcal Stancwd. and we havo fulfil.'ed our olhar elhlcal r88ponslblllties In aOrdan¢8 wrh those r8quiremefjls. We beliwe that the au(11 gvId8r wg have oblalned18 suffioient syd apwoprtale to prov6 a L)a3is for cmjr OnK)ll. Concluslon8 relatlrvd to going conc¢rn We have nolhlrvj to rèport in re8pe(* of the follovlng mattors In rdath)n to whkh the ISA8 {UKI r9qu8 us to reporl to you wh8r8'. Ihe trustse$' use of Ihe Ong COnM basis of aUnting in Ihe preparallon of th& flnanBlal ststementsls ITOt approp¥tats." or the trust h£ve not dlsdosod In the flnarfa1 statements any hlenllfied matérial unetha5nllas ttr,al may Lzsl signmcanl doubt about the tharivs abAtEy to ¢Y)ntinue to adoN trig golng cortsrn basi5 of sccounling f a period of at I1 twetve months from tho date wnen Ihe fina1 stal&ment8 are 8Uthorfs6d for issue.
The Bluefaced Leicestor Sheep Breedars Assoclation Independent Audltorfs Report to the Members of The Bluefaced Leicesier Sheep Breoders Associatlon Year ended 31 December 2023 Other InformatloTr Tho other information 1x)mpSe5 118 information ip.cluded In the annual r8port. othw th8n trie flnancl sta':emen15 and our auditorfs reFKTrrt theon. Tr,e trdste&- are rnsponsible for the olher Informalic. Our opinion on the financlal slalemerrts does not cover the other inftrrmatbn a, exc¢pt to the ext6nt olheNlse explicitly staled in our reprt do not expr6s$ any fomi otassurance conclLsslon Ikheraon. In conlleclton th our audil of the financial stslernents. our rg8gDnslblllty 18 lo read the other Informallon ond. in doing so, consider whether tre othe:. InfTh&tl0n kg materlally IncKJnsi8tent wlth the finar[al 8tatements or our kiowiedge obtAined in the aKII' or othorwise appears lo be malerlally miss131@d. If we Iden ify such ma'.erkg1 tncortsktenci8s o" appanl malerid missl8tem8nts, we aro required lo delermlnè whether there is a malerial Mstatemen1 In tho financial gtalemenls Of a materlal mlssPAlem8nl of th8 oth8r Irrorw.8tion, Ir. based on thg IhDrk we have p2rformed. we concludo that there is a material mlsstatement of this othw irformation, requlr8d lo report that fact. We hav8 nothlng lo rwl In Ihis rrd. Opinions on other matte In our onIOn. based on Ihe WO ertaken In the wHJrse ofthe 8udil: the InFormalJon glven in th& TnJstee8' Annu21 Report for the finanGial year for which the finaryial ststements ar¢ prePad Is consistent with the flnancaal statem8nls' ar tho TThstees' Annual Rgtvxt has been prepared Bi a)rdance vhth legal requiTemenl8 PAattars on whlch arè rèqulrtd to r•port by exceptlon In the Iloht of ihe knLwAedg8 and UnderSAnd9 of the chty and Its envtronmollt obtained In the cour8e of the audit we h2ve not Iden malerlal m>8t8ments In tsta&s, reporL We hav8 r¥)thing to report in respect of the fdlowing mattern In rglaU¢)n to whlch the Ch8rfties Act 2011 rUireS us Irj rep¥Jrt to you IF, In Olf t)pinion: Ihe Infomalton given In the trustees, rep1 Is Inc¥Jnslstent in any mal¥lgJ respect with th8 financtal statements.. or adequate scxx)unlro rS havo not been kepL' or the financl81 statements are Th)t in 8geemenl the accounilro records and tBtum5' or w8 have not recelyed all the infc7m8tion a1 exp1ar110nS wg req]re for our audtt. Responslbllltlès of trust A8 9xpla1v. more fully In the trustees, respons1168 slatement, the tru5te88 are resw)nslble for the prgparallon of tb.e flnanclal slal8tnents and f( be.;ng sabsffed that they give a true and falr vw, and for such Inlemal conlrd as IN8te8s dBtgrm ne i% necessary to enaiAe the Ppar4119n of flnandal statemenls fhat are free from materi&, misstatemert wl*ther due trj fraud orertor. In proparlng the financial ststements. the trjstees are reswp.s ble for assessiw Ihe oharyvs ability lo continue as a going conM, disdosi(vJ, as app.'Kable. matters r&'al lo going corwm and u81ng the golng concern b2815 of accounting Jnlesg the trb's wlher intend lo IK4uklale Ihg charlty (K to 8$¢ operations. cr have no realis alter{1 but lo do 80.
The Bluefaced Leicester Sheep Breeders Assoclation Indopondent Audltorfs Report to the Members of The Bluef8ced L61cester Sheèp Breeders Assoclation f¢onllrtU8d) Year ended 31 December 2023 Audltor'8 ro8ponslbllltl8s for tho audtt of flnanclal statements Our oblecllves are to obt8':n roa$onat4e assurance aboil whe-hgr th9 ftnanclal statements as a whole are free from material misstateTenl, whether dua to fraJd or eyor, and lo Issuo an aLhJitorf8 report that InGludes our oplnlon. Rg8sonable assUffin Is a bvel oi assuranc8, trfjt Is not a guarantsg that an audit rymducled In aco)rdanre WI ISAS (UK) wt'l aPw8ys delecl a malgrfa5 mlsstatem8nl when il exBls. Mis5talemen15 C8n arls8 tron fud or errw and are consldered material If, IndNldually or he aggregatti, Ihay c(xld reasonably bo Oxpected to InfiuawA the en0m dslOn$ of usw8 taken on the basis of ISe ffinandal statements. Irregularftles. Includlng fraud, Inslanc8s of rK)n-coMYla wtth laws and regJlallons. We deslgn procedures In line wllh our responslbdlties, t.1r.l aiove, lo delect Malerlal rn1sStaments in SPOct ¢f Irregularitles. Includlng fraud. Thg exlenl to whh our proureS are capable of deln9 tJTegdlarttles. IncI1ng fraud is dil0d belcw. The obleotlve5 of our audit in respe¢t of fraud a.. lo idenlrfy and agse88 the ris8 of Tnaterlal ml$slatemenl of the fln0nd stalerrbents du8 to frau(S- b oblalr suThient appro?rlate audlt evidenc& regarding the agsessed rlsks of maletla,. mi88tatement due to fraud, throu¥) de8lgnirg and Implementing approprfale response8 lo IfrA)$8 assgssed rfsks: and lo reBpond approprialety to Instsnces of fraud Dr susped fraud Idenlinéd during Ihe audf(. HowBver, the primary responsiDdity for the wevenllon and delectlon d fra1 rests wbth both ManeMent and th089 charged with governance of the 8ooEoty. Our approaoh was as fdlow8: . We obt8,'nf)d under&tarKling of th8 legaJ and wulalory rul[ements applicabl8 to th6 soclgty and ollsidered that .the rnost signrfK' arF'. are ts Co-operative ar CotntnJnity Benefit Soclatles Act 2014 and U.iitsd lfjngdom Acwuibng Stsndards Indudw)g FRS 102 Thè nanCIal Reporting Standard appl.cable in the UK and Republic of Iand (Untted Klngdom Generdly Puepled Awunung .Pr3Cti)- ° We assessed the of matwlal mrsstalemeryt of thè financld $tat8YHIts. Induduig ts rfsk of materid klatement due to fraud and how il mlght (wjr. ' We Inqulred of managem8nt and those ch8ryed W¥en¢8 as to any known i[Y&tar$ of non- compllorth or suspecld nOnnnpliare wlth lav•8 and regulatlons. . We 9xamin¢d supp(ling docJJments frx all material banCeS. traw¢tn$ and dLsdosures. ' W8 applled analybcal wocedures to kjenufy unusua or Un9¥$d relaljonships. We test the 8pproprlaten8sB of joumd entries rewded In the general ledr and other adlu&lments made In the preparatlon of t.he Iln8ncSal statement8. 0wl.iu lo the inher8Yt Ilmltations of an audll there b an unavoldable rlsk thai we may not have dgleGted some mateflal misslalements in the Inanda stalemgnts, evan though w8 have property planned and p&rfwm8d our audit In w)rd8nce wRh aud:"Ilng sndardS. For examplg, the further reTHoved non-complwyce Mrith laws aod resty18lbns18 from the wents and transaGlions reflected In the flnandal slatemonts. the less Ilk&'y the Inherenuy limlted prCrUres required by auditlng stat¥lards would idgnltfy SL In additlon. as wlth any audrt. Ihere r6m&wJ a higher risk of non-detectknn of fraud, 85 these may involve GdluslorK forgery, Inlentlonal omissior.s, mi8reEW68enialions, the override, of internal controls. Our audv. procedur88 aro oes gned io a&teol ma erlal Yr,1sslaternenL We are not responslble for preventing non-cornplianGe or fraud and wnot bo exed lo datt noThcompliance wlth all laws aTKI reguLgdons.
The Bluefaced Leicester Sheep Breeders Associatlon Independent Auditorfs Report to the Members of The Bluefaced Leicester Sheep Breoders Associatlon {tInue Year ended 31 December 2023 Ag parl of an audll In acrdance ¥Ath ISAS (UK), wg exerryse professlonal ludgmanl and maintaln professlonal SGeplic18m thrOhoUt tr..e aLKIL Wo also.. Idenllfy and assess the risks of maierlal mlsstatemont of the finarNial 8tat8m&nts. whgther du& to fraud or error, design anc perfomi audi p1re$ wpon8lve lo those rlsks, and obl8ln audll evldence that Is sufflcienl and aprxopriato to prov9 a ba8is for our oplnK)n. The Ask o, not delèctlng o malerid rnlsstalemen= re&ILnE from i) higheT than for one wutting from error, as fraud may InvoEvg cdlusion IOTW, Int¢nUJnal omIsslon8, mlsrewesentadoni. or th& overrKIo of Intemal control. Obtain on underslandlng of Internd trcI relevant ts) th8 audlt In order to deslgn gud prwdLtres tha.. are appropriate in the d". cUrnStanS, but not for the purM$ of expresslng an ordnion on the effeeiv&nes5 ofthe knlerr,al ntrO. Evaluaie Ihe approalen&s8 of aco7uiYig wtiCrf85 usgd and the re950nablen&ss of 8¢xting esdmales and related disclosures me the trustw. Concjudg on the appr0prla1ep. of tfr,e tN8tee8' L'8. e of the going concern basls of sm)untlng
nd, based on tho audit e¥ldence obtaingd: whe'ler a material Uiicèrlallty exlsls related lo
events or ¢ondiUons that may cas-. signrfnI doi.bt or. the thaity'8 abillty lo ¢onllnue as a going -ertalnty ox19ts, we are requlred lo draw attenlbn In conrN. If we COue that 8 materia., un- our audllorfs report lo the relat disG'OSLKe¥ In tha finar181 stalerneits or, If SUGh d18clureS are inadequate, to OLr opinlon. OLrconcliisLons ar8 based on the audit evidence Dbtaln up to Ibe date of oJr auditorts repo.t. Hthvevw, futyre events or condition5 may cause th8 to ceasg to ¢onllnue a6 a c(YKèm. Evaluate the ovefftll prpsentation, stNcture and wilenl of the fiiancL91 sloment8, including the disdosures, and vthetier the finarri?18lat&vents repr088n; the undartng transaction8 an evo.its in a manw that achleves fair presentalk)i. We cornmunlcl¢ th b1068 tharg8d Y4ilh wvemance rwdlng. among other matter8, the plarln scopa and timing of the audit and s111nI audit fin(lings. knduding arry 8lgntftLwl deflclgn¢i85 In Inlemai control that we Idenlfy durirg tyjr audlL CHRISTOPHER LAMONT Bsc FCA Senlx Stalukny Auditor) For on behaw of LAMONT PRIgMORE Chartwed accountants & statutory auditor 31 Lon8dale Stroel CARLISLE Cumbrba CA11BJ Date.. 26 Aprd 2024
The Bluefaced Leicester Sheep Breeders Association statement of Financial Activities Year ended 31 December 2023 2023 Unrestricted furKls Total funds Total funds 2022 InGome and ondovmients Donations and legacies other trading aclivilie5 Investment income 894 214,978 5.217 894 214,978 5,217 902 218,981 1,668 Total InGome 221.089 221,089 221,551 Exp9nditure Expenditure on charitable aclNittes Total expenditure 245.501 245.501 239,727 245,501 245.501 239,727 Not éxpendlture and net movement In funds 124.4121 (24,412) (18,1761 Reconciilatlon of funds Total funds brought IoM8rd Total fund$ ¢arried for•vard 346,258 321.846 346.258 364,434 321.846 346,258 The statement of financial activittes includes all gains and losses recogni5ed in the year. All income and expenditure derive from continuing activities. Th• notos on p4g•$ 12 to 18 forni part of these financlal stst¢m8nt&
The Bluefaced Leicaster Sheep Breeders Association Statsment of Flnanclal Posltion 31 December 2023 2023 2022 FIx9d assets Tangible fixed assets 13 3,111 3.769 Currant assd8 Stocks Debtors Cash at bank ¥rFd In harKI 14 15 5SO 2,930 362,688 366,166 3.386 333,039 33fy975 Cr¢ditors". amounts folllng duo within one year Net Currynt a¥so18 18.240 23,667 342,499 346,258 318.735 Total as8et8108S ¢UtTent 1labl1lgS 321.846 FLtnds of the chorfty Unrestricted fand$ 321.848 346,258 Totsl chaHty fund$ 17 321,B46 348,268 Thasg IlnaTrdal slaleme.Ils w8r8 apEvovad by tho l)oard of bu$t80$ and authorised forlssue on 25th Aprll 2024 , and are slgned on behavof the board by: Mrw R C L8mont Truslee MrECW TAtst¢a Mr8 H Cay Smlth S8cretary Thè notss on pag&s 12to 18 form part ofth888 financlal .10-
The Bluefaced Leicester Sheep Breeders AssoGiation Statement of Cash Flows Year ended 31 December 2023 2023 2022 Cash flows frorn operatlng actlvltles Net expenditure {24,412) 118,1761 Adjustments for.. Depreciation of tangible fixed assets Other interest reoeivable and similar income Interest payable and similar charges (5,217) 454 11,6681 818 Changes in.- Stocks Trade and olh8r debtors Trade and other creditors 300 154) 8,507 {456) {5,427) {34.410) Cash generated from operations 19,4641 Inleresl paid Interest received {454) 5,217 18181 1,668 (8,6141 Net cash used in operating acts'vf(ies 129.647) Net decrease In cash and cash equivalents Cash and cash equivalents ai beginning of year Cash and cash equivalents at end of year 129.647) 362,686 18,6141 371,3(y) 333,039 362,686 Tho notes on pag•s 12 to 18 fomi part of these ffinan¢ial $tatomonts. 11
The Bluefaced Leicester Sheep Breeders Association Notes to the Financlal Statements Year ended 31 December 2023 General Infonnation The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of Lhe w1npaI office is 'versIde View, Warwick Road. Carlisle, Cumbria, CA12BS. SL*èmont of compllance These financial statements have been prepared in comlance with FRS 102, The Financial ReF)Orting Standatd applicable in the UK and the Republic of Ireland,, the Statement of Recommended Pracb'ce applicable to charities prepariw their accounts in accordance with the Financial Reporting Standard aptAicable in the UK and Republic of Ireland IFRS 1021 Icharilies SORP (FRS 10211 and the Chartties Act 2011. Accountlng polici Basls of preparation The financial statements have been prepared on the historical cost basis, a5 rnodrfied by the revaluation of rtain financial assets 2nd liabilities arKI inveslment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the fUrlIonaI currency of the entity. Golng concem There are no material uncertainties about the chariWs abilty to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires the use of estimates and assumptions that affe¢l the application of policies and r8POrt8d amounts of assets and liabilities. income and expenses. Any estimate that has a degree of uncertainly or where judgernenl has been exercised in a particular area is expressly disclosed within the relevant accounting FX)Iicy. Fund accountlng Unrestricted funds are avai18ble for use at the discretion of the trustees to fvrther any of the charity's purposes. Designated funds are unreslTiCteil funds earmarked by the trustees for particular fijture project or commitment. Restricted fLtnds are subjected to restrictions on their expenditure dedared by the donor or through the terms of an appeal. and fall into one of hvo sub-dasses.. restri¢led in¢ome funds or 8ndowment funds. -12-
The Bluefaced Leicester Sheep Breeders Association Notes to the Financial Statements (conrf17uedJ Year ended 31 December 2023 Accountlng pollGigs (¢ondmte(lJ Incomlng resources l incoming resource5 are included in the statement of financial activities when entitlement has passed to the charity., it is probable that the econom benefits associated with the transacts'on will fiow to the charity and the amount can be reliably measured. The following specifi¢ policies are applied lo particular categories of income.. incorne from donations or grants is recognised when there is eviderTh of entitlement to tho gift, receipt is probable and ils amount can be measured reliably. legacy income is recognised when elpt is probable and entiUemeTrt is established. income from donated goods is measured at the fair value of the s4)ods unless this is impractical lo measure reliably, in Wh case the value is derived from the cost lo the donor or the estimated resale value. Donated facilri$ and services are rewgnised in the accounls when received rf the value can be reliably measured. No amounts are included for the Contn'bution of general volunteers. income from (x)ntracts for the supply of services is recognised with the delivery of the conlracleé servi. This is classified as unrestrTrcted funds unless there is a conlraclual requirement for it to be spent on a particular wrpose and returned if unspent, in which caso it may be regarded as restricted. Resources expended Expenditu is recognised on an ac(xuals basis as a Ilabllty is Incurred. Expenditure in¢lud8s any VAT which cannot be fully recovered, arKI is c1288rfied under headings of lh8 slalement offinancial activitias to which it relates.. expenditure on raising funds irtcludes the costs of all ftjndraising activities, events. non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities indudes all costs incurred by a charity in undertakirbg activities that further ils charitable aims for the benefit of tts beneficiaries, including those support costs and costs relating to the govemance of the charty apportloned to charitable a¢*ivilies. other expenditure indudes all expenditurelhal is neither (aled to raising fundsfor the charity nor part of its expendrture on charitable activities. All costs are allocated to eXndItUre categories reflecling the use of the resource. Direct costs attributable to a single activty are allocated direcuy lo that activity. Shared Gosts £re apportioned botween the activities they c0ntrltrte to on a reasonable. justifiable and consistent basis. Tanglble as8et8 All fixed assets are initially recorded at cosL as adiu5ted for the revaluation of the investment propety. -13-
The Bluefaced Leicester Sheep Breeders Association Notes to the Financial Ststements (¢ontthued) Year ended 31 December 2023 Accountlng polidos (cofttlnued) Depreclatlon Depreciation is calculated so as to wrrf(e off the cost or valuab'on of an asseL less Its residual value, over the useful ecorK)mic lrfe of that asset as follows.. Computer & Office Equipment Show Sland & Equipment 20Uh reducing balan 20QA reducing balance Impalnnent of fixed assets A review for indicators of impairment is carried out at each reporting dale, with the recoverable amount being estimated where such indicators &xist. Where the carrying value exceeds the recoverable amount, the asset is itnpaired accordingly. Prior impairments a also review8d for possible reversal at each reFxJrting date. For the purposes of impairment testing. when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generaling unlt lo which the asset belongs. The ca5h-generaling unil is the smallest identffiable group of assets Ihal includes the assel and generates cash inflows ihat largely independent of th¢ ¢ash Inflows from other asgets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date. allocated to each of the ¢ash-generating units that ar8 expected lo benefit from the synergies of the combination, irresWtive of whether other assets or liabilities of the charty are assigned to those units. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Q)st includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock lo its psent location and condition. Finan¢ial Instruments A financial asset or a financial liability is re(nISed only when the charTty becomes a party to the conlraclual provisions of the instrument. Basic financial instruments are inttially recognised at the amunt receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured atthe cash or other consideration expected to be pa or received and not discounle(l. Debt instruments are subsequ&nlly measured al amortised ¢ost. Where inveslments in shares are publicly traded or th8ir fair value can othenvise be meaSud reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. Al other such investments are subsequently measured al cost less impaimi&nt. Other flnancial instsijments, induding derlvatives. are initially recognised at fair'value, unless payment for an as5el is deferred beyond normal business terms or financed at a rale of interest that is not a market rale, in which case the assel 15 measured at the present valu8 of the future payments discoLtnled at a market rate of intere51 for a sirnilar debt instrument. -14-
The Bluefaced Leicester Sheep Breeders Association Notes to the Financial Statements {GQlltinusd) Year ended 31 December 2023 Finan¢ial inslruments (conllnu8dJ Other finan¢ial instruments are subsequendy measured at fair value, with any changes recognised in the statement of finanaal activities. with th8 exception of hedging instTument5 in a designat hedging relationship. Financial assets th21 are measured at cost or amortised cost are reviewed for objective evidence of impairment al the end of each reporting date. If there is objective evidence of impairment. an impairment loss is recognised underthe appropriate heading in the statement of finan¢ial activitl8S in which the initial gain wa5 rOgnised. For all equity instruments regardless of slgnrf1car. and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed indivKlually or group@d on the basis of similar cr&Jil risk characlerislics. y reversals of impairment are recognised immediately, lo the exlenl that the reversal does not result in a carrying amount of th8 financial assel that exceeds what the carrying amount would have been had the impaimient not prevK)usly been recognised. Donation5 and legacles unrestn.cted Total Funds Unreslricled Total Funds FurKIs 2023 Funds 2022 Donation¥ Donations 894 902 902 Other trading a¢tivlties Unrestricted Tolal Funds Unrestricted Total Funds Funds 2023 Funds 2022 Sponsorship receipts and sundries Subscriptions Sale entry fees Registration fee5 Gift aid repayment 13,208 35,049 2,057 162,070 2,594 13,208 35,049 2.057 162,070 2,594 9,502 35,711 2,112 168,993 2,663 9.502 35.711 2.112 168.993 2.663 214,978 214.978 218,981 218,981 Investment ineome Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Fullds 2022 Bank and building society interesl 5,217 5,217 1,668 1,668 15-
The Bluefaced Leicester Sheep Breeders Association Notes to the Financlal Statements (continued) Year ended 31 December 2023 Expandltur6 on charftable activltles by fund type Unrestricted Total Funds unstrICted Total Funds Funds 2023 Funés 2022 Charitable activty direct costs Support ¢o$ts 142,726 102,775 142,726 102.775 245,501 140,561 g9,166 239,727 140,561 99,166 239,727 245,501 Expenditurg on tharitable activltles by activity type Activities undertaken direcuy Support Total funds costs 2023 Total fund 2022 Charitable activity direct costs Governance costs 142.726 42,332 60.443 185,058 60,443 180,390 59,337 142.726 102.775 245.501 239,727 Net expenditure Not expenditure is staled after chargingl(creditingl'. 2023 2022 Depreciation of tangible fixed assets 809 10. Audltors remuneratlon 2023 2022 Fees payable for the audr( of the financial stalements 2.565 2,445 11. Staff costs The tol81 staff costs and employee benefrts for Ihe reporting period are analysed as follows: 2023 2022 Wages and salaries 50,224 47.055 The average head count of employees during the year was 2 (2022.. 21. No employee received employee benefits of more than £60.000 during the year12022'. Nil). 12. Trusts8 remuneratlon and expenses No remuneration or other benefft5 from employment with the charity or a rdated entity were reG8iv8d by the trustee5. 16
The Bluefaced Leicester Sheep Breeders Association Notes to the Financial Statements (continued) Year ended 31 December 2023 13. Tangible fixed assets Fixtures and fittings Equipment Total Cost At 1 January 2023 and 31 Docember 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 7,164 7,749 14,913 6,998 4,156 614 11,154 7,032 4,770 11,802 Carrylng amount At 31 December 2023 132 2,979 3,593 3,111 3,759 At 31 December 2022 14. Stocks 2023 2022 Raw materiS and consumables 550 550 15. Debtors 2023 2022 Trade debtors 3.386 2,930 16. Craditors: amounts falling due wlthln one year 2023 2022 Other ueditors 18,240 23.667 17. Analysls of charftable funds Unrestri¢ted funds 1 January 2023 31 Decernber 2023 Income Expenditure Gen@ral funds 346.258 221,089 {245,501) 321,846 1 January 2022 31 December 2022 Income Expenditure Generdl funds 221.551 {239.72n 346,258 17
The Bluefaced Leicester Sheep Breeders Association Notes to the Financial Statements IGonllrn*dl Year ended 31 December 2023 18. Analy818 of changes in net debt At At 1 Jan 2023 Cash flows 31 Dec 2023 Cagh at bank and in hand 362,686 129,6471 333.039 19. Rolated partles No transaclioHs wtih related parties were undertaken such as are required to be dlsclosed under the Financial Fieporting Standard for Smaller Entities {effectNe January 2iJ)71. 18-
The Bluefaced Leicester Sheep Breeders Association Management Inforniation Year ended 31 December 2023 Th• following pages do not forni part of the financlal statem¢nts. 19-
The Bluefaced Leicester Sheep Breeders Association Detailed Statement of Financial Activities Year ended 31 December 2023 2023 2022 Income and endowmer Donations and legacies Donations 2 Other tradlng activities Sponsorship receipts and sundries sUbSlpt1os Sale entry fees Registration fees Gtft ald repayment 13.208 35.049 2.057 162.070 2.594 9,502 35,711 2,112 168,993 2,663 214.978 218,981 Invostrnent income Bank and building society interest 5,217 1,668 Totsl inGom8 221,089 221,551 Expenditure Expenditure on charltablo actlvlti8s Purchases Wages and salaries Rent Rates and water Repairs and maintenance Insurance Olh8r oslablishment Other molorltravel costs Legal and professional fees Telephone Other office costs Depreciation Other interest Payable and similar charges Donalions, sponsorship and sundries Breed development and promotion Sales costs 56,833 50,224 11,683 269 2,447 3,471 2,833 3,494 9,117 18,135 16.459 51,032 47,055 10,100 84 1,561 3,922 3,063 5,417 10,652 15,682 18,769 812 818 8,485 50,332 11,943 454 4,849 48.073 16,512 245,501 239,727 Total oxpenditure 245,501 239,727 Net expenditure 124,412> 118,176} 20
The BluefaGed Leicester Sheep Breeders Association Notes to the Detailed Ststement of Flnancial Activities Year ended 31 December 2023 2023 2022 Expenditure on charitabl8 actlvltles Actlvity type 1 Activrties undertaken directly Purchases las adjusted for stock) Printing, stationery and advertising Donations, sponsorship & sundry expenses Breed development and promotion Sales costs 56,833 16,459 4,849 48,073 16.512 51,032 18,769 8,485 50.332 11.943 142,726 140,561 Support costs Rent Rates & water Repairs & maintenance Insurance Computer and website expenses Motor and travel costs Postage and telephone 11,683 10,100 84 1,561 3,922 3,063 5,417 15,682 2,447 3,471 2,833 3A94 18.135 42.332 39,829 Governance costs Governance costs - wageslsalaries Governance costs - accountancy fees Governance costs - audit fees GOVernar costs - legal and other professional fees GOVernar costs - costs of truste8s' meetings Governance costs - depreciation Governance costs - other fIrnCe costs 50.224 2.835 2.565 47,055 2,700 2,445 2,065 3,442 812 818 3.717 4S4 59.337 Exponditure on charftablg a¢tlvltles 245,501 239,727 -21-