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
A￿e House
31 Lonsdale Slreet
Cartisle
Cumbria
CA1 1BJ
Structuro. governance and management
Governing document: Rules adopted 3rd D￿mber 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 ASs￿latIon 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 prO￿dureS 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 Le￿ester 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 Le￿Ster 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 S￿la1 breed whith 15 important in the human food chain,
The Association expresses considera1￿e 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 mIt￿81e 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 princip￿8 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 A￿￿1 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 Bluefac*d Le[￿st￿ Shggp Breeders AssodatlDn for
the year ended 31 #tr D8cembv 2023 which &)rnprise the slatetnent of ffii andal aCtfv￿￿S, 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 A￿￿nJng Practi￿) includlng FRS102 °Th9
Flnancial Repo￿ng 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 chari￿s listges thos& matter8 we are requl*d 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
aco*p.' 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 vie*Y of the st818 of the chalvs affairs as at 31kt Dec¢mber 2023 and of
Incoming re￿r￿s and 4)p{l￿tiOn of resoLtr¢%S for th8 year et¥Jed,'
hav6 been woperfy pr8pwed kn ￿¥dan(* wllh Un￿￿[ Kltyjom Gonerally Acceplad
Accounllng pr￿tIce. 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 SeCt￿n of our r8POrt, We are Independent of
the charlty In accordan￿ w,ilh Ihe ethlca, requTemants *at are ra￿vant 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 a￿Ordan¢8 wrh those r8quiremefjls. We beliwe that the au(11 gvId8r￿ wg have
oblalned18 suffioient syd apwoprtale to prov￿6 a L)a3is for cmjr O￿nK)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 r9qu￿8
us to reporl to you wh8r8'.
Ihe trustse$' use of Ihe Ong COn￿M basis of a￿Unting in Ihe preparallon of th& flnanBlal
ststementsls ITOt approp¥tats." or
the trust￿ h£ve not dlsdosod In the flnar￿fa1 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 I￿1 twetve months from tho date wnen Ihe fina￿￿￿1
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)mp￿Se5 118 information ip.cluded In the annual r8port. othw th8n trie flnancl
sta':emen15 and our auditorfs reFKTrrt the￿on. 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" appa*nl malerid missl8tem8nts, we aro
required lo delermlnè whether there is a malerial M￿statemen1 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 r￿rd.
Opinions on other matte
In our o￿nIOn. 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¢ prePa￿d 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 UnderS*And￿9 of the ch￿ty and Its envtronmollt obtained In the
cour8e of the audit we h2ve not Iden￿￿ malerlal m&gt8t8ments In ￿ t￿sta&s, reporL
We hav8 r¥)thing to report in respect of the fdlowing mattern In rglaU¢)n to whlch the Ch8rfties Act
2011 r￿UireS us Irj rep¥Jrt to you IF, In Olf t)pinion:
Ihe Infomalton given In the trustees, rep￿1 Is Inc¥Jnslstent in any mal¥lgJ respect with th8
financtal statements.. or
adequate scxx)unlro r￿S 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 infc*7m8tion a￿1 exp1ar￿110nS wg req￿]re for our audtt.
Responslbllltlès of trust
A8 9xpla1v.￿ more fully In the trustees, respons1￿1￿68 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 v￿w, and
for such Inlemal conlrd as IN8te8s dBtgrm ne i% necessary to enaiAe the P￿par4119n 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 con￿M, 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$onat4e assurance aboil whe-hgr th9 ftnanclal statements as a whole
are free from material misstateTenl, whether dua to fraJd or eyor, and lo Issuo an aLhJitorf8 report that
InGludes our oplnlon. Rg8sonable assUffin￿ Is a bvel oi assuranc8, trfjt Is not a guarantsg that
an audit rymducled In aco)rdanre WI￿ ISAS (UK) wt'l aPw8ys delecl a malgrfa5 mlsstatem8nl when il
exBls. Mis5talemen15 C8n arls8 tron f*ud or errw and are consldered material If, IndNldually or he
aggregatti, Ihay c(xld reasonably bo Oxpected to InfiuawA the e￿n0m￿ d￿slOn$ of usw8 taken on
the basis of I￿Se 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 rn1sSta*ments in ￿SPOct
¢f Irregularitles. Includlng fraud. Thg exlenl to wh￿h our pro￿ureS are capable of del￿￿n9
tJTegdlarttles. IncI￿1ng fraud is d*￿il0d belcw.
The obleotlve5 of our audit in respe¢t of fraud a￿.. lo idenlrfy and agse88 the ris*8 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 susp￿ed fraud Idenlinéd during Ihe audf(. HowBver, the primary responsiDdity
for the wevenllon and delectlon d fra￿1 rests wbth both Man￿eMent and th089 charged with
governance of the 8ooEoty.
Our approaoh was as fdlow8:
. We obt8,'nf)d under&tarKling of th8 legaJ and wulalory r￿ul[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 I￿and (Untted Klngdom Generdly Puepled Awunung
.Pr3Cti￿)-
° We assessed the of matwlal mrsstalemeryt of thè financld $tat8YHIts. Induduig ts rfsk of
materid ￿k￿latement due to fraud and how il mlght (wjr.
' We Inqulred of managem8nt and those ch8ryed W¥e￿n¢8 as to any known i[Y&tar￿$ of non-
compllorth or suspecld nOnn￿npliar￿e wlth lav•8 and regulatlons.
. We 9xamin¢d supp(￿ling docJJments frx all material b￿anCeS. traw¢t￿n$ and dLsdosures.
' W8 applled analybcal wocedures to kjenufy ￿ unusua or Un9¥￿$d relaljonships.
We test￿ the 8pproprlaten8sB of joumd entries rewded In the general led￿r 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 s￿ndardS. 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 prCr￿Ures 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 ex￿ed lo dat￿t 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 ac￿rdance ¥Ath ISAS (UK), wg exerryse professlonal ludgmanl and maintaln
professlonal SGeplic18m thrO￿hoUt 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 p￿￿1￿re$ wpon8lve lo those rlsks, and obl8ln audll
evldence that Is sufflcienl and aprxopriato to prov￿9 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". cUrnStan￿S, but not for the purM$ of expresslng an
ordnion on the effeeiv&nes5 ofthe knlerr,al ￿ntrO*.
Evaluaie Ihe appro￿alen&s8 of aco7uiYig wtiCrf85 usgd and the re950nablen&ss of 8¢x￿￿ting
esdmales and related disclosures m￿e 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-. signrf￿nI doi.bt or. the thaity'8 abillty lo ¢onllnue as a going
-ertalnty ox19ts, we are requlred lo draw attenlbn In
con￿rN. If we CO￿u￿e that 8 materia., un-
our audllorfs report lo the relat￿ disG'OSLKe¥ In tha finar￿181 stalerneits or, If SUGh d18cl￿ureS
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 s*loment8, including the
disdosures, and vthetier the finarri?18lat&vents repr088n; the undart￿ng transaction8 an
evo.its in a manw that achleves fair presentalk)i.
We cornmunlc*l¢ ￿th b1068 tharg8d Y4ilh wvemance rwdlng. among other matter8, the plarln
scopa and timing of the audit and s￿111￿￿nI 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 1labl1l￿gS
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 w1n￿paI office is ￿'versIde View, Warwick Road. Carlisle,
Cumbria, CA12BS.
SL*èmont of compllance
These financial statements have been prepared in com￿lance 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 fUr￿lIonaI 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 eX￿ndItUre 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 c0ntrltr￿te 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 p￿sent 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 meaSu￿d
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 r￿Ognised.
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 un￿strICted 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 materi￿S 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
sUbS￿lpt1o￿s
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 fIr￿nCe 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-