CHARITY REGISTRATION NUMBER: 252714 The Bluefaced Leicester Sheep Breeders Association Unaudited Financial Statements 31 December 2024 LAMONT PRIDMORE Chartered accountants 31 Lonsdale Street Carlisle Cumbria CA1 1BJ
The Bluefaced Leicester Sheep Breeders Association Financlal Statements Year ended 31 December 2024 Page Trustees, annual report Independent examinerfs report to the trustees Statement of financial activities Statement of financial position Statement of cash flows Notes to the financial statements The following pages do not form part of the financial statements Detailed statement of financial activities 17 Notes to the detailed statement of financial actwities 18
The Bluefaced Leicester Sheep Breeders Association Trustees. Annual Report Year ended 31 December 2024 The trustees present their report and the unaudtted financial statements of the charity forthe year ended 31 December 2024. Reference and administratlvo dotalls Reglstered charlty name The Bluefaced Leicester Sheep 8ederS Association Charity reglstratlon number 252714 Prin¢ipal offlce Riverside View Warwick Road Cartisle Gumbria GA12BS The truste¢$ Mrw R C Lamont Mr M Roberts Mr L Allison Mrs K Smtth Mr J Gemian Mr E Owen Mr C Stephenson Company secretary Mrs H Carr Smith Accountants Lamont Pridmore Chartered accour,tants 31 Lonsdale S+Jeet Cadisle Cumbria CA1 1BJ structure, governance and management Governing document Rules adopted 3rd December 1962 Charity conslitulion.. Association consisting of some 1,300 members Trustee sele¢tion.' When appropriate Trustees are confimed at annual general meeting held in May Charity's organisalional structure.. The Associats'on shall have seven Trustees, a President VI Presidents, a Treasurer and a Secretary The business ol the Associab'or is on recommendation from the Associaiion Council whose members are elected at regional annual general meeb.ngs of the five aa$, the seven trustees and the treasurer of the association by the direction of the Association Council and with the approval of the annual general meeting of the Associats'on the bustees are reqliired lo be continuous members of the Finance and General Purposes Committee. The Trsjstees, Assocj8frion Council, and Finants and General Purposes Committee have under continual consideration risks and a system and prodUreS lo manage them.
The Bluefaced Leicester Sheep Breeders Association Trustees, Annual Report (¢onlinugdl Year ended 31 December 2024 Objectives and 8ctEvttles Objects in goveming document The Association is established for the Durpose of promoting agriculture by'.- al encouraging the breeding and maintaining the purity of the Bluefa*d Leicester Sheep. bl establishing and publishing a flock bwk of recognised pure bred stock of the Bluefaced Leicester Sheep. ¢1 registering the pure bred progeny of the Bluefac8d Leicester Sheep. dl generally advancing the Bluefaced Le'.¢ester Sheep and maintaining and improving the standard of carcase quality, milking 8bility and prolificacy of the Bluefaced Leicester Sheep and their progeny. el doing all such things as incidental or conducive to the attainment of the above objects or any of them. n encouraging an economic role for sheep fam7ing in rural areas, thereby helping to maintain farming activity in sensitive and remote areas. gl attending and holding shows and sales which help further the education and knowledge of the public to the importance of the Bluefaced Leicester willin the s4eep industy. h) publication of magazines and updating the association website keeping membprs and the public informed. In carrying out these aims the Association has regard to the requirements OfT,e Charities Act to provide public benefit. It meets these aims by holding and attending events lo which the public have access, where they can learn about this special breed which is important in the human food chain. The Association expresses considerable appreciation for the great contribution made throughout the year by member volunteers. Achievem¢nt$ and perforniance The lolal incoming resources for 2024 were £208.856. This represents a decroase of just over SO/0 on the previous yearfs figure of £221.089. Interest on bank and buikllng society accounts held was up £5.249 on the pViOuS y8ar. The totsl resourTrs expended increased to £226,898 compared lo the previous year's total of £245,501. The Trustees endeavour lo anticipate any major risks to which the Charity is exposed. There is a policy of ongoing review of systems lo mitigate any risks.
The Bluefaced Leicester Sheep Breeders Association Trustees. Annual Report (¢ontinued) Year ended 31 December 2024 Financial review Net outgoing resour$ of £18,042, have reduced the total unrestricted income funds lo £303,804, a decrease of just knnder 6%. Payments made lo three Trustees in the year were: For acting as Association inspector Accommodation and travel expenses reimbursed 1.550 897 The Association regards the level of reserves as satisfactory and aims to hold Slrfficient fvnds lo meet one yearfs expenditure in the event Oi un:-oreseen conb'ngencies. The income and expenditure have been made in the furtherance of the key objec:ives of the charity. Plans for futurè perlods The Charity plans to continue with the development and promotion of the breed in ftjture periods through shows and the dislribution Df promotional materials. Trustees. responslbilltles statement The Irustees are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom A¢¢ounting Standards (United Kingdom Generally Accepted Accounting P"aclicel. The law applicable lo cbarities in England and Wales quireS the charity trustees to prepare financial statements for each year Wiiich give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources. of the ¢harity for that period. In preparing these ff nancial ststements, the trustees a required to.. select suitable accountsng policies and then apply them consistenty., observe the methods and principles in the applicable CharTties SORP., make judgments and accounb'ng est"mates that are reasonable and prL>dent'. slate whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the finar¢cial stalemenls., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in bus4ness. The trustees are responsible for keeping aoequale accoJnting records that are sufficieni to show and explain the charity's transactions and disclose with reasonable accuracy al any lime the financial position of the charity and enable them to ensure t4al the fjnaicial statements comply with. the Charities Act 2011. the applicable Challlies (Accounts and Reports) Regulations, and the provisions ol the Tru£t Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Bluefaced Leicester Sheep Breeders Association Trustees. Annual keport (conllnu8 Year ended 31 De¢ember 2024 The trustees, annual report was approved on 6 May 2025 and signed on behalf of the board of trustees by.. Mr W R C Lamont Mr E Owen Trustee Mrs H Carr Smrth Secretary
The uefaced Leicester Sheep gpendeTrt Examiner's Reporyt to *the Trustees of The Bluefaced Leiceste Sheep Breeders Associatsori Year ended 31 December 2024 I report to the trustees on my examination of the financtal statements of The Bluefaced Leicester Sheep Breeders Association I'the charity'} for the year ended 31 December 2024. Respon$lbilities and basls of report As the trustees of the ¢harty you are responsible for the preparation of the financial statements In accordance with the requirements of the Charibes Act 2011 ('the ACVI. I report in respect of my examination of the charity's f.nancial statemet?ts carrieo out under section 145 of the 2011 Act and in carying out my ex2mination I have fol:.owed all the appliGqble Directions given by the Charity Cornmission unde", seGtion 145(5llbl of the Act. Ind$pendent examin9rf$ statement I have cornpleted my examina:.ion. I confiThb that no material matters have come lo my attention in conNection Mith the exanir¢ation gwing me cause to believe that in any nHterial respe¢l.' accountirig records were not kept in respect of the charity as required by section 130 of the Artor reeders ssociatio the finanaal ststements do not accord with those records., or Ihe financial ststements do not comply with the applicable requirements conceming the form and content of accounts set out sn the ChaYtie8 (Accounts and Repo-ltsl Regulations 2008 other than any re4uirement that the accounts give a true and fairf view which is not a matter considered as part of an independent examination. I have no concems and have come 3cross no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Christopher Lamont Bsc FCA Independent Examiner 31 Lonsdale Street Carlisle Cumbria CA1 1BJ 7 May 2025
The Bluefaced Leicester Sheep Breeders Association Statement of Financial Activities Year ended 31 December 2024 2024 Unrestricted funds Total funds 2023 rolal fvnds Income and endowment8 Donations and legacies Other trading ath"vib'es Investment ,,ncome 2,125 19S.265 10,466 2,125 196,265 10,466 208,856 894 214,978 5,217 Total income 208.856 221,089 Expenditur¢ Expenditure on charitable activities Total expenditure 226,898 226,898 226,898 226,898 245,501 245,501 Net expenditure and net movement in funds (18,0421 118,0421 124,4121 Reconciliation of funds Total funds brought forward Total funds carrled forward 321,846 303,804 321,846 303,804 346,258 321.846 The sta ement of financial activi-ies includes all gains and losses recognised In the year. All income and expenditure derive from continJing actr.vities. The notes on pag•s 9 to 15 fomi part of the89 financial ¥tatsments.
The Bluefaced Leicester Sheep Breeders Association Statsment of Financial Position 31 Decomber 2024 2024 2023 Flxed assgts Tangible fixed assets 13 2,594 3,111 Current assets Stocks Debtor8 Cash at bank and in hand 14 15 550 4,877 318,191 323,618 550 3,386 333,039 336.975 Credltors: amounts falling dug withln one year Net current assets 16 22,408 18,240 301,210 303,804 318,735 Total assets sess current Ilabllltles 321.846 Fund$ ofthe charity Unrestricted funds 303,804 303,804 321,846 321,846 Total charity fund6 17 These financial statements were approved by the board of trustees and authorised for issue on 6 May 2025, and ed on behaK of the board by.. Mr WR C Lamont Trustee Mr E ljven Trustee Mrs H Carr Smith Secretary Ccffj" SMI notss on pages 9 10 15 forn7 p•rt of financlal statemeni#.
The Bluefaced Leicester Sheep Breeders Association ststement of Cash Flows Year ended 31 December 2024 2024 2023 Cash flow8 from operating acttvities Nel expenditure (18,042> (24,4121 Adjustments for. Depreciation of tangible fixed assets Other interest receNable and similar income Interest payable and similar charyes 517 110,4661 466 648 15.2171 454 Chang&s in.. Trade and other debtors Tr2de and other creditors 11,4911 4,168 14561 15,4271 134,41 DI Cash generated from operation5 124.8481 Interest paid Interest recèived 1466} 10,466 14541 5,217 Net cash used in operating aclNrties 114.8481 129,6471 Net de¢rÈase In cash and c3sh equivalents Cash and cash equlvalants at beginnlng of year Cash and cash equivalents at Bnd of year 114.848} 333,039 129,6471 362,686 318,191 333,039 The nots8 on pa9e# 9 to 15 forni part of these financial Statements.
The Bluefaced Leicester Sheep Breeders Association Notes to the Financial Statements Year ended 31 December 2024 General information The chariry is a public benefit entty and a registered chartty in England and Wales and is uriincorporaled. The address of the principal office is Riverside View, Warwick Road, Carfisle, Cumbria, CA12BS. Statement of compliance These ffnan¢ial statements have been prepared in compliance wth FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Pra-b"ce applicable to charit:'es oreparing their accounts in accordance with the Financial Reporting Slanda,"o applicable li the UK and Republic of Ireland IFRS 102) (Charities SORP IFRS 102)) and the Clarrties Act 2011. AGcountlng poli¢i8$ BasFs of preparatlon The financial slalements have been prepared on the historical cost basis, as modified by tye revaluation of ¢ertain finan81 assets a-,.d I,.abi tes and investment properties measured al lair value through income or expenditure. The financial statemeyls are prepared in sterling, which is the fvnctional currency of the entity. Going concem There afft nD material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial stslements requires the use of eslimales and assumptions that affect the application of policies aid ported amounts of assets and liabilities, incom8 and expenses. Any estimate that has a degree ol uneertainty or where judgement has been exercised in a p8rticul8r aa is expressly disclosed wtthin the relevant auounting policy. Fund accountlng Unrestricted fvnds are available for use at the discretion of the trustees lo further any of the ¢harity's purposes. Designated funds aTr unrestricted fvnds earmarked by the trustees for particular future project or commitment Restricted fvnds are subjected to restriction5 OP. theirexpenditure declared by the donor or through the terms of an appeal, and fall into one of tRio sub£lasses'. reslricled InMe fvnds or endowment funds.
The Bluefaced Leicester Sheep Breeders Association Notes to the Financial Statements (¢onlinu8d) Year ended 31 December 2024 Accountlng policies (conllnued) Incoming r050urces All incoming resources are included in the statement of financial activities when enlillemenl has passed lo the charity,. il is probable that the eco"..omic benefits associated with the transaction will flow lo the charity and the amount can reliably measured. The following specbfic Policies are applied to particular calegortes of incorr,e'. income from donations or grants is recognised when there is evidence of entrttement to the gift, receipt is probable and ils awount can be measured reliably. legacy income is recognised when receipt is probable and entillement is established. income from donated goods is measuied 8t the fair value of the goods unless this is impractical to measure reliaby, in which case the value is derived trom the cost to the donor or the estimated resale value. Donated facilities and ServIS are recognised in the accounts when received il the valde can be reliably measured. No amounts are included for Ine contn'bulion o! general voluntèers. income from contracts for the suppty of services is re¢ognised with the delivery of the contracted service. This is dassified as unreslncteo lJnds unless there is a contractual requirement for i( to be spent on a pa"Cular Ptsrpose and returned if unspent, in which case it may be rega.. ded as restricted_ Resources expended Expe.iaiture is recognised on an accruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully re¢ove,"ed, ano is class.'fied under headings of the statement of financial activities to which it relates.. expenditure on raising fvnds indudes the costs of all fundraising aclNilies. events, non- charitabl8 trading actNities. and the sale of donated goods. expenditure on charitable aclivitbes includes all costs incurred by a charty in undertaking activities that fvrther its charitable aims for the benefit of ils beneficiaries, including those support cos15 and costs relating lo the govemance of the charity apportioned lo charitable activfties. other expend lure includes all expenditu're that is neither related to ra15ing fLJnds for the charity nor part of its expenditure on charitable actNities. All costs are allocated to expendildre ca:egories reflecting the use of the resource. Direct costs attributable lo a sip.gle activity are allocated directly to that activity. Shared costs are apportioned between the acb'vities they Contribute to on a reasop.able, justs'fiable and trnnsistent basis. Tangible #ets All fixed assets are initially recorded at C051, as adjusted for the revaluation of the investment propety 10
The Bluefaced Leicester Sheep Breeders Association Notes to the Financial Statements icontlnuedl Year ended 31 December 2024 Aecountlng policie$ (contfnued) Depreclation Dèpreaalion 1$ c8lcu5ated so as to write off Ihe cost or valuation of an asset, less ils residual valu9, over the u5efvl economic lrfe of that asset as follows.. Computer & Office Equipment Show Sland & Eqijipment 20% dUcIng balance 20°k reducing balance Impalmient of Ilxed assets A review for indiGators of impaient is carried out at each. reporb'ng date, with the recoverable amount being estimated where such ipdicators extsl. ere the carying value exceeds the recoverable arr.ounl, the asset is iFr.paired accordingly. Prior impairments are also reviewed fcir possible reversal al each reporting date_ For the purposes of impairment lesling, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the casn-generaling unil to which the asset belo•gs. The casi-geiierating unit is the smallest identifiable group of assets that inc.'udes the asset and generates cash in1ows that largely independent of the cash inflows from other assets or groups of assets. For ImpalmnI lests.ng of goodwill, the gcx)dwill acquireti in a business combination is. from the acquisilio.I dale, allocated lo each of the cash-generating units that are expected lo benef5t from the synergies of ihe combinab'on, irrespective o, whether othe.. assets or liabil"'ties of the charity are assigned lo those units. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, ¢osls of conversion and other costs incurred in bringing the stock lo its present IatIon and condition. Flnancial instruments A financial asset or a financial liatiility is recognised onty when the charity becomes a party to the conlraclual provisions of the instrdment. Basic financial instruments are initially regnised at the amount receivable or payable including any related transaction costs. Current assets and curreD.t li8bilibes are subsequentty measured at the cash or other consideration expected lo be paid or recesved and not discounted. Debt inslrumejls are subsequendy measured al amorbsed St. Where investments in shares are publicy traded or their fair value Can otherwise be measured reliably, the investment is subsequent¥i neasJred at fair value with changes in fair value recognised in in.come and expenditure. All other such investments are Subsequent measured at cast less impairment. Other financ,'al instruments. in-luding derivatives, are initialty recognised al fair value, unless payment for an asset is deferred beyoryd noThal business terms or ffnanced al a rale of interest that is not a market rate, in which case the as5e:. is measured at the preser.t value of the future payments discounted at a maiket rale of interest for a similar debt insltument. 11
The Bluefaced Leicester Sheep Breeders Association Notes to the Financial Slatements (contirtued) Year ended 31 December 2024 Accounting policies Iconflnu8dJ Financial Instruments (contlnued) Other financial instruments are subsequently measured at fairvalue, wilh any changes recognised in the Statement ol financial activities. with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured al cost or amortised cos; are reviewed for objective evidencè of impairment al the ep,d of each reporting dale. If there is objective evidence ot impairment, an impairment loss is recognised under the appropriate heading in the st2temenl of financi81 activities in which the initial gain was recognised. For all equity instruments regardless of significa,Yce, and other financial assets that are individually significan( these are assessed ir,dividualty for impairment. Other financial assets are either assessed individual'.y or grouped on the basis of similar credit risk characlerislics. Any reversals of impairment are recc*Jnised immedialety. to the extent that the reversal does not result in a carrying amouyl of the financial asset Ilat exceeds what the c8rrying amount would have been had the impaimenl not previously been recognised. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Fund5 2024 Funds 2023 Donations Donatioris 2,125 2.125 894 894 other trading activlties Unrestricted Total Funds Unrestricted Total Ftjnds Funds 2024 F(inds 2023 Sponsorship receipts and sundries Subscriptions Sale entry fees Registration fèes Gift aid repayment 11,048 34,642 1,533 147,183 1,859 11,048 34.642 1,533 147,183 1,859 196,265 13,208 35,049 2,057 162,070 2,594 13,208 35,049 2,057 162,070 2,594 196,265 214.978 214,978 Investment income Unrestricted Tota5 Funds Unreslricled Total Funds Funds 2024 Funds 2023 Bank and building society interest 10,466 10,466 5,217 5,217 12
The Bluefaced Leicester Sheep Breeders Association Notes to the Financial Statements Iconifnuedj Year ended 31 December 2024 Expenditure on charitable •ct5vltles by fund type Unrestn"¢ted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Charitable acltvity direct costs Support costs 124,902 101,996 124,902 101,996 142,726 102,775 245,501 142,726 102,775 245,501 226,898 226.898 Expenditure on charltable activities by activity type Aclrvities undertaken directly Support Total funds Z024 Tol?1 furld 2023 Charitable activity diwt costs -e costs Governan" 124.902 41,703 60,293 166,605 60,293 185,058 60.443 124,902 101,996 226.898 245.5D1 Net expanditure Net eXpenclitu is slated after chargingll¢rediling}". 2024 2023 Depreciation of tangible fixed as5els 517 648 10. Independent Examlnation 2024 2023 Fees payable for th8 independent examination of the financial statements 2,695 2,565 11. Staff costs The Iota staff costs and employee benefits for the r8poth.ng period are analysed as follows.. 2024 2023 Wages and salaries 50,460 5J,224 The average head ¢ounÉ of employees during the year wa$ 212023-. 2). No employee receTved employee benefits of more than £60,000 during the year12023.. Nill. 12. Trustee rèmuneratlon and expenses No remuneration or other benefjts from employment with the char.ty or a related entity wer6 received by the trustees. 13
The Bluefaced Leicester Sheep Breeders Association Notes to the Financial Ststsmentsi¢rMJnue Year ended 31 December 2024 13. Tangible fixed assets Fixtures and fittings Equipment Total Cost At 1 January 2024 and 31 December 2024 Depreclatlon At 1 January 2D24 Charge for the year At 31 December 2024 7,164 7,749 14,913 7,032 26 4,770 491 11.802 517 7,058 5,261 12,319 Carrying amount At 31 Deeember 2024 10S 2,488 2,594 At 31 December 2023 132 2,979 3,111 14. Stock5 2024 2023 Raw materials and Gonsumable$ 550 550 15. Debtors 2024 2023 Trade debtors 4.877 3,386 16. Creditors: amounts falllng due within one year 2024 2023 other creditors 22A08 18,240 17. Analysls of charitablo funds Unrestrictgd funds 1 January 2024 31 December 2024 Income Expenditure General funds 32'.,846 208,856 (226,8981 303,804 1 January 2J23 31 December 2023 Income Expenditure General funds 346.258 221,089 {245,5011 321,846 14
The Bluefaced Leicester Sheep Breeders Association Notes to the Financial Statements (continoje Year ended 31 December 2024 18. Analysls of changes In nel debt At At 1 Jan 2024 Cash flows 31 Dec 2024 Cash al bank and in hand 333.039 114.8481 318,191 19. Related parties No *ransaclions wilh related parttes were undertaker, such as are required lo be disclosed undor the Financial Repotting Standard for SmalleT Enti;ies leffeclive January 2D071. 15
The Bluefaced Leicester Sheep Breeders Association Management Infomiation Year ended 31 December 2024 The following pages do not fonn part of the flnanclal statements. 16
The Bluefaced Leicester Sheep Breeders Association Detailed Statement of Financial Activities Year ended 31 December 2024 2024 2023 Income and endowments Donation$ and legacies Donations 2,125 894 Other trading activities Sponsorship receipts and sundries Subscriptions Sale enty fees Registration lees Gift aid repayment 11,048 34.642 1,533 147,183 1,859 196,265 13,208 35,049 2,057 162,070 2,594 214,978 Investment income Bank and building soaety interest 10A66 5,217 Total Incomo 208,856 221,089 Expenditure Expenditure on charitable actlvities Purchases Wages and salarfes Rent Rates and water Repairs and maintenance Insurance Other establishment Other motorltravel costs Legal and professional lees Telephone Other office costs DepreGiatiory Other interest payable and similar charyes Donations. sponsorship and sundries Breed development and promotion Sales c08ts 49,427 SO,460 11,057 328 2,336 3,292 2,153 5,961 8,848 16,5Y6 15,165 519 466 7,333 39.034 13.943 56.833 50,224 11,883 269 2,447 3,471 2,833 3,494 9,117 18.135 16,459 648 454 4,849 48,073 16,512 226,898 245,501 Total expendlturo 226,898 245,501 Net oxpendlture 118,0421 124,4121 17
The Bluefaced Leicester Sheep Breeders Association Note5 to the Detailed Ststement of Financial Activities Year ended 31 December 2024 2024 2023 Expenditure on charitable activ1$ Actlvlty type 1 Activities undertakGn dlrectly Purchases las adjustad for slockl Printing, stationery and advertising Donations, sponsorship & sundry expenses Brped developmep.l and promotion Sale5 Costs 49,427 15,165 7,333 39.034 13.943 124,902 56,833 16,459 4,849 48,073 16,512 142,726 Support costs 11.057 328 2,336 3,292 2,153 5,961 16,576 11,683 269 2.447 3,471 2,833 3,494 18.135 Rates & water Reaairs & maintenance Insuran Computer and website expenses Motor and travel cos's Postage and telephone 41,703 42.332 Govemance costs Governance costs - wages]salaries Governance costs - accounlanw fees Governance costs - auditlindependenl examination fees Governance costs - costs of Iruslees, meetings Governance CDSts - depreciation Governance costs- other finants costs 50,460 2,975 2,695 3,178 519 466 50,224 2.835 2,565 3,717 648 454 60,293 $0.443 Expendlture on charitable actlvitles 226.898 245,501 18