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REGISTERED NUMBER: SC181670 (Scotland)









REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

S.A.M.B.
T/A
SCOTTISH BAKERS

S.A.M.B. (REGISTERED NUMBER: SC181670)
T/A SCOTTISH BAKERS






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 9

Balance Sheet 10

Notes to the Financial Statements 11


S.A.M.B.
T/A SCOTTISH BAKERS

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: J H W Gall
D A Henderson
A J Marr
S D Matheson
C J Mc Phie
I C Mcghee
K J Mcvey
R J Miles
M Phillips
G R Reid
A Sarafilovic
M M Stuart
K J Stuart
S N Simson
A R Chisholm
C M S Milne
S Sarafilovic


REGISTERED OFFICE: 2 Halbeath Interchange Business Park
Kingseat Road
Halbeath
Dunfermline
Fife
KY11 8RY


REGISTERED NUMBER: SC181670 (Scotland)


AUDITORS: Haines Watts Scotland
Business Advisors, Accountants and
Statutory Auditors
Q Court
3 Quality Street
Edinburgh
EH4 5BP


BANKERS: Clydesdale
115 Queensferry Road
Rosyth
KY11 2PT


SOLICITORS: Lindsays
Caledonian Exchange
19a St Canning St
Edinburgh
EH3 8HE

S.A.M.B. (REGISTERED NUMBER: SC181670)
T/A SCOTTISH BAKERS

REPORT OF THE DIRECTORS
for the year ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
Scottish Bakers promotes and protects the interests of Scotland's baking trade; representing, advising and supporting all aspects of Scotland's baking industry to ensure it remains competitive.

Scottish Bakers does this by providing the widest possible range of benefits that help our members sustain and grow their businesses including: skills development, government lobbying and representation, technical information and assistance, competitions, sector intelligence, legal advice, financial discounts, and social and business networking.

REVIEW OF BUSINESS
Despite the current market challenges driven by rising costs of production, the cost-of-living crisis, and the lack of labour within the sector. Scottish Bakers continued to provide essential services to its members, ensuring they received the professional support, advice, and guidance they needed to develop and sustain their businesses.

Our members and our training customers are our number one priority. Our strategy supports and builds the association's strength and influence, and its ability to preserve and protect the interests of the trade.

We continued to work tirelessly to ensure our members were supported with updated operational guidance, HR guidance and training. Scottish Bakers work in collaboration with many partners including Scotland Food and Drink.

Our World Championship Scotch Pie Awards and conference ran well in 2023 and as always, we look to continue to grow, evolve and entice new entrants.

Our National Food and Drink Training arm delivered its forecasted number however there is scope to grow and develop within this area.

Scottish Bakers and NFDT have maintained its hybrid working model which continues to improve operational efficiency.

We continued to focus on our electronic and social media communications capacity and capability which has allowed us to build on the regularity of our contact with members and feature more policy-based narratives in our press releases.

Our strategic framework is as relevant now as it was when it was developed, and we look forward to the return to greater normality.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

J H W Gall
D A Henderson
A J Marr
S D Matheson
C J Mc Phie
I C Mcghee
K J Mcvey
R J Miles
M Phillips
G R Reid
A Sarafilovic
M M Stuart
K J Stuart
S N Simson
A R Chisholm
C M S Milne

S.A.M.B. (REGISTERED NUMBER: SC181670)
T/A SCOTTISH BAKERS

REPORT OF THE DIRECTORS
for the year ended 31 March 2024

DIRECTORS - continued

Other changes in directors holding office are as follows:

L Hill - resigned 28 November 2023
B Sarafilovic - resigned 28 November 2023
S Sarafilovic - appointed 28 November 2023

RISKS
The bulk of Scottish Bakers income is derived from the delivery of national training programmes and so we are vulnerable to any changes in apprenticeship policy across the UK and Scotland. We can manage these risks by ensuring that our delivery continues to exceed quality thresholds set by our funders, awarding partners and regulatory bodies. We can also spread risk by extending /growing our training offer plus growing our presence and reach within England.

Training operations continue to be vulnerable to disruption caused by staff absence, access restrictions or additional work pressures on-site, leading to loss of income. We can mitigate this by maximising the active training portfolio.

Significant labour pressures being faced by our members also impact on learner numbers and we are cognisant of having to ensure the messaging of training and development as a means of mitigating some of these external pressures.

We have continued to take steps to reduce the level of dependence on external training funding. A review of membership rates implemented in 2019 has contributed to a net increase in member income. Member subscriptions were raised by approximately 5% across all grades for the start of January 2022. Our future focus must be to expand our membership base, grow our membership offer through robust member marketing and grow Scottish Bakers and NFDT brand awareness. Finally, maximise our sponsorship income for our events and develop advertising revenue streams across our various communications channels is key.

FINANCIAL REVIEW
2023/24 saw Scottish Bakers make a small deficit. The gains within our investment portfolio supported the surplus highlighted below.

Intense scrutiny of all overhead costs and expenses has ensured that Scottish Bakers is a modern, lean and efficient organisation.

Monthly meetings of the Finance and Audit Committee ensures we monitor our financial performance regularly, and tackle action on any issues arising quickly.


S.A.M.B. (REGISTERED NUMBER: SC181670)
T/A SCOTTISH BAKERS

REPORT OF THE DIRECTORS
for the year ended 31 March 2024

GOING CONCERN
Overview:
The Directors have reviewed the financial position and performance of S.A.M.B. for the financial year ending 31 March 2024. Despite previous challenges, the Directors believe that the company remains a going concern and has the resources to continue in operational existence for the foreseeable future.

Financial Performance and Position:
During the financial year 2023/24, S.A.M.B. achieved a surplus of £95,396, compared to a deficit of £14,833 in the previous year. The company reports net current assets of £620,662 (2023: £637,064) and net assets of £2,060,193 (2023: £1,964,797). This improvement in surplus is largely due to a significant increase in the value of our investment portfolio, attributed to the gradual recovery of markets over the year.

Income Sources:
S.A.M.B. receives annual funding from training and awarding bodies, as well as income from subscriptions, membership, events and commercial training. These diverse income streams contribute to the financial stability and sustainability of the company.

Forecasts and Projections:
The Directors of S.A.M.B. have signed off a new 5-year strategic plan aimed at driving long-term growth and sustainability of Scottish Bakers and NFDT. This strategy encompasses key initiatives designed to enhance our services, expand our market presence, and increase member value. While these initiatives will require investment and are projected to result in a deficit over the next two years, we anticipate a return to a small surplus by year three.

Strategic Initiatives:
The 5-year strategy focuses on the following key areas:

Service Enhancement:
Investment in new technologies and training programs to improve service delivery and member and customer satisfaction.

Market Expansion:
Targeted marketing campaigns and partnerships to enter new markets and expand our customer base in new sectors.

Operational Efficiency:
Streamlining operations through process improvements and cost-saving measures.

Sustainability:
Commitment to sustainable practices and corporate social responsibility initiatives.

Conclusion:
After considering the company's current financial position, future projections, and the results of the reverse stress test, the Directors have a reasonable expectation that S.A.M.B. has adequate resources to continue in operational existence for the foreseeable future. Consequently, the financial statements have been prepared on a going concern basis, as there are no identified events or conditions that may cast material uncertainty on the company's ability to continue as a going concern.


S.A.M.B. (REGISTERED NUMBER: SC181670)
T/A SCOTTISH BAKERS

REPORT OF THE DIRECTORS
for the year ended 31 March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Haines Watts Scotland, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





M Phillips - Director


16 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S.A.M.B.

Opinion
We have audited the financial statements of S.A.M.B. (the 'company') for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its surplus for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S.A.M.B.


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge;
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation, employment and data protection;
- We assessed the extent of compliance with the laws and regulations identified above through making enquires of management and inspecting legal correspondence;
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company's material misstatement, including obtaining an understanding of how fraud might occur by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S.A.M.B.


To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgement and assumptions made in determining accounting estimates were indicative of potential bias; and
- Investigated the rationale behind any significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;
- Reading the minutes of meetings of those charged with governance;
- Enquiring of management as to actual potential litigation and claims; and
- Reviewing correspondence.

Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAs (UK), there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Craig Hunter (Senior Statutory Auditor)
for and on behalf of Haines Watts Scotland
Business Advisors, Accountants and
Statutory Auditors
Q Court
3 Quality Street
Edinburgh
EH4 5BP

16 October 2024

S.A.M.B. (REGISTERED NUMBER: SC181670)
T/A SCOTTISH BAKERS

STATEMENT OF INCOME AND RETAINED EARNINGS
for the year ended 31 March 2024

2024 2023
Notes £    £    £    £   

TURNOVER 4 1,093,411 1,091,273

Administrative expenses 1,162,596 1,061,833
(69,185 ) 29,440

Other operating income 5 9,600 -
OPERATING (DEFICIT)/SURPLUS 7 (59,585 ) 29,440

Income from fixed asset investments 1,091 1,408
Interest receivable and similar income 22,769 10,587
23,860 11,995
(35,725 ) 41,435
Gain/loss on revaluation of investments 131,121 (56,268 )
SURPLUS/(DEFICIT) BEFORE
TAXATION

95,396

(14,833

)

Tax on surplus/(deficit) 8 - -
SURPLUS/(DEFICIT) FOR THE
FINANCIAL YEAR

95,396

(14,833

)

Retained earnings at beginning of year 1,964,797 1,979,630

RETAINED EARNINGS AT END OF
YEAR

2,060,193

1,964,797

S.A.M.B. (REGISTERED NUMBER: SC181670)
T/A SCOTTISH BAKERS

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 176,299 188,333
Investments 10 1,263,232 1,139,400
1,439,531 1,327,733

CURRENT ASSETS
Stocks 4,996 4,996
Debtors 11 262,953 232,452
Cash at bank 624,184 743,138
892,133 980,586
CREDITORS
Amounts falling due within one year 12 271,471 343,522
NET CURRENT ASSETS 620,662 637,064
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,060,193

1,964,797

RESERVES
Income and expenditure account 2,060,193 1,964,797
2,060,193 1,964,797

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





M Phillips - Director


S.A.M.B. (REGISTERED NUMBER: SC181670)
T/A SCOTTISH BAKERS

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024

1. STATUTORY INFORMATION

S.A.M.B. is a private company, limited by guarantee , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3). The company's functional and presentational currency is GBP. The level of rounding applied is to the nearest pound.

GOING CONCERN
The company has made a surplus for the period of £95,396 (2023 - deficit of £14,833). The company has net current assets of £620,662 (2023 - £637,064) and net assets of £2,060,193 (2023 - £1,964,797). S.A.M.B. receive training and awarding body funding each year as well as income from subscriptions, membership and events. The surplus for the period includes a significant increase in value registered with our investment portfolio attributable to the gradual recovery of markets experienced during the year.

The Directors of S.A.M.B. have signed off a new 5-year strategic plan aimed at driving long-term growth and sustainability of Scottish Bakers and NFDT. This strategy encompasses key initiatives designed to enhance our services, expand our market presence, and increase member value. While these initiatives will require investment and are projected to result in a deficit over the next two years, we anticipate a return to a small surplus by year three.

After considering the company's current financial position, future projections, and the results of the reverse stress test, the Directors have a reasonable expectation that S.A.M.B. has adequate resources to continue in operational existence for the foreseeable future. Consequently, the financial statements have been prepared on a going concern basis, as there are no identified events or conditions that may cast material uncertainty on the company's ability to continue as a going concern.

TURNOVER
The turnover shown in the Statement of Income and Retained Earnings represents amounts invoiced during the year for member's subscriptions, conference income, project management and training, exclusive of Value Added Tax. Turnover is recognised on an accruals basis in the year to which it relates.

TANGIBLE FIXED ASSETS
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Heritable Property- 2% Straight Line
Tenant's Improvements- 20% Straight Line
President Badges- 25% Straight Line
Fixtures & Equipment- ranging between 12.5% - 25% Straight Line
Motor Vehicles- 25% Straight Line
Computer Equipment- 50% Straight Line in first year, then 33% thereafter

There is no land included within Heritable Property.

S.A.M.B. (REGISTERED NUMBER: SC181670)
T/A SCOTTISH BAKERS

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is stated at the lower of cost or net realisable value after considering any obsolescence.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

INVESTMENTS
Investments are held at market value which is derived from the bid price. Gains and losses on disposal are charged to the Statement of Income and Retained Earnings in the year they incur.

DEBTORS
Short term debtors are measured at transaction price, less any impairment.

CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

CREDITORS
Short term creditors are measured at the transaction price.


S.A.M.B. (REGISTERED NUMBER: SC181670)
T/A SCOTTISH BAKERS

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
Under FRS 102 financial assets and liabilities are given the technical term "financial instruments", and the directors are required to indicate how these are recognised and measured in the financial statements. All financial instruments held by the company are considered basic and as such are treated in line with well established accounting convention.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In preparing these financial statements, the directors have made the following judgements:

Determine whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision including the economic viability, market conditions, the remaining life of the asset and projected disposal values.

The directors assess each individual receivable balance as at 31 March 2024 to consider whether they are recoverable. If specific debts are identified where there is a fundamental uncertainty as to the recoverability of this debt based upon information and payment history, a provision is created against these debts.

4. TURNOVER

The turnover and surplus (2023 - deficit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
United Kingdom 1,093,411 1,091,273
1,093,411 1,091,273

5. OTHER OPERATING INCOME
2024 2023
£    £   
Government grants 9,600 -

6. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2023 - 31 ) .

S.A.M.B. (REGISTERED NUMBER: SC181670)
T/A SCOTTISH BAKERS

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

6. EMPLOYEES AND DIRECTORS - continued

2024 2023
£ £
Gross salary costs 443,938 430,422
Employer's national insurance 46,477 46,127
Employer's pension contributions 7,867 8,386
498,282 484,934

7. OPERATING SURPLUS/(DEFICIT)

The operating surplus (2023 - operating deficit) is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 20,830 22,669
Auditor's remuneration: audit 6,250 6,250
Auditor's remuneration: tax compliance 3,542 3,794

8. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 March 2024 nor for the year ended 31 March 2023.

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Surplus/(deficit) before tax 95,396 (14,833 )
Surplus/(deficit) multiplied by the standard rate of corporation tax in the
UK of 19% (2023 - 19%)

18,125

(2,818

)

Effects of:
Expenses not deductible for tax purposes - 17,351
Income not taxable for tax purposes - (2,279 )

Training fund profit not taxable (18,125 ) (12,254 )
values


for changes in tax rates

Total tax charge - -

Deferred tax asset not recognised relating to fixed asset timing differences and available losses is £910,228 (2023 - £652,213) due to uncertainty over future probability and the resulting recoverability of the asset in the foreseeable future.

S.A.M.B. (REGISTERED NUMBER: SC181670)
T/A SCOTTISH BAKERS

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Heritable & equipment
property and
Tenant's President computer Motor
Improvements Badges equipment vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 299,375 6,731 110,122 127,559 543,787
Additions - - 8,796 - 8,796
At 31 March 2024 299,375 6,731 118,918 127,559 552,583
DEPRECIATION
At 1 April 2023 145,095 5,888 109,065 95,406 355,454
Charge for year 3,881 674 3,269 13,006 20,830
At 31 March 2024 148,976 6,562 112,334 108,412 376,284
NET BOOK VALUE
At 31 March 2024 150,399 169 6,584 19,147 176,299
At 31 March 2023 154,280 843 1,057 32,153 188,333

10. FIXED ASSET INVESTMENTS

2023 2023
£ £
Listed investments 1,263,232 1,139,400
Movement in market value
Market value at 1 April 1,139,400 1,202,444
Acquisitions at cost 61,134 386,477
Disposals at opening carrying value (67,276 ) (199,879 )
Unrealised gain / (loss) in year 129,972 (249,642 )
1,263,232 1,139,400

2023 2022
£ £
Historical cost at 31 March 568,201 631,245

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 137,765 164,850
Other debtors 2,826 -
VAT - 1,384
Prepayments and accrued income 122,362 66,218
262,953 232,452

S.A.M.B. (REGISTERED NUMBER: SC181670)
T/A SCOTTISH BAKERS

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 39,524 15,403
Social security and other taxes 16,962 14,436
VAT 16,573 -
Other creditors 2,399 3,343
Subscriptions in advance 110,757 133,881
Accruals and deferred income 85,256 176,459
271,471 343,522

13. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £7,867 (2023 - £8,386). Contributions totalling £1,710 (2023 - £1,735) were payable to the fund at the reporting date and are included in creditors.

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15. MEMBERS' FUNDS

This is a company limited by guarantee and does not have a share capital. Each member of the company has agreed to contribute an amount not exceeding £1 to the assets of the company in the event of winding up.