The trustees present their annual report and financial statements for the year ended 31 March 2026.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
RABDF is a charitable company limited by guarantee and does not have any share capital. The Association was incorporated under Licence of the Board of Trade on 1st October 1879 and registered as a charity on 5th December 1961 (No.213782). The company was established under Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £5.
The directors of the company are also charity trustees for the purpose of charity law and under the company’s Articles known as members of the Council. Members to retire will be those that have been longest in office since their last election or appointment. All members of the Council must be active within the dairy farming Industry.
The Council of Management acts as the Board of Trustees and is responsible for the overall governance of the charity. It meets at least 4 times a year in addition to the AGM.
Other committees from within the Board are formed usually using a “task based” approach to carry out certain duties.
Risk Management
This has become much more important in recent times and the Trustees have committed to conducting review of the major risks to which the charity is likely to be exposed and put in appropriate systems to deal with such eventualities. A risk register for the year 26/27 will be created and reviewed, amended and acted on accordingly at board meetings.
The Association’s charitable aims and objectives are to encourage the development of a successful, sustainable and profitable dairy farming sector in the UK. It does this by a series of relevant activities, including the running of Dairy-Tech, Entrepreneurs in Dairy, Women in Dairy and its awards for students, innovation, and elite dairy performance.
RABDF is the only national dairy membership association with the freedom and capacity to lobby. We have unique and well-established relationships with stakeholders throughout the dairy industry. RABDF is the only dairy organisation to hold a Royal Patronage, with access to the influence and responsibility that brings.
Dairy-Tech 2026 saw increased stand sales, including a number of first-time exhibitors to the event, and was the first event run by new sub-contracted partners for sales and operations. The event was attended by larger number of visitors than the previous year.
Increased stand revenue was offset by some increased costs relating to a re-brand and refresh of all physical materials (banners, stand, hubs).
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. This has been a major focus for trustees in 25/26 culminating in the development of a new strategy, business plan and KPIs that will be launched – alongside a new membership proposition – in 26/27.
2026 marks our 150th year as an organisation and it gives me great pleasure to be the current chairman writing this report at such an important point in our long history. It is truly humbling when I consider all who have been RABDF trustees over the past 150 years and also those who have chaired the board of trustees over the period.
RABDF is the only charity working specifically for dairy farmers and the wider dairy industry. We’re honoured to hold the royal patronage and find our work in 2026 as relevant as it was in 1876. The UK dairy industry continues to see the steady reduction in dairy farm numbers as herd size and yield per cow increases. When the RABDF was established, there were possibly over 200,000 milking herds in the UK, although accurate figures don’t exist. Today the number of herds stand at just below 7000, and the decline shows no signs of easing. The dairy farmers of the future will operate even larger businesses, employ many more people and will be engaging in technology that could only have been dreamed of 150 years ago.
In many ways 2026 has been a new beginning for our organisation. In February we unveiled our new banding at our flagship event Dairy-Tech, bringing together for the first time all of our sub-brands under one clear recognisable brand. Another first was Dairy-Tech being delivered by external contractors managing the sales, sponsorship and operations of the event. This new approach now proven to be a great success, will be continued for the 2027 event.
The new team at RABDF is settling in well under the very capable leadership of Hayley who is now approaching the second anniversary of being appointed our CEO. With our new strategy adopted and firmly in place the coming year will see progress on several exciting projects aimed at moving RABDF into an industry leadership position, facilitating a conversation around the future size and capacity UK dairy.
Reviewing our governance rules aided by the external review commissioned in 2025 will see four new trustees join RABDF council at the 2026 AGM. I’m delighted with the response we received from prospective trustees. I welcome our new council members with renewed confidence the charity is in great hands for the future. Of course, new trustees mean others are leaving RABDF council, many of whom having served in some cases, decades as trustees. On behalf of the whole organisation and the wider industry I thank them for their commitment and service to RABDF and wish them all well for the future.
Marking our 150th anniversary we took the opportunity at Dairy-Tech to display a timeline of RABDF through the ages, a pictorial review of our activities highlighting the key events and people who have shaped us. We now look forward to rounding the year off with an invitation only celebration event at Windsor by invitation of HRH The Princess Royal. An amazing opportunity to reflect on the past while looking forward with excitement and optimism to the future.
The trustees consider they have complied with their duty to have due regard to the guidance on public benefit, as published by the Charity Commission, in exercising their powers and duties.
The financial model of the Association is reliant upon income and surplus that our subsidiary company Events For You Limited is able to generate from Dairy Tech.
In 25/26 the organisation has had a major restructuring of the way it operates, which is reflected in the financial position. This includes:
• Strategic focus: a continued shift towards delivering RABDF’s core charitable objectives and industry relevance, with a more selective approach to events activity and therefore income from events.
• Cost control: Expenditure has been tightened through lower overheads, more focused corporate spend and a leaner events operating model.
• Operational changes: largely by outsourcing and routing many of the direct costs associated with the trading subsidiary Events For You Limited, directly through the subsidiary. This has led to a lower event staff requirement within the organisation and the ability to focus resources on a broader range of organisational objectives, although overall costs are similar given the outsourced expenses.
As in previous years much of the contribution to RABDF’s running costs comes in the form of a donation from Events for You Limited, which totalled £187,898 in 2026, (£216,265 in 2025). Whilst this was a reduction from the previous year, more of the costs associated with the activity carried out were picked up by the company, reducing the costs in RABDF.
The brand refresh and changes to the organising of Dairy Tech brought some additional costs, and the ceasing of the Down to Earth event in 25/26 led to lower income, resulting in a deficit for the year.
Financial Highlights 31/03/26 31/03/25
Net movement in funds (34,862) 40,250
Fund balances 896,135 930,997
Liquid reserves 853,948 814,592
It is the policy of the Association to maintain unrestricted funds to be able to maintain the Association in the event funds are not available from Events for You Limited. Having reviewed the reserves policy Trustees have decided that reserves to cover an eighteen month to two year period would allow time to either replace income or make operating changes to the Association.
This level of reserves has been maintained throughout the financial year. Our short-term cash position remains adequate to meet our day to day operating costs. Our longer-term investment policies are in line with our charitable status and are set at a moderate risk profile invested to provide a return over a five year time horizon.
In the current year these investments generated income for the Association and also showed a capital gain. The financial statements have been prepared on a going concern basis.
The Trustees have reviewed the level of funds held and the level of expected income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient, when combined with the level of reserves, for the charity to be able to continue as a going concern.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
RABDF
Key changes in income and expenditure include:
A strategic decision to shift RABDF’s focus away from operating primarily as an events company generating income and profit, towards a broader set of charitable objectives. As a result, only events that support those objectives have been prioritised in 2025/26 and this will continue for future financial years.
Income from other events is expected to deliver cost recovery and only a small surplus to support wider charitable objectives.
Some attrition in membership numbers and income due to poor CRM data, failed invoices, cancelled direct debit payments, and non-renewals via cheque/BACS
Council fees were higher in 2025 due to Robert Craig standing in and an investment in more face-to-face and away-day strategy sessions to progress the organisational re-boot.
PR and marketing costs increased significantly in 25/26 due to a retained agreement that has now ended; but did include the organisational and all events re-brand and new RABDF website. It is expected that these costs will reduce hereafter.
Higher investment in governance and HR in 2025 represented exceptional costs, with lower ongoing costs thereafter.
The trustees' report was approved by the Board of Trustees.
The trustees, who are also the directors of The Royal Association Of British Dairy Farmers for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
I report to the trustees on my examination of the financial statements of The Royal Association Of British Dairy Farmers (the charity) for the year ended 31 March 2026.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across 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 financial statements to be reached.
Investments
Insurance
Telephone
Postage and stationery
Sundry expenses
Premises expenses
Conference, events and awards
Policy advisors remuneration
Bank charges and interest
Investment brokers fees
Legal and professional fees
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The Royal Association Of British Dairy Farmers is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 4 Atherstone Hill Farm, Atherstone on Stour, Stratford Upon Avon, CV37 8NF.
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements are presented in sterling which is the functional currency of the charity.
The charity has opted to report the expenditure on the basis of the nature of expenditure, rather than on an activity basis.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Membership subscriptions are apportioned over the period they relate to.
Investment income is earned through holding assets for investment purposes such as shares.
Management charges relate to amounts recharged to other entities in relation to expenses incurred on behalf of those entities.
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
Other investments are measured at cost less impairment.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. Investments in subsidiaries are measured at cost less impairment.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Management charges
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
Trustees were reimbursed travel expenses of £6,396 during the year (2025: £4,802).
At the year end the amount due to the trustees was £Nil (2025: £1,202)
The average monthly number of employees during the year was:
The key management personnel of the charity comprise the trustees and the Chief Executive Officer. The total employee benefits of the key management personnel of the charity were £99,249 (2025: £36,409).
Unrealised net fair value gains / (Losses) of £38,671 2025: £435 and realised gains / (Losses) of £132 2025: £30 are included in the statement of financial activities as Net gains / (losses) on investments.
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
The fair value of all listed investments is taken to be the open market value of identical shares on an active stock market.
Investment returns are exposed to various risks which include credit, liquidity and market risks. Both credit and liquidity risks are assessed as low as the charity invests in a security in which the failure rate is historically low and the investment is traded on markets in which central banks and other regulators have an interest in ensuring continuation of orderly trading.
Market risk is the principle risk faced by the charity due to a combination of uncertainty in investment markets and volatility in yields. This was highlighted recently by the effect of global events on the financial markets which resulted in sharp reductions in both prices and dividends.
The trustees manage these risks by retaining the expert services of fund managers.
Listed investments included above:
These financial statements are separate charity financial statements for The Royal Association of British Dairy Farmers.
Details of the charity's subsidiaries at 31 March 2026 are as follows:
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £13,509 (2025 - £14,424).
These are unrestricted which are material to the charity's activities made up as follows:
Incoming resources
Resources expended
Transfers
Gains and losses
Incoming resources
Resources expended
Transfers
Gains and losses
R Hitch, R K Craig and T J Downes are trustees of The Royal Association of British Dairy Farmers (RABDF) are also directors of Events For You Limited. RABDF also holds 100% of the shares in Events For You Limited.
Included in other income is a management charge of £4,671 (2025: £55,235) charged to Events For You Limited for expenses incurred on behalf of the company. Events For You Limited gifted its taxable surplus for the year of £187,898 (2025: £216,265) to RABDF which is detailed in donations income.
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: