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2025-12-31-accounts

Annual Report & Accounts

For the year ended 31 December 2025

www.holstein-uk.org

Current and Past Presidents

Officers of the Society

President – Mr M Logan Chairman – Mr S Hill

Registered Office

Scope House, Hortonwood 33, Telford, Shropshire, TF1 7EX

Advisors to the Society

Auditors

WR Partners Chartered Accountants and Statutory Auditors Belmont House, Shrewsbury Business Park, Shrewsbury, Shropshire SY2 6LG

Bankers

Barclays Bank PLC 32 Clarendon Road, Watford, Hertfordshire WD1 1LO

Fund Managers

Trinity Bridge, Wigmore Yard, 42 Wigmore Street, London, W1U 2RY

Contents

Contents
President’s Report 3
Chairman’s Report 4
Chief Executive’s Report 6
Report of the Trustees 8
Strategic Report 14
Report of the Independent Auditors 18
Consolidated Statement of Financial Activities 20
Consolidated Balance Sheet 21
Charity Balance Sheet 22
Consolidated Statement of Cash Flows 23
Notes to the Financial Statements 24

Annual Report & Accounts For the year ended 31 December 2025

2

PRESIDENT’S REPORT

MARK LOGAN

Having not grown up on a farm I could never have imagined that meeting the children of pedigree British Friesian breeders at primary school would see me one day become President of Holstein UK. To have been nominated by Holstein NI and chosen by the Holstein UK Board and members to serve as President of this great Society is an honour and privilege for which I will be eternally grateful.

In my role as President I have had the opportunity to travel the length and breadth of the UK, and indeed Ireland, representing the Society at numerous shows and events. This is always an opportunity to meet up with old friends, make new ones and of course talk cows. It has been a pleasure to attend many club events and dinners, to see the enthusiasm that exists amongst members and of course to enjoy good company and food although that’s not doing much for my waistline!

Of all the events I have attended the standout ones are those involving Holstein Young Breeders. The ability, dedication and commitment to teamwork that our young breeders display is truly inspiring. Being involved in the interviews for the Little Star Award and the Presidents Medal was an experience I will always remember. Listening to the enthusiasm for dairy farming, their journey so far and the aspirations for careers in the industry gives me great hope that Holstein UK will be in good hands in the future.

Whilst I see my role as primarily to attend events, meet and greet and have my photo taken far too many times it has also been educational to see the operation of the Society and its Subsidiaries CIS and NBDC. Looking in from the outside, we as members probably underestimate the commitment required to serve as a director of Holstein UK. The Board has a great deal to oversee on our behalf and I would congratulate

them on their achievements during the past years. We are also fortunate to have a dedicated team in place at Scope House and beyond dealing with the day-to-day issues and those of greater enormity such as finance and the complex problems associated with a completely new IT system. At a time when agriculture in general and pedigree breed societies in particular face challenges due to both political and environmental factors those steering the Society have many

obstacles to navigate. I am sure that, given the commitment I have seen within the organisation and with an emphasis on communication and working with like-minded organisations, Holstein UK can continue to lead the way in pedigree breeding.

A very big thank you for the outstanding hospitality I have received on so many occasions, for the pick up and drop off at airports and to all those who have supported me in this role throughout the year. A special thanks to the great team of ladies in the office who have kept me informed and organised.

I look forward to watching Holstein UK’s continued success and wish incoming President Andrew Birkle a very productive and enjoyable year.

Mark Logan

President

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UK Dairy Expo Breed Championship
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Annual Report & Accounts For the year ended 31 December 2025

3

CHAIRMAN’S REPORT

STEPHEN HILL

As I near the end of my second term as a Board Trustee, I look back with pride at all that Holstein UK has achieved.

I remember being asked by the CEO, Sue Cope, during the Covid Lockdown to visit a building on Hortonwood Industrial Estate, where Jane Whittaker, Hannah Williams and I inspected the site. A video was later shown to the rest of the Board on a Zoom meeting, and a decision was made to purchase the site, which has been transformed into Scope House.

I have been a Director of CIS for three years and its Chairman for two years. During this time the new laboratories at Scope House have been built, providing a state-of-the-art facility for milk recording and health testing. CIS is an important subsidiary of your Society, Holstein UK. CIS now milk records over 50% of milk recorded dairy cows in the country and I would urge all members to use these world class facilities. During the last year we have had a steady increase in the health testing carried out in the laboratories.

I have also been Chairman of the Operations and Finance Committees, which apparently gave me the experience to be Board Chairman for my last two years!

There has been a lot of change over that period of time and there will be more changes to the industry in the future. While it is

extremely difficult, at present, during this downturn in milk price we only have to look at the Young Breeders events to see the talent, enthusiasm and commitment to breeding efficient dairy animals to know that the Society has an exciting future. However, during these difficult times it is important we look after each other and reach out to anybody who may need help.

During the past year, there have been many successful events,

including UK Dairy Day, the AGM in Northern Ireland, the Premier Herd Open Day, kindly hosted by the Miller Family, the ABAB Calf Show and also a very successful HYB Weekend Rally hosted by the Derbyshire Holstein Club.

More recently, we have successfully sold Spier House, our old HQ in Telford, and we have agreed on the final stages of the Digital Transformation Project, which is going to be installed by Valto, a Technology Specialist, who helps organisations run complex operations at scale. Also, the Board of Trustees has established

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National Holstein Show Champion Lineup
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4 Annual Report & Accounts For the year ended 31 December 2025

ABAB Showmanship Champions Champion: Calum Gray, Scotland; Reserve Champion: Tom Dennison, Lancashire; Honourable Mention: Emily Davis, Devon

a small Oversight Committee to provide additional expertise to the Board and senior management to help with the challenges of running a modern charity alongside commercial businesses. The Board continues to evaluate alternative business projects to help enhance the portfolio of the companies and assets. As with most businesses nothing stays the same forever and innovative change will need to take place for the Holstein UK Group of companies to stay competitive and market leaders.

On behalf of Holstein UK I would like to thank Mark Logan, our outgoing President, who has spent the last twelve months travelling the length and breadth of the UK promoting all that is good about the Holstein breed. He must have clocked up a fair few air miles!

Celebration to be held in the East Midlands at the beginning of July this year.

I would like to thank all of the Holstein UK Group staff on your behalf and personally for their commitment and dedication to the Society. They are hard-working and a pleasure to work with and a huge thank you also to all of the Trustees, past and present, for their time, friendship and commitment to ensure the continued success of Holstein UK.

We hope to see you all at many of the events that are organised in the coming year

Stephen Hill Chairman

Also, on behalf of Holstein UK, I would like to welcome the new President, Andrew Birkle, and look forward to the AGM and

Annual Report & Accounts For the year ended 31 December 2025 5

CHIEF EXECUTIVE’S REPORT

MELANIE HARMITT

2025 has been another busy year, with Holstein UK Group focused on delivering quality services which are valued by our members and customers and exploring possibilities for the future. I am delighted to be able to share positive financial results once again.

We finished the year by clearing out and saying goodbye to Speir House. Speir House was bought in 2011 to become The Cattle Information Services’ (CIS) first Telford laboratory which opened in 2012. And what a fantastic investment that was; between 2012 and 2024, CIS has gifted profits totalling almost £8m to Holstein UK. When the Board decided in 2016 to move the HUK headquarters to Telford to enable the sale of Scotsbridge House, every available inch of space at Speir House had a desk added for HUK Group staff; not the most comfortable of working conditions and we certainly appreciate the extra space we now enjoy at Scope House.

Looking forward to 2026 we have two major projects. Firstly, the UK production of our milk recording sample pots will begin. This project, led by our Group Commercial Director, Michael Halliwell, will not only deliver cost savings compared to our current European supplier, but will also give us more control over the supply chain and remove the additional administration caused by importing goods following Brexit. In fact, the pots are being produced just around the corner from us at Hortonwood in Telford, so there definitely won’t be any delivery problems going forward; We could probably move them ourselves with a bucket brigade! Secondly, the Digital Transformation Project moves from the planning phase to the development phase. Our transformation partner, Valto, will work closely with our IT and Service Delivery Teams to create the new infrastructure which will improve the ways we work and the ways you access our services. Projects of this size don’t happen overnight but are a strategic necessity to provide systems which allow us to grow and more easily adapt to changing industry needs.

Membership

Membership numbers in 2025 are slightly down compared to 2024. In line with industry trends, we unfortunately lost 291 members (95 fewer than in 2024), 80 due to no longer dairy farming, 24 members sold their herds and 113 HYB memberships ceasing. However, 195 new members saw the value of pedigree and joined the Society.

Herd Book Management

2025 registrations were down compared to 2024 with a total of 185,149 (194,387 in 2024). However, 2026 has started more positively with registrations up 6.5% in Q1. Our Membership Services Team and Field Development Officers are on hand to provide assistance to members who may need to catch-up registrations.

Approved Registered Cattle

Sales of Approved Registered Cattle ear tags continue to be strong and prices are regularly reviewed to ensure this remains a valuable member benefit. Opportunities to sell to more coloured breeds are being investigated to benefit from further volume discounts.

Genomics

The three-year genomic testing contract which was awarded to Neogen continues until June 2026. AHDB increased runs to weekly from April 2024 providing faster result turnaround for members and 2024 was the

first full year of the genomic evaluation service fees AHDB introduced and which we collect on their behalf. 7,475 full genomic tests and 1,971 genomic parentage tests were performed in 2025 a reduction of 14.79%.

Type Classification

The team inspected 133,755 cattle during 2025, a 4.9% reduction on 2024, although we did start the year with one less classifier. 1,756 individual herds across 22 breeds welcomed our classifiers for multiple visits and we are very grateful for the warm welcome our classifiers receive.

Milk Recording and Animal Health Testing

An additional 74 herds, bringing 21,605 cows, joined the Cattle Information Service (CIS) in 2025 adding to the growth seen in previous years. Of those new herds, 30 were new to milk recording and are reaping the benefits our services can provide. Unfortunately, we lost 45 herds (9,031 cows) in 2025, 13 less than in 2024; 33 (42 in 2024) due to the farms ceasing production and 2 (3 in 2024) due to cost cutting which is sadly a recurring theme. The CIS average herd size grew to 232 (224 in 2024). Testing numbers were up in 2025 showing a total increase over 2024 of 2.2% and individual totals of: Milk – 3,540,003 samples, Animal Health Tissue – 1,176,959 and Animal Health Milk – 274,736. The CIS continues to prove a wise investment for the Society, gifting significant profits each year, and our investment in more laboratory space and new equipment at Hortonwood will ensure we are well paced to manage future growth.

Charitable Objectives

Holstein UK continues in its commitment to promote and improve the breeds within the Herd Book by supporting and representing our members.

It is always a pleasure to meet many of our members as we progress through the show year . It was very disappointing to end the year at the Royal Ulster Winter Fair with no cattle due to Blue Tongue Virus infections in Northern Ireland. Due to the restrictions which prevent Northern Ireland members from exhibiting at events in Great Britain, the results from RUWF are a key part of the All Britain Awards each year. Credit must be given to the Royal Ulster Winter Fair team and Holstein Northern Ireland who quickly put in place an alternative on-farm competition to ensure members in Northern Ireland could compete.

The continued excellence of our Holstein Young Breeders (HYB) made selecting the winners of this year’s HYB awards very difficult. Congratulations to President’s Medal Award winner Jodie Nutsford (Western), Louise Hartley Award winner Iwan Thomas (South Wales), Little Star Award winner Calum Gray (Scotland) and Dick Stapelton Award winner Pippa Tudor (Shropshire) who show the strength of the future of the Holstein & British Friesian breeds. The Sue Cope Bursary was awarded to Ellie Saxby (Yorkshire) who used the bursary to attend an AI course.

Annual Report & Accounts For the year ended 31 December 2025

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Ken Proctor ( Airfield ) and Robert Horton ( Hinton ) were the worthy recipients of the 2025 Lifetime Achievement Award after being nominated for their dedication to the Holstein and British Friesian breeds over many years.

The city centre location of the 2025 Holstein UK Celebration & AGM in Belfast was quite a change to our usual venues and included a wonderful visit to the Titanic Experience on the final morning. Mark Logan took over the presidency whilst sharing a fantastic display of Northern Irish hospitality and quality cattle. We returned to the South West for the second year running for the Premier Herd Open Day where the Miller Family of the Moorshard herd showed visitors the quality of the herd. The event coincided with Randolph’s 80th birthday, who sadly is no longer with us, and we are honoured to have been able to celebrate with him. The 2025 Premier Herd winners, the Booth Family of the Feizor herd, are looking forward to welcoming you all to Lancashire on 2nd June 2026.

The Derbyshire club hosted the 2025 HYB Rally in the wonderful countryside of the Peak District with a stay at the Derby Mickleover Hotel, Field-2-Foto at Bakewell Market and stock judging at Havendale Holsteins. The enthusiasm displayed through our usual combination of learning, competition and fun was outstanding and is what continues to make this event a very important date in the calendar for our young members. A special thank you goes to all our judges for giving their time and expertise.

Our young breeders returned to mainland Europe for the European Young Breeders School in Battice, Belgium and the Open Junior Show in Italy. The enthusiasm and commitment at both events was exceptional; both teams were fantastic ambassadors for Holstein UK.

appreciated and we certainly couldn’t put on such a good show without you all. The Champion Holstein, MAG Pandor, Blyth Farms & Ferne Blondin was a worthy winner.

The All Breeds All Britain (ABAB) Calf Show once again followed only 9 days later at Staffordshire County Showground. Scotland led the field in both showmanship (Calum Gray) and Champion Calf (Sizzler Daisys Alligator) at what was a fabulous gathering of young members and calves. Hannah Williams (Head of Events & Marketing) and her team and the wider Holstein UK Group employees continue to amaze me with their hard work in delivering two huge shows in under two weeks, we really are very lucky to have such committed staff. The 2026 ABAB Calf Show will be held in October which will allow for some recuperation in between.

I would like to thank the Board of Trustees, led by our Chairman Steve Hill, for the support they provide. Being a Trustee is a significant time commitment and I would like to extend my thanks to their families and farm teams who fill the gaps at home whilst the Trustees give their time to us.

I also have the pleasure of leading a fantastically dedicated workforce without whom my job would be so very much harder, thank you all for your hard work throughout the year.

Finally, thank you to all of our Holstein UK members and the customers of the CIS and NBDC. We do appreciate your commitment to the industry, the Society and its subsidiaries, especially with the current financial pressures.

Melanie Harmitt

Chief Executive

UK Dairy Day seems to get bigger and better each year. The ongoing support of sponsors, trade exhibitors and cattle exhibitors is greatly

Annual Report & Accounts For the year ended 31 December 2025

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REPORT OF THE TRUSTEES

TRUSTEES’ REPORT

The Trustees present their annual report together with the audited financial statements of the charitable group for the year 1 January 2025 to 31 December 2025. The Annual Report serves the purposes of both a Trustees’ report and a directors’ report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable group comply with the current statutory requirements, the requirements of the charitable group’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

The audited consolidated financial statements comply with the Charities Act 2011, the Companies Act (2006) and the Charities (Accounts and Reports) Regulations 2008. The Trustees’ Report (including the strategic report) and financial statements are submitted to the Charity Commission following approval by the membership at the AGM.

The Charity (also referred to as the “Society”) was incorporated on 25 November 1998 and is governed by its Memorandum and Articles of Association.

The Trustees who served during the period were:

Elected 2017 Sandy Pirie
(resigned 26.06.2025)		 Scotland
Elected 2019 Jane Whittaker North Western
John Hartley Lancashire
Matthew Winter East Midlands
Stephen Hill North Midlands
Elected 2020 William Williams North Wales
Andrew Williamson Northern
Elected 2021 Richard Thomas South Wales
Ben Yates Southern
David Lawson Yorkshire
Elected 2022 James Baillie Scotland
Claire Jones West Midlands
Elected 2023 Dawn Coryn Far Western
Wallace Patton Northern Ireland
Elected 2024 Iain McLean Northern Ireland
Elected 2025 Brian Weatherup
(appointed 26.06.2025)		 Scotland

President’s Medal winner Jodie Nutsford

Annual Report & Accounts For the year ended 31 December 2025

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OBJECTIVES AND ACTIVITIES

a. Policies and objectives

The objectives of the Charity are to support the development of the UK dairy industry by focusing on breeding pedigree Holstein and British Friesian cattle in the United Kingdom. The Society also supports other charities working in the dairy industry through the provision of services in support of their objectives. As a member organisation, Holstein UK represents the views of its members to those with influence or interest in dairying for the further interest of the industry.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public Benefit: running a charity (PB2)’.

b. Strategies for achieving objectives

The Charity aims to increase the efficiency of dairy cattle, specifically Holstein and British Friesian breeds, in a sustainable manner consistent with the advancement of animal welfare and environmental protection.

c. Activities undertaken to achieve objectives

At the AGM in June 2018, the Charity launched its first 5-year Strategy for the period 2018-22 which incorporated feedback from Members. The strategy document was updated by the Trustees during 2024 and the strategy for 2024-27 can be found on the Holstein UK website, however, in summary, the strategy covers the following:

BREED DEVELOPMENT ASPIRATION

To have the ideal cow within the Holstein UK Herd Book for the UK and international markets.

OBJECTIVE ACTION

  1. Develop the Society breeds to meet the demands of dairy producers.

  2. Encourage and educate producers about the benefits of genetic gain.

  3. Become farmers’ first choice for genomic testing, being a national leader for the service.

  4. Provide tools and services to aid • Promote the benefits of using independent mating services.

improvement in the financial value of the Society breeds. • Measure the financial impact of type improvement and promote the benefits.

RESEARCH & DEVELOPMENT ASPIRATION

The UK Holstein and British Friesian breeds to be the best placed breed choices for all UK farming systems and be recognised internationally.

OBJECTIVE ACTION

  1. Ensure UK dairy farmers recognise evidence and understand the benefits.

  2. Ensure international dairy cattle breeders understand the strengths of UK genetics.

  3. Share data to prove the relationship between the use of Holstein UK services and herd profitability.

  4. Introduce research to determine the relationship between conformation and profitability.

  5. Investigate correlation of type traits against production, health and fertility.

  6. Analyse production and type data to establish longevity and profitability trends for comparisons with other breeds and crossbreeds.

  7. Partner with research establishments to investigate issues regarding sustainability, robustness and environmental issues.

  8. Work with type evaluation teams to track progress and direction.

  9. Communicate research findings with members and promote benefits to a wider audience.

  10. Keep up to date with external research and communicate findings to members.

  11. Recommend changes to services and products following research projects.

Annual Report & Accounts For the year ended 31 December 2025

9

PROMOTION ASPIRATION

Every UK dairy breeder recognises the benefits of Holstein UK services and wishes to become a member

OBJECTIVE

  1. Ensure all UK dairy farmers understand the benefits of registered cattle.

  2. Increase the use of Holstein UK services amongst UK producers.

  3. Ensure international dairy cattle breeders recognise the type, performance and longevity of Holstein UK breed genetics.

  4. Decrease the average age of the membership by encouraging youth members.

  5. Partner with key agricultural education centres.

  6. Ensure industry bodies understand the importance of registered cattle and the related benefits.

ACTION

SERVICES ASPIRATION

Society members use and benefit from all Holstein UK Group Services.

ACTION

OBJECTIVE

Annual Report & Accounts For the year ended 31 December 2025

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FINANCE ASPIRATION

Holstein UK to have a secure long term future and remain the largest independent breed Society in Europe.

OBJECTIVE ACTION

  1. Ensure Holstein UK is financially viable • Ensure the Holstein UK Group operates at a profit to allow reinvestment. both short and long term. • Spread the risk of investments with an emphasis on property.

  2. Ensure the Holstein UK Group remains • Return revenue to the Charity through the subsidiaries without harming a relevant body within the domestic the companies’ growth. and international dairy sectors through • Produce monthly management accounts by working day ten of each new month.

investment. • Compile the Holstein UK Annual Report following completion of audited accounts. • Have robust internal and external audits and procedures. • Maintain risk register and review annually to reduce exposure to liability. • Review supplier contracts on an annual basis. • Follow correct protocols for purchases and expenditure.

VOICE ASPIRATION

Holstein UK members to have a voice at industry and Government level.

OBJECTIVE ACTION

  1. Ensure Holstein UK understands member • Develop a process to collect member opinion and disseminate feedback. opinion. • Develop a united message regarding the future of the dairy industry, which represents the

  2. Have a unified message as a point of membership. reference for all members. • Forge partnerships with current industry lobbying parties.

  3. Have an established avenue of • Promote the benefits of registered cattle to milk buyers and retailers. communication to industry and • Work with industry partners to support consumer engagement and promotion of dairy

Government. products.

  1. Have robust facts and figures to support • Share industry news, education and developments with members.

communication. • Establish key data that will support communication.

  1. Become a source of data for the industry.

  2. Track trends within the Herd Book genetics and develop predictions based on past data.

  3. Address legislation matters that directly impact members.

  4. Compile a communication document highlighting the forward planning required by members to meet future milk contracts.

  5. • Respond to Government consultations on behalf of members. • Develop direct communication with serving MP’s.

COMMUNICATION ASPIRATION

All members are fully informed and educated on the Society and relevant industry activities.

Annual Report & Accounts For the year ended 31 December 2025

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RECOGNITION ASPIRATION

Holstein UK awards to be held with high regard within the domestic and international industries.

GOVERNANCE ASPIRATION

Holstein UK continues to strive to meet its charitable objective whilst adapting to the evolving dairy and agricultural industries. OBJECTIVE ACTION

  1. Introduce a five year strategic plan for the • Ensure governance of the Charity meets legislation, following Charity Commission guidelines Charity which incorporates the subsidiary and representing stakeholders without discrimination. companies. • Ensure trustees continue to represent the Society and members within their elected region,

  2. Meet Holstein UK’s charitable objective acting as a voice for members and communicating developments at Society level. through consultation with stakeholders • Ensure the Board of trustees meets the Charity Commission guidelines, rules and regulations. (members). • Ensure nominated trustees receive training before joining the Board.

  3. Have robust procedures in place for all • Ensure the Chair of the Board continues to act as the direct communication point between

processes. the trustees and CEO.

  1. Meet the requirements of new and • Ensure trustees continue to be responsible for short and long term strategy.

existing relevant legislation.

• Ensure trustee procedures follow the Articles of Association, which will be reviewed annually prior to the AGM. • Revise the strategic plan and amend, where necessary, every three years..

OPERATIONS ASPIRATION

12 Annual Report & Accounts For the year ended 31 December 2025

QUALITY ASPIRATION

Holstein UK Group data is proven, independent and recognised as first class.

OBJECTIVE ACTION

  1. Have accreditations in place from external bodies to give confidence in data collection and distribution.

  2. Have consistent procedures.

  3. Ensure full confidence in data handling, storage and reporting

  4. Follow guidelines and recommendations for ISO:17025 (UKAS) for all appropriate services.

  5. Participate in International Committee of Animal Recording (ICAR) accreditation schemes. • Partake in external audits from ring testing with like minded organisations, both formally and informally.

  6. • Conform to UK and international legislation. • Review domestic and international procedures to view opportunities for internal improvement.

  7. Document all processes to ensure services and/or products are delivered consistently every time.

  8. • Ensure security of systems.

MEMBER DEVELOPMENT ASPIRATION

Leaders within the dairy industry have benefited from being members of Holstein Young Breeders (HYB).

OBJECTIVE ACTION

  1. Ensure HYB is seen as an educational • Form partnerships with agricultural colleges to create opportunities to speak to dairy organisation. students.

  2. Ensure HYB members experience a range • Widen areas of interest within HYB to attract non Holstein UK family members. of dairy related operations. • Create awards in partnership with external bodies.

  3. Use competitions to improve knowledge • Encourage exchange programs nationally and internationally. whilst encouraging new participation.

  4. Review and, if necessary, introduce competitions that encourage all skill levels to participate.

  5. Include a networking element in events • Expand awards available to incorporate all elements of the dairy industry.

which builds individual connections. • Introduce public speaking training and opportunities.

  1. Ensure HYB activities broaden knowledge and skills that prove useful in career • Promote the benefits of Dairy Pro training to HYB members. development. • Register Holstein UK and HYB events and activities with Dairy Pro to add value for members.

  2. Structure mentoring schemes between senior and HYB members.

  3. Introduce online competitions and awards to give maximum return on investment.

d. Volunteers

Holstein UK does not use volunteers to achieve its objectives.

e. Main activities undertaken to further the Charity’s purposes for the public benefit

In setting out our aims and objectives, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on the advancement of animal welfare, the advancement of environmental protection or improvement and the advancement of education, and fee charging. The Charity aims to increase the efficiency of dairy cattle, specifically Holstein and British Friesian breeds, in a sustainable manner consistent with the advancement of animal welfare and environmental protection.

Membership of the Charity is available not only to those whose interests are in the husbandry of Holstein and British Friesian cattle but the wider public. Within the categories of membership there is a junior section for those aged up to 27 years of age with similar interests to those above and again this section is not restricted. The Charity also offers a reduced associate membership for those who wish to maintain a communication with the Charity. The Trustees do not consider the membership fees for the above categories restrictive. Trustees are levied with the same fees for services as those incurred by other members of the Charity.

Annual Report & Accounts For the year ended 31 December 2025 13

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

a. Main achievements of the Charity

The principal activity of the Charity is that of the promotion of the Holstein and British Friesian breeds and the recording and maintenance of pedigree records for the benefit of Charity members.

The Charity has continued to undertake registrations of animals, registering 174,091 full pedigree females during the full year January to December 2025 (2024: 183,985). The Charity has established processes for its members, one of which authenticates parentage via DNA samples. The Charity continues to explore technological advances in the collection and analysis of genetic, genomic and phenotypic data and is working with other industry bodies to further improve the accuracy of such measurements. The Charity has an ongoing project to monitor the total number of tests undertaken to ensure acceptable compliance levels.

During the full year January to December 2025, the Charity undertook 120,538 (2024: 125,981) inspections of Holstein and British Friesian cattle which were assessed on 27 varying traits. The results of these assessments were published in the Charity’s Journal and are freely available to view on the Charity’s website. The traits collected are also used for research purposes. The assessments are acknowledged by the industry for independent use in the valuation of animals.

The Charity’s trading subsidiaries are actively involved in disease testing and record a number of on farm events both on a compulsory and optional basis. During the reporting period the Charity has continued to invest to enhance the capabilities for widening the number and variety of tests available, and UKAS accreditation has been obtained for a number of these tests. The Charity encourages, wherever possible, the inclusion of regular health and welfare programs for monitoring of the herd.

The Charity is committed to hosting events that share knowledge throughout the dairy industry. UK Dairy Day, Premier Herd Open Day, HYB Weekend Rally, The All Breeds All Britain Calf Show and the Holstein UK Celebration & AGM in Belfast were all well attended, providing a mixture of networking and education. The Group developed a new HYB event, the Advanced Dairy Training Programme (ADTP) which combines on-farm learning with technical workshops and industry discussions to continue engaging with members to provide educational and networking opportunities. The inaugural event was held in February 2026.

The Charity has made representations and responded on a number of matters relating to the dairy industry within national and devolved Governments and other bodies. Information is available to the wider community via the Charity’s website www.holstein uk.org and via its trading subsidiaries www.thecis.co.uk and www.nbdc.uk.

b. Fundraising activities and income generation

Holstein UK does not undertake fundraising activities.

c. Investment policy and performance

Under the Memorandum and Articles of Association, the Charity has wide powers to invest at the discretion of the Trustees. The investment policy is designed to support the reserves policy. The Charity seeks to adopt a cautious, prudent and well diversified investment stance to balance potential returns with appropriate levels of risk.

reserves on a discretionary basis. The portfolio was invested in a range of securities in line with levels agreed by the Charity.

The Charity ensures that performance is managed against appropriate benchmarks. The income from investments for the year was £63,326 (2024: £50,311) and investment gains totalled £126,865 (2024: £39,001) finishing the year 8.76% higher than 2024 at £1.990m. Across the asset classes, returns were generally in line with benchmarks. A review of the policy is conducted every year.

Following the sale of Scotsbridge House, the Board agreed that the proceeds would be invested in deposit accounts with the principal amount being protected and the interest generated being ringfenced to fund the Digital Transformation Project. Investments made are as follows:

Institution Maturity Date Amount
Deposited
Santander March 2026 £3m
Oxbury Bank July 2027 £1m
Various through
Flagstone IM Platform		 up to June 2027 £1.93m

Income from cash invested totalled £225,578 in 2025 (2024: £31,222). Deposit placement is reviewed at maturity to ensure compliance with the investment policy.

FINANCIAL REVIEW

a. Going concern

The Trustees have considered the ongoing financial viability of the Charity and the appropriateness of preparing the accounts on a going concern basis. With the positive trading results delivered, ongoing provision of services, positive year end cash balances and banking support in place, the Trustees are confident that the Charity can continue to operate in the future.

b. Reserves policy

Our reserves policy is set to ensure our work is protected from the risk of disruption at short notice due to a lack of funds, whilst at the same time ensuring we do not retain income for longer than required.

It is the policy of the Charity to maintain unrestricted funds, which are free reserves of the Charity. The purpose of maintaining unrestricted funds is to cover:

The Group’s reserves at the end of 2025 were £17,964,522 (2024: £17,610,398). A substantial proportion of the reserves are held in property and assets other than ‘managed cash and investments’.

At the reporting date, assets represented by Net Current Assets were £8,522,017 (2024: £8,672,482), representing on average 36 (2024: 36) weeks running costs. Assets which could be reasonably realised were £14,672,200 (2024: £13,995,287), representing 112% (2024: 111%) of annual running costs. The Trustees consider it prudent that unrestricted reserves should be sufficient:

The Charity’s aim is to ensure that reserves maintain a real value across an investment cycle. Close Brothers Asset Management managed the

Annual Report & Accounts For the year ended 31 December 2025

14

Premier Herd Competition Finalists

- to avoid the necessity of realising fixed assets held for Charity’s use

The reserves policy is kept under periodic review and reserves levels will be adjusted as perceptions of risk and other factors change.

c. Principal risks and uncertainties

The Board have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that necessary recommendations can be made to reduce these risks. The Board also considers non financial risks arising from fire, and health and safety aspects of the employment of its staff. The finance committee regularly reviews the risk register, discussing the risks faced by the Charity and the mitigating actions taken to manage these risks. The risk management approach is reviewed annually by the Board.

The main risk to the Charity’s financial well being would be CIS ceasing to gift aid sufficient profits to enable Holstein UK to achieve its charitable objectives. This is a risk which is reviewed by the Trustees at the quarterly Board meetings. The services delivered by CIS are constantly reviewed with new products developed to meet changing needs and protect market share where appropriate. Spend within Holstein UK is also under constant review to ensure maximum return is received for each pound expended.

d. Principal funding

The annual accounts presented are the report on the year to December 2025.

The Charity’s principal funding sources are: voluntary income (membership, registration and classification income contribute mainly to this), investment income (through properties held by the Charity for rent and return on shares via dividends) and profit from trading subsidiaries which undertake various activities including health testing, milk recording, genomic testing, type classification and other farm events.

Group consolidated income for the year totalled £12,912,460 (2024: £12,564,946). On a like for like comparative basis, income is up 2.77%.

The budget set for 2026 will enable the Society to operate within its resources whilst still delivering the high quality services members deserve.

National Bovine Data Centre Ltd was set up and began trading in 2017. In 2025 a profit of £19,350 was recorded (£45,342 in 2024) mainly due to a reduction in the number of animals classified and increased costs. NBDC did not receive any Government support in 2025 (2024: £NIL).

The Cattle Information Service Ltd (CIS) continued to contribute to the Holstein UK Group with surpluses of £250,571 (2024: £344,571) which will be gift aided to the Charity in the subsequent year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Constitution

Holstein UK (the “Charity”) is a Company limited by guarantee (not having a share capital) and is a registered Charity. It is governed by a Board of Trustees (the Board). The Board sets strategic direction and ensures the Charity achieves its objectives. It oversees governance and is responsible

Annual Report & Accounts For the year ended 31 December 2025

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for upholding the Charity’s values. It is supported by four committees (Finance, Show & Sale, Breed Development and Operations) to which it delegates certain authorities. The day to day running of the Charity is the responsibility of the Executive Team.

b. Members

The Charity’s constitution allows for the appointment of members and has no restriction on member numbers. They are entitled to attend all general meetings, including the AGM, where they receive the Annual Report and accounts and elect or re-elect Trustees. Regular contact is maintained with members, mainly through the bi-monthly magazine The Journal and attendance at events.

There are currently 5,009 members, of which 15 are Trustees. Each member guarantees to contribute up to one pound sterling (£1) to the charity’s debts, liabilities and costs in the event of the Charity being wound up and for one year after ceasing to be a member.

c. Organisational structure and decision‑making policies

The Board

The Board oversees a robust governance framework. The charity’s governance complies with the Code for the Voluntary and Community Sector endorsed by the Charity Commission, and with other best practice guidelines. It has agreed a schedule of matters reserved to the Board which includes approval of annual budgets. It delegates operational responsibility for the charity’s activities to the Chief Executive and Executive Team and provides advice, guidance and support on an ongoing basis. Fifteen Trustees comprised the Board at 7th May 2026. All Trustees are members of the charity and directors of the charitable company. During the reporting period there were 6 (2024: 6) Trustee meetings, all held in person, which achieved a 88% (2024: 91%) attendance. The individual Trustees’ percentage attendance for the reporting period was as follows: J Baillie 100%, D Coryn 100%, J Hartley 100%, S Hill 100%, C Jones 50%, D Lawson 100%, I McLean 100%, W Patton 83.3%, S Pirie 100%, R Thomas 66.7%, B Weatherup 100%, M Winter 50%, J Whittaker 100%, W Williams 83.3%, A Williamson 100% and B Yates 66.7%. The amount of expenses reimbursed to Trustees during the reporting period was £26,219 (2024: £29,365).

Committees

All Trustees serve on at least one committee. The committees are delegated specific responsibilities by the Trustees. They provide counsel, expertise and support to the Executive Team. Committees undertake an evaluation of their own performance on a periodic basis and use any feedback to support improvements in the overall governance of the Charity.

Executive Team

The Executive Team is responsible for the day to day running of the Charity under authority delegated by the Board. It proposes to the Board where the Charity should invest its time, money and expertise.

It reviews with the Board any changes to strategy on an annual basis. It proposes an annual operating budget to the Finance Committee and the Board for approval and monitors financial performance accordingly. It recommends any changes to budget in light of performance to date. The Executive Team comprises of the following key employees: Chief Executive Officer, Group Commercial Director, Head of Finance, Head of Events & Marketing, Head of IT and for CIS, Head of Field Services and Head of Laboratory Operations.

d. Policies adopted for the induction and training of Trustees

The Trustees offer a wide range of skills and experience essential to the good governance of the Charity. New Trustees undergo an orientation day to brief them on their legal obligations under Charity and Company law, the content of the Memorandum and Articles of Association, the committees and decision making process, the business plan and recent financial performance of the charity. During the induction day, Trustees meet key employees of the Charity.

Trustees are encouraged to attend appropriate external training events where these will facilitate the performance of their role.

e. Pay policy for key management personnel

Key management staff do not have annual salary reviews, however, annual cost of living pay increases are given to key management staff at the same inflationary rate as for all other staff. The salaries awarded to new key management staff are benchmarked against the market to ensure appropriately qualified staff are attracted to the organisation.

f. Related party relationships

The Charity works with other organisations to further its objectives and has close links with bodies such as AHDB.

g. Financial risk management

The Trustees have assessed the major risks to which the group and the charity are exposed, in particular those related to the operations and finances of the group and the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

The Charity will continue to promote and encourage the breeding of Holstein and British Friesian cattle within the UK dairy herd. Where appropriate, links with other industry bodies will continue to achieve the charity’s objectives. Centralising information and data for the beneficial improvement of the dairy breeds and the promotion of holistic management systems for dairy cattle will be a key objective.

The Digital Transformation Project will provide the replacement of the entire Holstein UK Group IT infrastructure which will future proof the Society through more agile technology and provide future growth opportunities. It is anticipated work will commence in the second half of 2026.

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The expansion of health and welfare testing within the UK and collection of on farm data for research purposes to improve the Charity’s services to its members remains a key feature of the Trustees’ plans.

The Charity will continue to undertake research into future trends in dairy cattle breeding and management and will disseminate these results to its members and the wider industry. The Charity will maintain its position as the pre-eminent source of independent dairy cattle breeding information in Europe.

The Charity is very aware of the issues facing the dairy industry and the need to develop the next generation of pedigree farmers, fully equipped to be successful in a rapidly changing industry. The Charity will continue to invest in its Holstein Young Breeders scheme to ensure that future dairy farmers will continue to enjoy success.

At the AGM in June 2018, the Charity launched its 2018-2024 Strategy which incorporated feedback from members. The strategy was updated during 2024 with a new strategy for the period 2024-27 developed.

Members’ liability

The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.

Engagement with employees and employment of the disabled

Employees have been consulted on issues of concern to them by means of regular consultative committee and staff meetings and have been kept informed on specific matters directly by management. The Group and the Charity carries out exit interviews for all staff leaving the organisation and has adopted a procedure of upward feedback for senior management and the Trustees.

The Group and the Charity has implemented a number of detailed policies in relation to all aspects of personnel matters including:

In accordance with the Group and the Charity’s equal opportunities policy, the Group and the Charity has long-established fair employment practices in the recruitment, selection, retention and training of disabled staff.

Full details of these policies are available from the Charity’s offices.

Statement of Trustees’ responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees’ Report including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees’ Report is approved has confirmed that:

Auditors

The auditors, WR Partners, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the Board of Trustees and signed on their behalf by:

Stephen Hill (Chairman) Date: 08 May 2026

Company law requires the Trustees to prepare financial statements for each financial period. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and

Annual Report & Accounts For the year ended 31 December 2025 17

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF HOLSTEIN UK

OPINION

We have audited the financial statements of Holstein UK (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, 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:

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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’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 Trustees’ 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 Group’s or the parent charitable 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 Trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors’ Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report including the Strategic Report.

Annual Report & Accounts For the year ended 31 December 2025

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We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees’ Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 Trustees determine is 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 Trustees are responsible for assessing the Group’s and the parent charitable 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 Trustees either intend to liquidate the Group or the parent charitable 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 an Auditors’ Report 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:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors’ Report.

USE OF OUR REPORT

This report is made solely to the charitable 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 charitable company’s members those matters we are required to state to them in an Auditors’ Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed..

Andrew Malpass (Senior Statutory Auditor) for and on behalf of

WR Partners

Chartered Accountants and Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Date: 08 May 2026

Annual Report & Accounts For the year ended 31 December 2025

19

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(incorporating income and expenditure account)

FOR THE YEAR ENDED 31 DECEMBER 2025

Unrestricted Total Total
funds funds funds
2025 2025 2024
Note £ £ £
INCOME FROM:
Donations 4 24,533 24,533 25,465
Charitable activities 5 2,980,812 2,980,812 3,039,968
Other trading activities 6 9,500,200 9,500,200 9,296,327
Investments 7 406,915 406,915 203,186
Total income 12,912,460 12,912,460 12,564,946
EXPENDITURE ON:
Raising funds 8 9,230,279 9,230,279 8,906,414
Charitable activities 9 3,504,922 3,504,922 3,455,683
Total expenditure 12,735,201 12,735,201 12,362,097
Net (losses)/gains on investments 126,865 126,865 39,001
Net movement in funds before other recognised gains 304,124 304,124 241,850
OTHER RECOGNISED GAINS / LOSSES:
Losses / Gains on revaluation of fxed assets 50,000 50,000 -
Net movement in funds 354,124 354,124 241,850
RECONCILIATION OF FUNDS:
Total funds brought forward 17,610,397 17,610,397 17,368,548
Net movement in funds 354,124 354,124 241,850
Total funds carried forward 17,964,521 17,964,521 17,610,398

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 24 to 38 form part of these financial statements.

Annual Report & Accounts For the year ended 31 December 2025

20

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2025

2025 2024
Note £ £
FIXED ASSETS
Intangible assets 14 104,000 104,000
Tangible assets 15 4,223,539 4,579,232
Investments 17 2,240,416 1,830,134
Investment property 16 2,874,550 2,424,550
9,442,505 8,937,916
CURRENT ASSETS
Stocks 19 227,541 324,951
Debtors 20 2,046,082 1,813,839
Cash at bank and in hand 7,283,611 7,571,319
9,557,234 9,710,109
CURRENT LIABILITIES
Creditors: amounts falling due within one year 21 (1,035,217) (1,037,627)
Net current assets 8,522,017 8,672,482
Total net assets 17,964,522 17,610,398
CHARITY FUNDS
Unrestricted funds 23 17,964,522 17,610,398
Total funds 17,964,522 17,610,398

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Stephen Hill

(Chairman)

Date: 07 May 2026

The notes on pages 24 to 38 form part of these financial statements.

Annual Report & Accounts For the year ended 31 December 2025 21

CHARITY BALANCE SHEET

AS AT 31 DECEMBER 2025

As restated
2025 2024
Note £ £
FIXED ASSETS
Tangible assets 15 2,517,282 2,931,490
Investments 17 3,740,416 3,330,134
Investment property 16 2,874,550 2,424,550
9,132,248 8,686,174
CURRENT ASSETS
Debtors 20 2,057,251 1,461,237
Cash at bank and in hand 6,199,292 6,739,055
8,256,543 8,200,292
Creditors: amounts falling due within one year 21 (697,906) (279,784)
Net current assets 7,558,637 7,920,508
Total net assets 16,690,885 16,606,682
CHARITY FUNDS
Unrestricted funds 23 16,690,885 16,606,682
Total funds 16,690,885 16,606,682

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Stephen Hill

(Chairman)

Date: 07 May 2026

The notes on pages 24 to 38 form part of these financial statements.

Annual Report & Accounts For the year ended 31 December 2025

22

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

2025 2024
Note £ £
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities 25 (44,815) (254,066)
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments 406,915 203,186
Proceeds from the sale of tangible fxed assets 4,208 7,101,286
Purchase of intangible fxed assets - (78,000)
Purchase of tangible fxed assets (333,414) (48,901)
Disposal of investments 245,864 336,158
Purchase of investments (566,466) (332,305)
Net cash (used in)/provided by investing activities (242,893) 7,181,424
Change in cash and cash equivalents in the year (287,708) 6,927,358
Cash and cash equivalents at the beginning of the year 7,571,319 643,961
Cash and cash equivalents at the end of the year 26 7,283,611 7,571,319

The notes on pages 24 to 38 form part of these financial statements

Annual Report & Accounts For the year ended 31 December 2025 23

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. GENERAL INFORMATION

Holstein UK is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office and operating address is Scope House, Hortonwood 33, Telford, Shropshire TF1 7EX. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

2. ACCOUNTING POLICIES

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the second edition 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Holstein UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries (“The Group”) as if they form a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree’s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. The net movement in funds for the charity was a surplus of £84,203 (2024: deficit of £148,063).

2.3 Going concern

After making enquires, the Trustees have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements.

2.4 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

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24

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group’s objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.6 Research and development

Development costs are capitalised within intangible assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipated life of the benefits arising from the completed product or project.

Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to the Consolidated Statement of Financial Activities.

2.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.8 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Consolidated Statement of Financial Activities.

2.9 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.10 Intangible assets and amortisation

Intangible assets of a capital nature are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Web application/development costs -20% straight line costs

2.11 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, a Charity may need to estimate fair value using an income or depreciated replacement cost approach.

Gains and losses on revaluation are recognised in the Consolidated Statement of Financial Activities, with a separate revaluation reserve being shown in the Statement of funds note.

Investment property is measured initially at cost. For subsequent measurement the charity adopts the fair value model and investment property is remeasured at the end of each reporting period. Changes in fair value are recognised in the Consolidated Statement of Financial Activities.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property - not depreciated

Plant and machinery - 2.5 - 10 years

Motor vehicles - 2 to 4 years

Office equipment - 2 to 8 years

Computer equipment - 2 to 5 years

Promotional equipment - not depreciated

2.12 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Annual Report & Accounts For the year ended 31 December 2025 25

Investments in subsidiaries are valued at cost less provision for impairment.

Investments held as fixed assets are shown at cost less provision for impairment.

2.13 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.14 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.15 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.16 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

From April 2015, under the Pensions Act 2008, the Group must put certain staff into a pension scheme and contribute towards it. This is called automatic enrolment. To comply with automatic enrolment laws, the Group signed a participation agreement with a pension provider by which staff become members on an independently administered pension plan. The Group and staff make contributions as specified in the plan.

At the reporting date contributions outstanding amounted to £Nil (2024: £Nil).

2.20 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Investment income, gains and losses are allocated to unrestricted funds.

3.CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

Fixed asset properties are included at valuation. Formal valuations, for all properties held at the reporting date, took place in 2023. The Trustees have assessed the fair value of the properties at the reporting date to ensure the valuation remains free from material misstatement.

2.17 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.18 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.

4. INCOME FROM DONATIONS AND LEGACIES

Unrestricted Total Total
funds 2025
£		 funds 2025
£		 funds 2024
£
Gift Aid 24,533 24,533 25,465
Total 2025
Total 2024		 24,533
25,465		 24,533
25,465		 25,465

2.19 Pensions

The Group operates an occupational pension scheme providing money purchase benefits on a defined contribution basis. Employees who joined the money purchase pension scheme contract directly with the pension company, Now Pensions Ltd. Contributions by the Group and employees are determined by the scheme rules. The Group acts as an agent in collecting and paying over employee pension contributions. Once the contributions have been paid, the Group, as employer, has no further obligations.

Annual Report & Accounts For the year ended 31 December 2025

26

5. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
INCOME FROM:
Member subscription fees 270,864 270,864 257,816
Herd Book entry fees 1,783,711 1,783,711 1,836,176
Herd Book services and sundry income 267,312 267,312 283,479
Journal advertising 20,366 20,366 28,262
Livestock events 525,882 525,882 535,187
Other Society services 1,357 1,357 958
Catalogue and herd brochure services 63 63 814
Breeder awards 97,312 97,312 84,558
Re-issue, transfer fees and fnes 13,945 13,945 12,718
Total 2025 2,980,812 2,980,812 3,039,968
Total 2024 3,039,968 3,039,968

6. INCOME FROM OTHER TRADING ACTIVITIES

Unrestricted Total Total
funds funds funds
INCOME FROM NON CHARITABLE TRADING ACTIVITIES 2025 2025 2024
£ £ £
The Cattle Information Service Limited 8,255,887 8,255,887 7,734,462
National Bovine Data Centre Limited 1,244,313 1,244,313 1,561,865
Total 2025 9,500,200 9,500,200 9,296,327
Total 2024 9,296,327 9,296,327

7. INVESTMENT INCOME

7. INVESTMENT INCOME
Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Rents receivable 118,011 118,011 121,653
Dividends from listed investments 63,326 63,326 50,311
Interest receivable 225,578 225,578 31,222
Total 2025 406,915 406,915 203,186
Total 2024 203,186 203,186

Annual Report & Accounts For the year ended 31 December 2025

27

8. EXPENDITURE ON RAISING FUNDS

Cattle Information Services Limited and National Bovine Data Centre

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Cost of sales 4,038,877 4,038,877 3,924,272
Admin expenses 1,060,635 1,060,635 1,086,681
Admin staf costs 3,885,032 3,885,032 3,664,726
Depreciation 245,735 245,735 230,735
Total 2025 9,230,279 9,230,279 8,906,414

9. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Holstein Society Services 3,504,922 3,504,922 3,455,683
Total 2025 3,504,922 3,504,922 3,455,683

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Summary by fund type

Summary by fund type
Activities
undertaken Total Total
directly funds funds
2025 2025 2024
£ £ £
Holstein Society Services 3,504,922 3,504,922 3,455,683
Total 2025 3,504,922 3,504,922 3,455,683
Analysis of direct costs Total Total
funds funds
2025 2025 2024
£ £ £
Staf costs 1,535,442 1,535,442 1,432,132
Depreciation 43,134 43,134 60,451
Research and business development 7,566 7,566 12,141
Testing parentage 190,107 190,107 214,892
Livestock shows 742,389 742,389 742,748
Journal printing and circulation 130,694 130,694 123,644

Annual Report & Accounts For the year ended 31 December 2025

28

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

Analysis of direct costs

Analysis of direct costs
Facilities management and utilities 123,063 123,063 135,970
Telephone 51,595 51,595 48,734
Postage and stationery 86,646 86,646 87,352
Computer maintenance 279,260 279,260 281,898
Field staf 50,658 50,658 67,068
Audit fees 20,080 20,080 19,300
Governance costs 50,426 50,426 50,258
Bank charges 6,046 6,046 14,179
Donations - ‑ 22
Marketing and publicity 25,971 25,971 39,469
Professional fees and charges 141,526 141,526 109,582
Hire of equipment and vehicles 20,319 20,319 15,843
Total 2025 3,504,922 3,504,922 3,455,683

11. AUDITORS’ REMUNERATION

2025 2024
£ £
Fees payable to the Charity’s auditor for the audit of the Charity’s annual 20,080 19,300
accounts
Fees payable to the Charity’s auditor in respect of:
Audit of subsidiary accounts 17,620 16,940

12. STAFF COSTS

12. STAFF COSTS
Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Wages and salaries 4,539,799 4,340,885 1,220,045 1,169,324
Social security costs 586,637 472,661 216,672 170,642
Pension costs 294,038 283,312 98,725 92,166
5,420,474 5,096,858 1,535,442 1,432,132

Annual Report & Accounts For the year ended 31 December 2025

29

12. STAFF COSTS (CONTINUED)

The average number of persons employed by the Charity during the year was as follows:

Group Group Charity Charity
2025 2024 2025 2024
No. No. No. No.
Employees (including casual and part-time staf) 127 125 45 41

Included in the average number of employees are 11 (2024: 12) employees who were not employed on a full time basis throughout the reporting period.

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2025 2024
No. No.
In the band £60,001 - £70,000 4 4
In the band £70,001 - £80,000 2 2
In the band £110,001 - £120,000 1 1

The key management personnel of the Charitable Company comprise of the Chief Executive Officer and the Group Commercial Director. The total employee benefits (including pension contributions and employers national insurance) amounted to £259,659 (2024: £253,612).

The key management personnel of the Group comprise of those listed on page 2. The total employee benefits of those listed on page 2 amounted to £704,498 (2024: £717,986).

13. TRUSTEES’ REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL-).

During the year ended 31 December 2025, expenses totalling £26,219 were reimbursed or paid directly to 16 Trustees (2024 - £29,365 to 15 Trustees). These expenses relate to the payment or reimbursement of travel and subsistence in relation to attendance at meetings of the Trustees, at meetings of Trustees of subsidiary companies and other management activities.

Holstein UK Trustees do not receive remuneration for their time.

14. INTANGIBLE ASSETS

Group Website /
application
development.
costs £
Cost
At 1 January 2025 1,184,827
At 31 December 2025 1,184,827
Amortisation
At 1 January 2025 1,080,827
At 31 December 2025 1,080,827
Net book value
At 31 December 2025 104,000
At 31 December 2024 104,000

Annual Report & Accounts For the year ended 31 December 2025

30

14. INTANGIBLE ASSETS (CONTINUED)

Charity Website /
application
development.
costs £
Cost
At 1 January 2025 1,080,827
At 31 December 2025 1,080,827
Amortisation
At 1 January 2025 1,080,827
At 31 December 2025 1,080,827
Net book value
At 31 December 2025 ‑
At 31 December 2024 -

15. TANGIBLE FIXED ASSETS

Group Freehold Motor Ofce Computer Promotional
property vehicles equipment equipment equipment Total
£ £ £ £ £ £
Cost or valuation
At 1 January 2025 2,732,708 146,925 4,258,216 267,813 6,656 7,412,318
Additions - 102,003 198,336 33,075 - 333,414
Disposals - (64,386) - (2,217) - (66,603)
Transfer to investment property (400,000) - - - (400,000)
At 31 December 2025 2,332,708 184,542 4,456,552 298,671 6,656 7,279,129
Depreciation
At 1 January 2025 - 136,734 2,447,672 242,024 6,656 2,833,086
Charge for the year - 29,884 237,529 21,466 - 288,879
On disposals - (64,386) - (1,989) - (66,375)
At 31 December 2025 - 102,232 2,685,201 261,501 6,656 3,055,590
Net book value
At 31 December 2025 2,332,708 82,310 1,771,351 37,170 ‑ 4,223,539
At 31 December 2024 2,732,708 10,191 1,810,544 25,789 - 4,579,232

Annual Report & Accounts For the year ended 31 December 2025 31

15. TANGIBLE FIXED ASSETS (CONTINUED)

Charity Freehold Ofce Computer Promotional
property equipment equipment equipment Total
£ £ £ £ £
Cost or valuation
At 1 January 2025 2,732,708 249,664 182,261 6,656 3,171,289
Additions - - 29,160 - 29,160
Disposals - - (781) - (781)
Transfer to investment property (400,000) - - - (400,000)
At 31 December 2025 2,332,708 249,664 210,640 6,656 2,799,668
Depreciation
At 1 January 2025 - 74,490 158,653 6,656 239,799
Charge for the year - 24,668 18,472 - 43,140
On disposals - - (553) - (553)
At 31 December 2025 - 99,158 176,572 6,656 282,386
Net book value
At 31 December 2025 2,332,708 150,506 34,068 ‑ 2,517,282
At 31 December 2024 2,732,708 175,174 23,608 - 2,931,490

Transfer to investment property

During the year, the Charity transferred a property from tangible fixed assets to investment property, following a change in use. At the date of transfer, the property had a carrying value of £400,000 and was reclassified to investment property. The carrying value was equivalent to the fair value of the property at the date of transfer.

16. INVESTMENT PROPERTY

16. INVESTMENT PROPERTY
Group and Charity Freehold
investment
property
£
Valuation
At 1 January 2025 2,424,550
Revaluation 50,000
Transfer from tangible fxed assets 400,000
At 31 December 2025 2,874,550

The Group and Charity

Revaluations of Speir House were undertaken by Andrew Dixon and Company, Chartered Surveyors, in August 2022. The historical cost of the properties were £600,000. Additions have been made after the revaluation have been included at cost.

Annual Report & Accounts For the year ended 31 December 2025

32

17. FIXED ASSET INVESTMENTS

Listed Unlisted
Group investments investments Total
£
Cost or valuation
At 1 January 2025 1,830,134 -
 1,830,134
Additions 316,466 250,000 566,466
Disposals (245,864) - (245,864)
Revaluations 89,680 - 89,680
At 31 December 2025 1,990,416 250,000
 2,240,416
Net book value
At 31 December 2025 1,990,416 250,000
 2,240,416
At 31 December 2024 1,830,134 - 1,830,134
Investments
in subsidiary Listed Unlisted
Charity companies investments investments Total
£ £ £
Cost or valuation
At 1 January 2025, as restated 1,500,000 1,830,134 ‑ 3,330,134
Additions ‑ 316,466 250,000 566,466
Disposals ‑ (245,864)
‑		 (245,864)
Revaluations ‑ 89,680 ‑ 89,680
At 31 December 2025 1,500,000 1,990,416 250,000 3,740,416
Net book value
At 31 December 2025 1,500,000 1,990,416 250,000 3,740,416
At 31 December 2024 1,500,000 1,830,134 - 3,330,134

18. ANALYSIS OF LISTED INVESTMENTS

18. ANALYSIS OF LISTED INVESTMENTS
2025 2024
£ £
Corporate bonds - fxed interest 345,299 263,607
Equities - listed UK 406,632 372,498
Equities - listed international 858,715 853,195
Property and alternatives 379,770 340,834
1,990,416 1,830,134

19. STOCKS

19. STOCKS
Group Group
2025 2024
£ £
Laboratoryconsumables 227,541 324,951

Annual Report & Accounts For the year ended 31 December 2025 33

20. DEBTORS

Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Due within one year
Trade debtors 1,465,773 1,487,569 603,394 591,730
Amounts owed by group undertakings ‑ - 1,014,412 625,004
Other debtors 25,609 23,687 19,909 19,676
Prepayments and accrued income 554,700 302,583 419,536 224,827
2,046,082 1,813,839 2,057,251 1,461,237

21. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Trade creditors 520,054 491,492 181,773 130,086
Amounts owed to group undertakings ‑ - 378,931 -
Other taxation and social security 363,978 365,398 67,051 77,893
Other creditors 37,523 73,713 12,944 27,233
Accruals and deferred income 113,662 107,024 57,207 44,572
1,035,217 1,037,627 697,906 279,784
Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Deferred income at 1 January 2025 2,369 12,493 2,369 12,493
Resources deferred during the year 3,139 - 3,139 -
Amounts released from previous periods ‑ (10,124) ‑ (10,124)
5,508 2,369 5,508 2,369

Charity

The Charity has a legal charge in place with Barclays Bank PLC, secured against the land held at Scope House, Hortonwood, Telford.

22.PRIOR YEAR ADJUSTMENTS

During the year, the Trustees reassessed the carrying value of the charity’s investment in The Cattle Information Service Limited. In prior periods, an impairment losses of £734,015 were recognised against this investment.

Following a review of the subsidiary’s financial performance, which has demonstrated sustained profitability over several years, the Trustees concluded that the previous impairment was no longer appropriate. Accordingly, the impairment has been reversed.

As this represents a prior period adjustment, the comparative figures have been restated to reflect the reversal of the impairment loss of £734,015.

The effect of this adjustment is to increase investments and the charity’s funds by £734,015 as at the beginning of the comparative period.

Annual Report & Accounts For the year ended 31 December 2025

34

23. STATEMENT OF FUNDS

Statement of funds ‑ current year

Balance at 31
Balance at 1 Gains/ December
January 2025 Income Expenditure (Losses) 2025
£ £ £ £ £
Unrestricted funds
General Reserves 17,610,398 12,912,460 (12,735,201) 176,865 17,964,522
Statement of funds ‑ prior year
Balance at 31
Balance at 1 Gains/ December
January 2024 Income Expenditure (Losses) 2024
£ £ £ £ £
Unrestricted funds
General Reserves 17,368,548 12,564,946 (12,362,097) 39,001 17,610,398

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Analysis of net assets between funds ‑ current year

Unrestricted Total
funds funds
2025 2025
£ £
Tangible fxed assets 4,223,539 4,223,539
Intangible fxed assets 104,000 104,000
Fixed asset investments 2,240,416 2,240,416
Investment property 2,874,550 2,874,550
Current assets 9,557,234 9,557,234
Creditors due within one year (1,035,217) (1,035,217)
Total 17,964,522 17,964,522

Annual Report & Accounts For the year ended 31 December 2025 35

25. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

Analysis of net assets between funds ‑ prior year

Analysis of net assets between funds ‑ prior year
Unrestricted Total
funds funds
2024 2024
£ £
Tangible fxed assets 4,579,232 4,579,232
Intangible fxed assets 104,000 104,000
Fixed asset investments 1,830,134 1,830,134
Investment property 2,424,550 2,424,550
Current assets 9,710,109 9,710,109
Creditors due within one year (1,037,627) (1,037,627)
Total 17,610,398 17,610,398

26. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Group Group
2025 2024
£ £
Net income for the period (as per Statement of Financial Activities) 304,124 241,850
Adjustments for:
Depreciation charges 288,879 273,340
Amortisation charges ‑ 14,029
Revaluation on investments (89,680) (75,544)
Dividends, interests and rents from investments (406,915) (203,186)
Decrease/(increase) in stocks 97,410 (72,085)
Increase in debtors (232,243) (170,902)
Decrease in creditors (2,410) (264,879)
Proft on sale of fxed assets (3,980) 3,311
Net cash provided by operating activities (44,815) (254,066)

36 Annual Report & Accounts For the year ended 31 December 2025

27. ANALYSIS OF CASH AND CASH EQUIVALENTS

Group Group
2025 2024
£ £
Cash in hand 7,283,611 7,571,319
Total cash and cash equivalents 7,283,611 7,571,319

28. ANALYSIS OF CHANGES IN NET DEBT

At 2025
1 January		 Cash fows At 31
December 2025
£ £ £
Cash at bank and in hand 7,571,319 (287,708)
7,283,611
7,571,319 (287,708)
7,283,611

29. PENSION COMMITMENTS

The Group operates an occupational pension scheme providing money purchase benefits on a defined contribution basis. Employees who joined the money purchase pension scheme contract directly with the pension company, Now Pensions Ltd. Contributions by the group and employees are determined by the scheme rules. The Group acts as an agent in collecting and paying over employee pension contributions. Once the contributions have been paid, the Group, as employer, has no further obligations.

AUTOMATIC ENROLMENT

From 1 April 2015, the Charity and subsidiary, separately entered into a participation agreement with NOW: Pensions Ltd which ultimately allows the employees of the Charity and subsidiary to become members of NOW: Pensions Trust (Plan), which is a registered occupational pension scheme governed by the Trust Deed and Rules dated 29 November 2011 by which the Plan was established. NOW: Pensions Ltd is currently the Trust Manager and the Trustee of the Plan is currently NOW: Pension Trustee Ltd.

Plan Summary:

Accordingly, the Plan is capable of acting as an automatic enrolment scheme for the purposes of the Automatic Enrolment Laws. However, in order to act as an automatic enrolment scheme, it will also need to satisfy certain contribution requirements. The charity and subsidiary will both be responsible for ensuring that those requirements are satisfied, and for giving any certificate which is required under the Automatic Enrolment Laws for that purpose.

30. OPERATING LEASE COMMITMENTS

At 31 December 2025 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Not later than 1 year 100,870 167,068 14,123 19,162
Later than 1 year and not later than 5 years 27,743 103,590 6,539 9,703
128,613 270,658 20,662 28,865

Annual Report & Accounts For the year ended 31 December 2025 37

31. RELATED PARTY TRANSACTIONS

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.

32. POST BALANCE SHEET EVENTS

In January 2026, the Charity sold property for a sales price of £725,000.

33. PRINCIPAL SUBSIDIARIES

The following were subsidiary undertakings of the Charity:

Names Company
number		 Registered ofce
or principal place
of business		 Principal activity Class of shares Holding Included in
consolidation
The Cattle
Information
Service LTD
The Centre
for Dairy
Information LTD
National Bovine
Data Centre LTD		 SC144462
05409255
10052419		 9 Queens Road,
Aberdeen,
AB15 4YL
Scope House,
Hortonwood 33,
Telford, Shropshire,
TF1 7EX
Scope House,
Hortonwood 33,
Telford, Shropshire,
TF1 7EX		 Support activities
for animal
production and
data processing,
hosting and
related activities
Support activities
for animal
production
- currently
dormant
Support activities
for animal
production.		 Ordinary A
& Ordinary B
Limited by
guarantee and no
share capital.
Ordinary		 100%
100%
100%		 Yes
Yes
Yes
The fnancial results of the subsidiaries for the year were: Proft (loss)/
surplus/ (defcit)		 Net assets
Income Expenditure for the year (liabilities)
£ £ £ £
The Cattle Information Service LTD 7,979,512 (7,728,941) 250,571 3,195,629
National Bovine Data Centre LTD 1,520,688 (1,501,338) 19,350 (421,992)

Annual Report & Accounts For the year ended 31 December 2025

38

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T: 01923 695200 l W: www.holstein-uk.org l E: info@holstein-uk.org Holstein UK, Scope House, Hortonwood 33, Telford, Shropshire TF1 7EX Company Registered No: 03674328 (England and Wales) l Charity No: 1072998