COMPANY REGISTrATION NUMBER: 01743500 CHARITY REGisfRATION NUMBER: 1108263 THE BRITISH BLUE CAThLE SOCIETY COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Davld Allen Chartered Accountsnts Dalmar House Barras Lane Estste Dalston Catllsle CA5 7NY
THE BRrrIsH BLUE CAThLE SOCIETY COMPANY LIMrrED BY GUARANTEE coNrENTS Trustees, report (Incorporatlng the directors, report) Ito6 Independent examiner's report Statement of financial aCvItIeS 8t09 Balance sheet iotoii Notes to the finanaal statements 12to28
THE 8RrrIsH BLUE CALE SOCIErY COMPANY LIMrrED BY GUARANTEE TRUSTEES. REPORT (INCORPORATING THE DIREcfoRS' REPORT) The trustees, who are dlrectors for the purposes of company law, present the annual report together wlth the finanaal statements and Independent examlner's report of the charitable company for the year ended 31 Dernber 2024. The annual report seNes the purpose of both trustees, report and a dlrectors, report under company law. OBJEcfIvES AND ACTIVITIES The objective of the charlty Is the promotlon of agriculture, for publlc benefit, by the encouragement, promotlon and Improvement of the breedlng of the BrStlsh Blue breed of Ilvestod( and the rna1ntenan of the purlty of the breed. The trustees have considered the gUIdan produced by the Charity CommSssion on the provlsion of the publlc beneflt and they confirm that publlc benefit has been provlded ty carrylng out this objectlve. The charlty operated throughout the UK and also worklwlde vthere necessary and approprfate to Its objectlves. The trustees confirm that they have cornplled wlth the requlrements of sectlon 17 of the Charltles Act 2011 to have due regard to the publlc benefit gUIdan publlshed by the Charlty Commlsslon for EnglarKI and Wales. ACHIEVEMENTS AND PERFORMANCE Durlng the year the charity was Involved In the followlng actlvltles: Handllng of pedlgree reglstratlons In the year, safeguardlng the Integrlty of the Herd book at all tlmes, Issulng transfer rtIficateS, facllltstlng DNA parentage analysls and dlscusslng varlous querles from members. Promoting the beef Industry, through the soclety, at natlonal summer agriojltural shows and wlnter events whlch have been very successful. Provldlng Rosettes and awards for these show. ProducSng the annual Herd book and a breed promotlonal publlcatlon for the clrculatlon to charlty members and other interested organ5sations. Supportlng the quallty of pedlgree anlmals reglstered on the Herd book. Provldlng 'onllne' bull semen marketlng opportunities in whlch semen was sold both at home and overseas. Admlnistering a cattle Inspectlon seri1, at sales held under the ausplces of the charity wlth the objectlve of ralslng beef cattle quality standards in the beef industry. Continuing to monitor compulsory minimum cattle health standards at sales held under the charity s auspices, with a view to raising general health stsndards within the natlonal teef herd. Representing the society on the Breedplan UK userfs group.
THE BRITISH BLUE CALE SOCIETY COMPANY LIMrrED BY GUARANTEE TRUSTEES, REPORT (INCORPORATIIIG THE DIREcfoRS' REPORT) (CONTXNUED) FINANCIAL REVIEW The Ststement of Flnancial Activities on page 8 shows a net deficlt of £5,908 {2023: £4,974). The total income for the year amounted to £146,745 (2023: £165,178). The main income stream for the tharity being reglstrations, followed by membership income. The total expendlture for the year amounted to £165,313 (2023: £179,416). The main expenditure Incurred by the charlty was for breed promotion and Offi and administrative overheads. Total funds carried forward at 31 December 2024 amounted to £315,503 (2023: £321,411). Of these total funds, £2,431 were restricted funds. The results for the year and the charlty's financlal posltlon at the end of the year are shown in the attached flnancial statements. The trustees have revlewed the charlty's needs for reserves In Ilne wlth the guidance Issued by the Charity Commis510n. Over a perlod of years the trustees have followed a pollry to establlsh financlal reseDies that would be sufficient to cover foreseeable contingencies. The trustees alm to be able to retain sufficient reserves necessary to meet Ilabilities and expenses for a perlod of one and a half years, should any of the funding sources become unreliable or be delayed due to an extended period of economlc downtum in the agrlcultural industry. InveStmtIky andobjedlves Flnanaal Investment p)wers and management Ile with the charity treasurer, wlth all final decisions belng ratified by a majority decislon of the charity's trustees. Prlndpalrfsks ndUnrtaInes The board of trustees has conducted a revlew of the major risks to whlch the charlty is exposed through internal and external processes. Where appropriate, system5 or procedures have been established to mltigate the rlsks the charity faces. The signlficant extemal risks being managing inter-beef breed competition and upholding the reputation and ststus of the British Blue breed. Intemal control risks are minimised by the implementation of procedures for authorisation of all transactions. Procedures are in Pla to ensure compliance with health and safety of staff and visitors to the premises and programmes. These procedures are periodlcally reviewed to ensure that they conb'nue to meet the needs of the charlty. The key priorfty regardlng financial rlsks being, firstly, the secure investment of the charlvs finanaal assets and secondly, achieving the highest retum without incurring any financial risk.
THE BRrnSH BLUE CArrLE SOCIErY COMPANY UMrrED BY GUARANTEE TRusfEES' REPORT (INCORPORATING THE DIRECTORS, REPORT) (CONTINUED) srRucfuRE, GOVERNANCE AND MANAGEMENT Naturn ofgovemlnq doCUmt The British Blue Cattle Society is a charltsble company Ilmlted by guarantee, Incorporated on 29 July 1983 arKI registered as a charty on 23 February 2005. The charitable company Is governed under its Memorandum and ArcleS of Assoclatlon dated 29 ju 1983 as amended by special resolutions dated 9 May 1997, 12 May 1998 and 20 January 2005. Any person can be admltted as a trustee of the tharltsble company provldlng all other trustees gfve thelr approval. The charltsble company Is made up of 13 elected dlrectors, each setvlng a perlod of office for four years. Each year three natlonal seats come up for re-electlon, wlth four reglonal members belng elected On In four years. Trustees are Inducted through a process of best pract1. They have the opportunlty to meet, study and understsnd the vlslon, mlsslon and walues of the organlsatlon and darlfy thelr roles and responsibilltles. The trustees are selected for thelr contrlbutlon, skllls and expertlse that they can brlng to manage the organlsatlon. The board of trustees admlnlsters the charlty and they meet fr tlmes durlng the year to dlscuss and formulate the charlty s management pollcy. At the first trustees, meetlng, followlng the AGM In Mayi the board of trustees appolnts the company Offir$ for the forthcomlng year. A company secretsry Is engaged by the t)oard of trustees to Implement agreed management pollcy and to be responslble for the day to day management of the tharity. The company officers durlng the year were as follows: Mr J G Brlndley Mr S T Hough Mr A J Wllklnson Mr J Barber Mr A Ryder Chalrnian: Vlce Chalrman: Treasurer: Vlce Treasurer: Secretary:
THE BRrrIsH BLUE CAThLE SOCIETY COMPANY LIMrrED BY GUARANTEE TRUSTEES. REPORT (INCORPORATING THE DIREcfoRS' REPORT) (CONTINUED) REFERENCE AND ADMINIsfRATiVE DETAILS Trustees Mr J G Brlndley Mr S T Hough Mr A S Haste Mrs H M Paterson Mr R S Pattinson Mr A J Neachell Mr J Barber Mr J O'Kell Mr A J Wilkinson Mrj RHall Mrs A V Morrlson (reslgned 10 March 2025) MrAPri Mrs L Morgan Mr Ollver Mccann (appolnted 26 September 2024) Company Secretary Charlty Reglstratlon Number Company Reglstratlon Number MrA Ryder 1108263 01743500 The charity is incorporated In England and Wales. Reglstered Offl¢e Holme House The Dale Ainstable Carlisle CA4 9RH Independent Examiner Alison Welton FCA David Allen Chartered Accountants Dalmar House Barras Lane Estate Da15ton Carlisle CA5 7NY
THE BRrnSH BLUE CATfLE SOCIETY COMPANY LXMrrED BY GUARANTEE TRusfEES' REPORT (INCORPORATING THE DIREcfoRS' REPORT) (CONTINUED) Bankers Barclays Bank pk 32 Clarendon Road Watford Hertfordshire WD17 IGT FINANCIAL INsfRUMENTS The charlty's activifjes exrx)5e it to a number of finandal rlsks indudiw credit risk, cash flow risk and liquidlty rlsL The use of financial derivatlve5 Is governed by the charlvs pollcles approved by the board of trustees, whlch provlde written prlnciples on the use of financial derivatives to manage these rlsks. The charity does not use derivatlve financlal instruments for speculatlve purpose& Crndlt rfsk The charlty s prlncipal flnancial assets are bank balanS and cash, trade and other recdvable5. The charlty's credlt risk Is primarily attributable to its trade receivables. The amounts presented In the balance sheet are net of allowances for doubthjl receivable5. An allowance for impalrment Is made where there is an Idenb'fied loss event whlch, based on previous experience, is eviden of reduttlon In the recoverabllity of the cash flows. The credit rlsk on Ilquld funds and derlvative financlal Instruments is limited because the counterpartles are banks with high credlt-ratin9s assigned by international credit-rating agende& The charity has no slgnificant concentratlon of credlt risk, with exposure spread over a large number of counterpartles and cu5tomer5. srATEMENT OF TRUSTEES, RESPONSIBILrrIES The trustees (who are also the dSrectors of The Brltish Blue Cattle Soclety for the purposes of company law) are responsible for preparing the trustees, retY)rt and the finanaal statements In accordan with applicable law and United Klngdom Accounting Standards (United Kingdom Generally Accepted Accountsng practi), Including FRS 102 "The Flnanclal Reportlng standard applicable in the UK and Republlc of Ireland Company law requires the trustees to prepare finanoal statements for each financial year. Under company law the trustees must not approve the finanaal statements unless they are satisfied that they give a true and fair view of the stste of affairs of the charitable company and of the incoming reSoUrS and application of resources, Including Its income and expenditure, of the charitable company for that perlod. In preparing these financial statements, the trustees are required to.. select suitable accounting polloes and apply them consistentlyi observe the methods and prlnciples in the Charitles SORP; make jtjdgements and estimates that are reasonable arKI prudent; state whether applicable accounb'ng Standards, comprising FRS 102 have been followed, subject to any material departures di5dosed and explained in the financial statements; and
THE BRITISH BLUE CAThLE SOCIErY COMPANY LIMrrED BY GUARANTEE TRUSTEES, REPORT (INCORPORATING THE OIREcfoRS' REPORT) (CONTINUED) prepare the financial statements on the going conrn ba%s unless it Is Inapproprlate to presume that the charitsble company will contlnue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraLxl and other Irregularities. The annual report was approved by the trustees of the tharity on 9 May 2025 and signed on its behalf by.. ilkinson Trustee
THE BRrrIsH BLUE CATfLE SOCIErY COMPANY LIMrrED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BRITISH BLUE CATfLE SOCIETY (ThE COMPANY") I report to the charlty trustees on my examlnation of the accounts of the company for the year ended 31 December 2024, whlch are set out on pages 8 to 28. Rqsponslbllltles and basls of report As the charlty s trustees of the company (and also Its dlrectors for the purposes of company law) you a responslble for the preparati of the accounts In accordan wlth the requlrements of the C(xnpanies Act 2006 Cthe 2006 Act?. Havlng satlsfied mysdf that the accounts of the company are not requlred to be audlted under Part 16 of the 2006 Act and are ellglble for Independent examlnatlon, I report In respect of my examinatlon of your charity's accounts as carrled out under settion 145 of the Charltles Act 2011 Cthe 2011 Act?. In carrylng out my examlnatlon I have followed the Directions glven by the Charlty Commlsslon under sectlon 145(5)(b) of the 2011 Act. Independent examlner's statement I have completed rny examlnatlon. I confirm that no matters have come to my attentlon In connectlon with the examlnatlon givlng me cause to belleve: l. accountlng records were not kept In respect of the company as requlred by sectlon 386 of the 2006 Act; or 2. the accounts do not accord wlth those records; or 3. the accounts do not comply wlth the accounting requirements of sectlon 396 of the 2006 Act other than any requlrement that the accounts glve a 'true and fair view, whlch Is not a matter consldered as part of an Independent examlnation. or 4. tr accounts have not been prepared In accordance wlth the methods and prlnclples of the Statement of Recommended pract1 for accountlng and reportlng by charltles [appllcable to charltles preparlng thelr accounts in accordance wlth the Flnanclal Reportlng Stsndard appllcable In the UK and Republlc of Ireland (FRS 102)]. I have no cOnrn5 and have come across no other matters In connectlon with the examinatlon to whlch attentlon should be drawn In this report In order to enable a proper understartding of the accounts to be aChed. Alison Welton FCA IndeFendent Examlner David Allen Dalmar House Barras Lane Estate Dalston Carlisle CA5 7NY 9 May 2025
THE BRITISH BLUE CAME SOCIETY COMPANY LIMITED BY GUARANTEE srATEMENT OF FINANCIAL AcfIvrnES FOR THE YEAR ENDED 31 DECEMBER 2024 (INCLUDIIIG INCOME AND EXPENDITURE ACCOUNT AND sfATEME14T OF TOTAL RECOGNISED GAINS AND LOSSES) Total 2024 Totsl 2023 Unrestrfcted Restrlcted Note Income from: Donations and legacles Other trading activits'es Investment Income Other income 36,942 79,960 7,484 2,431 39,373 79,960 7,484 39,951 97,830 7,071 Total income Expendlture on: Raising funds Charitable attlvlties 146 745 165 178 (2,010) 163 303 (2,010) 163 303 (2,966) 176 450 Totsl expenditure Gains on Investment assets 16 (165,313) (165,313) (179,416) Net (expendlture)lincome Net movement in funds Reconclllatlon of funds (8,339) 2,431 (5,908) (4,974) Total fiJrKls brought forward 321411 321411 326 385 Total funds carrled fOard 22 313 072 315 503 321411
THE BRMSH BLUE CAME SOCIETY COMPANY UMITED BY GUARANTEE srATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) (INCLUDING INCOME AND EXPENDMIRE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES) Total 2023 Unrestrlcted Note Income from: Donatlons and legacies Other tradlng actlvltles Investment Income Other Income 39,951 97,830 7,071 39,951 97,830 7,071 Totsl Income Expendlture on: Ralsing funds Charltsble actlvltles 165 178 (2,966) 176 450 (2,966) Total expendlture GaSns on Investment assets (179,416) (179,416) 16 Net expendlture Net movement In funds Reconclllatlon of funds (4,974) (4,974) Total funds brought forward Totsl funds carried forward 326 385 326 385 22 321411 321411
THE BRrrIsH BLUE CAThLE SOC1ErY COMPANY LIMrrED BY GUARANTEE BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Flxed assets Tangible assets Investments 15 16 1,545 276 530 2,342 258 875 278,075 261,217 Current assets stocks Debtors Cash at bank and In hand 17 18 638 87,902 938 123,387 95,558 130,179 CredltorJ: Amounts falllng due wlthln one vear 19 Net current assets Net assets 315 503 321411 Funds of the charlty: Restrlcted 2,431 Unrestrlthd Income funds Unre5tr1cted 313 072 321411 Total funds 22 315 503 321411 For the financial year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companie5. Directors, reswnsibilities: The members have not requlred the charlty to obtsin an audit of its accounts for the year in question in accordance with section 476. and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. io-
THE BRrnSH BLUE CATfLE SOCIETY COMPANY LIMfrED BY GUARANTEe BALANCE SHEET AS AT 31 DECEMBER 2024 (CONTINUED) The finandal statements on pages 8 to 28 were approved by the trustees, and authorlsed for Issue on 9 May 2025 and signed on their behalf by: rAJ Trustee Reglstratlon number: 01743500 11-
THE BRITISH BLUE CAThLE SOCIErY COMPANY LIMtfED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 DECEMBER 2024 I CHARrrY STATUS The liability of the members is limited. Every member of the charity undertakes to contribute to the assets of the charity, in the event of the same belng wound up while he or she is a member, or within one year after he or she aSe5 to be a member, for payment of the debts and 5iabilities of the charity contracted before he or she SeS to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributlons among themselves, such amount as may be required not exceeding one pound. The charltable company Is a private company limited by guarantee, registered in England and Wales and a registered charity In England and Wales. The address of the registered Offi is Holme House, The Dale, "nsb1e, Carllsle, CA4 9RH. These financial statements were authorlsed for issue by the trustees on 9 May 2025. 2 ACCOUNTING POLICIES Summary of slgnlflcant accounting pollclqs and key accountlng estlmates The principal accountlng policies applied In the preparation of these financial statements are set out below. These policies have been consistently applled to all the years presented, unless otherwlse stated. Statement of compllance The financial statements have been prepared In accordan wlth Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charltles preparing thelr accounts in accordance with the Financlal Reporting Stsndard applicable in the UK and Republlc of Ireland (FRS 102) (effectlve l January 2019) - (Charlties SORP (FRS 102), Companles Act 2006 and the Charltles Act 2011. Baslg of preparatlon The British Blue Cattle Society meets the definition of a public benefit entity under FRS 102. Assets and liablllties are Initially recognlsed at historical cost or transaction value unless Otherwi stated in the relevant accounts'ng policy notes. The financial statements are prepared In sterling, which Is the functional Curren of the entity. Monetary amounts in these financial statements are rounded to the nearest £. 12-
THE BRrrIsH BLUE CALE SOCIErY COMPANY LIMrrED BY GUARAIITEE NOTES TO THE FINANCIAL STATEMEiifs FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 2 ACCOUNTING POLICIES (coKfINUED) Golng concern The trustees consider that there are no materlal uncertalntles about the charity's ability to continue as a going conrn nor any slgnbficant areas of unrtaInty that affect the carrying value of assets held by the charity. Group accounts not prepared As dlsdosed wlthln Note 16, the company held a 100% holdlThJ In Pedlgree Llvestock Servlces Llmited. In accordance with FRS 102 Paragraph 9.3 the company is exempt from the requlrement to prepare consolldated financlal statements. As at 31 Dember 2024 tr company now holds 0% holdlng In Pedlgree Uvestock Servlces Llmlted. Judgements and key Sourcu of ertlmatlon uncwtalnty The preparatlon of the financlal statements requlres management to make Judgements, estlmates and assumptjons that affect the amounts reported. These estlmates and judgements are contlnually revIevd and are based on eXperIen and other fattors, Indudlng expectations of future events that are believed to be reasonable under the circumstan. Actual results may dlffer from these estlmates. Income All Income Is recognlsed once the charlty has entltlement to the Income, It Is probable that the Income wlll be recelved and the amount of the income recelvable can be measured reliably. Donatlons are recognlsed when there Is eVIden of entltlement to the gfft, recelpt Is probable and Its amount can be measured rellably. Legacy glfts are recognlsed on a case by case basls following the grant of probate when the admlnlstratorlexecutor for the estate has communlcated In wrlting both the amount and settlement date. Income reIVed by way of subscrlptlons are Induded In the perlod to which they relate. other tradlng artlvlues Income from other trading actlvltles Is recognised when there Is eVIden of entitlement, recelpt Is probable and Its amount can be measured reliably. Investment income is recognlsed when re1Vable. 13-
THE BRITISH BLUE CArnE SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL sfATEMErfrs FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 2 ACCOUNTING POLXCIES (CONTINUED) Other income is recognlsed when there is evidence of entitlement, receipt is probable and its amount can be measured reliably. Expendlture All expenditure Is recognlsed once there is a legal or constructlve obligation to that expenditure, it Is probable settlement Is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Dlrect costs attributable to a single activity are allijcated directly to that activity, Shared costs are apportioned between the activltles they contrlbute to on a reasonable, Justifiable and cons'stent basis. Ralslng funds These are costs Incurred in attracting voluntary income, the management of investments and those incurred in trading ath'vities that ralse funds. Charftable artlvltles Charitable expendlture comprlses those costs incurred by the charity In the delivery of its acbvlties and seNices for its beneficlaries. It includes both costs that can be allocated directly to such ath'vities and those costs of an indirect nature necessary to supp)rt them. Govemance costs These include the costs attrlbutable to the charity's compllance wlth constitutional and statutory requlrements, Induding independent examination, strategic management and trustees meeting5 and reimbursed expenses. Taxatlon The charity Is exempt from corporation tsx on its charitsble activitles. Tangible flxed assets Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impaimient105ses. Depreciatlon and amortlsation Depreciation Is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset class Depreciation method and rats Fixtures, Fittings and Equipment 15% reducing balance Computer Equipment 33 % straight line 14-
THE BRMSH BLUE CALE SOCIETY COMPANY LIMrrED BY GUARANTEE NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 2 ACCOUNTING POLICIES (CONTINUED) Flxed asset Investments Flxed asset investments are Included at market value at the balance sheet date. Reallsed gains and losses on investments are calculated as the dlfference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Flnanclal Actlvltles In the perlod of disposal. Unreallsed galns and losses represent the movement In market values durlng the year and are credlted or charged to the Ststement of Financial Actlvlties based on the market value at the year end. stock Stock is valued at the lower of cost and estlmated selllng price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost includes all costs of purchase, costs of conversion and other costs incurred In bringing the stock to Its present locatlon and condltlon. Trade debtors Trade debtors are amounts due from customers for merchandlse sold or services performed in the ordinary course of buslness. Trade debtors are recognlsed initially at the transactlon pri. They are subsequently measured at amortised cost uslng the effective interest method, less provision for Impairment, A provislon for the Impairment of trade debtors Is established when there Is objectlve evidence that the charlty wlll not be able to collect all amounts due according to the orlglnal terms of the r1VableS. Other debtors are measured at their recoverable amounts. Prepayments are calculated as amounts paid during the financial year, but whlch relate to a future financial perlod. Accrued income Is recognlsed when the entity is entitled to the income In the financlal year, but the receipt does not occur untll a future financial year. Cash and cash equlvalents Cash at bank and in hand comprises all cash held, In bank current and deposit accounts. Trade credltors Trade creditors are obligations to pay for goods or services that have been acquired In the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reportlng date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Accruals are calculated as amounts relating to the financial year, but which are paid after the year end. Deferred income includes amounts received In the financial year for revenue relating to future periods. 15-
THE BRfrIsH BLUE CALE SOCIETY COMPANY LIMITED BY GUARANTEE NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 2 ACCOUNTING POLICIES (CONTINUED) Forelgn exchange Transattions In foreign currenaes are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balan sheet date are reported at the rates of exchange prevailing at that date. Fund structure Unrestrlcted income funds are general funds that are available for use at the trustees discretlon In furtherance of the objectlves of the charity. Restritted income funds are those donated for use In a partlcular area or for speciflc purposes, the use of whith is restricted to that area or purpose. Flnanclal Instruments Financlal assets and financial Ilabilltles are recognised when the tharity becomes a party to the contractual provisions of the instrument. Recoonlllon •ndnmwrnnnt All flnancial assets and liablllties are initially measured at transaction price (including transaction costs), except for those flnanclal assets dassified as at fair value through profit or loss, which are initially measured at falr value (which is n¢Ymally the transaction price excluding transaction costs), unless the arrangement constitutes a finandng transaction. If an arrangement conth'tutes a financing transaction, the financlal asset or financial liabillty Is measured at the present value of the future payments discounted at a market rate of Interest for a similar debt instrument. Financlal assets and Ilabilitles are only offset In the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basls, or to reallse the asset and settle the Ilability simultaneously. Financlal assets are derecognised when and only when a) the contraciual rights to the cash flows from the financlal asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. 16-
THE BRrrIsH BLUE CALE SOCIEIY COMPANY LIMfrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 3 INCOME FROM DONATIONS AND LEGACIES Unrestrlcted Total 2024 Total 2023 General Restrlcted Donatlons and legacleB Donations Tax recoverable on glft ald donatlons 2,431 2,431 4,337 4,337 4,473 SponsorAhlp Promotlonal and spjnsorshlp Income Sub8crlptlon• 4 INCOME FROM OTHER TRADING ACTivrrIES Unrutrlcted Total 2024 Totsl 2023 General Merchandlse sales Reglstratlons 140 140 160 17-
THE BRITISH BLUE CArrLE SOCIETY COMPANY LIMrrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) S INVEsfMENT INCOME Unrestrlcted Total 2024 Total 2023 General Income from dlvidends; Dividends Interest re1vable and similar Income. Bank interest receivable 7,429 7,429 7,070 55 55 6 OTHER INCOME Unrestrlcted Totsl 2024 Total 2023 General Late fees 45190 days Auctlon levy commisslon Income from seNlces provided Herd book advertislng Intemet income 1,630 5,740 1,468 8,940 1,630 5,740 1,468 1,825 4,932 414 10,655 7 EXPENDMIRE ON RAISING FUNDS A) COSTS OF RAISING FUNDS Unrestrlcted funds General Total 2024 Total 2023 Investment management fees 18-
THE BRrrisH BLUE CATfLE SOCIErY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 8 EXPENDrnIRE ON CHARITABLE ACTivrrIES Unr¢$trlcted General Total 2024 Totsl 2023 Breed promotlon Herd tx)ok Technlcal development costs Support costs 31,696 10,819 5,914 114 874 31,696 10,819 5,914 114 874 30,790 13,207 5,906 126 547 163 303 9 ANALYSIS OF GOVERNANCE AND SUPPORT COSTS Support costs allocated to charftable actlvltlqs Support Total 2024 Totsl 2023 Breed promotlon Herd book AdmSnlstratlon costs Flnance costs Governan costs other support costs 10,861 889 82,923 2,503 10,861 13,274 1,759 88,760 3,523 750 82,923 2,503 114874 114874 19-
THE BRrrIsH BLUE CATfLE SOCIErY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL sfATEMEKfs FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 9 ANALYSIS OF GOVERNANCE AND SUPPORT COSTS (CONTINUED) GOVERNANCE cosrs Unrestrlcted General Total 2024 Total 2023 Independent examlner fees Examination of the financial ststements 860 860 750 860 860 750 10 NEf INCOMINGIOUTGOING RESOURCES Net outgolng resources for the year include: 2024 2023 Loss on disposal of fixed assets held for the charity's own use Depreciation of fixed assets Foreign Curren losses Independent examlnatlon fee 1,063 3,509 186 750 797 860 IITRUSTEES REMUNERATION AND EXPENSES No trustees, nor any persons connected wlth them, have recelved any remuneration from the charlty durlng the year. No trustees have received any relmbursed expenses or any other benefits from the charity durlng the year. 20-
THE BRrrIsH BLUE CAThLE SOCIETY COMPANY UMrrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 125fAFF COSTS The aggregate payroll costs were as follows: 2024 2023 staff costs durlng the year were: Wages and salarles Soclal securlty costs Penslon costs 27,559 78,715 3,352 The monthly average number of persons (Includlng senlor management / leadershlp team) employed by the charlty durlng the year was as follows: 2024 2023 No Admlnlstratlve staff 1 (2023 - 2) of the above employees partlclpated In the Deflned Contrlbutlon Penslon Schemes. Contrlbutlons to the employee penslon schemes for the year totalled £640 (2023 - £3,015) No employee recelved emoluments of more than £60,000 durlng the year. The total employee benefits of the key management personnel of the charity yre £NII (2023 £56,783). 13XNDEPENDENT EXAMINER'S REMUNERATION 2024 2023 Examlnation of the financial ststements 750 -21-
THE BRrrIsH BLUE CATfLE SOCXErY COMPANY LIMrrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 14TAXATION The tharity is a registered charity and is therefore exempt from taxati(M. 15TANGIBLE FIXED ASSErs Flxtures Flttlngs and Equipment Computer Equiprnent Total Cost At l January 2024 At 31 December 2024 Depreclatlon At l January 2024 Charge for the year 3,601 266 2,782 531 6,383 797 At 31 December 2024 Net book value At 31 Dernber 2024 34 At 31 December 2023 565 16 FIXED ASSEf INVESTMENTS 2024 2023 Shares in group undertakings and partiapating interests other investments loo 258 775 276 530 276 530 258 875 22-
THE BRrnSH BLUE CAME SOCIErY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 16 FIXED ASSET INVESTMENTS (CONTINUED) SHARES IN GROUP UNDERTAKINGS AND PARTICIPATING INTERESTS Subddlary undertaklngj Total At l January 2024 Dlsposals At 31 December 2024 loo 100 loo 100 Net book value At 31 December 2024 At 31 December 2023 loo loo OTHER INVESTMENTS Llsted Unllsted Investments Investments Totsl C05t or Valuatlon At l January 2024 Revaluation Additlon5 Dlsposals 252,460 12,617 35,816 6,315 258,775 12,617 77,030 41,214 At 31 December 2024 273 630 276 530 Net ljook value At 31 December 2024 273 630 276 530 At 31 December 2023 252 460 258 775 Valuations are prepared on the basis of the mlddle market pri at the dose of buslness, or are the latest available, on the valuation date. The total unrealised gain for the year is £12,617 (2023: £10,815) and the total realised gains are £43 (2023: realised losses of £1,551), resulting in a net gain on investments of £12,660 (2023: £9,264). 23-
THE BRITISH BLUE CAThLE SOCIErY COMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 16 FIXED ASSET INVESTMENTS (CONTINUED) DEfAILS OF UNDERTAKINGS Details of the investments in which the charlty holds 20% or more of the nominal value of any class of share capltsl are as follows: Country of incorporatlon Proportion of voting Principal rl9hts and shares held activity 2024 2023 Undertaklng Holdlng SUBSIDIARY UNDERTAKINGS Pedigree Livestock servIs Llmited loo% Livestock SeiceS England and Wales Ordlnary 17sfocK 2024 2023 Stocks 638 938 18DEBTORS 2024 2023 Trade debtors Prepayments and accrued income Other debtors 56,172 11,666 74,362 17,453 123 387 -24-
THE BRrrIsH BLUE CALE SOCIErY COMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 19CREDrroRS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 2024 2023 Trade credltors VAT liablllty Accruals and deferred Income 6,850 6,009 17,893 7,940 2024 2023 Deferred Income at l January 2024 Resour5 deferred In the perlod Amounts released from previous perlods Deferred Income at year end 32,650 32,035 33,325 32,650 Induded wlthln accruals and deferred Income Is deferred Income amountlng to £32,035 (2023: £32,650). These are membershlp subscrlptions relatlng to the followlng year. 200BUGATIONS UNDER LEASES AND HIRE PURCHASE CONTrACTS OPERATING LEASE COMMrrMENTS At 31 Dember 2024, the totsl of the companvs future mlnlmum lease payments under non-cancdlable operatlng leases were as follows: 2024 2023 Within one year Between one and five years 858 858 25-
THE BRrrIsH BLUE CAME SOCIETY COMPANY LIMrrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 20 OBLIGATIONS UNDER LEASES AND HIRE PURCHASE CONTRAcfs (CONTINUED) The totsl operating lease payments recognlsed as an expense was £858 in the year ended 31 Dernber 2024 (2023: £858). 21 DEFINED CONTRIBUTION PLANS The amount recognised in the Statement of Flnancial Activities as an expense in relation to defined contribution plans was £640 (2023: £3,015). At the year end, an amount of £Nil (2023: £1,055) relatlng to defined contrlbutlon plans was accrued for in the Statement of Financial Activities. 22FUNDS Balance at Balance at other 31 l January Incomlng Resources recognlsed December 2024 resources expended galnsl(loswJ) 2024 Unrestrlrted General General 321,411 144,314 (165,313) 12,660 313,072 Restrlcted Welsh Club Total funds 321411 146 745 165 313 315 503 Balance at Balance at other 31 l January Incomlng Resources recognlsed December 2023 resources expended galnsl(losses) 2023 Unrestrlcted funds General General 326 385 165 178 179 416 321411 -26-
THE BRfnsH BLUE CAME SOaErY COMPANY UMrrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 23ANALYSIS OF NEf ASSEfs BEfwEEN FUNDS Totsl funds at31 De¢¢mber 2024 Unrejtrfcted funds General Restrlcted funds Tangible flxed assets Flxed asset Investments Current assets Current liabillties 1,545 276,530 93,127 1,545 276,530 95,558 2,431 Total net assets 313 072 315 503 Totsi fund• at31 D•c•mbqr 2023 Unrejtrlrtod fund$ General Tanglble flxed assets Flxed asset Investments Current assets Current Ilabllltles 2,342 258,875 130,179 2,342 258,875 130,179 Totsl net assets 321411 321411 27-
THE BRrrIsH BLUE CAThLE SOCIETY COMPANY LIMrrED BY GUARANTEE NOTESTO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 24RELATED PARTY TRANSACTIONS During the year the tharity made the followlng related party transactions: Pedigree Llvestock Servlces Limited (Pedigree Livestod( servIs Llmlted was a subsidiary of the company untll l January 2024.) During 2023 there was £8,794 recharged from Pedigree Llvestock servIs Limited to The British Blue Cattle Society. At the balance sheet date the amount due from Pedigree Livestock Services Limited was £5,565 (2023 - £16,505). Mr A Ryder (Secretary) Mr A Ryder was provlded with a short term loan for offlce Improvements. At the balan sheet date the amount due from Mr A Ryder was £9,445 (2023 - £9,845). Mr A Ryder also owed the charlty £756 (2023: £756) at the balance sheet date relating to costs incurred during the year. The premlses that the charity operates from are owned ty Mr A Ryder. A commerclal rent of £7,200 (2023: £7,870) is paid for the use of these premises. As of l January 2024, Mr A Ryder had control of the company Pedigree Livestcrk Services Llmited. During the year there has been £61,309 recharged from Pedigree Livestock Servlces Limlted to The British Blue Cattle Society. -28-