The Beltex Sheep Society Limited IA company Ilmited by guarantee) Annual Report and Financial Statements 31 March 2025 Company registration number: 02547862 Charlty registration number: 1118873 dOdd&co
The Beltex Sheep Society Limited Contents Reference and Administrative Details Trustèes, report Trustees. responsibilities in relation to the financial statements Independent examinels pOrt Statement of financial activities Balance sheet Notes to the financial statements
The Beftex Sheep Society Limited Ref•rence and Administrative Details Charlty name Tho Beltex Sheép Society Limited Charlty roglstratlon number 1118873 Company roglstratlon number 02547862 Prlnclpal offlc• Holme House The Dale Ainstable CARLISLE CA4 9RH Règlstered offlco Holme House The Dale Ainstablè CARLISLE CA4 9RH Trustè•s G R Evans R G Findlay J Howi8son G M Ireland H C Jewitt (Resigned 12 December 20241 J C Little J A McGarva A Morton E O'Neill DEOwen K Preston K C 8 Shuttleworth L T Swinnerton (Appointed 12 December 2024) Sécretary A Ryder Accountanl Dodd & Co Limited FIFTEEN Rosehill Montgomery Way Rosehill Estale CARLISLE CA12RW Page 1
The Beftex Sheep Society Limited Trustees. Report for the Year Ended 31 March 2025 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounls in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20191. OBJECTIVES AND ACTIVITIES The objects of the Society are.. To promote Ihe science and praclice of agriculture by encouragement. promotion and improvement of the breeding of Beltex Sheep and the maintenance of the purity of the breed in the United Kingdom. To encourage. promote and improve the breeding of Bellex Sheep to ensure the preservation of the breed for the public benefit. To undertake research on sheep breeding and matters relating thereto and to disseminaté thè useful results of research for the public benefil. The main activities of Ihe So¢iely are lo maintain a register of members, pedigree Beltex Sheep in the Uniled Kingdom and to promote the breed al agricultural shows and events. The Society continues to improve services offered to members, and continues lo encourage Pfoduclion of le8n meat to fulfil consumer demand and the public heallh objective. We have referred to the Charity Commission's general guidance on public benefit when reviewing our aims and objectivgs and in planning our future aclivilies. In particular. the Directors consider how planned activities will contnbute to the aims and objectives they have sat. ACHIEVEMENT AND PERFORMANCE The Society's membership and regislralions have reduced from the previous year, the details of which are included in the office bearers, reports to the membership. Through continuous promotion, the breed is now recognised as one of the leading terminal sires used in the UK. and in turn members are gaining this acknowledgement in the show rings. Bellex sired lambs continue lo attain lop accolades and prices at Primestock shows with many commercial farmers tuming lo the breed to improve carcases. The Society is perfomiing well with this increase of inl8r8st and gives good value lo the membership. The Society introduced DNA Testing for stock sires for all lambs Birth Notifiéd l Registered in 2019 onwards. this policy was changed in August 2022 with approval from the membership with DNA testing now being voluntary and not compulsory. This has resulted in a drop in DNA testing income and expenditure. Since the beginning of 2021 after Brexit, the rules changed for exports to not only Europe, bul also Northern Ireland the animal must be Group One genotype or from a Scrapie Monitored flock, which thé breeder can find out before other tesls have to be carried oul. FINANCIAL REVIEW The Sociely's financial position al the end of the financial period remains sound. Al funds held are available for the wide-ranging running of the Society. The Society's policy is to hold reserves sufficient lo cover at leasl a years operating costs, in case the sheep industry or the breed fall on lean times. Fre8 reserves at 31 March 2025 were £293.205. As mentioned above the Society membership has duced. which has influenced the ductIon in the number of shoep registrations. Many new rnembers initially have a small flock which increases year on year. The busiest time of the year is beiween May October with Iravelling to major agricultural shows, events and Society breed sales across the country. The program for Breed Promotion Officer is agreed by the Directors in the Society's budget for the coming year. The Council Members continually review business and operalional risks which the charity faces which in turn enables regular reports to be produced so that necessary recofflmendab'ons can be made lo lessen these risks. The Directors do nol at present consider that there are any significant financial risks facing the Society. Page 2
The Beftex Sheep Society Limited Trustees. Report for the Year Ended 31 March 2025 FUTURE PLANS The Society aims to continue to increase ils membership numbers and ils pedigree sheep register in acrdance with its obieclives. Thé Society continues to attend and havé a noticeable presence at major shows and agricultural events to promole the merits of the breed. The Society has lasked a small group to further promote the breed with the younger generation known as Beltex Young Breeders. this falls into two age groups under 16's and over 16's. STRUCTURE, GOVERNANCE AND MANAGEMENT Govorning document The charity is controlled by its goveming docurnent. a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Recrultm•nt and appolntment of new trustèès The Articles of Association require the eleclion of a Council of Managemenl from the membership which must not be less than five, nor more than e1ve in number. Council members. Ibtho ara also directors of the company). are elected by the members in General Meeting and aro subject lo retirement at the third annual gèneral meeting after the annual general meeting al which they were appointed and may not serve more than two consecutive terms. The Council Members have the power to COwOPt to the Board lo fill vacancies. All members within the region of Ihe retiring Council Member are circulated wth invitations to nominate Council M8mbers prior to the AGM. The Council Members administer the Society in accordance with the 9oveming document. Inductlon and tralnlng of n•w trustees New Council members (Directors) receive an infomialion pack d61ailing responsibilities and legal obligations under charity and company law. the Memorandum and Articl8s of Association, the budget and budget updates. Small company provlslons This r8POrt has been prepared in accordance with the small companies regime under the Companies Act 2006. Approved by the Board on 11 November 2025 and signed on its behalf by: K C B shuttlevrth Trustee Page 3
The Beftex Sheep Society Limited Trustees. Responsibilities in relation to the Financial Statements The trustees (who are also directors of The Beltex Sheep Society Limited for the purposes of company law) are responsible for preparing ihe Trustees, Annual Report and the financial statements in accordance with applicable law and the Financial Reporting Standard 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland.. Company law reqUIS the trustees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitabk company and of the incoming resources and application of resources, including income and expenditure, of the charitable company for that period. In preparing these financial statements. the Iruslees are required to: select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concem basis unless it is inappropriate lo presume that the charitable company will continue in business. The Iruslees are responsible for keeping proper accounting records thal disclose with reasonable accuracy at any time the financial position of the charitable company and enable them lo ensure thal the financial ststements comply with Ihe 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 fraud and other irregularities. Page 4
Independent Examiner's R6POrt to the Trustees of The Beltex Sheep Society Limited I report on the accounts of the company for the year ended 31 March 2025, which are sel out on pages 6 to 16. Respectlve responsibillties of trustees and examlner The trustees (who are also the directors of the company for the purposes of company lawl are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 14412) of the Charities Act 2011 as amended by the Charities Act 2022 Ilhe Acll and that an independent examination is needed. Having satisfied myself that the charity is not subject lo audit under Part 16 of the Compani6s Acl 2006 and is eligible for independent examination, it is my responsibility lo: examine the accounts under section 145 of the Act., follow the procedures laid down in the General Directions given by the Charity Commission under section 14515) (b) of the Act: and State whether particular matters have corne to my attention. Basls of Independent èxamSnor's report My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includos a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Iruslees concerning any such matters. The procedures undertaken do not providé all tho evidence that would be required in an audit and consequently no opinion is given as lo whether th6 accounts present a 'lrue and fair view, and the report is limited to tho$8 matters sel out in the slalement below. Independont examlng¢$ statemènt In connection with my examination. no matter has come to my attention- (1) which gives me reasonable cause lo believe that in any material respect th8 r8quirements'. to keep accounting records in accordance with se¢tion 386 of the Companies Act 2006,. and lo prepare accounts which acGord with the accounting records. Comply with the accounting requirements of section 396 of th6 Companies Act 2006 and with th6 methods and principlés of th8 Statement of Recommended Practice.. Accounting and Reporting by Charilies ave not been mel- or {2> to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA1 2RW Joanne Thomlinson FCA Dodd & Co Limited Chartered Accountants 11 November 2025 Page 5
The Beltex Sheep Society Limited Statement of Financial Activities (including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) for the Year Ended 31 March 2025 Total Funds 2024 Unrestricted Total Funds Funds 2025 Note Income Donations and legacies Investments Charitable activities Totsl income 4.760 3.431 157,660 165.851 4,760 3.431 157,660 165,851 5.537 3,239 173,266 182,042 Expenditure Charitable activities Total expenditure 172,691 172,691 172,691 172,691 173,372 173,372 Gainsl(losses) on investment assets 81 81 Net incomel(expenditure) (6,759) (6.759) 8,670 Reconciliation of funds Total funds brought forward Total funds carried forward 308,810 302.051 308,810 302,051 300,140 308.810 All of the Charity's activities derive from continuing operations during the above periods. Income and expenditure in the prior period relates to unrestricted funds. The notes on pages 8 to 16 fom an integral part of these financial statements. Page 6
The Beltex Sheep Society Limited Company registration number: 02547862 Balance Sheet as at 31 March 2025 2025 2024 Note Fixed assets Tangible assets Inveslmenls 6,939 1,907 8.846 1,826 10 1,826 Current assets Stock Debtors Cash at bank and in hand 5,134 57.820 248.075 311.029 6.779 50,204 265,996 322.979 11 Creditors: Amounts falllng due wlthin one year 12 (17.824) (15.995) Not current assets 293,205 306,984 Net assets 302.051 308,810 The funds of thè charlty: Unrestricted funds Unrestricted income funds 302,051 308.810 Total charity funds For the financial year ended 31 March 2025. the charity was entitled to exemption from audit under section 477 of the Companies Act 2006. 302,051 308,810 The members have not required Ihe ¢tty to obtain an audit of its accounts for the year in question in accordance section 476 of the Act. Thé directors acknowledge their responsibililies for complying with the requirements of the Act wilh respect to accounting records and the preparation of accounts. These accounls have been prepared in accordance vlith the provisions applicable to wmpanies subject to the small companies regime. Approved by th8 Board on 11 November 2025 and signed on its behalf by: K C B Shuttleworth Trustee A Ryder Secretary The notes on pages 8 to 16 fonn an integral part of these financial statements. Page 7
The Beltex Sheep Society Limited Notes to the Financial Statements for the Year Ended 31 March 2025 Accounting policies Summary of significant accounting policies and key accountlng estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Stalement of compliance The financial statements have been prepared in accordance with Accounting and Reportin9 by Charities.. ststement of Recommended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ifeland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)). the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Basis of preparation The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unsS otherwise ststed in thè relevant accounting policy notes. Going concern These financial statements have been prepared on a 90ing concem basis. The trustees assess whether the use of going concem is appropriate i.e. vthether Ihere are any material uncertainties related to events or conditions that may cast signtficant doubt on the ability of the Charity to continue as a going concem. The tnjslees make this assessment in respect of a period of one year from the date of approval of the financial ststements. Fund accounting policy Unreslflcted income funds are general funds that are available for use at the trustees. discretion in furtherance of the objectives of tr charity. Further details of each fund are disclosed in note 16. Income and endowments Income from Government and other grants. whether 'capitsl' grants or 'revenue' grants, is recognised when the chanty has entitlement to the funds. any performance conditions attached to the grants have been met, it is probable that the income wll be received and the amount can be measured reliably and is nol deferred. Where services or facilities are provided to the Charity as a donation thal would nomially be purchased from our suppliers, this benefit is included in the financial statements at its fair value unless its fair value cannot be realiably measured, then at cost to the donor or the resale value of the goods that are to be sold. Investment income is recognised on a receivable basis. Income from charilable activities includes income recognised as eamed las the related goods or services are provided} under contract or where enlillement to grant fvnding is subject to specific performance conditions. Grant income included in this category provides funding lo support programme activities and is recognised where there is entillement. certainty of receipt and the amount can be measured wilh sufficient reliability. Page 8
The Beltex Sheep Society Limited Notes to the Financial Statements for the Year Ended 31 March 2025 Gontinued Expendilure Liabilities are recognised as soon as there is a legal or constructive obligation commilling the charity lo Ihe expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the calegory. Charitable axpenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nalure necessary to support them. Support costs Support costs include central functions and have beon allocated to activity cost categories on a basis consistent with the use of resources, for exainple, allocating propety costs by fl¢)or areas, or per capita. staff Gosls by the lime spent and other costs by their usage. Irrecoverable VAT Irrecoverable VAT is charged against Ihe category of resources expended for which il was incurred. 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 lax purposes. Accordingly, Ihe 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 th81 such income or gains are applied exclusively to charitable Purposes. Flxed assets Individual fixed assets costing £50 or more are initially recorded at cost. Depreciation 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.. 250/0 reducing balance b8SIS 250A reducing balance basis Plant and machinery Officè 8quipmenl Investments Fixed asset investmenls are included at market value al the balance sheet date. Realised gains and losses on investments ar8 calculated as the difference betsveen sales proceeds and their market value al the start of the year, or their subsequent cosl, and are charged or credited lo the statement of the financial activities in the period of disposal. Unrealised gains and losses represenl Ihe movement in market values during the year and are credited or charged to the slatefflent of financial activities based on the market value at the year end. Stock Stock is valued at Ihe lower of cosl and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Items donated for resale or distribution are not included in the financial statements unlil they are sold or distributed. Page 9
The Beltex Sheep Society Limited Notes to the Financial Statements for the Year Ended 31 March 2025 continued Trada Debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured al amortised cost using the effective interest method, less provision for impairment. A provision for the impairmènt of trade debtors is established when there is objective evidence that the Charity will not be able lo collect all amounts due according to the original tÈmis of the receivables. Cash and Cash Equlvalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-term highly liquid investments that are readily convertible lo a known amount of cash and are subjeGt to an insignificant risk of Change in valu8. Llabllltles Trade creditors are obligations to pay for goods or sarvices 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 ond of the reporting period, lo defer settlement of tha creditor for al least twèlve months after the reporting date. If there is an unconditional right lo defer settlement for al least twelve months after the reporting dale. they are prasanled as non-current liabilities. Trade cr8dilors are r8cognis8d initially al the transaction price and subsequently measured al amortised cosl using the effective interest method. Flnanclal Instrumontg Financial assets and financial liabilities are recognis8d when the charity becomes 8 paty to the contractual provisions of the inslrumenl. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after déducting all of its liabilities. All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as al fair value through profit or loss, which are initially measured at faif valué (which is normally the Iran5aclion price excluding transaction coslsl. unless the arrangement constilules a financing transaction. If an arrangement constitutes a financing transaction, the financi81 ass61 or financial liability is measured at the present valua of the future payments discounted al a market rale of interest for a similar debt instrument. Financial assets and liabilities are only offset in the slalement of financial position when, and only when there eXSIS a legally enforceable right to sel off the rocognised amounts and the Charity intends either to settle on a nel basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) Ihe contractual rights lo the cash flows from the financial asset expire or are settled, bl the Charity transfers lo another paty substanlially all of the risks and rewards of ownership of the financial asset, or cl the Charity, despite having retained some, bul not all, significant risks and rewards of ownership. has transferred control of the asset to another paty. Financial liabilities ar8 dorecognised only when the obligation specified in Ihe contract is discharged, cancelled or expires. Page 10
The Beftex Sheep Society Limited Notes to the Financial Statements for the Year Ended 31 March 2025 . Gontinued Donations and legacies Unrestricted Total Funds Total Funds Funds 2025 2024 Donatlons and legacies Gift aid claim Donations 2,934 1,826 4,760 2.934 1,826 4,760 3,322 2,215 5,537 Invostments Unrestricted Total Funds Total Funds Funds 2025 2024 Interest on cash deposits 3.431 3,431 3,239 Charitable actlvlties Unrestrl¢ted Total Funds Totsl Funds Funds 2025 2024 Membership subscriptions New membership subscripions Pedigree sales commissions Year book advertising Birth registrations Embryo registration Promotional goods DNA sample testing DNA parentage testing 21,674 934 16,052 5,163 78.706 34,688 200 243 21.674 934 16,052 5.163 78,706 34.688 200 243 23,482 1.375 21.411 8.100 83,438 33.026 909 1.458 67 173,266 157,660 157,660 Page11
The Beltex Sheep Society Limited Notes to the Financial Statements for the Year Ended 31 March 2025 continued Expenditure Promoting and improving the breed Total 2025 Total 2024 Direct costs Opening stock Purchases Website and social media Year book expenses Closing stock Show and sale expenses Sponsorship and prizes Regional club sponsorship Advertisin9 and promotion Travel and accommodation DNA sample testing DNA parentsge testing 6,779 6,779 849 1,385 11.535 15,1341 27.159 6,613 1,073 29,676 3,324 1,350 6.501 3,851 1.869 11,737 16.779} 24,863 5,399 2,635 29,504 7,862 1,426 135 89,003 1,385 11,535 (5,1341 27,159 6,613 1.073 29.676 3,324 1,350 84,609 84.609 Support costs Insurance Office management Telephone and fax Computer running costs Printing, postage and stationery Trade subscriptions Accountancy fees Independent examinerfs fee Council expenses AGM expenses Bad debts written off Bank charges Depreciation 2.110 66,000 462 1,424 4,599 387 750 750 7,488 200 392 2.110 66,000 462 1,424 4,599 387 750 750 7,488 200 392 2,619 66.000 406 1,633 4,818 225 1,238 750 3.189 208 685 111 2,098 1,422 88.082 2,098 1,422 88.082 1,988 610 84,369 172,691 172,691 173,372 Page 12
The Beltex Sheep Society Limited Notes to the Flnancial Statements for the Year Ended 31 March 2025 . continued Govémaneé costs 2025 2024 Independent examinerfs fee AcntancY fees Society meetings 750 750 200 1.700 750 1,238 208 2,196 Trustees. romuneratlon and expenses In the year. 5 (2024.. 41 Trustees received inspectors expenses and travelling expenses of £3,931 12024: £1,268). N•t {èxpandltur6}Ilncom• Net lexpenditureifincome is stated after charging.. 202S 2024 Depreciation of tangible fixed assets 1.422 610 Page 13
The Beltex Sheep Society Limited Notes to the Financial Statements for the Year Ended 31 March 2025 . continued Tangible fixed assets Plant and machinery Fixtures. including motor fittings and vehicles èquipment Total Cost As al 1 April 2024 Additions As al 31 March 2025 5,765 6.535 12.300 3,266 9.031 6,535 15.566 3.266 Depreciation As at 1 April 2024 Charge for the year As at 31 March 2025 5.064 628 5.692 2,141 794 2.935 7.205 1,422 8.627 Net book value As at 31 March 2025 As at 31 March 2024 6.608 701 331 6.939 1,826 1.125 10 Investments held as fixed assets Other investments Market value Revaluation Additions As at 31 March 2025 81 1.826 1,907 Net book value As at 31 March 2025 1,907 All investment assets were held in the UK. Page 14
The Beltex Sheep Society Limited Notes to the Financial Statements for the Year Ended 31 March 2025 . continued 11 Debtors 2025 2024 Trade debtors Other deblors Prepayments and accnjed income 43.482 6,195 8,143 57.820 42,008 3,261 4,935 50,204 12 Credltors: Amounts falllng due within one year 2025 2024 Trade creditors Taxatson and social security Accruals and deferred income 8.287 3,588 5,949 17.824 6,519 3,955 5,521 15,995 13 Members. liability The charity is a private company limited by guarantee and consequently does not have share capitsl. Each of the members is liable to conlribule an amounl not exceeding £1 lowards the assets of the charity in the event of liquidation. 14 Rèlated parties Controlling entity The charity is controlled by the trustees who are all directors of the company. Related party transactions There y no related paty iransactions in the reporting period. 15 Funds held by Clubs Funds totalling £27,036 (PY.. £29,834) are held by a number of Beltex sheep breeder clubs in Britain and Ireland. The society has no control over these funds whilst these clubs remain active and so the amount has nol been recognised in the balance sheet. The club rules. which have been approved by the society, stipulate that the funds will transfer to the society in the event of a club winding up. Page 15
The Beftex Sheep Society Limited Notes to the Financial Statements for the Year Ended 31 March 2025 . continued 16 Analysis of funds Other recognised gainsllosses Al 1 Aprll 2024 Incoming resources Resources expended At 31 March 2025 General Funds Unreslricted income fund 308,810 165,851 {172,691) 81 302,051 Prior period At 1 April 2023 Incoming resources Resources expended At 31 March 2024 General Funds Unrestricted income fund 300.140 182,042 (173.372) 308,810 17 Net assets by fund Unrestricted Funds Total Funds 2025 Total Funds 2024 Tangible assets Investments Current assets Creditors= Amounts falling due within one year Net assets 6.939 1,907 311,029 (17.8241 302.051 6.939 1.907 311.029 117,824) 302.051 1,826 322.979 (15.995) 308,810 Prior period Unrestricted Funds Tolal Funds 2024 Tolal Funds 2023 Tangible assets Currenl assets Creditors". Amounls falling due within one year Net assets 1.826 322.979 {15.9951 308.810 1,826 322.979 {15,9951 308.810 2,436 308,637 {10,933) 300.140 Page 16