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2024-12-31-accounts

REGISTERED COMPANY NUMBER: 00044278 (England and Wales)
REGISTERED CHARITY NUMBER: 215662

LINCOLN RED CATTLE SOCIETY(THE)
Strategic Report, Trustees' Report and
Unaudited Financial Statements
for the Year Ended 31 December 2024

Haines Watts
23 Algitha Road
Skegness
United Kingdom
PE25 2AG

LINCOLN RED CATTLE SOCIETY(THE)
Contents of the Financial Statements
for the year ended 31 December 2024
Page
Strategic Report 1 to 2
Trustees' Report 3 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Statement of Financial Position 10
Notes to the Financial Statements 11 to 16
Detailed Statement of Financial Activities 17 to 18 
LINCOLN RED CATTLE SOCIETY(THE)

Strategic Report

for the year ended 31 December 2024

The trustees present their strategic report for the year ended 31 December 2024.

Structure, governance and management

Recruitment and Appointment of New Trustees

ThecouncilconsistsoftwelvememberselectedforthreeyearsbyrotationattheAnnualGeneralMeetingbythemembers then
present. Each Full Member can then have one vote for the nominated Council Member to become a Trustee.

Induction and Training of New Trustees

OnlyFull Membersof the Associationcanbe electedto the Council,as this is the casemembersarefullyawareof the  procedures
and policies of the charity. Further training is given as and when required.

Organisational Structure

TheCouncilconsistsoftwelvemembersandtheofficersare:President,aSecretaryandanIndependentExaminer.Allchosen at
the first meeting after the Annual General Meeting. The Presidentacts as an ex-officialPresidentElect for 1 year prior to 2 years as
President and then becomes an ex- official for 1 year during the final year.

Wider Network

There is no wider network of the accounts other than circulation to members of the Society.

Related Parties

TheSocietyhasacloserelationshipwithTheLincolnLongwoolSheepBreedersAssociationandtheLincolnshire Agricultural
Society, both are registered charities.

OBJECTIVES AND ACTIVITIES

TheprincipalobjectiveoftheSocietyistopromotetheLincolnRedBreedofcattlewithintheCountyofLincolnshirebut also
nationally and internationally.

Significant Activities

TheSocietyfulfilsitsobjectivesbyorganisingaFarmWalk(subjecttoDEFRAregulations).Itwillcontinuetosupportthe Young
FarmersHeiferRearingand HandlingCompetitionat the LincolnshireShowand at as manypromotionaleventsas possibleas well
asproducingtheHerdBook,NewsletterandaJournal.DNAProfilingofBullsattimeofRegistrationisnowcompulsory, the
packageincludesSireVerification,SNPsProfiling;PolledStatusandMyostatinStatus.DNAProfilingofFemalesis voluntary.
MembershaveFreeaccesstoEBVRecordingthroughtheSignetProject.TheNationalHerdCompetitioncontinuestobe well
supported.

Volunteers

TheSocietycontinuestobereliantonthemanyindividualswhogiveuptheirtimeandresourcesforthebenefitofthe Charity.
Particularthanksshouldbe recordedto allCouncilMembers,the FinanceSub-CommitteeandMarketingSub-Committeefor their
voluntary work on behalf of the Society.

Page 1

LINCOLN RED CATTLE SOCIETY(THE)

Strategic Report for the year ended 31 December 2024

RESPONSIBILITIES OF THE TRUSTEES

Thetrustees(whoarealsothedirectorsofLincolnRedCattleSocietyforthepurposesofcompanylaw)areresponsible for
preparingtheTrusteesAnnualReportandthefinancialstatementsinaccordancewithapplicablelawandUnited Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgiveatrueandfairviewof the
stateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplicationofresources,includingtheincome and
expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
.  select suitable accounting policies and then apply them consistently;

.  observe the methods and principles in the Charities SORP;

.  make judgements and estimates that are reasonable and prudent;

.statewhetherapplicableUKAccountingStandardshavebeenfollowed,subjecttoanymaterialdeparturesdisclosed and
explained in the financial statements;

. prepare the financialstatementson the going concernbasis unless it is inappropriateto presume that the charitablecompany will
continue in operation.

The trustees are responsiblefor keeping proper accountingrecordsthat disclosewith reasonableaccuracyat any time the financial
positionof the charitablecompanyand enable them to ensure that the financialstatementscomplywith the CompaniesAct 2006.
Thetrusteesarealsoresponsibleforsafeguardingthe assetsofthe charitablecompanyandhencefortakingreasonablesteps for
the prevention and detection of fraud and other irregularities.

INDEPENDENT EXAMINER

HainesWattsCharteredAccountantsareto be proposedforre-appointmentas IndependentExaminerforthe ensuingyearat the
Annual General Meeting.

Registered office:
Lincolnshire Showground
Grange de Lings
Lincoln
Lincolnshire
LN2 2NA

Approved by order of the board of trustees on 7 May 2025 and signed on its behalf by:

Mr D L Hullah - Trustee

Page 2

LINCOLN RED CATTLE SOCIETY(THE)

Trustees' Report
for the year ended 31 December 2024

131st ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

It gives me great pleasure to present the Society's Annual Report for the year ended 31 December 2024.

Finance

A statementofthe Society'sfinancialoperationsforthe yearappearsin the Accountswhichformpartofthisreport.I would also
drawyourattentionto the Reportof the IndependentExaminerswhichsets out the responsibilitiesof membersof Counciland to
the Report of the Council.

SocietyShows & Sales - PremierPedigreeSpring Show & Sale and Multi-BreedSale 23rd March2024 at MeltonMowbray Market.
Ed Middleton'sHolegate Bandit,1st in his Class,Seniorand Supreme ChampionLincolnRed sold for 10,000Gns. Nottingham Trent
University'sBrackenhurstBerettasoldfor6,700Gns.TheMann'sYarnHillBanditsoldfor5,500Gns.RIClough&Son's Beverley
Atomic,1stinhisClassandReserveSenior&ReserveBreedChampion,soldfor5,000Gns.10bullssoldtoanoverallaverage of
4,600Gns downby 300 Gns.3 Femalessoldto an overallaverageof1,767Gns up by 200 Gns on 2023.HighestpricedHeifer was
Tom Green's Chestnut Tree Mattie,Supreme ChampionFemale, sold for 2,000 Gns. Noted all animals entered at SocietySales must
be premovementTBtested and theirHerdsmust be in CHeCSapprovedHealthSchemes:AccreditedFree of BVDand Johnes Risk
Statusbetween1and4.MemberswhosehealthschemedoesnotincludetestingforIBR&Leptomustcontinuetotest animals
forwardforthetwodiseasesnolessthan3monthspriortotheSale.ItisalsostronglyrecommendedFemalesaretested for
Neospora.

2024AutumnShow& SaleandShow& SaleofpotentialshowcalvesatMeltonMowbrayMarket- cancelledduetoBlue Tongue
restrictions.

National Herd Competition- in it's fifth year - Council would like to encouragemore Members to participate- Judging carried out  in
August/September/OctoberwithaPresentationEveningthefirstweekendofNovember.CongratulationstoalltheWinners and
the2024OverallJudgesChoicewaswonbyNottinghamTrentUniversity'sBrackenhurstDianaV444.Thankyoutoall our
Sponsors.

Membership

5 new Full Members, no new Junior Members & 1 new AssociateMember joined the Society during the year. The membership as at
31st December 2024 stood at 7 Life Vice-Presidents,4 HonoraryLife AssociateMembers, 154 Full Members, 39 Associate Members
and1 JuniorMember.Membershipis downdue to membersdeceasedorresigned.Thankyouto allouractiveMembersfor your
continued support.

Volume 124 of the Herd Book

The following registrations were recorded in Volume 124 of the Herd Book (at its time of going to print).
Bulls Females
100% Original Population Bred 7 81
Pedigree Lincoln Red 59 681
Breed Development Animals A & B - 21
66 783 
Comparative totals in Volume 123 were 74 Bulls and 849 Females. Registrations are lower.

Summer Shows with Official Lincoln Red Classes.

NottinghamshireCountyShow-11thMay-Breed&JuniorNativeBeefChampionwasToftHillGiftC3bred&exhibitedby Barry
Holden and Reserve Breed Champion was Brackenhurst Diana V444 bred & exhibited by Nottingham Trent University.
Woodhall Spa Country Show - 19TH May - Breed Champion was Beverley Bestmate bred & exhibited by R I Clough &
Son and Reserve Breed Champion was Coneygarth Nancy C299 bred Martin & Derrick Cooper & exhibited by Hayley Williamson.
SuffolkCountyShow-29th&30thMay-Breed&InterbreedNativeBeefReserveChampionwasYarnHillAcoraC1027bred &
exhibited by Natasha & Richard Mann and Reserve Breed Champion was Bates Moor Cara C23 bred & exhibited by Izzi Rainey.
190TH RutlandCountyShow - 2nd June - Breed & InterbreedJuniorBeef Championwas ConeygarthNancy C299, bred by Martin &
Derrick Cooper& exhibited by Hayley Williamson. Reserve Breed Champion Bates Moor Cara C23 bred & exhibited by Izzi Rainey.

Page 3

LINCOLN RED CATTLE SOCIETY(THE)

Trustees' Report

for the year ended 31 December 2024

Summer Shows with Official Lincoln Red Classes continued..

139thLincolnshireShow&Society'sNationalShow-19th&20thJune-ChampionBull,SupremeBreedChampion& Supreme
Beef&NativeChampionwasBeverleyBestmatebred&exhibitedbyRIClough&Son;ChampionFemale&Reserve Breed
Championwas Yarn Hill Acora B971 bred & exhibited by Natasha& RichardMann;Junior ChampionBull, ReserveJunior Champion
& ReserveChampionBull was YarnHill Cuthbertbred & exhibitedby Natasha& RichardMann;JuniorReserveChampionBull was
BeverleyConstablebred&exhibitedbyRIClough&Son;ReserveChampionFemale&JuniorChampionConeygarthNancy C299
bred by Martin& DerrickCooper& exhibitedby HayleyWilliamsonand she went on to be ReserveJuniorSupreme Beef  Champion
&ChampionJuniorSupremeBeefNativeChampion.YFCHeiferHandlingCompetitionBrookePerkinsfromHorncastleYFC with
Rand Camilia C194 Winner and R/up was Jess Crisp from North Holland YFC with Beverley Heroine C31.

RoyalHighlandShow- 20THTO23RDJune- JuniorChampionMale,ChampionMale,BreederofBestBull& BreedChampion was
BeverleyBenjaminbred&exhibitedbyRIClough&Son.JuniorFemale,ChampionFemaleandReserveBreedChampion was
BeverleyMaryC21bred&exhibitedbyRIClough&Son.ChampionOriginalPopulationStFortHillLadyThoraB296bred &
exhibited by Mrs H Mylius.

Royal NorfolkShow - 26th & 27th June - Female Champion,Junior Champion,Breed Champion,& Reserve Native Female Champion
wasConeygarthNancyC299bredbyMartin&DerrickCooper&exhibitedbyHaleyWilliamson.MaleChampion,Reserve Junior
Champion& ReserveBreedChampionwasWrettonClaytonETbred& exhibitedbyI& IStephen.LincolnRedTeamcame2nd in
the Heygates Team of 5.

GreatYorkshireShow-9thto12thJuly-FemaleChampion&BreedChampionwasFoulnessBiancaB177bred&exhibitedby C
Page&MBollon.JuniorChampion,ReserveFemaleChampion&ReserveBreedChampionwasYarnHillAcoraC1027bred &
exhibited by Natasha & Richard Mann. Male Champion was Williamsons Anhur bred & exhibited by Hayley Williamson.

DriffieldShow- 17th July- BreedChampion,NativeBreedChampion& OverallReserveInterbreedChampionwasFoulness Bianca
B177 bred & exhibitedby C Page & M Bollon.This was for the 2nd Year running.ReserveBreed Championwas Williamsons Anhur
bred & exhibited by Hayley Williamson.

Royal Welsh Show - classes cancelled due to no entries.

HeckingtonShow-28thJuly-JuniorFemaleChampion,BestJuniorLRChampion,FemaleChampion,BreedChampion& Reserve
InterbreedChampionwasToftHillOdeliaC4bred&exhibitedbyBarryHolden.JuniorBullChampionwasHandleyCzarbred &
exhibitedbyJohnCapp.ReserveJuniorFemale,ReserveJuniorLR,ReserveFemaleChampion&ReserveBreedChampion was
ConeygarthNancyC299bredbyMartin&DerrickCooperandexhibitedbyHayleyWilliamson.MaleChampionwasLa Fontaine
Casanova bred by Scott Thompson & exhibited by Joh Capp.

AyshamShow- 26thAugust- ChampionMale& BreedChampionwasLaFontaineCasanovabredScottThompson& exhibited by
JohnCapp.ChampionJuniorFemale,FemaleChampion& ReserveBreedChampionwasBatesMoorCaraC23 bred & exhibited by
Izzi Rainey.

Scottish Shows

FifeShow-18thMay-Male&SupremeChampionwasSt.FortCrackerbred&exhibitedbyAMylius&PartnersofSt. Fort.
ReserveMaleChampionTrainviewCassiusbred& exhibitedbyJamesCameron- he wentontosellinFebruary2025Stirling Sale
for a record Scottish price of 13,000 Guineas.  Female Champion was Trainview Becky B075.

Central& WestFifeShowAONB- 1stJune- LincolnRedChampionStFortHillConkerandReserveLincolnRedChampionwas St
Hill Lady Thora B296 both bred & exhibited by Mrs H Mylius.

TurriffShowAONB-4thAugust-ReserveMaleChampionwasTrainviewCassiusbred&exhibitedbyJamesCameron. Female
Champion & Reserve Overall Champion  was Auchmacoy Nancy B49 bred & exhibited by Mrs S Buchan.

.

Staff

Mrs Jayne Borrows continues as Secretary to the Lincoln Red Cattle Society.

Achievement and performance

Charitable activities Important Event

Signet Project, Countryside Lincs, Heckington Show ,Annual Farm Visit, Agri-Expo Carlisle, & National Herd Competition.
CountrysideLincsApril-anexcellentdayoutfortheentireFamilyattheLincolnshireShowground.ThankyoutoGeoff& Jenny
Bolton who brought along a couple of cows and calves which, as always draw a lot of interest.

Page 4

LINCOLN RED CATTLE SOCIETY(THE)

Trustees' Report
for the year ended 31 December 2024

Charitable activities Important Events continued ....

HeckingtonShow- July- thankyoutoCharlesPinchbeckandhisHeckingtonShowTeamwhoprovideaMarqueefor Lincolnshire
NativeBreedsand RareBreeds(the EnglishGoat).Of particularinterestto the publicis of coursebeing able to get up closeto  the
LincolnReds,allagegroupsarefascinated/enthralled:ourspecialthankstoGeoff&JennyBolton(Wragby)whobroughtalong a
Cow and Calf on Saturdayand Richardand Kay Waring (Rand)brought along a Cow and Calf on Sunday.The Societyran "Guess  the
weightof the Cowand Calf"on eachday- withourthanksto boththe LincolnshireAgriculturalSocietyforprovidingFamily ticket
to the Food & Gift Fair and Rand Farm Park for a Family ticket for a day out at Rand Farm Park.

Farm Visit - in August - Yarn Hill Herd, in Suffolk- thank you to Natasha & RichardMann and their Family who so generously hosted
us. An amazingopportunityto viewthis showstopping,awardwinningHerd.Thankyoutooto GeoffBolton,ourroving Reporter,
whogaveanexcellentreportoftheday(seeourWintereditionoftheRedLetter).Itwaswonderfultoseemany Members
gathered together from far and wide!

Agri-Expo-Carlisle-thankyoutoIanMcNeeandChrisPagewhoorganised&operatedourStandwithwelcomeassistance from
Jonathan and Elaine Bradley who took along Holthead Clifford, for the live display.

NationalHerdCompetition-intheAutumn-init's5thYear-thankyoutoallourextremelygenerousSponsorsandto those
Memberswhoparticipate.ItwouldbegoodtoseemoreMembersenter-theJudgecomestoyourHerd-thereareClasses for
everyone.The PresentationEveningis a great chanceto get togetherand celebrateeach others'successes.Thank you Ian McNee
for using his expertise in organising this Event.  Thank you too to our Judges - this year Sharon and Phil Sellers.

Developments

Registrationsof both Bulls and Heiferscontinuealthoughit wouldbe reassuringif there were more.The Signet Projectis in its 2nd
year, take-up is disappointingconsideringthe Society is paying for it.EstimatedBreeding Values (EBVs)should begin to make  sense
astherecords/dataexpands.AnotherexcellentpromotionaltoolforBreeders.TheinitialarrangementwithSignetwasfor a
minimum of 3 years;Council has agreed with Signetto extend the Projectand they will continue to roll it over year-on-year. Noted
MemberswouldliketoseeitevolveintoGenomicswhichiswhywehaveourGuestSpeaker,MarkYoung,atthisyear'sAGM to
help us all get a better understanding of the Science.

In orderforthe Societyto maintainaccuraterecordsregardingthe populationofLincolnRedsin the UK we remindMembersit is
essentialyoukeepyourHerdrecordsup-to-date- whetherit be deaths,transfersandcalving- allcalvesshouldbe notifiedto the
Society;recordingcalving ease and birth weights where possible.Birth Weight Tapes are availablefrom the office for free - perhaps
BWT are not deemed ideal but, if you don't have a set of scales, they are better than nothing.

BullsareSNPsProfiled,SireVerified,PolledandMyostatinstatusrecordedbeforeRegistration-itisnotedonly2Myostatins are
prevalent- F94L and nt821DEL11- Bullswith 2 copiesnt821DEL11will not be Registered.Only HomozygousPolledbulls  permitted
at OfficialSocietySalesand this tookeffectfrom1st January2023.HeterozygousPolledbulls are stilleligibleto be registered. The
Societycontinuesto coverthe transitionfrom Microsatelliteto SNPs of Sires alreadyprofiledbut repeatsamplingmust be paid for
by Members. Council thanks those Members who are voluntarily DNA Profiling their Heifers.

AllOfficialSocietySaleshaveHighHealthstatusandallVendorsmustbe Membersofa CHeCsapprovedSchemeandHerds must
beAccreditedFreeofBVDandwithinJohnesRiskLevels1to4;itisnotedMemberscontinuetojoinHealthSchemes. Purchase
transferfeesarecollectedbytheMartsonbehalfoftheSocietyatOfficialSocietySales.Privatesalestransactedonbulls and
females continue.

ItmustbenotedthattheSocietywasextremelyfortunatetoreceiveaBequeathment/Legacyof£10,000fromtheEstateof the
late Mr H M Needler, for which Council is most appreciative.

Financial review

Investment performance

Council agreed to place £20,000.00into First Reserve Account where minimal interest is being achieved,better than no  interest.The
value of investments increased by £328 to £2,308 which reflects market trend.

Internal and external

BlueTongueBT3ControlZoneshavebeenexpandedinEngland,withdevastatingconsequencesforsomeproducers,and the
regulationsare ever changing.BT3has stalled the export of cattle and affectedmovementaround the UK and events and shows in
2024. Unfortunatelyit lookslike it is going to continueto impacttradein 2025.Membersare urged to keep checkingthe relevant
government website for updates.

As pressurebuilds on the beef and meat industryto be more carbonfoot print friendlySFI is most welcomebut we must continue
to re-educatethe consumerand ourselvesabout the value of LincolnReds whichfattenoff grass and fix carbonback into the soil -
this should prove a perfect time for our Breed and all Native Breeds to retake some of the Market.

Page 5

LINCOLN RED CATTLE SOCIETY(THE)

Trustees' Report
for the year ended 31 December 2024

The ongoing War in Ukraine is naturally of concern.

Reserves policy

The reserve fund representsthe unrestrictedfunds arising from past operatingresults.Unrestrictedfunds amountedto £169,247 of
this£22,586isfreelyavailablebecausethebalanceisinvestedinfixedassetinvestmentsandbankinvestments.The Council
membershavedeterminedthatgiventhecurrentfarmingclimatetheappropriateleveloffreereservesshouldbeequivalent to
approximately two years expenditure.

Principal funding sources

Sourcesofincomeincludemembership,cattleregistrations,GiftAidandsmallamountsofmerchandise.Notedthe Lincolnshire
Agricultural Society  Grant is under review. The Council continues to exercise control over expenditure wherever possible.

Investment policy and objectives

Under the memorandumand articlesof association,the charityhas the power to make any investmentwhich the Council members
see fit.

Plans for future periods

Councilwillcontinueto pursueits objectivesand in doingso willcontinueto ensureprudentmanagementof the Society's affairs.
BreedandBeefpromotionwillcontinueduring2025andCouncilandMembersareurgedtopulltogethertoenhanceinterest in
our Lincoln Red cattle.Council continue to look at ways of maintaining the Charity's income.

Conclusion

2024 sawthe launchof ourrebrandingand the costsinvolvedhavenaturallyimpactedon the bottomline in ouraccounts.It  was
with deep regret that we saw the dispersalof two of our largestand most long-standingHerds being the WalmerHerd in June and
the HemingbyHerd in October.Thankyou to everyonewho supportedthe Sales and welcometo new Memberswho started their
Herds with foundation stock from these dispersals.

Sadly,BT3seemedtoimpactonourAutumnShow&Salewhichhadtobecancelledduetonoentries.Breedersdostill enjoy
congregating at the Market and/or around Show Rings.

Our annualSpringShowand Salehas alsobeen impactedby lowerattendance- whilstexternalfactorscanbe blamed- we would
liketoremindMembersifyoudon'tsupportthisandotherEventswemaybeindangeroflosingthemandlosingouta market
share as they are a very effective means of promoting our marvellous Breed.

ThankyoutoallofCouncilfortheirvoluntarycontributionsoftimeandassistanceinensuringthecontinuedpromotionof our
BreedandforyourassistanceintherunningoftheSociety.SpecialthankstoRobinDennett;ourproactivePatron.Wetake this
opportunitytothankhimforhisservicesasChairofFinanceforanumberofyearsandthankMartinCloughfortakingup the
baton.Thankyou Ian McNee who Chairsthe MarketingCommittee- you and yourTeamhave had a busy yearwhichalso included
the productionof another Journal- thank you Jenny Hurst, Chief Editor,and everyonecontributingarticlesand supporting through
advertising.

The Scottish Members  Group Chaired by  Andrew Mylius  are as ever pro-active in their promotion of our Breed.

Thank you to Sue Oliver who drives our Society social media campaign  editing our Facebook Page.

Thank you Martin Clough our YFC Representative

The Newsletters and Website are run from the Office, thank you to all contributors of articles for the Newsletter.

ThankyoutoyouourMemberswhocontinuetosupportus;withoutBreederswewouldn'thaveaBreed.Pleaseencourage new
breeders to become Members when making sales.

It'sfairtosaythepositionofPresidentismoretime-consumingthanmostimaginebutIhaveenjoyedmysecondyearand am
lookingforwardto my "retirementin my new roll as Grandad"whilst I leave you in the capablehands of Tony.It would be good to
seeafewmoreRegistrations,weareontheRBSTBreedsatRisklistwithlessthan3000RegisteredbreedingFemales, please
rememberthat whilstLincolnReds make great sucklercowsand excellentmums to cross-bredcalveswe are the custodiansof our
Breedand must continueto breed Pedigreereplacements.I'm sure with the enthusiasmfromall Members,both old and new, our
Breed can go from strength to strength.

Structure, governance and management

Reference and administrative details

Registered Company number
00044278 (England and Wales)

Registered Charity number

215662

Page 6

LINCOLN RED CATTLE SOCIETY(THE)

Trustees' Report
for the year ended 31 December 2024

Registered office

Lincolnshire Showground
Grange De Lings
Lincoln
LN2 2NA

Trustees

The trustees who served the company during the period were as follows:-
Mr R E Dennett Patron Re-appointed 03.05.2023
Mrs C J Bettinson Life Vice-President
Mr G W Bolton Life Vice-President
Mr R I Clough Life Vice-President
Mr A Mylius Life Vice-President
Mr G J Parkinson Life Vice-President
Mr M Read Life Vice-President
Mrs S Stennett Life Vice-President
Mr D Hullah President Elected 03.05.2023
Mr A W J Bambridge President Elect Elected 15.05.2024
Mr M C Bagley Elected 04.05.2022
Mrs J A Hurst Elected 04.05.2022
Mr J M Kennedy Elected 04.05.2022
Mr C S Page Elected 03.05.2023
Mr R Waring Elected 03.05.2023
Mr S Thompson Elected 03.05.2023
Ms S M Oliver Elected 15.05.2024
Mr W E Jackson Elected 15.05.2024
Mr I McNee Elected 15.05.2023
Mr P M Clough Co-opted 04.07.2024
Mr C Mylius Scottish Representative Elected 03.05.2023
Mr P M Clough Young Farmers Representative
Secretary Mrs J J Borrows

Independent Examiner

Allison CowellBFP FCA BA (Hons)
Haines Watts
23 Algitha Road
Skegness
United Kingdom
PE25 2AG

Approved by order of the board of trustees on 7 May 2025 and signed on its behalf by:

Mr D L Hullah - Trustee

Page 7

Independent Examiner's Report to the Trustees of

Lincoln Red Cattle Society(The)

Independent examiner's report to the trustees of Lincoln Red Cattle Society(The) ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024.

Responsibilities and basis of report

Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)youareresponsiblefor the
preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16ofthe2006Actand are
eligiblefor independentexamination,I reportin respectof my examinationof yourcharity'saccountsas carriedout under Section
145oftheCharitiesAct2011('the2011Act').IncarryingoutmyexaminationIhavefollowedtheDirectionsgivenbythe Charity
Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completedmy examination.I confirmthat no mattershave come to my attentionin connectionwith the examination giving
me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). 

I have no concernsand have come across no other matters in connectionwith the examinationto which attentionshould be  drawn
in this report in order to enable a proper understanding of the accounts to be reached.

Allison Cowell

BFP FCA BA (Hons)

Haines Watts
23 Algitha Road
Skegness
United Kingdom
PE25 2AG

7 May 2025

Page 8

LINCOLN RED CATTLE SOCIETY(THE)

Statement of Financial Activities for the year ended 31 December 2024

2024 2023
Unrestricted
fund Total funds
Notes £ £
Income and endowments from
Donations and legacies 22,756 15,187
Charitable activities
Breed promotion and other charitable activities 27,484 27,062
Other trading activities 2 13,739 7,695
Investment income 3 3,290 980
Total 67,269 50,924
Expenditure on
Raising funds 728 318
Charitable activities
Breed promotion and other charitable activities 28,061 19,670
Maintenance of herd book and administration 35,771 33,147
Total 64,560 53,135
Net gains on investments 328 67
NET INCOME/(EXPENDITURE) 3,037 (2,144)
Reconciliation of funds
Total funds brought forward 166,210 168,354
Total funds carried forward 169,247 166,210 
The notes form part of these financial statements

Page 9

LINCOLN RED CATTLE SOCIETY(THE)

Statement of Financial Position 31 December 2024

2024 2023
Unrestricted
fund Total funds
Notes £ £
Fixed assets
Tangible assets 8 3,551 3,791
Investments 9 2,308 1,980
5,859 5,771
Current assets
Stocks 10 2,693 5,261
Debtors 11 5,369 3,234
Investments 12 135,025 111,780
Cash at bank 22,586 41,650
165,673 161,925
Creditors
Amounts falling due within one year 13 (2,285) (1,486)
Net current assets 163,388 160,439
Total assets less current liabilities 169,247 166,210
NET ASSETS 169,247 166,210
Funds 14
Unrestricted funds 169,247 166,210
Total funds 169,247 166,210 
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006fortheyear ended
31 December 2024.

The members have not required the company to obtain an audit of its financialstatements for the year ended 31 December 2024  in
accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financialstatementshave been prepared in accordancewith the provisionsapplicableto charitablecompaniessubject to  the
small companies regime.

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon7 May2025andweresignedon its
behalf by:

Mr D L Hullah - Trustee

The notes form part of these financial statements

Page 10

LINCOLN RED CATTLE SOCIETY(THE)

Notes to the Financial Statements for the year ended 31 December 2024

1. Accounting policies

Basis of preparing the financial statements

The financialstatementsof the charitablecompany,whichis a publicbenefitentityunder FRS 102,havebeen prepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statementof Recommended
Practiceapplicabletocharitiespreparingtheiraccountsin accordancewiththeFinancialReportingStandardapplicable in
theUKandRepublicofIreland(FRS102)(effective1January2019)',FinancialReportingStandard102'The Financial
ReportingStandardapplicableintheUKandRepublicofIreland'andtheCompaniesAct2006.Thefinancial statements
havebeen preparedunder the historicalcostconvention,withthe exceptionof investmentswhichare includedat market
value, as modified by the revaluation of certain assets.

Income

All income is recognisedin the Statementof FinancialActivitiesonce the charityhas entitlementto the funds, it is  probable
that the income will be received and the amount can be measured reliably.

Expenditure

Liabilitiesare recognisedas expenditureas soon as there is a legal or constructiveobligationcommittingthe charityto that
expenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlementandtheamountof the
obligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeenclassified under
headingsthataggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticular headings
they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Pavilion- 4% on reducing balance
Office equipment- 15% on reducing balance
Fixtures and fittings- 10% on reducing balance

Stocks

Stocksarevaluedat the lowerofcostandnet realisablevalue,aftermakingdue allowanceforobsoleteandslow moving
items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity.Restrictions arise
when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Fixed asset investment

The listed investments are measured at fair value. The fair value is the current market value.

Page 11

LINCOLN RED CATTLE SOCIETY(THE)

Notes to the Financial Statements - continued for the year ended 31 December 2024

2. Other trading activities

3.

Income from social functions and adverts
Merchandise sales
Investment income
Dividends received
Deposit account interest		 2024
£
12,557
1,182
13,739
2024
£
45
3,245
3,290		 2023
£
7,265
430
7,695
2023
£
-
980
980

4. Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):
2024 2023
£ £
Depreciation - owned assets 240 267
Independent reviewer 550 550

5. Trustees' remuneration and benefits

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2024norfortheyear ended
31 December 2023.

Trustees' expenses

There were no  trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

6. Staff costs

The average monthly number of employees during the year was as follows:
2024 2023
Employees 1 1 
No employees received emoluments in excess of £60,000.

Page 12

LINCOLN RED CATTLE SOCIETY(THE)

Notes to the Financial Statements - continued for the year ended 31 December 2024

7. Comparatives for the statement of financial activities

Comparatives for the statement of financial activities
Unrestricted
fund
£
Income and endowments from
Donations and legacies 15,187
Charitable activities
Breed promotion and other charitable activities 27,062
Other trading activities 7,695
Investment income 980
Total 50,924
Expenditure on
Raising funds 318
Charitable activities
Breed promotion and other charitable activities 19,670
Maintenance of herd book and administration 33,147
Total 53,135
Net gains on investments 67
NET INCOME/(EXPENDITURE) (2,144)
Reconciliation of funds
Total funds brought forward 168,354
Total funds carried forward 166,210

8. Tangible fixed assets

Tangible fixed assets
Fixtures
Office and
Pavilion equipment fittings Totals
£ £ £ £
Cost
At 1 January 2024 and 31 December 2024 9,677 9,594 749 20,020
Depreciation
At 1 January 2024 6,727 8,835 667 16,229
Charge for year 118 114 8 240
At 31 December 2024 6,845 8,949 675 16,469
Net book value
At 31 December 2024 2,832 645 74 3,551
At 31 December 2023 2,950 759 82 3,791 
Page 13

LINCOLN RED CATTLE SOCIETY(THE)

Notes to the Financial Statements - continued for the year ended 31 December 2024

9. Fixed asset investments

9. Fixed asset investments
Listed
investments
£
Market value
At 1 January 2024 1,980
Revaluations 328
At 31 December 2024 2,308
Net book value
At 31 December 2024 2,308
At 31 December 2023 1,980
There were no investment assets outside the UK.
Cost or valuation at 31 December 2024 is represented by:
Listed
investments
£
Valuation in 2024 328
Cost 1,980
2,308
10. Stocks
2024 2023
£ £
Stocks 2,693 5,261
11. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 3,728 1,490
Other debtors 1,276 1,340
Prepayments 365 404
5,369 3,234
12. Current asset investments
2024 2023
£ £
Cash investments 135,025 111,780 
Page 14

LINCOLN RED CATTLE SOCIETY(THE)

Notes to the Financial Statements - continued for the year ended 31 December 2024

13. Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024 2023
£ £
Other creditors 1,680 1,201
Accruals and deferred income 605 285
2,285 1,486
Movement in funds
Net
movement At
At 1/1/24 in funds 31/12/24
£ £ £
Unrestricted funds
General fund 166,210 3,037 169,247
TOTAL FUNDS 166,210 3,037 169,247

14. Movement in funds

Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 67,269 (64,560) 328 3,037
TOTAL FUNDS 67,269 (64,560) 328 3,037

Comparatives for movement in funds

Net
movement At
At 1/1/23 in funds 31/12/23
£ £ £
Unrestricted funds
General fund 168,354 (2,144) 166,210
TOTAL FUNDS 168,354 (2,144) 166,210 
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 50,924 (53,135) 67 (2,144)
TOTAL FUNDS 50,924 (53,135) 67 (2,144) 
Page 15

LINCOLN RED CATTLE SOCIETY(THE)

Notes to the Financial Statements - continued for the year ended 31 December 2024

14. Movement in funds - continued

A current year 12 months and prior year 12 months combined position is as follows:
Net
movement At
At 1/1/23 in funds 31/12/24
£ £ £
Unrestricted funds
General fund 168,354 893 169,247
TOTAL FUNDS 168,354 893 169,247 
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 118,193 (117,695) 395 893
TOTAL FUNDS 118,193 (117,695) 395 893

15. Related party disclosures

ItisconsideredthatcommitteemembersarerelatedpartiesofTheLincolnRedCattleSociety.Duringthecourseof the
currentandpreviousyear,transactionshavebeenenteredintoduetotheirparticipationwithinthesociety. These
transactionsare consideredto have been at arm's length and to be within the normal expected course of their involvement
with the society.It is consideredthat the value of transactions,both individuallyand collectively,is immaterialto both the
individual committee members as well as the society.

Page 16

LINCOLN RED CATTLE SOCIETY(THE)

Detailed Statement of Financial Activities for the year ended 31 December 2024

Income and endowments
Donations and legacies
Donations
Gift aid
Bequeathment
Grants
Subscriptions
Other trading activities
Income from social functions and adverts
Merchandise sales
Investment income
Dividends received
Deposit account interest
Charitable activities
Herd book
Prefixes
Transfer fees
Entrance fees
Total incoming resources
Expenditure
Raising donations and legacies
Members meetings
Charitable activities
Wages and salaries
Insurance
Telephone
Postage and stationery
Sundries
Sale of semen
Herd book costs
Breed promotion
Subscriptions to national organisations
Computer and training costs
Depreciation - Pavilion
Depreciation - Office equipment
Carried forward		 2024
£
287
1,284
10,000
-
11,185
22,756
12,557
1,182
13,739
45
3,245
3,290
22,130
75
4,123
1,156
27,484
67,269
728
28,377
1,250
781
1,573
70
712
1,339
27,349
134
984
118
114
62,801		 2023
£
292
1,340
-
2,000
11,555
15,187
7,265
430
7,695
-
980
980
21,880
75
4,113
994
27,062
50,924
318
25,521
1,025
482
1,717
44
997
1,590
18,673
199
1,358
123
134
51,863		 
This page does not form part of the statutory financial statements

Page 17

LINCOLN RED CATTLE SOCIETY(THE)

Detailed Statement of Financial Activities for the year ended 31 December 2024

Charitable activities
Brought forward
Depreciation - Fixtures and fittings
Support costs
Governance costs
Independent reviewer fee
Accountancy fees
Premises costs
Total resources expended
Net income/(expenditure) before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Net income/(expenditure)		 2024
£
62,801
8
62,809
550
255
218
1,023
64,560
2,709
328
3,037		 2023
£
51,863
9
51,872
550
270
125
945
53,135
(2,211)
67
(2,144)		 
This page does not form part of the statutory financial statements

Page 18