REGISTERED COMPANY NUMBER: 00012100 (England and Wales)
REGISTERED CHARITY NUMBER: 217428
Report of the Trustees and
Financial Statements
for the Year Ended 30 June 2025
for
The Hereford Cattle Society
Thorne Widgery Accountancy Ltd
Chartered Accountants
Statutory Auditors
2 Wyevale Business Park
Kings Acre
Hereford
Herefordshire
HR4 7BS
The Hereford Cattle Society
Contents of the Financial Statements for the Year Ended 30 June 2025
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|
Page |
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Chairman's Report |
|
1 |
|
Report of the Trustees |
2 |
to |
6 |
Report of the Independent Auditors |
7 |
to |
10 |
Statement of Financial Activities |
|
11 |
|
Balance Sheet |
12 |
to |
13 |
Cash Flow Statement |
|
14 |
|
Notes to the Cash Flow Statement |
|
15 |
|
Notes to the Financial Statements |
16 |
to |
27 |
Detailed Statement of Financial Activities |
28 |
to |
29 |
The Hereford Cattle Society
Chairman's Report
for the Year Ended 30 June 2025
AsIreflectonanotheryearservingasChairmanofCouncil,itisclearthatthechallengesfacingourSociety continue
toevolve.ThelandscapeofBritishagriculture,andthebeefsectorinparticular,isexperiencing profound
change-perhapsmoresonowthanatanytimeinlivingmemory.Theroadaheadpromisestobejustas demanding,
requiring resilience, adaptation, and a strong sense of community among our membership.
Onesignificantfactorthisyearhasbeentheongoingdecisionnottoincreasememberfeessince2017.Hadthe Society
chosentoincreasefeesinlinewithinflationoverthisperiod,ouraccumulatedincomewouldbeover£300,000 higher.
ThiscalculatedforbearancereflectsCouncil'scommitmenttosupportingmembersthroughdifficulttimes,butit has
naturally placed additional pressure on the Society's finances.
Page 1
The Hereford Cattle Society
for the Year Ended 30 June 2025
Report of the Trustees
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
withthefinancialstatementsofthecharityfortheyearended30June2025.Thetrusteeshaveadopted the
provisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicableto charities
preparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublic of
Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
TheSocietyisestablishedtomaintainunimpairedthepurityof,andimprovethebreedof,cattleknownas Herefords
and to promote impartially the breeding of all the various tribes, families and strains of such cattle.
TheSociety'spromotionalactivitiesduringtheyearhavebeenaimedatdevelopingthemarketforpedigree and
commercial Hereford cattle.
To achieve its objectives, the Society has participated in numerous promotional events throughout the country.
TheSociety'splansforthefuturearetocontinuethepromotionandexpansionofthebreedbothdomestically and
internationally.
Public benefit
Thetrusteesconsiderthattheyhavecompliedwiththedutyinsection4oftheCharitiesAct2011,inhaving due
regard to public benefit.
Inthisregard,theSocietyimplementsBreedImprovementSchemestofacilitatetheeconomicand efficient
productionofbeef,constantlytakingintoconsiderationecofriendlysystemsofextensivefoodproduction using,
whenever and wherever possible, natural resources.
TheHerefordisaBreedrenownedinternationallyforitsabilitytoutilisenaturalgrazingareasoftheWorldto produce
highqualitybeefeconomically.TheSocietywillcontinuetopromotethisaspectoftheBreedsoastoincreaseits use
withtheaimofassistingthefarmingindustrytomeettheextremelychallengingfinancialconstraintsputupon them
in the current period of austerity.
Page 2
The Hereford Cattle Society
for the Year Ended 30 June 2025
Report of the Trustees
STRATEGIC REPORT
Achievements and performance
Despitethefinancialconstraints,Councilandstaffhaveworkeddiligentlytodeliveronourcore objectives.
Membershipnumbersremainrobust,andthecommunityofHerefordPedigreebreederscontinuestobea cornerstone
ofouractivities.However,wemustacknowledgethattoughtimeslieahead,particularlywiththelossof the
dedicatedHerefordlevypaymentfromprocessors.ThedissolutionoftheHereford-specificsupplychainlevyis a
directresultofbreeddevelopmentwithinthemarket,asretailcustomersandconsumershavenotconsistently valued
Hereford beef as distinct from other native breeds.
Althoughthesupplychainshavebeenbackfilledbyothernativebreeds,Herefordcattlewillstillplayarole within
thesesystems.Unfortunately,theabsenceoflevyfundingmarksasignificantchangefortheSocietyandits financial
planning going forward.
Inaddition,wearepleasedtoreportanotablereductioninoutstandingdebtorsovertheyear,reflectinga stronger
focusonpromptsettlementandimprovedfinancialdisciplineacrosstheSociety.Thispositivedevelopment has
contributed to more robust cash management and underpins our continued financial resilience.
Equallyimportantisthebehaviourandconductofourmembers.TheCouncilremainsunequivocalinits expectation
thatallinteractionsareconductedinacivilandrespectfulmanner.Bullying,coercivebehaviour,oranyform of
intimidationarenot,andwillnotbe,toleratedwithinourcommunity.Upholdingthesestandardsensuresa welcoming
and supportive environment for everyone involved in the Society's activities.
Hereford House and Operational Matters
HerefordHouseremainsavaluedassetwithgoodoccupancylevelsthroughouttheyear.Nevertheless,itisclear that
someinvestmentinthepropertywillberequiredinthenearfuture.Theseimpendingneedsarecurrently under
reviewbyCouncil,withthegoalofensuringthebuildingremainsfitforpurposeandcontinuestoprovidevalue to
members.
Alongsidetheseconsiderations,theCouncilisactivelyaddressinganoutstandingmatterregardingthedeeds of
HerefordHouse.Someambiguityhasarisenaroundthedocumentation,andstepsarebeingtakentoclarify and
resolvethis.Weareconfidentthatthisprocesswillbecompletedinduecourse,furthersecuringthe Society's
interests in the property.
Financial Report
Duringthepastfinancialyear,theSocietyhasmanageditsresourcesprudently.Wehaveidentifiedand enacted
cost-savingmeasures,particularlyaroundshowsandbreedpromotion,allwhilemaintainingour commitments
outlinedintheSociety'splan.Despiterisingcostsinkeyareassuchasrates,water,andelectricity,expenditure has
been carefully controlled and member services have been protected.
Ourbalancesheetremainsrobust,providingaplatformtosupportthemembershipwhereverpossible.The Council's
policycontinuestobethemaintenanceofunrestrictedfundsatalevelsufficienttocoverapproximately12months of
unrestricted expenditure.
Financial review
Investment policy and objectives
TheCouncilworkscloselywithitsinvestmentadvisorstogenerateincome,utilisingamixofequityandfixed return
investments.Theperformanceoftheinvestmentportfoliohasseendividendincomeof£29,463,plustherehasbeen a
gainintheoverallmarketvalueof£19,302duringtheperiod.Councilremainssatisfiedthatthereturnsachieved are
appropriate given current market conditions and the Society's objectives.
Reserves policy
Asinpreviousyears,itisthepolicyoftheSocietytomaintainunrestrictedreservesataprudentlevel. Unrestricted
fundshavebeenmaintainedatorabovethistargetthroughouttheyear,ensuringfinancialresilienceandthe ability
to meet management and support costs as needed.
Thefinancialresultsforthecharityareasdetailedinthestatementoffinancialactivityonpage10andthe balance
sheetonpage12.Thecharitytotalassetsof£1,542,087(2024-£1,528,025).Allfundsareunrestrictedwith the
exception of £2,905 restricted for UKHY. All other funds are available for the general purposes of the society.
Page 3
The Hereford Cattle Society
for the Year Ended 30 June 2025
Report of the Trustees
STRATEGIC REPORT Financial review
Chairman's Thanks
Finally,IwishtoexpressmysinceregratitudetoallCouncilmembers,staff,andvolunteersfortheir unfailing
dedicationandservicetotheBreedSociety.Theircommitmenthasbeenparticularlyevidentinayearmarked by
financialandstrategicchallenges.Mythanksalsogotoallmembersfortheirsupport,engagement,and continued
belief in the work and values of the Society.
Inrecentyears,wehavemadesignificantstridesinopennessandtransparency,withthelastfiveyearsmarking our
mosttransparentperiodtodate.Weremaincommittedtobuildingonthisprogress,navigatinguncertainties with
clearcommunication,diligentstewardship,andanunwaveringfocusonservingourmembersandthewider breed
community.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimitedcompany,limited by
guarantee, as defined by the Companies Act 2006.
TheSocietyisacompanylimitedbyguaranteeandnothavingasharecapital.Assuchitisgovernedbyits
MemorandumandArticlesofAssociation.Itwasincorporatedon5March1878.Itisregisteredasacharitywith the
Charity Commission.
Appointment & Training of Council Members
ACouncilof16membersiselectedbythegeneralmembershipattwoyearlyintervalsforatermoffouryears to
maintaincontinuitybetweencommitteemembers.TheCouncilmakeallpolicydecisions.TheGeneralManager is
responsible for carrying out these policies and for all office administration procedures.
CouncilMembersmust,atthetimeoftheirelection,beactualbreedersofHerefordCattle(asdefinedin the
Memorandum and Articles) and are elected on an area basis.
AsandwhennewCouncilMembers(Trustees)areelected,theyareprovidedwithallappropriateguidelinesfor the
trusteeship.Theyaremadeawareoftheirlegalobligationsundercharityandcompanylaw,andthe Charity
Commissionguidanceonpublicbenefit.TheyareinformedofthecontentoftheMemorandumandArticles of
Association, decision-making processes and the recent financial performance of the Society.
None of the Council Members receive remuneration or other benefit from their work with the Society.
Pay Policy for Senior Staff
Thepayofallstaffisreviewedannuallyandnormallyincreasedinaccordancewithaverageearnings.Allpay awards
are approved at Council meetings.
Risk Management
TheCouncilMembersactivelyreviewthemajorrisks,whichthecharityfacesonaregularbasisandbelieve that
maintainingreservesatcurrentlevels,combinedwithanannualreviewofthecontrolsoverkeyfinancialsystems, will
provide sufficient resources in the event of adverse conditions.
TheCouncilMembershavealsoexaminedotheroperationalandbusinessrisksfacedbythecharityandconfirm that
they have established systems to mitigate the significant risks.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
00012100 (England and Wales)
Registered Charity number
217428
Page 4
The Hereford Cattle Society
Report of the Trustees
for the Year Ended 30 June 2025
Registered office
Hereford House
3 Offa Street
Hereford
HR1 2LL
Trustees
Council Members
The Council members during the year were:
Mr P J Allman (Chairman)
Mrs J Cooper
Mrs S Cowle
Mr G Harvey
Mr M Jenkins (Vice Chairman)
Mr D Makin
Mr A J Massey
Mr M Shaw
Miss E N Thorne
Mr G R Wood- elected 14 November 2024
National Youth Director
Miss M Clarke
President
Mr S Edwards
The president is elected annually by Council.
Vice President
Mrs C Davies
General Manager
Mr S Wareing
Key Management
Mr P Sneyd - Resigned 2 January 2025
Mr S Wareing - Appointed 6 May 2025
Ms T Thomas
Mrs B Turner
Auditors
Thorne Widgery Accountancy Ltd
Chartered Accountants
Statutory Auditors
2 Wyevale Business Park
Kings Acre
Hereford
Herefordshire
HR4 7BS
Solicitors
T A Matthews & Co
First Floor Broadway House
32 - 35 Broad Street
Hereford
HR4 9AR
Page 5
The Hereford Cattle Society
for the Year Ended 30 June 2025
Report of the Trustees
REFERENCE AND ADMINISTRATIVE DETAILS
Bankers
Natwest
12 Broad Street
Hereford
HR4 9AH
Investment Advisors
Canaccord Genuity Wealth Management
41 Lothbury
London
EC2R 7AE
STATEMENT OF TRUSTEES' RESPONSIBILITIES
Thetrustees(whoarealsothedirectorsofTheHerefordCattleSocietyforthepurposesofcompanylaw) are
responsibleforpreparingtheAnnualReportandthefinancialstatementsinaccordancewithapplicablelaw and
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgiveatrueand fair
viewofthestateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplicationof resources,
includingtheincomeandexpenditure,ofthecharitablecompanyforthatperiod.Inpreparingthose financial
statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyat any
timethefinancialpositionofthecharitablecompanyandtoenablethemtoensurethatthefinancial statements
complywiththeCompaniesAct2006.Theyarealsoresponsibleforsafeguardingtheassetsofthecharitable company
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company's auditors are unaware; and
-
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
Theauditors,ThorneWidgeryAccountancyLtd,willbeproposedforre-appointmentattheforthcoming Annual
General Meeting.
Reportofthetrustees,incorporatingastrategicreport,approvedbyorderoftheboardoftrustees,asthe company
directors, on ............................................. and signed on the board's behalf by:
.....................................................
P Allman - Trustee
Page 6
Report of the Independent Auditors to the Trustees of
The Hereford Cattle Society
Opinion
WehaveauditedthefinancialstatementsofTheHerefordCattleSociety(the'charitablecompany')fortheyear ended
30June2025whichcomprisetheStatementofFinancialActivities,theBalanceSheet,theCashFlowStatement and
notestothefinancialstatements,includingasummaryofsignificantaccountingpolicies.Thefinancial reporting
frameworkthathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdomAccounting Standards
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 30 June 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicable law.
OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditof the
financialstatementssectionofourreport.Weareindependentofthecharitablecompanyinaccordancewith the
ethicalrequirementsthatarerelevanttoourauditofthefinancialstatementsintheUK,includingtheFRC's Ethical
Standard,andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasisof accounting
in the preparation of the financial statements is appropriate.
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoevents or
conditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharitablecompany'sabilityto continue
as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedinthe relevant
sections of this report.
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincluded in
the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand, in
doingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsor our
knowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuch material
inconsistenciesorapparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesriseto a
materialmisstatementinthefinancialstatementsthemselves.If,basedontheworkwehaveperformed,we conclude
thatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehave nothing
to report in this regard.
Matters on which we are required to report by exception
WehavenothingtoreportinrespectofthefollowingmatterswheretheCharities(AccountsandReports) Regulations
2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
the charitable company has not kept adequate accounting records; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 7
Report of the Independent Auditors to the Trustees of
The Hereford Cattle Society
Responsibilities of trustees
AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealsothedirectorsof the
charitablecompanyforthepurposesofcompanylaw)areresponsibleforthepreparationofthefinancial statements
andforbeingsatisfiedthattheygiveatrueandfairview,andforsuchinternalcontrolasthetrusteesdetermine is
necessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherdue to
fraud or error.
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitablecompany'sability to
continueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoing concern
basisofaccountingunlessthetrusteeseitherintendtoliquidatethecharitablecompanyortoceaseoperations, or
have no realistic alternative but to do so.
Page 8
Report of the Independent Auditors to the Trustees of
The Hereford Cattle Society
Our responsibilities for the audit of the financial statements
WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportinaccordancewiththe Act
and relevant regulations made or having effect thereunder.
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
materialmisstatement,whetherduetofraudorerror,andtoissueaReportoftheIndependentAuditorsthat includes
ouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconducted in
accordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarise from
fraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpected to
influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Fraud and breaches of laws and regulations - ability to detect
Identifying and responding to risks of material misstatement due to fraud
Toidentifyrisksofmaterialmisstatementduetofraud("fraudrisks")weassessedeventsorconditionsthat could
indicateanincentiveorpressuretocommitfraudorprovideanopportunitytocommitfraud.Ourrisk assessment
procedures included:
oEnquiringofcouncilmembers,managementandinspectionofpolicydocumentationastotheCharity's high-level
policiesandprocedurestopreventanddetectfraudaswellaswhethertheyhaveknowledgeofanyactual, suspected
or alleged fraud.
o Reading Council Members' meeting minutes.
o Considering performance targets for management.
Wecommunicatedidentifiedfraudrisksthroughouttheauditteamandremainedalerttoanyindicationsof fraud
throughout the audit.
Asrequiredbyauditingstandards,andtakingintoaccountouroverallknowledgeofthecontrolenvironment, we
performprocedurestoaddresstheriskofmanagementoverrideofcontrols,inparticulartheriskthat management
maybeinapositiontomakeinappropriateaccountingentries.Onthisauditwedonotbelievethereisafraud risk
relatedtorevenuerecognitionbecausetherevenueisnon-judgementalandstraightforward,withlimited opportunity
for manipulation.
Wedidnotidentifyanyadditionalfraudrisks.Weperformedproceduresincludingidentifyingjournalentriesto test
basedonriskcriteriaandcomparingtheidentifiedentriestosupportingdocumentation.Theseincludedthose posted
by finance management/ those posted and approved by the same user/ those posted to unusual accounts.
Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations
Weidentifiedareasoflawsandregulationsthatcouldreasonablybeexpectedtohaveamaterialeffecton the
financialstatementsfromourgeneralcommercialandsectorexperience,andthroughdiscussionwithmanagement (as
requiredbyauditingstandards)anddiscussedwithmanagementthepoliciesandproceduresregarding compliance
with laws and regulations.
Wecommunicatedidentifiedlawsandregulationsthroughoutourteamandremainedalerttoanyindications of
non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly,theCharityissubjecttolawsandregulationsthatdirectlyaffectthefinancialstatementsincluding financial
reportinglegislation,taxationlegislation,theCharitiesActlegislationandguidanceissuedbyDEFRAandwe assessed
theextentofcompliancewiththeselawsandregulationsaspartofourproceduresontherelatedfinancial statement
items.
Page 9
Report of the Independent Auditors to the Trustees of
The Hereford Cattle Society
Secondly,theCharityissubjecttomanyotherlawsandregulationswheretheconsequencesofnoncompliance could
haveamaterialeffectonamountsordisclosuresinthefinancialstatements,forinstancethroughtheimposition of
finesorlitigationorthelossoftheCharity'slicensetooperate.Weidentifiedthefollowingareasasthosemost likely
tohavesuchaneffect:healthandsafety,anti-bribery,employmentlaw,dataprotection,anti-moneylaundering and
specific areas of other legislation recognising the nature of the Charity's activities.
Auditingstandardslimittherequiredauditprocedurestoidentifynon-compliancewiththeselawsandregulations to
enquiryofmanagement,inspectionofregulatoryandlegalcorrespondence,ifany.Therefore,ifabreach of
operationalregulationsisnotdisclosedtousorevidentfromrelevantcorrespondence,anauditwillnotdetect that
breach.
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owingtotheinherentlimitationsofanaudit,thereisanunavoidableriskthatwemaynothavedetected some
materialmisstatementsinthefinancialstatements,eventhoughwehaveproperlyplannedandperformedouraudit in
accordancewithauditingstandards.Forexample,thefurtherremovednon-compliancewithlawsandregulations is
fromtheeventsandtransactionsreflectedinthefinancialstatements,thelesslikelytheinherently limited
procedures required by auditing standards would identify it.
Inaddition,aswithanyaudit,thereremainedahigherriskofnon-detectionoffraud,asthesemayinvolve collusion,
forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrols.Ourauditprocedures are
designedtodetectmaterialmisstatement.Wearenotresponsibleforpreventingnon-complianceorfraudand cannot
be expected to detect non-compliance with all laws and regulations.
Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedonthe Financial
ReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReport of
the Independent Auditors.
Use of our report
Thisreportismadesolelytothecharitablecompany'strustees,asabody,inaccordancewithPart4ofthe Charities
(AccountsandReports)Regulations2008.Ourauditworkhasbeenundertakensothatwemightstateto the
charitablecompany'strusteesthosematterswearerequiredtostatetotheminanauditors'reportandforno other
purpose.Tothefullestextentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthan the
charitablecompanyandthecharitablecompany'strusteesasabody,forourauditwork,forthisreport,orfor the
opinions we have formed.
for and on behalf of Thorne Widgery Accountancy Ltd
Chartered Accountants
Statutory Auditors
Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006
2 Wyevale Business Park
Kings Acre
Hereford
Herefordshire
HR4 7BS
Date: .............................................
Page 10
The Hereford Cattle Society
Statement of Financial Activities
for the Year Ended 30 June 2025
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Furtherance of the breed
Investment income
3
Other income
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Furtherance of the breed
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
funds
£
5,430
551,453
59,124
67,068
683,075
3,339
698,877
702,216
33,203
14,062
1,525,120
1,539,182 |
Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
2,905
2,905 |
30.6.25
Total
funds
£
5,430
551,453
59,124
67,068
683,075
3,339
698,877
702,216
33,203
14,062
1,528,025
1,542,087 |
30.6.24
Total
funds
£
5,000
578,424
62,578
64,469
710,471
3,506
783,365
786,871
17,022
(59,378)
1,587,403
1,528,025 |
|
|
|
|
|
The notes form part of these financial statements
Page 11
The Hereford Cattle Society
Balance Sheet
30 June 2025
Notes
FIXED ASSETS
Tangible assets
14
Heritage assets
15
Investments
Investments
16
Investment property
17
CURRENT ASSETS
Stocks
18
Debtors
19
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
20
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
21
Unrestricted funds
Restricted funds
TOTAL FUNDS |
Unrestricted
funds
£
55,228
382,050
670,276
375,000
1,482,554
-
33,323
44,100
77,423
(20,795)
56,628
1,539,182
1,539,182 |
Restricted
fund
£
-
-
-
-
-
-
-
2,905
2,905
-
2,905
2,905
2,905 |
30.6.25
Total
funds
£
55,228
382,050
670,276
375,000
1,482,554
-
33,323
47,005
80,328
(20,795)
59,533
1,542,087
1,542,087
1,539,182
2,905
1,542,087 |
30.6.24
Total
funds
£
56,401
382,050
691,044
375,000
1,504,495
6,890
55,160
27,040
89,090
(65,560)
23,530
1,528,025
1,528,025
1,525,120
2,905
1,528,025 |
|
|
|
|
|
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006forthe year
ended 30 June 2025.
Themembershavenotdepositednotice,pursuanttoSection476oftheCompaniesAct2006requiringanaudit of
these financial statements.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:
The notes form part of these financial statements
continued...
Page 12
The Hereford Cattle Society
Balance Sheet - continued
30 June 2025
.............................................
P Allman - Trustee
.............................................
M Jenkins - Trustee
The notes form part of these financial statements
Page 13
The Hereford Cattle Society
Cash Flow Statement
for the Year Ended 30 June 2025
30.6.25
Notes
£
Cash flows from operating activities
Cash generated from operations
1
(61,753)
Net cash used in operating activities
(61,753)
Cash flows from investing activities
Purchase of tangible fixed assets
(1,737)
Purchase of fixed asset investments
(127,998)
Sale of fixed asset investments
181,969
Dividends received
29,484
Net cash provided by/(used in) investing activities
81,718
Change in cash and cash equivalents in the
reporting period
19,965
Cash and cash equivalents at the
beginning of the reporting period
27,040
Cash and cash equivalents at the end of
the reporting period
47,005 |
30.6.24
£
(76,459)
(76,459)
(813)
(273,498)
241,247
32,563
(501)
(76,960)
104,000
27,040 |
|
|
The notes form part of these financial statements
Page 14
The Hereford Cattle Society
Notes to the Cash Flow Statement
for the Year Ended 30 June 2025
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gain on investments
Dividends received
Decrease in stocks
Decrease in debtors
(Decrease)/increase in creditors
Net cash used in operations |
30.6.25
£
14,062
2,910
(33,203)
(29,484)
6,890
21,837
(44,765)
(61,753) |
30.6.24
£
(59,378)
2,871
(17,022)
(32,563)
-
14,677
14,956 |
|
|
(76,459) |
2. ANALYSIS OF CHANGES IN NET FUNDS
At
Net cash
Cash at bank and in hand
Total |
1.7.24
Cash flow
At 30.6.25
£
£
£
27,040
19,965
47,005
27,040
19,965
47,005
27,040
19,965
47,005 |
1.7.24
Cash flow
At 30.6.25
£
£
£
27,040
19,965
47,005
27,040
19,965
47,005
27,040
19,965
47,005 |
|
|
47,005 |
|
|
47,005 |
The notes form part of these financial statements
Page 15
The Hereford Cattle Society
Notes to the Financial Statements
for the Year Ended 30 June 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January 2019)',
FinancialReportingStandard102'TheFinancialReportingStandardapplicableintheUKandRepublic of
Ireland'andtheCompaniesAct2006.Thefinancialstatementshavebeenpreparedunderthehistorical cost
convention,withtheexceptionofinvestmentswhichareincludedatmarketvalue,asmodifiedby the
revaluation of certain assets.
The Society meets the definition of a public benefit entity under FRS 102.
Assetsandliabilitiesareinitiallyrecognisedathistoricalcostortransactionvalueunlessotherwisestated in
the relevant accounting policy note(s).
Going Concern
Thetrusteesassesswhethertheuseofgoingconcernisappropriatei.e.whetherthereareany material
uncertaintiesrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheabilityofthecompany to
continueasagoingconcern.Thetrusteesmakethisassessmentinrespectofaperiodofatleastoneyear from
thedateofauthorisationforissueofthefinancialstatementsandhaveconcludedthatthecompany has
adequateresourcestocontinueinoperationalexistencefortheforeseeablefutureandthereareno material
uncertaintiesaboutthecompany'sabilitytocontinueasagoingconcern,thustheycontinuetoadoptthe going
concern basis of accounting in preparing the financial statements.
Thecompanyhasconsideredtheeffectsofthecurrenteconomicclimateontheirfinancialfutureand are
confidenttherewillbenosignificanteffectonthemcontinuingasagoingconcern.A5yearstrategicplan has
been established to focus on future sustainability.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothe funds,
it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccruals basis
andhasbeenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.
Allocation and apportionment of costs
SupportcostsarethosefunctionsthatassisttheworkoftheSocietybutdonotdirectlyundertake charitable
activities.SupportcostsincludegovernancecostswhichsupporttheSociety'sactivities.Supportcosts are
allocated on an appropriate basis according to activity.
Intangible fixed assets
Intangible fixed assets are amortised evenly over their estimated useful lives.
Trade Mark - 5 years
Breedplan - 3 years
Tangible fixed assets
Tangiblefixedassetsarestatedatcostorvaluation.Itemsarecapitalisedwheretheacquisitioncost exceeds
£1,000.
continued...
Page 16
The Hereford Cattle Society
Notes to the Financial Statements - continued
for the Year Ended 30 June 2025
1. ACCOUNTING POLICIES - continued
Tangible fixed assets
Depreciationisprovidedonalltangiblefixedassets,exceptthosedescribedbelow,atratescalculated to
write off the cost, less residual value, of each asset over its expected useful life, as follows:
Motor vehicles - 25% reducing balance
Office equipment - 25% / 20% / 10% reducing balance, 20% straight line
TheCouncilcarriesoutacontinualprogrammeofrepairsandmaintenancetoitsfreeholdbuildings,thecost of
whichischargedtothestatementoffinancialactivities.IntheopinionofCouncil,theusefuleconomiclife of
thefreeholdbuildingsisinexcessof50years,andtheprogrammeofrepairsandmaintenanceholds their
residual value at a level that a depreciation charge would not be material.
Heritage assets
Heritageassetsincludeoilpaintingsandpictures.Thesearestatedatvaluation.Nodepreciationisprovided in
respectofoilpaintingsandpicturesas,intheopinionofCouncil,theirvalueincreasesovertimeand a
depreciation charge would therefore not be appropriate.
Investment property
Investmentpropertyisshownatmostrecentvaluation.Anyaggregatesurplusordeficitarisingfromchanges in
fair value is recognised in the Statement of Financial Activities.
Stocks
Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowanceforobsolete and
slow 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.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
Pension costs and other post-retirement benefits
Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributionspayableto the
charitablecompany'spensionschemearechargedtotheStatementofFinancialActivitiesintheperiod to
which they relate.
Donated goods
Donatedgoodsarerecognisedasincomewhenthecharityhascontrolovertheitem,anyconditions associated
withthedonateditemhavebeenmet,thereceiptofeconomicbenefitfromtheusebythecharityofthe item
isprobableandthateconomicbenefitcanbemeasuredreliably.InaccordancewiththeCharitiesSORP (FRS
102).
Interest receivable
Interestonfundsheldondepositisincludedwhenreceivableandtheamountcanbemeasuredreliablyby the
Society; this is normally upon notification of the interest paid or payable by the bank.
Debtors
Tradeandotherdebtorsarerecognisedatthesettlementamountdue.Prepaymentsarevaluedatthe amount
prepaid.
Creditors and provisions
continued...
Page 17
The Hereford Cattle Society
Notes to the Financial Statements - continued
for the Year Ended 30 June 2025
1. ACCOUNTING POLICIES - continued
Creditorsandprovisionsarerecognisedwherethecharityhasapresentobligationresultingfromapast event
thatwillprobablyresultinatransferoffundstoathirdpartyandtheamountduetosettletheobligation can
be measured or estimated reliably.
Investment policy
Councilusesitsinvestmentadvisorstomeetitsrequirements,whichistogenerateincome.Thishas been
achievedwithamixofequityandfixedreturninvestments.Councilissatisfiedwiththereturns achieved
given current market conditions.
Financial instruments
TheSocietyonlyhasfinancialassetsandfinancialliabilitiesofakindthatqualifyasbasic financial
instruments.Basicfinancialinstrumentsareinitiallyrecognisedattransactionvalueand subsequently
measured at their settlement value.
Preparation of the accounts on a going concern basis
TherearenomaterialuncertaintiesabouttheSociety'sabilitytocontinue.AlloftheSociety'sability to
continue.AlloftheSociety'sactivitiesoverthelast10to15yearshavebeenonanupwardtrendandthere is
no indication that this will not continue. On this basis the Society is considered to be a going concern.
2. DONATIONS AND LEGACIES
DONATIONS AND LEGACIES |
|
|
|
30.6.25 |
30.6.24 |
|
£ |
£ |
Donations |
5,430 |
5,000 |
Theincomefromdonationsandlegacieswas£5,430(2024:£5,000)ofwhich£5,000wasunrestricted (2024:
£5,000).
3. INVESTMENT INCOME
INVESTMENT INCOME |
|
|
|
30.6.25 |
30.6.24 |
|
£ |
£ |
Rents received |
29,640 |
30,015 |
Dividends |
29,484 |
32,563 |
|
59,124 |
62,578 |
4. INCOME FROM CHARITABLE ACTIVITIES
Activity
Membership income
Furtherance of the breed
Gift aid
Furtherance of the breed
Registration fees
Furtherance of the breed
Transfer fees
Furtherance of the breed
Beef scheme levies
Furtherance of the breed
Export fees
Furtherance of the breed
Sales and commissions
Furtherance of the breed
DNA testing
Furtherance of the breed
Herd prefix
Furtherance of the breed |
30.6.25
£
96,653
17,531
241,076
29,808
13,364
350
52,259
97,062
3,350
551,453 |
30.6.24
£
104,403
18,403
222,923
36,480
27,720
900
58,896
103,349
5,350 |
|
|
578,424 |
Theincomefromcharitableactivitieswas£551,453(2024:£578,424)ofwhichallisincomingresources of
unrestrictedfunds.£13,364ofBeefSchemeLevieswasdesignatedfund-breedimprovement (2024:
£27,720).The remainder being general fund within unrestricted funds.
continued...
Page 18
The Hereford Cattle Society
Notes to the Financial Statements - continued
for the Year Ended 30 June 2025
5. RAISING FUNDS
Investment management costs
30.6.25
£
Portfolio management
3,339
6.
CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
Support
Direct
(see note
costs (see
Costs
7)
note 8)
£
£
£
Furtherance of the breed
634,175
4,047
60,655
7.
GRANTS PAYABLE
30.6.25
£
Furtherance of the breed
4,047
The total grants paid to institutions during the year was as follows:
30.6.25
£
Area Association Grant
4,047
8.
SUPPORT COSTS
Governance
Finance
costs
£
£
Furtherance of the breed
1,704
58,951
9.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
30.6.25
£
Auditors' remuneration
6,431
Depreciation - owned assets
2,910 |
30.6.24
£
3,506
Totals
£
698,877 |
|
30.6.24
£
3,250
30.6.24
£
3,250
Totals
£
60,655
30.6.24
£
5,292
2,871 |
continued...
Page 19
The Hereford Cattle Society
Notes to the Financial Statements - continued
for the Year Ended 30 June 2025
10. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended30June2025norforthe year
ended 30 June 2024.
Trustees' expenses
Council Members Expenses
Expensestotalling£3,739.91havebeenreimbursedtoCouncilMembersfortravelandaccomodation expenses
(2024: £4,536.47).
11. STAFF COSTS
Wages and salaries
Social security costs
Other pension costs |
30.6.25
£
137,007
16,867
1,575
155,449 |
30.6.24
£
201,710
17,711
3,659 |
|
|
223,080 |
The average monthly number of employees during the year was as follows:
|
30.6.25 |
30.6.24 |
Administration |
3 |
4 |
Thekeymanagementpersonnelofthecharityarelistedunderreferenceandadministrativedetails.The total
employeebenefitsthatwerereceivedbythekeymanagementpersonnelintheyearwere£155,449 (2024:
£223,080).Thenumberofemployeeswhoseemployeebenefits(excludingemployerpensioncosts) exceeded
£60,000 banded £90,000 - £100,000 was 0 (2024: banded £90,000-£100,000 was 1).
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Furtherance of the breed
Investment income
Other income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Furtherance of the breed
Total
Net gains on investments |
Unrestricted
funds
£
5,000
578,424
62,578
64,469
710,471
3,506
783,365
786,871
17,022 |
Restricted
fund
£
-
-
-
-
-
-
-
-
- |
Total
funds
£
5,000
578,424
62,578
64,469 |
|
|
|
710,471 |
|
|
|
3,506
783,365 |
|
|
|
786,871 |
|
|
|
17,022 |
continued...
Page 20
The Hereford Cattle Society
Notes to the Financial Statements - continued
for the Year Ended 30 June 2025
12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
funds
£
NET INCOME/(EXPENDITURE)
(59,378)
RECONCILIATION OF FUNDS
Total funds brought forward
1,584,498
TOTAL FUNDS CARRIED FORWARD
1,525,120
13.
INTANGIBLE FIXED ASSETS
Certified
trade
mark
£
COST
At 1 July 2024 and 30 June 2025
3,966
AMORTISATION
At 1 July 2024 and 30 June 2025
3,966
NET BOOK VALUE
At 30 June 2025
-
At 30 June 2024
-
14.
TANGIBLE FIXED ASSETS
Freehold
Motor
property
vehicles
£
£
COST
At 1 July 2024
46,645
20,798
Additions
-
-
At 30 June 2025
46,645
20,798
DEPRECIATION
At 1 July 2024
-
18,716
Charge for year
-
521
At 30 June 2025
-
19,237
NET BOOK VALUE
At 30 June 2025
46,645
1,561
At 30 June 2024
46,645
2,082 |
Restricted
fund
£
-
2,905
2,905
Breedplan
setting
up costs
£
25,480
25,480
-
-
Office
equipment
£
157,211
1,737
158,948
149,537
2,389
151,926
7,022
7,674 |
|
Total
funds
£
(59,378)
1,587,403
1,528,025
Totals
£
29,446
29,446
-
-
Totals
£
224,654
1,737
226,391
168,253
2,910
171,163
55,228
56,401 |
|
|
|
|
|
|
|
|
continued...
Page 21
The Hereford Cattle Society
Notes to the Financial Statements - continued
for the Year Ended 30 June 2025
15. HERITAGE ASSETS
HERITAGE ASSETS |
|
MARKET VALUE
At 1 July 2024 and 30 June 2025
NET BOOK VALUE
At 30 June 2025
At 30 June 2024 |
Total
£
382,050 |
|
382,050 |
|
382,050 |
Revaluation
DuringDecember2019arevaluationoftheHeritageAssetswasperformedbyBrightwellsAuctioneers and
Valuers,Leominster.Theresultoftherevaluationisreflectedinthesefinancialstatements.Arevaluation will
be obtained in the 25/26 financial year.
16. FIXED ASSET INVESTMENTS
FIXED ASSET INVESTMENTS |
|
|
Listed |
|
investments |
|
£ |
MARKET VALUE |
|
At 1 July 2024 |
691,044 |
Additions |
108,695 |
Disposals |
(148,766) |
Revaluations |
19,303 |
At 30 June 2025 |
670,276 |
NET BOOK VALUE |
|
At 30 June 2025 |
670,276 |
At 30 June 2024 |
691,044 |
There were no investment assets outside the UK.
Cost or valuation at 30 June 2025 is represented by: |
|
|
Listed |
|
investments |
|
£ |
Valuation in 2025 |
670,276 |
continued...
Page 22
The Hereford Cattle Society
Notes to the Financial Statements - continued
for the Year Ended 30 June 2025
17. INVESTMENT PROPERTY
INVESTMENT PROPERTY |
|
FAIR VALUE
At 1 July 2024
and 30 June 2025
NET BOOK VALUE
At 30 June 2025
At 30 June 2024
Fair value at 30 June 2025 is represented by:
Valuation in 2025 |
£
375,000 |
|
375,000 |
|
375,000 |
|
£
375,000 |
InvestmentPropertyrelatestothecarparklocatedonEastStreetinHereford.Themostrecentvaluation was
completed 23/03/2022 by Sunderlands.
18. STOCKS
|
30.6.25 |
30.6.24 |
|
£ |
£ |
Stocks |
- |
6,890 |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
30.6.25 |
30.6.24 |
|
£ |
£ |
Trade debtors |
25,424 |
41,157 |
Prepayments and accrued income |
7,899 |
14,003 |
|
33,323 |
55,160 |
19. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
30.6.25 |
30.6.24 |
|
£ |
£ |
Trade creditors |
7,989 |
59,639 |
Social security and other taxes |
263 |
- |
VAT |
10,189 |
2,555 |
Other creditors |
162 |
583 |
Accruals and deferred income |
2,192 |
2,783 |
|
20,795 |
65,560 |
continued...
Page 23
The Hereford Cattle Society
Notes to the Financial Statements - continued
for the Year Ended 30 June 2025
21. MOVEMENT IN FUNDS
Unrestricted funds
General fund
Designated fund - Breed Improvement
Restricted funds
Restricted fund
TOTAL FUNDS
Net movement in funds, included in the above are a
Unrestricted funds
General fund
Designated fund - Breed Improvement
TOTAL FUNDS |
s follows:
Incoming
resources
£
669,711
13,364
683,075
683,075 |
At 1.7.24
£
1,200,709
324,411
1,525,120
2,905
1,528,025
Resources
expended
£
(698,846)
(3,370)
(702,216)
(702,216) |
Net
movement
in funds
£
4,068
9,994
14,062
-
14,062
Gains and
losses
£
33,203
-
33,203
33,203 |
At
30.6.25
£
1,204,777
334,405 |
At
30.6.25
£
1,204,777
334,405 |
|
|
|
|
1,539,182
2,905 |
|
|
|
|
|
1,542,087 |
|
|
|
|
|
Movement
in funds
£
4,068
9,994
14,062
14,062 |
|
|
|
|
|
|
14,062 |
|
|
|
|
|
14,062 |
Comparatives for movement in funds
Unrestricted funds
General fund
Designated fund - Breed Improvement
Restricted funds
Restricted fund
TOTAL FUNDS |
At 1.7.23
£
1,284,926
299,572
1,584,498
2,905
1,587,403 |
Net
movement
in funds
£
(84,217)
24,839
(59,378)
-
(59,378) |
At
30.6.24
£
1,200,709
324,411 |
|
|
|
1,525,120
2,905 |
|
|
|
1,528,025 |
continued...
Page 24
The Hereford Cattle Society
Notes to the Financial Statements - continued
for the Year Ended 30 June 2025
21. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Designated fund - Breed Improvement
TOTAL FUNDS |
Incoming
Resources
resources
expended
£
£
682,751
(783,990)
27,720
(2,881)
710,471
(786,871)
710,471
(786,871) |
Gains and
Movement
losses
in funds
£
£
17,022
(84,217)
-
24,839
17,022
(59,378)
17,022
(59,378) |
Gains and
Movement
losses
in funds
£
£
17,022
(84,217)
-
24,839
17,022
(59,378)
17,022
(59,378) |
|
|
|
(59,378) |
|
|
|
(59,378) |
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
Designated fund - Breed Improvement
Restricted funds
Restricted fund
TOTAL FUNDS |
At 1.7.23
£
1,284,926
299,572
1,584,498
2,905
1,587,403 |
Net
movement
in funds
£
(80,149)
34,833
(45,316)
-
(45,316) |
At
30.6.25
£
1,204,777
334,405 |
|
|
|
1,539,182
2,905 |
|
|
|
1,542,087 |
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
1,352,462
(1,482,836)
Designated fund - Breed Improvement
41,084
(6,251)
1,393,546
(1,489,087)
TOTAL FUNDS
1,393,546
(1,489,087) |
Gains and
Movement
losses
in funds
£
£
50,225
(80,149)
-
34,833
50,225
(45,316)
50,225
(45,316) |
Gains and
Movement
losses
in funds
£
£
50,225
(80,149)
-
34,833
50,225
(45,316)
50,225
(45,316) |
|
|
(45,316) |
|
|
(45,316) |
Revaluation Fund
The revaluation fund is required by the Companies Act 2006 and represents the following:
£228,450 - the amount by which fixed assets stated at a valuation exceed their historical cost.
£373,100 - the amount by which investment property valuation exceeded its historical cost.
These are included within General fund.
Designated fund - Breed Improvement
Thisdesignatedfundrepresentsincomereceivedfrombeefschemelevieswhichisusedforthepromotion of
schemes which aim to improve the breed.
Restricted Fund
continued...
Page 25
The Hereford Cattle Society
Notes to the Financial Statements - continued
for the Year Ended 30 June 2025
21. MOVEMENT IN FUNDS - continued
UKHY Bursary Received in YE 30.06.2020 to be spent in financial year 25/26.
22. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2025 (or year ended 30 June 2024).
23. GUARANTEE
TheSocietyisacompanylimitedbyguaranteeandhasnosharecapital.MembersoftheSocietyguarantee to
contributeanamountnotexceeding£5totheassetsoftheSocietyintheeventofawindingupinthe time
thattheyaremembers,orwithinoneyearofceasingtobeamember.Thetotalnumberofsuchguarantees at
30 June 2025 was 1,257 (2024: 1,374)
24. MEMBERSHIP
|
Number of
Members2025 |
Number of
Members 2024 |
|
|
|
Northern Ireland |
119 |
140 |
Scotland |
76 |
75 |
Wales |
228 |
247 |
North of England |
186 |
209 |
South of England |
96 |
103 |
South West of England |
155 |
161 |
Midlands and East Anglia |
163 |
176 |
West Midlands |
215 |
243 |
Overseas |
19 |
20 |
|
|
|
|
1,257 |
1,374 |
NUMBER OF NEW MEMBERS ELECTED
2015/2016 |
135 |
Members |
2016/2017 |
102 |
Members |
2017/2018 |
118 |
Members |
2018/2019 |
89 |
Members |
2019/2020 |
113 |
Members |
2020/2021 |
107 |
Members |
2021/2022 |
104 |
Members |
2022/2023 |
74 |
Members |
2023/2024 |
78 |
Members |
2024/2025 |
49 |
Members |
continued...
Page 26
The Hereford Cattle Society
Notes to the Financial Statements - continued
for the Year Ended 30 June 2025
25. DETAILED PROFIT AND LOSS ACCOUNT
|
2025 |
2024 |
|
£ |
£ |
|
|
|
Turnover |
551,453 |
578,424 |
Administrative Expenses |
(695,327) |
(786,871) |
Other Operating Income |
102,138 |
99,484 |
|
|
|
Operating (Loss)/Profit |
(41,736) |
(108,963) |
|
|
|
Investment Income |
29,484 |
32,563 |
|
|
|
Profit on Ordinary Activities Before Taxation |
(12,252) |
(76,400) |
|
|
|
Profit on Disposal of Investments |
13,900 |
(23,179) |
|
|
|
Trading Profit for the Financial Year |
1,648 |
(99,579) |
|
|
|
|
|
|
RECONCILIATION OF PROFIT AND LOSS ACCOUNT TO STATEMENTOF FINANCIAL ACTIVITIES |
|
|
|
|
|
|
2024 |
2023 |
|
£ |
£ |
|
|
|
Trading Profit for the Financial Year |
1,648 |
(99,579) |
|
|
|
Profit (Loss) on revaluation of investment property |
- |
- |
Profit (Loss) on revaluation of listed investments |
19,303 |
40,201 |
|
|
|
Net Movement in Funds |
20,951 |
(59,378) |
|
|
|
Page 27
The Hereford Cattle Society
Detailed Statement of Financial Activities
for the Year Ended 30 June 2025
Detailed Statement of Financial Activities
for the Year Ended 30 June 2025 |
|
|
|
30.6.25 |
30.6.24 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Donations and legacies |
|
|
Donations |
5,430 |
5,000 |
Investment income |
|
|
Rents received |
29,640 |
30,015 |
Dividends |
29,484 |
32,563 |
|
59,124 |
62,578 |
Charitable activities |
|
|
Membership income |
96,653 |
104,403 |
Gift aid |
17,531 |
18,403 |
Registration fees |
241,076 |
222,923 |
Transfer fees |
29,808 |
36,480 |
Beef scheme levies |
13,364 |
27,720 |
Export fees |
350 |
900 |
Sales and commissions |
52,259 |
58,896 |
DNA testing |
97,062 |
103,349 |
Herd prefix |
3,350 |
5,350 |
|
551,453 |
578,424 |
Other income |
|
|
Rental income |
67,068 |
64,469 |
Total incoming resources |
683,075 |
710,471 |
EXPENDITURE |
|
|
Investment management costs |
|
|
Portfolio management |
3,339 |
3,506 |
Charitable activities |
|
|
Wages |
137,007 |
201,710 |
Social security |
16,867 |
17,711 |
Pensions |
1,575 |
3,659 |
Rates and water |
10,587 |
11,267 |
Premises & Health Insurance |
8,411 |
8,892 |
Light and heat |
34,573 |
33,387 |
Telephone |
2,634 |
2,716 |
Postage and stationery |
16,445 |
19,411 |
Shows & Breed Promotion |
203,548 |
177,208 |
Sundries |
26,024 |
11,485 |
Cleaning |
13,267 |
11,568 |
Vehicle expenses |
3,328 |
3,468 |
Travelling expenses |
21,950 |
22,972 |
DNA testing |
84,470 |
80,710 |
Repairs and maintenance |
19,168 |
24,429 |
Carried forward |
599,854 |
630,593 |
This page does not form part of the statutory financial statements
Page 28
The Hereford Cattle Society
Detailed Statement of Financial Activities
for the Year Ended 30 June 2025
Detailed Statement of Financial Activities
for the Year Ended 30 June 2025 |
|
|
|
30.6.25 |
30.6.24 |
|
£ |
£ |
Charitable activities |
|
|
Brought forward |
599,854 |
630,593 |
Breed improvement scheme |
3,370 |
2,881 |
Breedplan costs |
13,875 |
16,521 |
Subscriptions |
718 |
1,412 |
Transfer of semen |
13,448 |
13,143 |
Depreciation of tangible fixed assets |
2,910 |
2,871 |
Grants to institutions |
4,047 |
3,250 |
|
638,222 |
670,671 |
Support costs |
|
|
Finance |
|
|
Bank charges |
1,704 |
1,900 |
Governance costs |
|
|
Auditors' remuneration |
6,431 |
5,292 |
Accountancy fees |
3,306 |
4,028 |
Legal and professional fees |
49,214 |
101,474 |
|
58,951 |
110,794 |
Total resources expended |
702,216 |
786,871 |
Net expenditure before gains and losses |
(19,141) |
(76,400) |
Realised recognised gains and losses |
|
|
Realised gains/(losses) on fixed asset |
|
|
investments |
33,203 |
17,022 |
Net income/(expenditure) |
14,062 |
(59,378) |
This page does not form part of the statutory financial statements
Page 29