```
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`
|||`Page`||
|---|---|---|---|
|`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
```