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2022-12-31-accounts

Devon Cattle Breeders’ Society (A Charitable Company Limited by Guarantee)

Annual Report and Financial Statements

For the Year Ended 31 December 2022

Company Number: 00019605 Charity Registered in England and Wales Number: 248836

Devon Cattle Breeders’ Society Contents For the Year Ended 31 December 2022

Page
Contents 1
Reference and Administrative Details 2
Trustees’ Annual Report 3 - 6
Independent Examiner’s Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 - 18

Prepared By Albert Goodman LLP

1

Devon Cattle Breeders’ Society Reference and Administrative Details For the Year Ended 31 December 2022

Trustees and Directors

Mr A N Cottey (appointed 28 April 2022) Mr R J Gove (appointed 28 April 2022) Miss R S Hurd (appointed 28 April 2022) Mrs E D Roper (appointed 28 April 2022) Mr A J Thomas (appointed 28 April 2022) Mr R P Atkins Mr D J Barker Mr D M Barker Mr H Dart Mr R P F Florey Mr T J Hooper Mr G M Hunter Mr A J Lane Mr D M Martin Mr J W May Mrs S P May Mrs G T Phillips Mr S B Phillips Mr G J Summerhayes Mr N J Wakely Mr M T Yeandle Mrs B G Clamp (resigned 28 April 2022) Mr M Cowell (resigned 28 April 2022) Mrs M I Elliott (resigned 28 April 2022) Mr R D Youngman (resigned 28 April 2022) Mr R May (resigned by default)

Principal Office and Registered Office Unit 1, The Stable Yard Woodhayes Farm Honiton Devon EX14 4TP

Independent Examiner Michelle Ferris FCA Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX

Prepared By Albert Goodman LLP

2

Devon Cattle Breeders’ Society Trustees’ Report For the Year Ended 31 December 2022

The trustees, who are also directors for the purposes of the Companies Act, present their report and the unaudited financial statements of the charity for the year ended 31 December 2022, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Structure, governance and management

Devon Cattle Breeders’ Society (“DCBS”) was incorporated as a company limited by guarantee on 25 March 1884 and is governed by the memorandum and articles of association at that date, amended by special resolutions dated 30 January 1925, 7 December 1928, 28 April 1933, 30 March 1951, 15 May 1951, 16 February 1954, 11 September 1990, 17 April 2008 and 24 April 2012. It registered as a charity on 18 October 1966.

Devon Cattle Breeders’ Society is directed by a Board of directors who are also the trustees of the charity. The trustees are people drawn from the agricultural and farming community. Nominations for new trustees in each county or district must be received in writing by the Secretary by the date requested in the year of election. Voting on prospective trustees is by postal ballot. Following the count, notice of the prospective trustees must be provided at least 14 days before the AGM. Persons having the highest number of votes in their respective counties or districts shall be declared new trustees at the AGM. At each AGM one third of the trustees retire from office based on their length of service and are unavailable for nomination again for at least one year following the termination of their three year service. Their time is given voluntarily. Meetings are held on a regular basis. The trustees review ongoing activities and also consider new initiatives that might be developed and publicised.

The Board take responsibility for all policy decisions. The minutes of Board meetings constitute the formal records of proceedings and decisions taken and approved by the trustees.

The Board of trustees delegates in a number of operational areas through sub-committees, principally Breed Improvement and Breed Promotion. Both committees are tasked to bring recommendations forward to the Board for its consideration. The Executive Committee consider in detail policy, finance and governance issues, reporting their recommendations to the Board for approval.

Day-to-day operation is delegated mainly to the breed secretary who is authorised to make payments on behalf of the society up to a £1000 limit. The breed secretary provides timely financial reporting to the Board on a quarterly basis. The secretary can refer to the Executive Committee with regards any policy issues arising concerning areas such as compliance, regulation, and finance. The trustees consider the breed secretary to be key management personnel; the role was originally part of a tender process and in the subsequent years, annual reviews are undertaken by the trustees.

The Trustees actively seek to eliminate or mitigate risks to the Society from both internal and external factors. The Trustees formalised their risk management in 2016 with the creation of a Risk Register which is annually reviewed as part of the strategic planning process to ensure that actions and procedures are in place to effectively manage risks. The Trustees delegated the task of the annual review of the Risk Register to the Executive Committee who present an updated Risk Register together with recommendation of actions arising, for approval at the 3rd Quarter meeting of Trustees.

Prepared By Albert Goodman LLP

3

Devon Cattle Breeders’ Society Trustees’ Report For the Year Ended 31 December 2022

Objectives and activities

The key objects of the charity are:

In practice, this is done by utilising subscriptions, cattle registrations and fund raising income to promote the breed and maintain the Herd Book as main activities.

In setting the objectives and planning the activities of the charity, the trustees have given due consideration, and had regard to the Charity Commission’s guidance on public benefit.

Achievements and Performance

Where has 12 months gone. It has been a great privilege and honour to be President. At last we were able to have a full show season without restrictions for exhibitors and spectators to adhere to, the cattle have flown the flag for the Breed doing so well in the interbreed classes.

The Spring Show and Sale was a great success with top priced bull of 9600 gns. Unfortunately the Autumn Show had to be cancelled due to circumstances beyond our control.

The summer drought has been a challenge but once again The Devon has shown how adaptable the breed is. I truly believe this is one of the most versatile breeds there is, easy calving, copes with marginal grazing and very adaptable in extreme climates.

We are continuing to experience strong deadweight prices not seen in decades, almost reaching £5.00 per kilo.

Lisa and Theresa have been a great support to me in my year as President they continue to work hard in the office with the members for the good of the breed.

During the year we saw big changes we lost our Queen and welcomed The King, we wrote a letter of condolence and received a very nice reply.

Prepared By Albert Goodman LLP

4

Devon Cattle Breeders’ Society Trustees’ Report For the Year Ended 31 December 2022

Financial Review

The Society’s principal source of income from charitable activities has increased by £1,506 to £98,461, and total income of £107,213 versus £111,090 in 2021. Expenditure has decreased by £13,159, totalling £98,234 versus £111,393 in 2021. Net income for 2022 is £8,979 versus a net expenditure of £303 in 2021.

Total reserves stand at more than £204k, comfortably in excess of the Society’s Reserves Policy which requires the trustees to maintain reserves equivalent to 1.25 years operational costs as averaged over the past two years.

Reserves policy

The society’s investment policy is shaped by two key objectives; firstly, to ensure sufficient funds are available to protect the society in times of financial stress caused by factors outside its control, and secondly to enable the society to invest in activities which support its core purpose to maintain and promote the breed. The first objective is met by the trustees’ regular review and monitoring of the society’s risk register and by investment of the majority of funds in low-risk savings accounts, typically maintained at no lower than £120k (equivalent to 1.25 years operational costs as averaged over the past two years). The second objective is met by the trustees’ consideration, as part of the annual budgeting process, of investment in specific initiatives which the trustees believe will support our core purpose of maintaining and promoting the breed, so leading to steady long-term generation of income through growth in membership and registrations.

Reserves for the year are £204k and whilst reserves exceed the minimum stated requirement, the Trustees are satisfied that strategic planning, with particular reference to the creation of the Five Year Plan, is driving effective investment in maintaining, promoting and improving the breed, balanced with the need for prudence given the volatile nature of the farming sector and the as yet unknown challenges and opportunities for the UK farming sector caused by “Brexit”.

Prepared By Albert Goodman LLP

5

Devon Cattle Breeders’ Society Trustees’ Report For the Year Ended 31 December 2022

Going Concern

After making appropriate enquiries, the board of trustees has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason it continues to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting Policies.

Statement of trustees’ responsibilities

The trustees (who are also directors of Devon Cattle Breeders’ Society for the purposes of company law) are responsible for preparing the Trustees' Report (incorporating the directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small company provisions

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

Signed by order of the trustees on 20 April 2023

Mr D Martin Director

Prepared By Albert Goodman LLP

6

Devon Cattle Breeders’ Society Independent Examiners’ Report to the Trustees For the Year Ended 31 December 2022

Independent examiner’s report to the trustees of Devon Cattle Breeders’ Society

I report to the charity trustees on my examination of the accounts of Devon Cattle Breeders’ Society (“the Company”) for the year ended 31 December 2022.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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

  2. the accounts do not comply with these records; or

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

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

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Michelle Ferris FCA Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX

Dated: 15 May 2023

Prepared By Albert Goodman LLP

7

Devon Cattle Breeders’ Society Statement of Financial Activities For the Year Ended 31 December 2022

Unres-
tricted
Notes
£
Income and endowments
Donations
2
1,311
Charitable activities
3
98,461
Other trading activities
4
7,260
Investment income
181
Other income
-
Total income
107,213
Expenditure
Expenditure on charitable
activities
5
94,502
Total expenditure
94,502
Net (expenditure) / income
12,711
Transfers between funds
10
-
Net movement in funds
12,711
Reconciliation of funds
Fund balances at 1 January
2022
194,153
Fund balances at 31
December 22
206,864		 Res-
tricted
£
-
-
-
-
-
-
32
32
(32)
-
(32)
1,292
1,260		 Total
2022
£
1,311
98,461
7,260
181
-
107,213
94,534
94,534
12,679
-
12,679
195,445
208,124		 Unres-
tricted
£
47
96,955
9,051
1,164
3,873
111,090
111,393
111,393
(303)
-
(303)
194,456
194,153		 Res-
tricted
£
-
-
-
-
-		 Total
2021
£
47
96,955
9,051
1,164
3,873
- 111,090
- 111,393
- 111,393
-
-		 (303)
-
-
1,292		 (303)
195,748
1,292 195,445

The results for the year derive from continuing activities and there are no gains or losses other than those shown above.

The statement of financial activities incorporates the income and expenditure account.

Prepared By Albert Goodman LLP

8

Devon Cattle Breeders’ Society – Company Registration Number: 00019605 Balance sheet As at 31 December 2022

----- Start of picture text -----
Total Total
2022 2021
Notes £ £
Fixed assets
Tangible fixed assets 7 1,002 1,466
Current assets
Stock 9,420 3,619
Debtors 8 7,998 14,005
Cash at bank and in hand 202,789 187,770
220,207 205,394
Creditors
Amounts falling due within one year 9 (13,085) (11,415)
Net current assets 207,122 193,979
Net assets 208,124 195,445
The funds of the charity
Restricted income funds 10 1,260 1,292
Unrestricted funds 10 206,864 194,153
208,124 195,445
----- End of picture text -----

These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

For the year in question, the charitable company was entitled to exemption from an audit under section 477 of the Companies Act 2006.

The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act.

The trustees/directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the Board for issue on 20 April 2023 and signed on its behalf by:

Mr D Martin Director

Prepared By Albert Goodman LLP

9

Devon Cattle Breeders’ Society Notes to the Financial Statements For the Year Ended 31 December 2022

1 Accounting policies

1.1 General information and basis of accounting

Devon Cattle Breeders’ Society is a company limited by guarantee incorporated in the United Kingdom under the Companies Act. The address of the registered office is given on page 2. The nature of the charity’s operations and its principal activities are set out in the Trustees report on pages 3-6.

The financial statements have been prepared in accordance with Accounting and reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)- (Charities SORP (FRS 102)) and the Companies Act 2006.

The charity meets the definition of public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Going concern

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Income

Income from donations is recognised upon receipt.

Income from charitable activities is included in the period which the charity is entitled to receipt, it is probable that economic benefits will flow to the entity and the amount can be reliably measured. Where income is received in advance, including subscriptions, income is deferred until the criteria are met. Where income has not been received and services have been provided, income is accrued.

Income from other trading activities includes income relating to sponsorship, fundraising, biannual show and dinner income and is included when income is receivable. Income is shown net of VAT.

Prepared By Albert Goodman LLP

10

Devon Cattle Breeders’ Society Notes to the Financial Statements For the Year Ended 31 December 2022

1 Accounting policies (continued)

1.4 Expenditure

Expenditure is accounted for on the accruals basis. Liabilities are recognised in the accounting period to which they relate.

Support costs are those functions which assist the work of the charity but do not directly undertake charitable activities. These costs have been allocated to expenditure on charitable activities.

1.5 Fixed assets

Fixed assets are valued at cost less depreciation.

Depreciation is calculated to write off the cost or valuation of fixed assets over their estimated useful lives at the following rate:- Equipment – 25% straight line

1.6 Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.7 Debtors

Trade and other debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid.

1.8 Cash at bank and in hand

Cash at bank and in hand comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

1.9 Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

1.10 Taxation

The company is a registered charity and is therefore not liable to corporation tax to the extent that income and gains are applied to charitable objectives.

1.11 Fund accounting

General funds are unrestricted funds receivable or generated for the objects of the company without further specified purpose and are available as general funds.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criterion is charged to the fund, together with a fair allocation of management and support costs.

Prepared By Albert Goodman LLP

11

Devon Cattle Breeders’ Society Notes to the Financial Statements For the Year Ended 31 December 2022

1 Accounting policies (continued)

1.12 Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Prepared By Albert Goodman LLP

12

Devon Cattle Breeders’ Society Notes to the Financial Statements For the Year Ended 31 December 2022

2 Donations

----- Start of picture text -----
Unres- Res- Total Unres- Res- Total
tricted tricted 2022 tricted tricted 2021
£ £ £ £ £ £
Donations and gift aid 1,311 - 1,311 47 - 47
1,311 - 1,311 47 - 47
----- End of picture text -----

3 Income from charitable activities

Subscriptions
Cattle registrations
Classification
Promotional items and
open days
Transfer fees and herd
prefixes
Herd book income		 Unres-
tricted
£
26,376
62,662
1,112
1,112
4,801
2,398
98,461		 Res-
tricted
£
-
-
-
-
-
-
-		 Total
2022
£
26,376
62,662
1,112
1,112
4,801
2,398
98,461		 Unres-
tricted
£
25,431
64,345
1,676
684
4,437
382
96,955		 Res-
tricted
£
-
-
-
-
-
-
-		 Total
2021
£
25,431
64,345
1,676
684
4,437
382
96,955

4 Other trading activities

Sponsorship and funding
Fundraising
Bi-Annual show and sale
AGM dinner income		 Unres-
tricted
£
3,400
775
102
2,983
7,260		 Res-
tricted
£
-
-
-
-
-		 Total
2022
£
3,400
775
102
2,983
7,260		 Unres-
tricted
£
8,358
600
712
(619)
9,051		 Res-
tricted
£
-
-
-
-
-		 Total
2021
£
8,358
600
712
(619)
9,051

Prepared By Albert Goodman LLP

13

Devon Cattle Breeders’ Society Notes to the Financial Statements For the Year Ended 31 December 2022

5 Expenditure on charitable activities

----- Start of picture text -----
Unres- Res- Total Unres- Res- Total
tricted tricted 2022 tricted tricted 2021
£ £ £ £ £ £
Trade stands at shows 4,518 - 4,518 222 - 222
Promotional merchandise (2,415) - (2,415) - - -
Bi-Annual show and sale 1,595 - 1,595 - - -
Prizes, transport grants
and specials 717 32 749 361 - 361
Herd book expenses 825 - 825 975 - 975
- -
Advertising and promotion 3,604 3,604 9,583 9,583
Breed promotion –
- - - - - -
marketing and PR (incl wages)
- -
Cattle registrations 2,929 2,929 6,417 6,417
Donations paid 50 - 50 500 - 500
- -
Support costs 82,679 82,679 93,335 93,335
94,502 32 94,534 111,393 - 111,393
Unres- Res- Total Unres- Res- Total
tricted tricted 2022 tricted tricted 2021
£ £ £ £ £ £
Included in support costs:
- - - -
AGM dinner expenses 2,460 2,460
Insurance 3,917 - 3,917 3,278 - 3,278
- -
Serviced office, room hire & rent 12,747 12,747 11,577 11,577
Inspection costs 79 - 79 125 - 125
Motor and travel 3,024 - 3,024 1,567 - 1,567
- -
Secretarial costs (incl wages) 41,485 41,485 49,484 49,484
- -
Postage 2,286 2,286 2,921 2,921
- -
Printing and stationery 5,116 5,116 5,142 5,142
Subscriptions 979 - 979 609 - 609
Repairs 694 - 694 1,553 - 1,553
- -
Sundry expenses 2,677 2,677 3,133 3,133
Classification 731 - 731 2,783 - 2,783
Other expenses 1,536 - 1,536 68 - 68
Depreciation 828 - 828 713 - 713
- -
Legal and professional 1,557 1,557 4,767 4,767
Independent examination fee 588 - 588 560 - 560
- -
Accountancy & other services 1,975 1,975 5,055 5,055
- -
82,679 82,679 93,335 93,335
----- End of picture text -----

Prepared By Albert Goodman LLP

14

Devon Cattle Breeders’ Society Notes to the Financial Statements For the Year Ended 31 December 2022

6 Wages and salaries

----- Start of picture text -----
Total Total
2022 2021
£ £
Wages and salaries 41,060 36,901
- -
Social security costs
Pension 425 490
-
Self employed costs 2,785
-
Termination payment 9,308
41,485 49,484
----- End of picture text -----

No individual employee was paid over £60,000 (2021: none).

During the prior year, costs totalling £9,308 were paid to one employee in respect of a settlement agreement and Payment In Lieu of Notice. The amounts are full and final, and no amounts have been accrued at the balance sheet date (2022: none).

The company secretary, who is considered key management personnel, has received £20,650 (2021: £29,362) for the provision of secretarial services.

The average number of employees for the year was as follows:
2022
Number of staff
2
‗‗‗‗‗‗‗
7
Tangible fixed assets		 2021

2
‗‗‗‗‗‗‗
Total
£
3,256
364
3,620
1,790
828
2,618
1,002
1,466
Equipment
£
Cost
At 1 January 2022
3,256
Additions
364
At 31 December 2022
3,620
Depreciation
At 1 January 2022
1,790
Depreciation charge for the year
828
At 31 December 2022
2,618
Net book value
At 31 December 2022
1,002
At 31 December 2021
1,466

7

Prepared By Albert Goodman LLP

15

Devon Cattle Breeders’ Society Notes to the Financial Statements For the Year Ended 31 December 2022

8 Debtors

8
Debtors
Trade debtors
Prepayments
Other debtors		 Total
2022
£
6,111
1,085
802
7,998		 Total
2021
£
12,475
728
802
14,005

9 Creditors: amounts falling due within one year

9
Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income
Other creditors
VAT		 Total
2022
£
655
4,863
2,211
5,356
13,085		 Total
2021
£
537
6,336
73
4,469
11,415

Prepared By Albert Goodman LLP

16

Devon Cattle Breeders’ Society Notes to the Financial Statements For the Year Ended 31 December 2022

10 Statement of funds - 2022

----- Start of picture text -----
Opening Incoming Outgoing Transfers Closing
Balance Resources Resources Balance
01/01/22 31/12/22
£ £ £ £ £
Restricted funds
- -
The Young Rubies Fund 1,292 (32) 1,260
Total restricted funds 1,292 - (32) - 1,260
Unrestricted funds
General 194,153 107,213 (94,502) - 206,864
Total funds 195,445 107,213 (94,534) - 208,124
Statement of funds - 2021
Opening Incoming Outgoing Transfers Closing
Balance Resources Resources Balance
01/01/21 31/12/21
£ £ £ £ £
Restricted funds
- - -
The Young Rubies Fund 1,292 1,292
Total restricted funds 1,292 - - - 1,292
Unrestricted funds
General 194,456 111,090 (111,393) - 194,153
Total funds 195,748 111,090 (111,393) - 195,445
----- End of picture text -----

Prepared By Albert Goodman LLP

17

Devon Cattle Breeders’ Society Notes to the Financial Statements For the Year Ended 31 December 2022

11 Analysis of net assets between funds

----- Start of picture text -----
Unres- Res- Total Unres- Res- Total
tricted tricted 2022 tricted tricted 2021
£ £ £ £ £ £
- -
Tangible assets 1,002 1,002 1,466 1,466
Net current assets 205,862 1,260 207,122 192,687 1,292 193,979
206,864 1,260 208,124 194,153 1,292 195,445
----- End of picture text -----

12 Related party transactions

No remuneration has been paid to trustees during the year (2021- nil remuneration paid to trustees). Several members of the board of trustees carry out inspections on a voluntary basis and receive no remuneration but are reimbursed travel costs and expenses totalling £280 to three trustees (2021 – two trustees totalling £662).

During the year no related party transactions occurred. (2021 – no transactions).

13 Company limited by guarantee

The company was incorporated as a company limited by guarantee and has no share capital. The guarantee to the company is £2 per member on the winding up of the company.

14 Operating lease commitments

At 31 December 2022 the charity was committed to making the following future minimum rental payments under non-cancellable leases as follows:

Operating leases:
Premises:
Within one year
2-5 years		 Total
2022
£
7,480
36,153
43,633		 Total
2021
£
7,480
6,233
13,713

Prepared By Albert Goodman LLP

18