THE BRITISH CHAROLAIS CATtLE SOCIEfY LIMITED IA Company Limited by Guarnntee) REPORT & FINANCIAL STATEMENTS For the year ended 31 December 2022 BRITISH CHAROLAIS CATTLE SOCIETY "ACC2RFAO' 2810W3Q23 *NIES HCMJSE A13 #111 st Notice of the 61 Annual General Meeting to be held on Thursday 22June 2023 at 8 am in the Charolais Marquee Royal Highland Centre, Ingliston. Edinburgh EH28 8NB The British Charolais Cattle Society NOTICE OF THE 61" ANNUAL GENERAL MEETING THE BRITISH CHAROLAIS CAThLE SOCIETY LIMITED (Limited by Guarantee) Registered Number 731132 England Registered Charity Number 250018 to be held on Thursday 22 June 2023 at 8am in the Charolais Marquee Royal Highland Centre, Ingliston, Edinburgh EH28 8NB with BALANCE SHEET AND ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2022 Registered office Avenue M, Stoneleigh Park, Kenilworth, Warwickshire CV8 2RG Telephone= 024 7669 7222 Email- charolais@charolais.co.uk The British Charolais Cattle Society REFERENCE AND ADMINISTRATIVE INFORMATION F MANA EMEKf2022 CONTE The Members of the Cowicil tsf Mam*gemeDt for 2022 w¢re a$ follows: Notir¢ of Meeting Re￿t of the Trustees PRESIDEiYf (ex offLCLO) Mr W G Roberts (5) Chairman's Re￿rt rect Treasurer's Re￿rt 9-11 CHAIRMAN Mr A P Drysdale Audiiors. Report Staternent of FiDaDcial Aetivitie5 (incorrK)ratin8 an Income and Expcnditure Account} 12 VICE CHAtRMAN Mr J Price Balanc¢ Sheet 13 HONORARY TREASURER Mr G C Robinson Cash flow and notes 14-15 Mr M V Atkinson Mr D Barker Mr N Blyth Mr D Bothwell Mr A J Clark Mr A P Drysdale Mr B Harman Mr J Paynter Mr R Mcwilliams Mr M A Milne Mrs T Nicoll MrRAOwe Mr W Ch¥en Mr J Price Mr A E Sellick Mr W Short Mr D Thomley Mr B L Williams (5) (2) (3) rthem England Southern England Northern EnglatKI Northern Ireland S¢ot12fNI N*ional National National Northern treland Scotland Scotland National Wales Southern England Southern EnglaJ Northcrn Ireland Northern England Wai¢s the Fin￿￿18] Sthtements 1&27 Auditors: Harrison. Bcalc & Owen Ltd Chartered A¢¢ountants and StsNtory Auditor Highdowi House I l Highdown Ro L¢amin8ty1 Spa CV31 IXT {3) {51 {51 {41 B4tsktrs". National Westmirtster Bank pl¢ Royal Prior5 Brat 59 Parade IAmin8ton Spa CV32 4BH {41 {4) {3) {2) Soileiiors: Lodde Number Ten. Elm Court. Arden Strcct. Stratford Avon CV37 6PA Note5'. 11) Retires at AGM 22 June 2023- eligible for re-clcction (2) Retires ￿ AGM 22 Jun¢ 2023- not eligible for re-election (3) Retired at AGM 23 June 2022 (4) Re-appointed at AGM 23 June 2022 {5) Appoinied at AGM 23 June 2022 In$urnnet Brnktrs: Towergate plc Pegasus Court Olympus Avenue Ta¢hbny)k Park Warwick CV34 6LW COMPANY SECRETARY Mr G C Robinson Man*g¢rs: RathtA)nes GwTge House. 50 George Square. Glasgow G2 IEH R¢glst¢red Oflbee: The British Charolaij Cattl¢ Society Ltd Avenue M Stoneleigh Parl Kenilworfh Warwi¢k5hite CV8 2RG Registered Company nurnber 731132 (England and Wale5) Rezi5tertyJ Cb*rlty ttumb¢r 250018 The British Charolais Cattle Society NOTICE IS HEREBY GIVEN tbat the 61"ANNUALGENERAL MEETING of THE BIUTISH CHAROLAIS CATTLE SOCIETY LIMITED (Limited by guarnntee) Thursday 22° June 2023 in the Charolais Marquee Royal Highland Centre, Ingliston, Edinburgh EH28 8NB AGENDA To read the Notice ¢ortverting the 61"Annual crt[￿r￿ Meeting of the SrKiety. 2. Apologies for abs¢n¢¢. 3. To approve the Minutes of the 2022 61￿h Annual Gen¢rnl Me4ing of the Sociery. To receive and consider. and if approved ￿0pt the Re￿￿ of the Council of Managemeni pr¢s¢ntegJ by th¢ Chainnan of Council. 5. To receive and Consider, and if approve4 ￿0p1 the Annual Statement of A￿unts and Ba]an¢e Sheet for th¢ 2022 year and The Auditor's Report th¢rwn Fwnted by the Ho￿rary Tre*suTer. 6. Election of memlxrs io the Council of P so in the comin8 years. Political and economic uncertainty including changes in ￿licIes. may well result in a reduchon of income from the ¢harity's charitable a¢tivities. Currently ihe chariry has approximately £2.9m in reserves which is readily accc5sible. The remaining £386k is invested in •lmini51Mive propeny, plant al￿ machinery a[￿ intangible &ssets. We b¢lieve thai it is pntdeni to hold reserves ¢quivalent to approxirn*ly 24 months expenditure. In calculating reserve5. we have ex¢lud¢d from iolal fut)ds tA)th the tangible and intangible assets rotslling £386k which are in fjxed assets. Therefo￿ the aciual level of r¢s¢rwes readily available for day to day expenditure amounts to approxirnately £2.9m, and although this is in ex¢¢ss of the 24 months ¢xp¢ndiNre. the m￿let5 are aware of a possible economic slow down which may affe¢t the l¢v¢l of res¢ryes and the income from the inveslment portfolio. This. together with an increase in administT*ion expendiiwe, and an inueax in bre¢d improvement and breed pmmotional aclivitie4 will lead to redu¢¢ion in th¢ l¢vel of reserves. Pl•tt$ for th¢ future Future developments in the r¢gistr*iOn and genetic improvement of Charolais cattle are continually being reviewed. The So¢iety has plafts to re¢wit for 3 m¢mbers and c(Jmmercial Custo￿ facin8 role durin8 2023. Page 4 The British Charolais Cattle Society THE BRITISH cHAROL￿5 CATfLE SOCIETY LIMITED REPORT OF THE TRUSTEES for th¢ yur ¢nd¢4131 Deeembtr 2022 srATEMENf OF TRusfEES' RESPONSIBILITIES The trusiees {who or¢ also the directors of The Britith Charolais Cattle So¢i¢ty Limited forthe purpose5 of Company law) Ire responsible for pr¢parin8 the ReiKJrt olthe Trustee5 and the financial stat¢ments in #C￿rdance with applicable law and United Kingdom AccountlTh8 Stan 5 (United Kingdom Generally Accepted Accounting Prn¢ti¢e). Company law requires the trustees lo prepare financial sts*mthts for eath financial year which giv¢ a true and fair view of the state of affairs of the charitable company and of the irt¢oming resource5 and application of resourcts. includin8 the in¢ome and expMdilw4 of the charitable compwly for tha period. tn preparing those finaTh¢ial statements. Ihe trustees e Tequired to s¢lect suitable accountin8 pjlicits and then 4*ply consistenily. obsetve the methods aThd principlcs in the Charity SORP. make jud8ements and estimate5 that are reasonable and pnjdent. prepare the financial 5tatem¢nts on the going concern basis Unless it 15 inappropriate to presume that the charitable company will cofttinue in bu5ines& The trustees are re5ponsibl¢ for kw)in8 pwop¢r accountln8 records which disc105e with reasonable a¢¢ura¢y at any time the financial p)sitiort of the Charitsble ¢ompany and kn enable them to ensure that the finan¢ial stat¢ments comply with the CompaThies Act 2(H)6. They ar¢ also r¢swnsible lor safeguarding the assets of th¢ ¢haritsble ¢ompany and hence for taking reasonable steps for lh¢ pmeniion and detection of frnud and other irregularities. In so far as th¢ trustee5 are aware.. there is tKTr relevant audit inforniatM)n of which the charitsble company's auditws are unaware. and the trusi¢u have tsken all Steps that they ought to have thken to make themselves aware of any relevant audit inforniaiion and to establish that the auditors are aware of that Inforniation. Report of the tru￿ttS. Incorpo￿ing a str*¢gi¢ r¢pw approved by ordtt tsf the i￿rd of trustees, as the Company directors, on 22 June 2023 and sigrted on th¢ trx)ardS behalf by.. Mr A P Drysdale. Tn￿¢¢ /Chairn￿l Page 5 The British Charolais Cattle Society CHAIRMAN'S REPORT As my second and fjnal year &$ Chairnan thaws to a close, I would fLrsily like to say it ha5 been an honour and privilege to have had the chatKe to be Chairman of this truly remarkable cattle society. During my last V151t to Ston¢leigh. L w&s studying the hO[￿urS tK>ard and was in awe of pr¢vious names on there. so rnany of whom have shaped th¢ breed to where Èt is today and to have my name alongsid¢ them is truly hurnblin8. As I write this repx)rt lambing is n¢aAy finish￿ and calving is 213 through but there is no $18n of thiing cattl¢ out io gr&ss as it's one of the I￿¢St springs l ¢an remember. The past year has seen some real exts¢mes in farn)ing, some OC those we hope never ￿ se¢ again. With fertil]s￿ at an ail-time r¢¢ord price lasi summer and feed barley at £31K)It coupled with sorne re¢ord.br¢aking hot t¢rnperature5 in some areas of over 40°C ¢ombin¢d with a decline in su¢kl¢r COW5 from uplarbd faTm5 Lt didn't lend itself to an easy 12months for farmer5 to budg¢t or plan for. Since the n¢w y¢ar thing5 are definitely looking a lot brighier for livestock farn)er5 with fertilizer b*k £35011 from tsst spring. feed barley is slowly dropping and the price of b¢¢f tOLKhhng the £51kg DW. Society sale5 up and th)wn the county over the past 12 months have been ¢xceptÈonal with an incr¢ase of 23% more bulls sold through society sales than the year previous. Thi5 j5 great new5 for the breed and our membeTS, and it clearly shows the high demand and premium that Charolais sired suckled calve5 arc c¢jMma￿d1Trg in the siore market is filtering back through to bull sales. What is even more pleasing al￿1 thc 23% rise in bull 5ale5 15 that in a dirnirlishing rnarket place and the huge number of suckler eows going off from upland fa￿5 as previ￿$1Y mentioned. the breed is clearly not only holding its own in the market place but. making huge inroads to take cu5tom¢r5 away from other breeds by proving to the commercial farnier how a Charolais bull can 8lVt them thc best return on their investment and also making their business more sustainable for ytar5 to come. However, we rn￿t also be reajistic in that, if therc 15 a shrinking markct for bulls and even if we keep gaining a larger market share, there is urhdoubtsbly 80in8 ty be a declining nurnber of ptyjigree ¢alves being rtgist¢rnl and therefore a le55cnin8 of our rntmbership. The figures for the past 5 years are: Members 1524 1416 1349 1323 1298 1292 Registrntions 5822 5799 6199 5905 5463 2392 (figwes ￿ 17.05.2023) 2018 2019 2020 2021 2022 2023 These figures arc quite stark. and ihe court¢il of management are very awar¢ that if these figur¢5 continue declining in this manner the society is goir)g io have to I￿)k long and hard ar how it can be sustainable for its members for years to comc. This is mainly why we ￿0k the de¢ision io mak¢ th¢ role of CEO redundant within the society. The Couneil are now in a pts51tion to look for a new employe¢ the fa¢e of the breed who is the first point of contact for the rnembership. present at shows and sales and able io deal with members queries. Additionally. the incumbent will be t&%ked with as51Sting the Coun¢il of Management and office team with tsking a number of promotional and breed development matteTS fon¥ard ai a ¢osi that is jusiifiabl¢ to the wciety. The Council of Management have made Dwo big de¢rsion$ over the pasi year, firstly io upd￿¢ and rn¢yiernis¢ the logo. We need a logo that is digitally friendly and WOTks at any dimensiort from fingernail size w a large banner or poster. Something thai works in a positive use (white background) and a revetsa] use (dark background) and something that looks gth)d on promotional merchandise and 15 simple with clean lines. We choose to go down the road of evolution noi revolution. l understtnd this isn't everyone'5 cup of tea. but as f8nneTS we don't like change. We believ¢ this delivers all thes¢ ihings and hope given time many of you will think the same. Secondly. we chose to be the breed in ihe UK io laun¢h ILRonlin< this is going to bring hug¢ knefits to our rnembership with infonnali¢)n being live and in rtal time. Some of the ￿Van￿g¢S are= -Re8iSter anima]s and immcdiately stt them on the database -view peThding animals and see why they are pending i.e.. awaiting DNA etc. -Allow memb¢rs to transfer animals to other members. -users can download pedigrte certifi¢aies. Invoices. DNA xknowledgements and Breedplan documents -submi¢ and view Breedplan weights & traits Page 6 The British Charolais Cattle Society I believe this 15 a vwy ¢x¢iting launch and puts us one step ahead of other brteds. We have also been able to have a hand in the development of the plarfomi to the benefit of the Charolais brerf Rusrni desuves a loi of credit for creatin8 and shaping ihi5. The younger generation is our and with(￿1 the youth we dtsn'l have a brted. The society h&s been very forNnate to bt able to se¢ure a 3-year parthership wilh the livesiock fttd company Harbro to help to 8ain a wide exwsure of our breed to the younger genernlion to help edu¢aie artd develop them. The tsperience of the Harbro team will be invaluable to help drive the Charolw5 youth forward. l atn very excited to see where this parthership can tske the breed. All in all, the society and the brttd have a lot to be p)sitivt abouL I beli¢v¢ we need to work more closely with our ¢ommercial cu5tomtr5 as withoui them we don'l ha￿ bull sales. Also ry to develop a Closer Tclatiorlship with retailers and wholesalers to develop Chamlais as a brand, if we Can gain the key and facwal d*a io b*k up the benefi¢s, we know thc Charolais Can brirtg to the focM4 ¢haith a viable, cath)n friendly. healthy pr¢mium proieio sour¢e, I believe this ith turn will hclp OUT members to have an irt¢reased market share for years to come. Where possible we sknuld ￿ to collaborate alongside ￿h¢r Ixeed 5LKietie5. if we ¢an wotk closer with ea¢h other to ty and save on costs w th¢ same time &$ promoting the beef lTrd￿ty as a whok, this should be beneficial to everyone. I would like to draw my final Chairm￿'S report to a close by thanking a few people who have helped not only my$¢lf bui the sttiety over the ptst yetr. Ru5mi for doing a sterling job In keepLII8 the offi¢¢ ru[￿1￿8 so smrKJthly alongside depury office manager Rebecca wh is ably as5151¢d by Fiorx4 Mandy, Natasha & Charlotte, the work and commilrnent thry all sknw should be highly ¢omm¢nded. The Council of Mana8ernen4 they have been exceptional duriDg my time as Chainnan. Their professiona]ism and dedication through some difficult decisions been humbling and the member5 are fortun￿¢ io hav¢ them r¢pr¢s¢Dting them. Our PTtsiden¢ Gareth Roberts, who has been a $upub aMb￿adOr fw the breed. He h&5 trRen present at so m￿Y shows artd saJe& hi5 wealth of kTh)wl¢dg¢ and exp¢Ti¢h¢e h&$ been a 8reat sUP￿rt throu8h04Jt my time as Chair. My previous Vic¢ Chainnan Jeremy Pric¢, the comrniltDent and driv¢ ajong with his wealth of business ex￿rience was a r¢al asset to IM)th the executive *am and the council. Our hO[￿rnry Treasurer Graham Robinson. the dedi￿110￿, and hours that Graham puts into BCCS interests [5 nothing short of excep¢iona]. I beli¢v¢ if the membetship had any idea about the time given up to ihe breed by Graham rnostly to the dctrirnent of his owth busirtess, members would be skncked. He has been a massive supprt and help to me during my time as Chaimian without them boih the past 2 years W￿ld have bccn impossible. I would also like to take this chance to Say a few words aiK>ut my cuTheni Vice Chai￿an Andrew Selli¢k. Andrew is one of the m05t 8enuine. hardworkin& dedicated and meti¢ulous wpl¢ I have met. kndrew has a huge skill set whether that be on a professional or ¢artle breeding basis he has a wealth of talents and attribuies, these I believe will make Andrew an outstanding Chaim)an. I would also like to say a huge thank you to my wife Fiona and father Pctcr. for helping $0 much at home and also with Ihc preparaiiort artd nLrtning of the shows attd sales. This h&$ allowed me the exEta time ￿ give for BCCS matter& I will be for¢ver grnleful. Lasi but no m¢¥¢s least I would like to thank all the rnetDber5 of the BCCS, you ail do so rnuch to PTomoie ¢he breed at every opp(xwThity. It's been a pleasure meeting 50 many ofyou •nd making a lotof new friends. lh¢ Charolais breed really is one bL8 family. This eonclude5 my second and final Chainnan's report. Allen Drysdale Ch&irniAD Pa8e 7 The British Charolais Cattle Society TREASURER'S REPORT In my 2021 report I said thai if the BCCS was able to (P)￿ covid) to ￿ythIng like TrOnn￿ then the finaneial results of 2020 and 2021 would not be seen again. This has proved to be the Case. The balance sheet saw a decrease to £3.168.546 from £3.445.864. During the yew nothing was drnwl (knwn from the investment rA)rtfolio. The loss on the day-itrday artivities reduced to a little under £lk from a £72k surplus. During 2022 the BCCS hosted the World Chartslais consrcss. the Council of Mana8cmentde¢ided to finoncially supportthe host farnis. Totsl cost of the coThvenlion to the BCCS w&$ £54,135. Sponsorship of £18.000 was nised giving a n¢t ¢osi to th¢ BCCS of £36,135. Publi¢ity ¢xp¢t)ses for the year were considerably higher than in the previous ycar at £99.232 ¢ompar¢d to £39.683 thi$ is du¢ to th¢ so¢iety again bein8 able to attend shows etc and promo* Charolais cattle. During 2022 the GB suckler herd continued its long-estsblished trcnd and corttract￿l by approaching 10%. 200,000 mws were slaughtered in October to December 2022 compared with I￿.0¢NI Jn the same period in 2021. While li is right that the BCCS is continually looking at incrt45ing rnarkct Share, as I sthted in my ffporr on th¢ 2018 results, we are fJghtin8 for a bigger share of a smaller rnarket. Th¢ society must be realistic about the future and difficultdeci5ions may need to be made. Inl]ationary pressure has been significant during the past year. Whilst the exwts tell us that this wtll be short iemi history shows that once in place inflation often proves ditTicult to reduce. TÉme will tell. 21122 FiTh*n¢i*ls At the end of the year BCCS fimd5 stood at £3.168.546. (2021- £3,445,864) The total income for 2022 increased from £657.614 10 £712.624. Investment iDcome Dividend income from the BCCS investhieni p)rtfolio it)¢r¢&s¢d ￿ £79278. {202I - £69.522) Rent received frorn th¢ society iertants de¢reased w £45.045. {2021- £46.790) Cartle vjciety income Registration it)¢ome de¢reased 10 £172.680. (2021- £196,416) Membership income d¢¢tras¢d w £59.816. (2021- £61.125) ExpthdIt￿re Totsl expenditur¢ for the y¢ar InCre￿d to £7l3.007. (2021- £585.844) Wages, pension and social s¢¢urity costs de¢re&%d to £221.667. {2021- £274.180) L¢8al and professional fees incre&sed to £40.141.12021- £28,885) As last year I would lik¢ to tak¢ the oP￿rIu￿1ty to thank my wife and family for therr suppon. My report would not be complete without my thanks to the office tearn. Without the supp)rt of my wife aDd family at home and the BCCS office team then my workload of the l&st two years would not hav¢ been ￿l$S¢ble. I would also like to thank those members who have taken the lime to off¢r me help and suppon during th¢ past hyo years, it has been very much appreciated. As I stated earlier in my rewrt ditTi¢ult decisions someiim¢s ne¢d to b¢ made in the long.temi intettsts of the gxiety. One last ihank you if I may, and perhaps not tK)nnally within the remit of the TMuretrs so a￿)1081¢$ for tsking the liberty. but hopefvlly you will understsnd. To Allen. his wife Fion& ptrents Peier and Ril& In my experiente on council and as Tr￿SUrel you haye hwi to go way beyond what would nonnally be expect￿ of a Chairnan and his family. the society is in a better pl￿ for ii. Graham Robinsort Honorary Treasurer Page 8 The British Charolais Cattle Society REPORT OF THE INDEPENDEp￿ AUDITORS TO THE MEMBERS OF THE BRITISH CHAROLAIS CA￿LE SOCIETY LIMITED OpiDioD We have audited the fit)an¢ia] st2*menis of The British Charolais Cattle Society Limited (the'charitsble cornpany,) for Ihe year ended 31 December 2022 which wmprise the Stst¢ment of Financial Aciivities. the Balance SheeL the Cash Flow Siaiement and noies to the financial stsiements. in¢luding a summary of 51gnLficant accouniing polici¢s. The financial reporting framewoth ihat has been applied in their preparation 15 applicable law and Unita Kingdom Accounting Stsndards (United Kingdom Generally Ac¢epted Accounting Prncticc). In our opiniort the financ￿] staiem¢nts: give a Inre and fOlT vi¢w of the stat¢ of the charitable company's affai￿ as at 31 D￿Ernber 2022 and of its incomin8 resou￿¢5 and application of r¢sourc¢s, including its income and expenditure. for the year then ended. have beer) properly prepared in a¢￿rd0¢1¢¢ with Uoited Kit)8dom Gener￿]Y Accepted A¢¢ounting PraetirK,' and have be¢n prepared in a¢wdartt with the T¢quirements of the Companies A¢t 2006. Bssis for opinion We conducted our audit in accordance with I￿emaI10nd1 Stand¥rds on Audrtin8 IIJK) USAS (UK)) and 8pplic*ble law. Our responsibilities under Ilm￿ Stsndards are further described in the A￿jitOrs, responsibililies for the audit of the financial statement5 Section of our report. We art independent of the ¢h&itable Company Tn aWord￿¢t with the eihi¢al requirements that are relevant to our audii of the finartcial swemertts in the UK. including the FRCS Ethitai Standard. and we have fulfilled our other ethi￿ resp)nsibJlJlies Jn a¢¢ordart¢e with these requJr¢ments. We believe that the audit evidence we have obtsined is suifi¢iertt and appmptwe w provide a basis for outopirtiom. Cott¢lu$ion$ rd*timg to goityg ¢oo¢¢rp In auditin8 the financial statement& we have concluded the trustee5' Use of the going concern basis of accounting in the prepardtiijn of the financial ststements is appn)priate. B&%ed on the work we have wformed. we have not identified any matcrial unrKrtainties relating to events or eonditions that, individually or collectively. may cast significant doubt on the tharitable (ornpany's ability to wntinue as a going coneern for a F¢riod of at least twelve months from when the financial statements are authorised for issue. Our resportsibilLties and th¢ r¢sÈx)nsibilities of the truste¢s with respea to going concern are descri￿d in the relevant sections of this rep)rt. Otb¢r infornat*)n Th¢ trustees are responsible for the other inforn)ation. The other information comprises the infonnation includd in the Annual Report. other than the financiaj statements a[￿ our Report of th¢ Independent Auditor5 the￿Oll. Our opinion on tht financial statcmentsdoes not¢overthe other infom)￿10￿ and, ex¢epiw th¢ exientothen¥is¢ expliciily stated in our report. wt do not express any foTM of assurance wrtclusion therwn. In connection with our audii of the financial slai¢menw our T¢SP)nsibility is to re￿ the other InfO￿atIon and. an doing so, consider whether th¢ oihei infomiation is materially incortsisient wilh the financial statements or our knowledge obtained irt ihe audti or otherwise appeats ￿ be m*erially misstated. If we identify such material inconsistencies or appareni maierral miS￿al¢m¢￿t$ we we requirol to detern)in¢ whether thi$ 8ives rise to a material misststement in tht financial st8iements thems¢lv¢s. If, bos¢d on the w(*k we have perfonned, we conclude that there is a material misswemeni of this other iofomiation, we are required to rep)n that fxt. We have nothing to rep)rt in thi5 regard. Opioions on other m*tters prescribed by the Comp*Bies Act 21MJ6 In ouropinion, based on the work undertaken in the course of the audit.. the infomiation given in the Rewrt ofthe Trustees forthe financi￿ year forwhich the financial statements are prepared is ¢onsist¢ni wilh the finan¢ial statements. and the Report of th¢ Trw¢e¢s Iw been prep¥ed in accordw with applicable legal requirements. Pa8e 9 The British Charolais Cattle Society REPORT OF THE INDEPENDENf AUDITORS TO THE MEMBERS OF THE BRITISH CHAROLAIS CArnE SOCIETY LIMITED Mxtters on which wt are reqmired to re￿rt by txt¢ptio• ITh the lighi of th¢ knowledge and utMlerstandin8 of the charitable company and its environment obtsined in the course of the audil. we have noi identified m•erial misstsiements in the Rep)rt of ihe Tntstees. We have nothing io report in respeaof the following mattrrs where the Companie$ A¢t 21M)6 requires us to Tepon io you if. in our opinion: adequ*e a¢¢ounLing records have no¢ beM keptorrettmis adequ*e forour audit havenot been rtt¢iv¢d from branches noi visiied by us", or the financia] $￿ements are agreement with th¢ o¢¢ouniing r¢¢ords and or certain dI￿10$ureS of tsusitts. remuneration specified by law aff not made" or we have not received all the iThfornJation and explaThations we require forour audiL Re5POnsibilities of trnststs As explained more fully in the Statement of Truste￿, R¢5w)n5ibilttie5. the trust¢e5 {who ar¢ also th¢ dir¢clors of the charitable company for the purp05e5 of company lawl are ￿5￿nsible for thc p￿pa￿tion of th¢ financial statements aJLd for being satisfted that they give a true and fair view. and for such intcrna] control a5 th¢ trustee5 determin¢ i5 n¢tts5ary to cnable the prepaTatioTh of financial 5tat¢mcnts that arr frre frorn rnateriai misslatemcnL whether due to fraud or error. In preparing the financial 5tattm¢nts. the trust¢es r¢5ponsible forasse5sing th¢ charitable rompany's ability to ¢onlinue as a going concem. di5closin& a5 applicabl¢. matters ￿latrd to going wnrern and using the going ¢on¢¢rn basis of counting unl¢s5 thc Iru5tecs cithcr intend io liquidate the ¢haTitsble Company or io ¢ease operntions, OT have no realisii¢ alternative but to do so. Our respon$ibili¢ies for the *udi¢ of the fittatttial stxtements OuTobje¢tives are to obtaith reasortable &S$lu￿Ce th)¢Ji whetherthe fiThancial statements &s a whole are free frorn material misstatement, whtther due to fraud or ermr. and to issue a R¢port of th¢ Ind¢pertd¢nt Auditors that includes our opiniot). Reasonable assurdncc is a high level of aS$unt￿¢, but is not a guarantee that an audit conduded in accordance with ISAS (UK) will always dete¢t a materia] misstst¢m¢nt when it exists. Misstatements CAn arise ftom fraud or error and are ¢onsidered rnat¢riai if, individually or in the a88re8att, they eould rea9)nably be expected to influence the economic de¢isiorts of Use￿ raken on the basis of ihese financial ststements. The exient to whjch our woceduyes are capable of detectkng irregularities. includin8 fraud is detailed below.. The audit process includes an assessment of the entitys risk environmeni thmugh enquiry of and discussion with managemertt. including an &8sessrnent of any key law5 and regulations with which the company must comply in the ordinary Course of its business. We have concluded that ihere are no such key laws and regulations that are particular to the comparty's a¢tivJti¢s. Addiiiona]ly. the overall risks of irregular transaciions ctturring are Issessed following our observations and confimiatiott of ihe desi8n and implemenration of mana8emenV5 controls. Whilst we are mindful of these rtsk& our audit focus is geared ￿WardS the risk of material rnissiatement in the financial slatements a whole. As such, our procedures cannot guaranitt that all transa¢tions have b¢en fvlly ￿mPlian¢ with a]1 relevant laws and regulations, includin8 those regulations relating to fr•J4 as (w ptyxedures are noi designed10d￿¢CI all it)staftces of non- compliance. Nevertheless. nothtng h&$ come to our attenticm has given us significant cause for concern in the course of the procedures we haven undertaken in order to 8Éve our opinion on whtther the firLancI￿ statrments art free from material mi￿81emenE as shown above. A further des¢ription of our responsibilities for the audii of the finan¢ial swements 15 lo¢a*d ots the Finan¢ial Reporting Coun¢il's websiie atwww.frc.or8.uklaudhtiJrsrtspw)nsbbiliiies. Thisdescription fonns partofourReportof ihe Independent Auditor5. Page 10 The British Charolais Cattle Society REPORT OF THE INDEPENDEKf AUDITORS TO THE MEMBERS OF THE BRITISH CHAROLAIS CATTLE SOCIETY LIMITED U$t of our r¢port This report is made solely to the charitsble ¢ompany's rnembeo a5 a Edy. kn accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit Work has been undertaken so that we might swe to the charitable company's mernbErs those matter5 we are required to state tothem in an auditors, reportaDd forno other purtK)se. To the fullest extEn¢ permitted by law. we do not accept or assume reswn5ibility to anyone other than the ¢haritsble compatky alld the cllaritable mpany's members as a i¥)dy. for our audit worL for this repo¢ or for the opinions we havc fonned. Gre8g Olner MPhil BAWons) ACA (Senior Statytory AUdi￿r) for and on behalf of Harrison Beale & Owen Limiied Chartered A¢countsnts and Ststtjiory Auditor Highdowth H(￿se I l Highdowrt Road L¢amingion Spa Warwi¢kshi CV31 IXT 22 June 2023 Page 11 The British Charolais Cattle Society THE BRITISH CHAROLAIS CATTLE SOCIETY LIMITED srATEMENT OF FINANCIAL A￿1VITIEs for tht year ended 31 Deeember 2(122 2022 Tot*1 2021 Total funds fund fund Notrs INCOME AND ENDOWMEiYfs FROM Donations Ond legacies 100,7•1 32.0(M) Charit•bl¢ grtiviti¢s Bre¢d ¥mprovement 448ffi49 448.649 484.113 her trading activilies Investment income 38,682 124 38.682 12459J 25,175 116 326 Total 712 712 657614 EXPENDITURE ON Raising fvnds 30.93• 30.930 22,480 Charitable activities Br¢¢d improvement T4M*I 713 Net gainsl{losses) on irtvesttnents 270J3 27 93 326 369 NET INCOMEI(EXPENDrruRE) (277J18) (277J18) 398.139 RECONCILIATION OF FUNDS Total funds brought forward 3,44S864 3,445064 3,047,725 TOTAL FUNDS CARRIED FORWARD 46 3 445 864 copmNuif4G OPERATIONS All in¢om¢ and expenditure h&$ arisen from ¢onlinuing a¢tiwties. The notes form part of these financial statements Page 12 The British Charolais Cattle Society THE BRrfisH CHAROLAIS CATTLE SOCIETY LIMITED BALANCE SHEET 31 Delember 2022 2022 2021 Notes FIXED ASSETS Intangible assets Tangible &ss¢ts Investm¢nts 14 15 16 5.553 385J88 390,853 L786 2813 550 3.072J54 3.209.956 CURRENT ASSETS Stocks Deb￿r5 C&%h at bank and in hand 17 18 5,191 64,796 5,191 55,192 293 424 231,041 353.807 CREDITORS Amounts falling due within one year 19 (134W9) (117,899) NET CURRENT A&88TS TOTAL A&8ETS LE&8 CVRRENT LIABILITIES 3,168546 3,445,864 NET A&8EIS 6 3445864 FUNDS Unr¢strided fijnds 22 TOTAL FUNDS 46 3 445 864 The financial statements were apwov¢d by the Board of TnLSt¢es and authoriwj for i$5ue on 22 June 2023 and were Sl8ned on its behalf by.. Mr A P Dry5dale- Trustee Mr A E Sellick- Trustee The notes fomi part of these financial statements Page 13 The British Charolais Cattle Society THE BRITISH CHAROLAIS CATfLE SOCIETY LIMITED CASH FLOW STATEMENT for the ye*r ended 31 Detember 20n 2022 2021 Notes C*$h flows frorn operntiog *rtivitiu Cash gen¢nied from operations 76 Net cash (used inyprovidcd by OPtr*ing &tivitic5 Cash flows investing *¢tivities Pur¢lw of tangible fixed assets Pur¢lwe of fixed asset inv¢stsnents Sale of fixed asset investhients Interesi r¢¢¢iv¢d Dividends re¢¢ived (11,471) (487JJ3) 337,162 27 (6,942) {39,085) 15,187 14 79 Net cash (used inywiwided by investing a￿[¥111¢$ Change in t￿￿ *nd tajh equivalents in tht reporting period C*$h And c*$h equivAleDts at the beginniDg of the reporting period (132J70) 96.447 293 424 C*sh *nd c*$h equiv*leDts *t the emd of the r¢porting period 161.•54 293.424 The notes form part of these financial statement5 Pa8e 14 The British Charolais Cattle Society THE BIUTISH CHAROLAIS CATTLE SOCIETY LIMITED NOTES TO THE CASH FLOW STATEMENT for the ymr eld￿ 31 December 2022 REcof4ciLIATION OF NET (EXPENDITUREYINCOME TO NET CASH FLOW FROM OPERATtNG ACTIVITIES 2022 2021 Net (expenditryrt)fitttome for the reporting period (*s per the Statement of Fina￿¢1￿1 Adivities) Adjustments for- Depreciation charges Lossesl(gainl on investsneftts Interest received Dividends T￿c]ved Decrease in sto¢ks {ITrcTeaseyde¢rease in debtors Increase in ¢rediiors (277J18) 398.139 22J09 276,935 (2701 (792781 22,373 1316,68D (14) {69.522} 44 5,540 {9,6041 Net C8sh (wsed Inyprovided by •ptrAti ANALYSIS OF CHANCES IN NET FUNDS At 1.1.22 Cash flow A131.12.22 Net C85b C&sh at bank and in h*d 29J 424 132 70 293 424 132 70 Tot•1 293 424 132 711 The notes forni part of these financial statements Page 15 The British Charolais Cattle Society THE BIUTISH CHAROLAIS CATfLE SOCIETY LIMrrED NOTES TO THE FINANCIAL STATEMEP4TS for the year ended 31 Deeembtr 2022 COMPANY STATVS The Charity is a company limited by guaraniee and in¢orporat¢d in England and Wales. The mernber5 of the company are the tsustees who are also the dii¢¢ioTS_ In the eveni of th¢ ¢hariry being w(XLnd up. the liability kn respect of the guaraniee is limii¢d io £1 per member of th¢ ¢hariry. The ¢haritable company's registered number5 and registered office *Jdress be found in the Reporn ofthe Tnwees. ACCOUNTING POLICIES B8Jis of P￿paring the f￿*￿tI*l ststemeDts The financial 5tatemeThts of the charitablt company. which 15 a publi¢ ben¢fi¢ eniity under FRS 102, have been prepared in accordance with the Charitie5 SORP (FRS 102}'A¢¢ounting and Reporting by Chariijes." St*¢ment of Recommended Praciice applicable to charitics ￿ParIng their accounts irt ac¢ordan¢e wilh the Finan¢ial Reporting Stsndard applicable the UK and Republic of Ireland {FRS 1021 {effe¢tive l Jartuary 2019),, Finartcial Reporting Standard 102 The Financial Rewjrting Standard applicable in the UK and Republi¢ of Irtlartd, and the Companies Act 2006. The fLnanciaJ statements have been prepared under the hi$tOTical CO￿ ¢ortverttion. with th¢ exception of investments which are included at market valu4 as modified by the Tevajuatiott of certain assets_ The Charitable ￿mparty fijlfils the criteria of a public btnefft entity ￿ defined by FRS 102. The accounting ￿lIcI¢S are set out below and remain unchanged from the previous year. Prepargtion of consolidated fiTr*Dtial ststerntnts The financial ststements contain Information ab)ut The British Clwolais Cattle Sociery Limited as an individuai ¢ompany and do not contsin Consolidated financial information as the parent of a group. The charity is exempt under Section 39912A} of the Companies Act 2006 frorn the ttquirements to prepare Consolida￿ financial wtements. &gnifiunt accounting judgements *thd estin)*tes The company makes estÉmatcs and assurnptions ¢on¢eming th¢ fvtsJr¢. Th¢ resulting accounting estimates will, by definition. Seldom equal the related a¢ttthi results. Th¢re ar¢ no estimates and assumptions thai have a significaThi risk of cau5in8 a material adjustment to the carrying amounts of assets and liabilities wiihin the next financial y¢ar. lTr¢orn¢ All income is recogni5ed the Statement of Financial ActLViti¢s once the ¢harity Iw ￿litIement to th¢ fvnds, it is probable thar the income will be received and the amount can be measured rtliably. Subxriptions and investrnent income art recorded on a rt¢¢ivable basis. Income fiDm fvnd-raisit)8 events is shown gross with the associated costs included in fiubj-rnising costs. Government grants. in the forni of the Con)ThaviThs B￿lnesS Supp)rt SchemE have been recognised as grant incorne when r¢c¢ivcd. Eipenditurt Lkabilities are reco8Tri5¢d &% expenditure as soon as there is a legal or con5truuive obligation cornmitting the charity to that expendi￿re, it is probable that a transfer of economic benefits will be rtquired io settlement and th¢ amount of the obligation cat) be measured reliably. Expenditure is accounted foron an accruals basis inclusive of any VAT that cannot be rewvered artd has been classified under headings that awe8ate all cost related to the category. Where costs cannot be directly attribu*d io parti¢ular he*lings they have been allocated to activities on a basis consistent with the use of resources. Exp¢nditure is acmunied for gross and when it is incurred. Costs of 8CThCrnting funds are ihose costs in¢urred in attfdcting volunlary income. attd those in¢urred in tradin8 activities that raise funds. Charitable activities include ¢xpenditure associated with the regisifdtion athd prom￿lOn of Charolais ¢attle and include both the direct Costs and 5UPPOrt Costs relaiing to th¢s¢ a¢tivities. Governance costs include those incurred itt the govemattce of the ¢harity and its assets and are primarily associated with constitutional and statutory requirements. Page 16 ontinued... The British Charolais Cattle Society THE BIUTISH CHAROLAIS CA￿LE SOCIETY LIMITED NOTES TO THE FtiYA]¥CIAL sfATEMENfs- ¢ontinued for the ye*r ended 31 D￿th￿tr 2022 ACcOU1￿1NG POLICIES- ¢oDtinued Intsngible assets Intangible assets are reCO￿lSed at Cost less amortI￿lO￿. Amortisation is provid>l over five years. in order to write off each &sset ovcr its estim*ed Use￿1. T*ngible fixed *gsets Depreciation 15 pfovlded ￿ the following annua] Nes io rMd¢rto write off e8¢h ass¢tover its estimated useful life. Leasehold property- Royaj Welsh Paviliort Leasehold PrO￿rtY. NAC Fixtures & fLttings- Royal Welsh Pavilion Fixtures & fittings- NAC Computer ¢quipm¢n¢ ov¢r th¢ lease tenn over the lease tenn 25UA on co 12.5% on ¢051 at varyin8 rate5 on cost Tangible fixed ass¢is ¢os¢in8 more than £1.[￿ are capitalisd and Includ￿ including any in¢identsl expenses of a¢quisiiion. Related party exemption Th¢ ¢haritsble company h&s taken ￿Vantage of exemption. under the lern￿ of Financial Reporting Standard 102 Th¢ Financial Reporting Standard applicable in the UK aJ)d Republi¢ of Jr¢land', rKJi to di5clo¥e related party transaetions wth wholly owned subsidiaries within the group. Stotks Stocks are valued at the lower of cost and net realisable valu¢, aft¢r making due allowance for obsolete and slow movin8 items. T*x*¢iort The ¢harity is exempt fyom yration tax on its charttabk activities. Fwnd a¢countiTrg Unr¢s¢ri¢¢ed funds ¢an be ￿ed in acCordW￿ with the charithble obiethives at the discrtion of the tn￿tte5. Restricted funds can only be used for particular restri¢¢ed wp)ses within the objects of the charity. Restrictions arj5e when specifled by the d￿lor or when funds are raised for particular restricted purF¥)se5. Further explanatKHL of the nature and puw of exh is included in the notes to the financial statements. PeTrsion eosts And Other post-retir¢m¢Dt b¢Dtfits The charitable ¢ompany operates a defined contriburion pension scheme. Contributions payable to the ¢haritabl¢ company's pension s¢heTnC are charged to the Swement of Fhnancial Activities in the PEriod ￿ which ihey tel￿¢. l•vestments Fixed &s5Ct investhkenis are Shown on the bo]wc¢ sh¢et at their fair value. Listed investments are valued * their mid market value as at the balance sheet date. Changes in fair value are recognised in the Srai¢ment of Finat)¢ial A¢tlYLties ID the period in which they arise. Shares of group und￿aking$ are swed at historic cosL net of any impainnent l¢)55es. Fingttci*l instrnments Loans and borrowings are initially recognfftsed at the transaction price including transaction costs. Subsequently, they are me&%ured at amortisd ¢ost using the effe¢iiv¢ interest rat¢ method, less impairment. Debtor5 and creditors with no sthtrd inierest rec¢ivable or pyable within one yegr are re¢ord¢d at transaction price. Any losses arisirtg from impairnieni are [t￿gniSed in the Statement of Financia] Activities. Page 17 continued... The British Charolais Cattle Society THE BBlllSH CHAROLAIS CATfLE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMEf4TS- eolllin•ed for the year end¢d 31 December 2022 DONATIONS AND LEGACIES 21122 2021 (Trher dott*ions Sw)nsor5hip 82,7(W) 32,000 Grants rec¢ive4 included in the above, are as folk)*s.' 21122 2021 World conveniion sponsotship OTHER TRADING AcrivtriES 2022 2021 Auction sa]e incom¢ Sale of promtiortal g(M)ds 36.863 23.863 INVESTME￿ INCOME 2022 2021 Rents received Listed investhieni ittcom¢ (grw) Bank deposit interest 45.IM5 79,278 2711 46,790 69.522 14 124 INCOME FROM CHARITABLE ACTIVITIES 21)22 2021 Activity Subscriptions receivable Breed impro¥emeni Donations- unall0￿ed subs Breed improvement Enrolment f¢¢$ & herd prefixes Breed improvement Registration fees Breed improvement F.O.T. rrgistration ftts Breed improvement Transfer fees BTe¢d improvement Sernen royalty scheme Breed improv¢meni Breedplan income Breed improvemeni Gift Aid tax refvnd & interest Breed improvement Imp)rt thin fees Breed improvement DNA testing BTeed improvement Warranty income Breed improvement Exwrt certtficate fees Breed improvement Solar in¢xJme Breed improvemeni 59.816 5,085 61.125 5,086 1.675 196.416 27.8( 6,340 2,304 53,223 7.319 3.600 108.837 1.365 350 172.68(1 20.0(MI S.140 2311 51,799 6.619 2J33 108.052 1.81 3511 Carried forward 441,086 477,401 Pa8e 18 continued... The British Charolais Cattle Society THE BRITISH CHAROLAIS CATtLE SOCIETY LIMfTED NOTES TO THE FINANCIAL sTATEmETr￿s- tontin￿ed for the yMr efjded 31 Deternbtr 2022 INCOME FROM CHARITABLE ACTIVITIES- eontinued 2022 2021 Brought forward (hher breed society service5 Breed improvement Young breeder$ s￿￿rshiP Breed improvement 441.086 6.163 477,401 4.912 448.649 484 113 RAISING FUNDS Raising donations *nd IyciEs 2022 2021 Auclion saje expense5 Charolais News & herd bcx)ks Regional contrityjtions 17,172 6,674 11,319 3,898 Other trndittg xttivitiej 2(122 2021 Pur¢hases A8gre8ate amounts CHARITABLE ACTivmES COSTS Dirt Costs (see n￿¢ 9) Supp)rt ¢osts {se¢ note 10) Totals Breed improvement Page 19 continued... The British Charolais Cattle Society THE BRITISH CHAROLAIS CATfLE SOCIETY LIMITED NOTES TO THE FINANCIAL sTATEME￿s- c¥JffjtiTru¢d for tb¢ ye*r tttded 31 D¢£¢mb¢r 2022 DIRECT COSTS OF CHARITABLE ACTIVITIES 2•22 2021 Staff c05tS Rent. rates. insurance. ¢leaning. I￿t& light Telephone P05ta8e Publkcity cxpcnsts Sundrie5 Repairs & maÉntenance- buildin8 Charolais Youth Printing & stationery Maintenance of office equipment Computer maintenance & support Sub5CriPtions Herd inspection expen5e5 ABRI 5UPW)rt Donations Ultra sound scanning refund5 Re8istrdtion calf credit notes DNA SNP testing Other breed so¢iety servj¢es World ¢onveniioTh Depreciation 221.667 37J93 6,155 10,650 99,481 7J115 2.823 11.707 7J22 631 34 i.ios 775 2S721 3216 IlJ25 5,970 77J76 5591 54.135 22 274,180 35.930 7.766 12.247 39.683 4.335 4.984 79 6.037 255 7,258 431 626 22,295 113 8,250 5,370 65,306 987 518505 SUPPORT COSTS Governance Costs Brttd improvun¢nt Supp)rt costs. included in the abov< ¥e as follows: Covernanfe costs 2022 2021 Total activiti improvement Auditors. remunernion Auditors. r¢munernion for audit work Leg￿ and professional fees Dir¢ctor5, Staff & board trdvel expenses &475 2.452 40.141 5.475 3.797 28.885 Page 20 continued... The British Charolais Cattle Society THE BRITISH CHAROLAIS CAThLE SOCIETY LIMITED NOTLS TO THE FINANCIAL STATEMENTS- c¥Jntinue for th¢ ye#r ended 31 Dectrnber 2022 ii. NET INCOMEI(EXPENDITURE) Net incomel{expenditure) is Stated after chargin￿(Creditins).' 2022 2021 AuditOT5' rernuncrdtion Other non-audit 5¢rviccs Depreciaiion. ownd assets Breed irnprovement amortisation Income from operaiirtg leases Am(￿ll￿ payabl¢ under ope￿ling leas¢5 5.475 2.452 16,936 SJ73 (45.0451 5.475 3,797 17,000 5,373 (46.790) 3.079 12. TRUSTEES, REMUNERATION AND BENEFTrs There were rKJ ￿￿e¢s'Ye￿U￿t￿tlo￿ orotherbet)¢fits forth¢yearended 311)¢c¢mber 2022 nor forthey¢ar ¢nd¢d 31 De¢¢mber 2021. Twst¢¢$' expu Trnvel and subsistence expenses wert reimbursed ￿ 16 members of the C4)un¢il of Management during the year totslling £2.561 (2021 - £3.173). The memt¢rs of the CL)uncil of Managemeni t)eiiher received t)￿ waived any emoluments during the year. 13. STAFF COSTS 2022 2021 Wa8es and salaries Social security costs Other pe￿￿10n costs 194279 14.814 12 242,406 15,693 274 180 The average monthly nurnbcr of employees during thc yearwas as follows: 2022 2021 Cosi of senerating funds Mana8erneTht & adminisiration The numberof employees whose employee benefits (ex¢luditig employer pension costs) exceeded £60.000 wa5.. 2022 2021 £80,(￿11 - £￿,000 Page 21 continued... The British Charolais Cattle Society THE BIUTISH CHAROLAIS CAnLE SOCAETY LIMITED NOTES TO THE FINANCIAL STATEMENTS- eorttinued for the ye*r ended 31 December 2022 14. IiYrANGIBLE FIXED ASSETS Breed improvemenl COST At l January 2022 and 31 tkcember2022 26.864 AMORTISATION At l January 2022 Charg¢ for year 21Jll At 31 Dettmber 2022 NET BOOK VALUE Ai 31 December 2022 At 31 December 2021 15. TANGIBLE FIXED ASSM Leasehold property Royal W¢lsh Pavilion Ftxture5 & fittings Royal Welsh Pavilion Leasehold property -NAC COST At l January 2022 Additions 138127 456W2 6.098 At 31 De¢emb¢r 2022 138 456 16.S88 DEPRECIATION At l January 2022 Charge for year 99265 93 117,099 6.098 Al 3 1 Decernber 2022 105 122 017 ￿09 NET BOOK VALUE At 31 December 2022 32 At 31 tk¢emb¢r2021 Page 22 continued... The British Charolais Cattle Society THE BIUTISH CHAROLAIS CA￿LE SOCIETY LIMrrED NOTES TO THE FIiYANCIAL STATEMENfs- contiTrw¢d for the ye*r eDd¢4131 Deetmbtr 2022 15. TANGIBLE FIXED ASSETS- eontinwd Fi)rtures & fittin8S -NAC Computer equipment Totals COST At l January 2022 Addition5 38,956 495 29216 669539 At 31 De¢emb¢r 2022 29.702 681￿]11 DEPRECIATION At l January 2022 Charge for year 3JJ36 728 22.888 278.686 Ai 31 De¢embef 2022 26 29 34.Q64 ￿74 ￿1522 NET BOOKVALUE Ai 31 De¢¢mber 2022 87 385 At 31 December 2021 5.620 6.328 390.853 16. FIXED ASSET INVESTMEiYTS Shatts in gmup undertskin8S Listed invesknents Totals MARKET VALUE At l January 2022 Additions Disposal$ Revaluations 2J13J49 487 J33 {374,419) 2313350 487 J33 {374.419) 239 678 At 31 De¢¢mb¢r 2022 2h86 785 ￿786 NETBOOKVALUE At 31 December 2022 86 785 ￿786 At 31 Dttcmber 2021 2813549 2813 550 There were no investment a55tts outside the UK. Cost or valuation at 31 December 2022 1$ represented by: Share5 in group Listed undertakings investments Ttst#ls Valuation in 2022 Cost 845,OJ7 1841748 845.037 1841.749 2.686.786 The comyany's investsnettts & ihe batance str*ei date in the share wiitsl of Comp￿1¢$ hrtclyd¢ th¢ followin8'. continued... Page 23 The British Charolais Cattle Society THE BIUTISH CHAROLAIS CAME SOCIETY UMITED NOTES TO THE FINANCIAL STATEMENTS- eontiDued for the ye4r tndtd 31 Dete•btr 2022 16. FIXED A￿ET INVESTMENTS- ttsDtiAMed Prtmier PedigTet S¢r¥icts Limited Registered offKC.' Avenue M National Agricultt￿ Centre, Stoneleigh PatrK KenIlwort￿ Warwickshire, CV8 2RG Nature of INsioess.. Agncultsr81 supp)r( seryic¢s Class of share= Ordinary £1 shares holding 17. STOCKS 2022 2021 Goods for resale 18. DEBTORS.. AMouKfs FALLING DUE wrtHIN ONE YEAR 2022 2021 Trade debwrs VAT Prepayments and 8￿rUed in¢ome 41,871 49.446 1.697 796 55.192 19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Trade ¢T¢diiors Social security and other taxes VAT her credito A¢crned expenses 35.186 JJ68 1.094 51.614 35.683 3.502 49.794 134 117899 Included within ¢rtdi¢Ots is a baian¢e i0￿11￿g £51,613 (2021- £49.793) relating to deferred income. The charity defer5 inwme relating to registrations and subxriplions paid in advanee of invoicxs being raised. Balance as at l January 2022 Amounts released to income during the y Amounts d¢f¢rred during the year 49,793 (49.793) Balance &8 at 31 Dccembtr 2022 Page 24 continued... The British Charolais Cattle Society THE BIUTISH CHAROLAIS CATTLE SOCIETY LIfvIITED NOTES TO THE FINANCIAL SfATEMENTS- eoniinued for the ye•r ended 31 December 2022 2(1. LEASING AGREEMENTS Minimum lease paymettts uhd¢r rrf)ll-cancellabl¢ (yeraiing le&ses fall due &% follows". 2022 2021 Withiii onc year Between onc and five years 5,500 11.983 Minimum lease payments r¢ceivable under non-cancellable operating leases also fall due wilhin one year of £32J40 due b¢tw¢en on¢ and five year5 of £117.610 and due over 5 years of £3,825. 21. ANALYSIS OF NET A&SETS BETWEEN FUNDS 2022 Total funds 2021 Total funds fvnd hjnd Fixed assets Investments. Current as5et$ Curr¢nt liabilitie$ 385J68 2hW786 231,041 385568 2.686.786 231.041 134 396.406 2.813.550 353.807 117,899 3 445 864 22. MOVEMENf IN FUNDS N¢t movement in funds At 31.12.22 At 1.122 UDrestri£ted fuDd5 Generdl filnd 3A4S864 (277J18) 3.168J46 TOTAL FUPIDS 3A4 277 3 168.S46 Net movemcnt in fund% included in the above att as follows: Inwming Gain5 and 1055e5 Movement in funds UTrre5tritted funds GeneTaJ fvnd 712,624 (713,007) (276.935) (277Jl8) TOTAL FUNDS 712 624 277 18 Page 25 continued... The British Charolais Cattle Society THE BRITISH CHAROLAIS CAThLE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS- CODtimued for the yur elld￿ 31 December 2022 22. MOVEMKNT IIY FUNDS- t•&ti•￿1 Comp*r*tives for movement in fund5 Nei movemeni in funds Ai 31.12.21 At 1.1.21 Unreslrirted General fvnd 3.047,725 398,139 3.445.B64 TOTAL FUNDS 398 139 Comparative movement in fund& includ￿1 in th¢ abov¢ ￿ as follows: In¢omin8 r¢sour¢¢s ¢xpwdAI Gain5 and losses Movemen¢ in filnds unrnstrld￿ funds General fund 657,614 (585.844> 326.369 398,139 TOTAL FUNDS 657 614 585 844> 326.369 398 139 A current year 12 months and prioryear 12 months combined Frf)Sition is as follows.. Net movement in funds At 31.12.22 At 1.1.21 Unrtstricted funds General fund 3.047.725 120.821 3.168,546 TOTAL FUNDS 3,047 725 120 821 3 168 546 A current ye¥ 12 months and prior year 12 mortths combined net movemeni in ftJnd4 included in the aF*)ve are as follows.. Incornhns resource5 Gains and losses Movetnent in funds expended Unre5trict¢d funds General fund .370238 (1298.851) 49.434 120.821 TOTAL FUNDS 70 120 821 The general fijnd [￿resentS all ¢umulatiYe 511rpluses of th¢ tharity and is available to use in filrtherance of the charity's objectives as ihe trustees see fff. Page 26 continued... The British Charolais Cattle Society THE BIUTISH CHAROLAIS CAThLE SOCIETY LIMfTED NOTES TO THE F114ANCIAL sfATEMENTS- for the y￿r ended 31 December 21)22 EMPLOYEE BENEFIT OBLIGATIONS The company operdtes a defjned contribution insured pension s¢h¢me in respert of its employee5. The scheme and its &s5ets are held by It￿ependent managers. The pensi¢)n charge represen15 Contributions due from the company and amounted to £21.074 (2021- £16.081). There were no outstandiog or prepaid Contributions. 24. RELATED PARTY DISCLOSURES Alongside rtteivirtg reimbuTsemeni for expenses it)currtd. the trustees are also supporters of the a¢tiviti¢s of th¢ charity through subscripiions which are ¢harged at tht 5amc price as third party membeT5. Page 27