OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-12-31-accounts

Company registration number: 00035107 Charity registration number: 254166

South Devon Herd Book Society

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2021

Wortham Jaques Ltd Chartered Accountants and Charity Advisers 130a High Street Crediton Devon EX17 3 LQ

South Devon Herd Book Society

Contents

Trustees' Report 1 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9 to 10
Balance Sheet 11 to 12
Notes to the Financial Statements 13 to 35

South Devon Herd Book Society

Trustees’ Report

CHAIRMAN’S REPORT ON BEHALF OF THE TRUSTEES

for the year ended 31[st] December 2021

As another year draws to a close and one reflects on the activities of the South Devon Herd Book Society, we tend to remember the good, and unfortunately soon followed by the not so good aspects. The past year has been relatively good for most sectors of agriculture, the beef price remaining stable with cereal, lamb and dairy continuing in an upward trend.

With a growing world population that needs to be fed one would think that food security would be high on the agenda for any government. The trade deals that have so far been negotiated with other countries to import food to feed our nation on the surface are great for the consumer, cheaper food for all! We don’t need to produce food in this country so let’s rewild fertile farmland and plant trees so we can offset our carbon footprint that has been created by transporting this food halfway across the world. Is this really what we should be achieving?

The UK has a climate that is fantastic at growing food to feed its nation with adequate rainfall in most areas. UK agriculture surely should be part of the solution to the climate change and our carbon footprint. A farm that grows grass is constantly taking CO[2] out of the atmosphere which is then eaten by our wonderful South Devon cattle and turned into a protein source that we as humans can consume, and in the process feeding the land with essential nutrients leading to increased organic matter content. What better a carbon cycle could we have! Some of the proposed greening schemes will suit the South Devon breed with its natural foraging ability, and our forefathers had great knowledge in what to plant to achieve sustainable grassland. Perhaps now is the time to embrace these more traditional approaches once again.

Relying on imports is a very scary situation to be in and recent increases in energy costs should be a wake-up call to all. The ability to restrict gas supplies to western Europe has led to huge increases in input costs to the agricultural sector which will no doubt take the shine off recent price increases we have seen in the beef price.

The year has been a little fuller of activities for the Society even though still curtailed by the continuing coronavirus pandemic. March saw our annual Sale at Exeter return and although the show could not take place for buyers to view potential purchases, an online parade of animals was very useful. Our thanks must go to the team at Kivells for once again facilitating the event and ensuring it ran smoothly.

The Annual General Meeting could not be held on the previous night to the Sale, so an online Zoom meeting was again held. At this point I would like to thank our retiring Society President Sir John Bell for his support at all the Society events throughout the two years he has held the position.

Although once again we did not hold our National Show, the Devon County show did take place with a new temporary date in July, and it was great to see exhibitors make the effort and put on a good show of South Devons. The National Show will be returning in 2022 to the Devon County Show which will be again held in July, and I am sure after a two year break it will be an event not to be missed.

In September our first live Council meeting took place and after 18 months of online meetings it was nice to be able to interact face to face once more. My thanks must go to all those of you who have served on Council and various committees over the past 12 months for giving your time for the benefit of the South Devon Herd Book Society. Unfortunately, the Society has not had a particularly good year financially with a disappointing trading loss, although there has been growth in our asset portfolio. Registrations are the life blood of any breed society. The ability to know an animal’s breeding, its history and now going forward its genetic potential are so important. Very few people would buy a new car without knowing how it should perform in terms of speed and efficiency. With genomic predictors encompassing historical genetics, weight records, calving data and many other factors, having the ability to see the potential on the inside will allow us as breeders to enhance the animals we produce. All of the above is encompassed in a single registration of an animal and the more as breeders we put in, the more we will ultimately achieve.

My thanks must go on behalf of the South Devon Herd Book Society to Caroline, Liz, and Elizabeth for once again keeping the office going during these difficult times when working practices have had to be continuously changed to keep our staff safe during this pandemic.

It was great that we were able to run a very successful National Herd Competition in September and congratulations to the Grove Herd for being the winners. Our thanks must go to Mr & Mrs Scott and all their team for their generous hospitality on a beautiful September afternoon when we were able to view the herd.

Page 1

South Devon Herd Book Society

Trustees’ Report

Closely following the Open Day was the Autumn Show & Sale, once again at Worcester Market. I would like to thank McCartneys for their continued support of this event. Trade across both bulls and heifers were up on the year with purchasers looking for quality South Devon animals.

Throughout the year the breed improvement committee have been actively looking for potential AI Bulls and further the breed’s availability to all members. It was also great to see that Z Highgate Osiris 5 is now at stud with Genus.

Through the year we have unfortunately lost some of our members and one that I feel I should mention is Roger Clemens. He was an avid supporter of South Devons throughout his life, promoting them across the country and always encouraging the younger generation to partake in the showing of the breed, and he will be greatly missed by all.

At the end of the year the Performance Championships were held at Agrifest at Westpoint with an excellent display of South Devons. All the talk on the morning of the show was the fantastic South Devon beef that was served at the pre-show dinner and our thanks go to Hadley Farms for supplying the meat.

We all know that we have a fantastic breed of cattle in the South Devon, its ability to perform in a variety of management situations whether intensive or extensive, their docility and ability to produce quality milk to feed their offspring right through to their meat-eating qualities should not be underestimated. So perhaps now is the time to spread the word far and wide of this great breed, the South Devon.

Philip Laity, Society Chairman

Council attendance

J Andrew 2 H Ashcroft 4 T Bastard 3
A Brooks 3 E Bunkum 4 J Fentem 2
J Farnsworth 1 C Grisedale 2 R E Hadley 4
E G Hawkins 4 D Nixey 4 A L Pascoe 4
P S Rowe 4 J Shinner 4 A Threlkeld 0
J Tucker 3 J W Virgin 4 J White 4

Page 2

South Devon Herd Book Society

Trustees’ Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2021.

LEGAL AND ADMINISTRATIVE DETAILS

Status

The charity is a company limited by guarantee (number 35107) and was incorporated on 2[nd] November 1891. It was registered with the Charity Commission (number 24166) on 6[th] November 1967. The company was established under a Memorandum of Association which describes the objects and powers of the charitable company, and it is governed under its Articles of Association.

Registered Office Bankers Investment Adviser Westpoint Lloyds Bank plc Brewin Dolphin Ltd Clyst St Mary 41 Courtenay Street Vantage Point Exeter Newton Abbot Woodwater Park Devon Devon Pynes Hill, Exeter EX5 1DJ TQ12 2QW Devon, EX2 5FD Solicitor Independent Examiner Michelmores LLP Wortham Jaques Ltd Woodwater House 130 High Street Pynes Hill Crediton Exeter Devon Devon, EX2 5WR EX17 3LQ

Trustees of the Society

The trustees of the charity are the members of its Council who are elected by the Society’s members and who serve for a three-year period after which they must stand down for one year before being eligible for re-election. The trustees for the year end up to the date this report was signed were:

Region 1 Region 2 Region 3 Region 4 Region 5 T Bastard J Andrew E G Hawkins D Nixey J Farnsworth E Bunkum H Ashcroft J W J Virgin J White A L Pascoe A Brooks P S Rowe J Shinner J Tucker Region 6 Region 7 C Grisedale J Fentem R E Hadley A Threlkeld

A H Bartley, R A Ford, G Hocking, R V Hartshorn, D L Irving and O Rounsevell retired at the AGM in 2021; and they were replaced by H Ashcroft, J Farnsworth, J Fentem, C Grisedale, P S Rowe and J Shinner.

J Andrew, T Bastard, R E Hadley, A Threlkeld, J W J Virgin and J White will retire at the AGM in 2022 and are not eligible for re-election.

Recruitment of trustees

The trustees are nominated and elected by secret ballot by the members of the Society in their regions as and when vacancies arise.

Induction and training of trustees

The trustees are encouraged to access information from the Charities Commission website as to their roles and responsibilities, and a Charities Commission introductory publication is made available to them at the start of their term as trustee. There is no formal training but existing trustees assist new trustees with procedural practice, and help and advice is available from the Breed Secretary.

Officers of the Society

Chairman: P Laity Deputy Chairman: E G Hawkins Secretary: Mrs C A Poultney

Page 3

South Devon Herd Book Society

Trustees’ Report

An Executive Committee appointed by Council formulates and carries out policy as directed by Council. Members of the Committee attend Council meetings but have no voting rights unless also Council members. The following were members of the Executive Committee during the year:

P Laity (Chairman) C J Edwards R E Hadley E G Hawkins N Hood M R Rowe

Subsidiary committees – Breed Improvement and Breed Promotion – met during the year to formulate and carry out policy as directed by Council. Their members were appointed by Council. In addition, Judges Advisers met once with the Executive Committee.

Staff of the Society

The Breed Secretary, Mrs Caroline Poultney, has day to day responsibility for the running of the business. This includes promoting the breed nationally and overseas, organising events, sourcing advice for members and nonmembers, producing the Society’s information publications and breed journal, and overseeing production of the Herd Book. She also advises the Council on policy matters and decisions. Mrs E Noble administers animal registrations and pedigree transfers, DNA records, member and animal records, and assists with office administration. Mrs E Burren keeps the Society’s accounting records and assists with office administration and member and non-member enquiries.

Objectives

The Society exists to maintain the purity and improve the breeding of South Devon cattle in the United Kingdom of Great Britain and Northern Ireland or elsewhere throughout the world. This is carried out by:

Public benefit

The trustees have complied with the duty in section 17 (5) of the 2011 Charities Act to have due regard to the guidance published by the Charity Commission.

The Society strives to inform the public and its members of the benefits of breeding South Devon cattle including for high welfare, nutritional and environmental reasons. It achieves this through its publications, website, social media platform, staging of publicity and information events, and participation at public industry events such as agricultural shows, exhibitions and open days. It sponsors youth activities and holds competitions specifically for younger members.

Through its work the Society promotes the South Devon breed as a grazing beef breed native to the UK, whose management helps to safeguard the environment in a high welfare, environmentally sustainable, low carbon emitting way by converting pasture to a high quality, healthy, consumable product.

The Society encourages its members to implement high biosecurity and welfare standards, and to protect their herds from a range of endemic cattle diseases by way of knowledge transfer and a financial incentive.

Review of activities

For the second year in succession the Society’s activities were severely restricted by the Covid-19 pandemic, although it was possible to attend and run a number of events in the second half of the year. Without the usual public platform it was not possible to engage with and encourage members as closely as before the pandemic, nor to attract significant new business. This inevitably affected the turnover of female pedigree registrations.

In addition, the wider agricultural industry continued to face challenges associated with carbon capture and emissions, a vocal vegan lobby, rewilding and contradictory environmental schemes, changes to the agricultural financial support system, significant increases in supply costs, and the exit from Europe.

In these uncertain market conditions male registrations held up well at xxx, but female registrations fell by xxx. Pedigree transfers saw an increase in the previous period by xxx for males and xxx for females.

Page 4

South Devon Herd Book Society

Trustees’ Report

In addition to pedigree registrations members are offered a range of services including free weight recording, DNA testing, and a regular information service. It is anticipated that more Society events will be held for members during 2022 as Covid-19 restrictions continue to allow greater freedom for gatherings.

The two premier Society Sales were both held, in the spring and autumn, and both the Midland and the Cattle Breeders Clubs organised sales which were Society supported.

Genomic evaluations continued to be developed which would greatly enhance the accuracy of EBVs and provide a more robust guide for breeders and potential purchasers in line with long-term breed improvement. Development would continue through the first half of 2022, with a planned launch in the summer.

By mid-2021 it became possible to hold meetings in person, although some continued to be facilitated through online conference calls as appropriate.

The Society’s publications included: the breed Journal; sale catalogues; semen lists; monthly BLUP evaluations; and regular newsletters. In addition the Society’s social media pages were regularly populated with news. A series of four promotional videos were produced with the kind help of members, and students from the University of the West of England and were posted to YouTube. A new breed logo was chosen by the trustees to update the breed’s profile – ‘Where Quality Comes Naturally’.

A South Devon bull was selected by the breed improvement committee to be collected primarily for sale to dairy herds, and a second bull was acquired by Genus for sexed semen collection.

The Society increased its financial incentives: to offer a free weight recording service to all members; to encourage a higher level of registrations at birth by offering credits against registration fees for non-breeding animals; to encourage membership of herd health schemes; and to subsidise the myostatin testing of registered bulls.

Financial review

The gross incoming resources for the year amounted to £199,012 (£203,221 in 2020). Total expenditure was £214,096 (£206,398 in 2020).

The results from the year from normal activities show a deficit of £15,084 compared to a deficit of £3,177 in the previous 12 months. There were net realised gains from investments of £69,939 (gains of £4,955 in 2020), resulting in a total net movement in funds of £54,855. The total investment portfolio value at the end of the year stood at £544,731 (£479,381 in 2020). Total charity funds at the end of the year stood at £643,744 (£588,889 at the end of 2020).

Statistical information/comment

Statistical information/comment
Membership
Full
Associate & Retired
Life
Youth
Introductory		 2021
516
58
35
2
14
625		 2020
524
66
34
2
18
644
Registrations
Male
Female		 2021
231
2611
2842		 2020
217
2906
3123		 Transfers
Male
Female		 2021
110
248
358		 2020
98
184
282

Investment Policy and Preference

The Society’s investment objective is to maintain and enhance the value of the fixed assets over the long term to maintain and, if possible, to increase the income available for the purpose of the charity.

To achieve this objective the policy of the Society is to invest in a broad range of equities and fixed interest investments. The investments are regularly reviewed with the assistance of independent expertise and their performance compared with the appropriate indices.

Page 5

South Devon Herd Book Society

Trustees’ Report

Future Plans

A Business Plan is revised annually, which outlines the Society’s objectives: to maintain the purity, improve the breeding, and promote the keeping of South Devon cattle in the United Kingdom or elsewhere in the world. Plans include the continued raising of standards at Society sales and the integrity of pedigree data; facilitating the availability of pedigree and other related information to members and non-members; encouraging the use of technical aids such as DNA testing, female type classification, and performance recording; promoting the breed to commercial beef producers; encouraging best practice in herd health; and a continuing project to build genomic predictors through DNA which is being developed by ABRI.

Risk Assessment

The Society’s Risk Assessment has been reviewed in 2021, and a Register of Risks is maintained. Measures to reduce the exposure to risk are regularly reviewed. The Society has in place measures to acquire member permission for publication of their contact details on the website and in paper publications to protect personal data.

Reserves Policy

Unrestricted reserves at the end of the year totalled £643,744, of which £65,147 has been designated by the Trustees for particular purposes (as shown in the notes to the full accounts). This left general reserves of £578,597. The Trustees aim to maintain these reserves at a level sufficient to cover business running costs for a period of 12 months, taking into account the particular volatility of the agricultural industry. In addition, the policy is to keep surplus funds available for allocation to specific breed improvement and/or breed promotion activities as and when decided by the Trustees. Currently the Society is investing in one breed development project.

Statement of Trustees' Responsibilities

The trustees (who are also the directors of South Devon Herd Book Society for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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.

Page 6

South Devon Herd Book Society

Trustees’ Report

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

The annual report was approved by the trustees of the charity on 5 April 2022 and signed on its behalf by:

......................................... E G Hawkins Trustee

Page 7

South Devon Herd Book Society

Independent Examiner's Report to the trustees of South Devon Herd Book Society ("the Company")

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021.

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 South Devon Herd Book Society 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 matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of South Devon Herd Book Society as required by section 386 of the 2006 Act; or

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

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

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

I have no 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.

...................................... Charlotte Gibbs BFP ACA Wortham Jaques Ltd Chartered Accountants and Charity Advisers

130a High Street Crediton Devon EX17 3 LQ

Date:.............................

Page 8

South Devon Herd Book Society

Statement of Financial Activities for the Year Ended 31 December 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Gains/losses on investment assets
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
25		 Unrestricted
funds
£
33,073
140,673
14,017
11,249
199,012
(9,454)
(204,642)
(214,096)
69,939
54,855
54,855
588,889
643,744		 Total
2021
£
33,073
140,673
14,017
11,249
199,012
(9,454)
(204,642)
(214,096)
69,939
54,855
54,855
588,889
643,744

The notes on pages 13 to 35 form an integral part of these financial statements. Page 9

South Devon Herd Book Society

Statement of Financial Activities for the Year Ended 31 December 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Gains/losses on investment assets
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
25		 Unrestricted
funds
£
33,679
145,336
12,539
11,667
203,221
(8,862)
(197,536)
(206,398)
4,955
1,778
1,778
587,111
588,889		 Total
2020
£
33,679
145,336
12,539
11,667
203,221
(8,862)
(197,536)
(206,398)
4,955
1,778
1,778
587,111
588,889

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 and 2020 is shown in note 25.

The notes on pages 13 to 35 form an integral part of these financial statements. Page 10

South Devon Herd Book Society

(Registration number: 00035107) Balance Sheet as at 31 December 2021

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
19
Creditors: Amounts falling due within one year
20
Net current assets
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Revaluation reserve
Total unrestricted funds
Total funds
25		 2021
£
31,194
544,731
575,925
2,293
47,943
64,213
114,449
(46,630)
67,819
643,744
507,948
135,796
643,744
643,744		 2020
£
32,247
479,381
511,628
3,094
53,022
65,354
121,470
(44,209)
77,261
588,889
492,490
96,399
588,889
588,889

For the financial year ending 31 December 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The notes on pages 13 to 35 form an integral part of these financial statements. Page 11

South Devon Herd Book Society

(Registration number: 00035107) Balance Sheet as at 31 December 2021

The financial statements on pages 9 to 35 were approved by the trustees, and authorised for issue on 5 April 2022 and signed on their behalf by:

......................................... E G Hawkins

Trustee

The notes on pages 13 to 35 form an integral part of these financial statements. Page 12

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: Westpoint Clyst St Mary Exeter Devon EX5 1DJ

These financial statements were authorised for issue by the trustees on 5 April 2022.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

South Devon Herd Book Society meets the definition of a 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 notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Page 13

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Donated services and facilities

Where services or facilities are provided to the Charity as a donation that would normally be purchased from our suppliers, this benefit is included in the financial statements at its fair value unless its fair value cannot be reliably measured, then at the cost to the donor or the resale value of goods that are to be sold.

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Page 14

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £100.00 or more (other than trophies) are initially recorded at cost. Trophies are recorded as a donation at valuation and are capitalised in the year of donation.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Show equipment and trophies 10% reducing balance
Office equipment 20% reducing balance
Computer equipment 20% reducing balance

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO) method.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents 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.

Page 15

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).

Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:

1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);

2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and

3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

Page 16

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 17

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

Debt instruments

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Page 18

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

Derivative financial instruments

The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

3 Income from donations and legacies

Donations and legacies;
Donations from individuals
Regular giving and capital donations
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
918
32,155
33,073
33,679		 Total
funds
£
918
32,155
33,073
33,679
Members' services
Breed development
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
135,740
4,933
140,673
145,336		 Total
funds
£
135,740
4,933
140,673
145,336

Page 19

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

5 Income from other trading activities

Trading income;
Sales of goods and services
Other trading income
Lotteries and competitions income
Total for 2021
Total for 2020		 Unrestricted funds
Designated
£
General
£
-
1,074
-
10,993
975
975
975
13,042
968
11,571		 Total
funds
£
1,074
10,993
1,950
14,017
12,539

6 Investment income

Income from dividends;
Dividends receivable from other listed investments
Interest receivable and similar income;
Interest receivable on bank deposits
Interest receivable on other loans
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
10,970
29
250
11,249
11,667		 Total
funds
£
10,970
29
250
11,249
11,667

7 Expenditure on raising funds

a) Costs of generating donations and legacies

Note
Allocated support costs
9
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
356
356
387		 Total
funds
£
356
356
387

Page 20

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

b) Costs of trading activities

Note
Costs of goods sold
Lotteries and competitions
Allocated support costs
9
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
719
1,123
681
2,523
2,535		 Total
funds
£
719
1,123
681
2,523
2,535

c) Investment management costs

Note
Other investment management costs;
Amounts payable to investment managers
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
4,133
4,133
3,473		 Total
funds
£
4,133
4,133
3,473
Total
costs
£

8 Expenditure on charitable activities

Note
Members' services
Breed development
Breed promotion
Staff costs
Allocated support costs
9
Governance costs
9
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
46,410
12,782
12,295
88,540
33,019
11,596
204,642
197,536		 Total
funds
£
46,410
12,782
12,295
88,540
33,019
11,596
204,642
197,536

Page 21

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

Members' services
Breed development
Breed promotion
Total for 2021
Total for 2020		 Activity
undertaken
directly
£
46,410
12,782
12,295
71,487
62,122		 Activity
support costs
£
94,827
11,385
15,346
121,558
123,036		 Total
expenditure
£
141,237
24,167
27,641
193,045
185,158

In addition to the expenditure analysed above, there are also governance costs of £11,597 (2020 - £12,378) which relate directly to charitable activities. See note 9 for further details.

9 Analysis of governance and support costs

Charitable activities expenditure

Basis of allocation
Herd Book production
Breed research
Promotion and publicity
Sponsorship
Travelling
Breedplan costs
Shows, sales and competitions
Semen storage and distribution
DNA test costs
Journal production
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
742
778
5,537
50
3,753
23,676
6,095
5,063
15,883
9,910
71,487
62,122		 Total
funds
£
742
778
5,537
50
3,753
23,676
6,095
5,063
15,883
9,910
71,487
62,122

Page 22

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

Support costs allocated to raising funds

Basis of allocation
Costs of generating donations and legacies
A
Costs of trading activities
A
Basis of allocation
Information
technology
£
Costs of generating donations and legacies
A
16
Costs of trading activities
A
32
48		 Staff costs
£
978
1,461
2,439
Staff costs
£
988
1,479
2,467		 Administration
costs
£
222
444
666
Administration
costs
£
226
423
649		 Premises costs
including
depreciation
£
134
238
372
Premises costs
including
depreciation
£
145
252
397		 Total
2021
£
1,334
2,143
3,477
Total
2020
£
1,375
2,186
3,561

Page 23

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

Support costs allocated to charitable activities

Basis of allocation
Members' services
A
Breed development
A
Breed promotion
A
Governance
A
Basis of allocation
Members' services
A
Breed development
A
Breed promotion
A
Governance
A		 Information
technology
£
855
76
855
57
1,843
Information
technology
£
729
64
709
48
1,550		 Staff costs
£
65,868
9,856
12,816
-
88,540
Staff costs
£
66,575
9,899
12,869
-
89,343		 Administration
costs
£
17,504
956
1,057
994
20,511
Administration
costs
£
17,888
954
1,096
830
20,768		 Premises costs
including
depreciation
£
10,601
496
620
372
12,089
Premises costs
including
depreciation
£
11,066
527
660
396
12,649		 Total
2021
£
94,828
11,384
15,348
1,423
122,983
Total
2020
£
96,258
11,444
15,334
1,274
124,310

Basis of allocation

Reference Method of allocation A The amounts allocated to each activity are determined by the demand each activity has for each support resource.

Page 24

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

Governance costs

Staff costs
Wages and salaries
Social security costs
Pension costs
Other staff costs
Independent examiner fees
Examination of the financial statements
Legal fees
Other governance costs
Allocated support costs
Total for 2021
Total for 2020
10 Net incoming/outgoing resources
Net outgoing resources for the year include:
Other non-audit services
Depreciation of fixed assets		 Unrestricted
funds
General
£
6,347
371
157
22
1,850
35
1,391
1,423
11,596
12,378
2021
£
1,850
1,053		 Total
funds
£
6,347
371
157
22
1,850
35
1,391
1,423
11,596
12,378
2020
£
2,700
1,259

11 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

12 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs
Other staff costs		 2021
£
90,221
4,836
2,100
722
97,879		 2020
£
90,878
5,017
2,167
677
98,739

Page 25

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

2021 2020
No No
Charitable activities 3 3

3 (2020 - 3) of the above employees participated in the Defined Contribution Pension Schemes. Contributions to the employee pension schemes for the year totalled £2,100 (2020 - £2,167).

No employee received emoluments of more than £60,000 during the year.

13 Independent examiner's remuneration

13 Independent examiner's remuneration
2021 2020
£ £
Examination of the financial statements 1,850 2,700

Page 26

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

14 Taxation

The charity is a registered charity and is therefore exempt from taxation.

15 Tangible fixed assets

Cost
At 1 January 2021
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020
16 Fixed asset investments
Other investments		 Furniture and
equipment
£
13,909
13,909
13,755
31
13,786
123
154		 Computer
equipment
£
22,177
22,177
19,059
624
19,683
2,494
3,118		 Trophies and
show
equipment
£
33,208
33,208
4,233
398
4,631
28,577
28,975
2021
£
544,731		 Total
£
69,294
69,294
37,047
1,053
38,100
31,194
32,247
2020
£
479,381

Page 27

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

Other investments

Cost or Valuation
At 1 January 2021
Revaluation
Additions
Disposals
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Listed
investments
£
465,753
57,792
88,480
(102,737)
509,288
509,288
465,753		 Unlisted
investments
£
13,628
-
126,078
(104,263)
35,443
35,443
13,628		 Total
£
479,381
57,792
214,558
(207,000)
544,731
544,731
479,381

The market value of the listed investments at 31 December 2021 was £209,288 (2020 - £46,753).

17 Stock

Stocks
18 Debtors
Trade debtors
Prepayments
Other debtors		 2021
£
2,293
2021
£
40,461
4,115
3,367
47,943		 2020
£
3,094
2020
£
42,562
4,429
6,031
53,022

Debtors includes £2,997 (2020: £2,997) receivable after more than one year.

Other debtors 2021
£
2,997		 2020
£
2,997

Page 28

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

19 Cash and cash equivalents

Cash on hand
Cash at bank
20 Creditors: amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals
Deferred income
Deferred income at 1 January 2021
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end		 2021
£
518
63,695
64,213
2021
£
26,766
6,603
6,238
3,763
3,260
46,630
2021
£
3,570
-
(310)
3,260		 2020
£
503
64,851
65,354
2020
£
23,673
8,030
5,365
3,571
3,570
44,209
2020
£
1,780
2,100
(310)
3,570

Deferred income includes:

Life membership subscriptions released over 10 years with a total unexpired value of £1,160; and £2,100 received during the year ended 31st December 2020 as sponsorship for that National Show, which has been postponed until 2022. It has been agreed with the sponsors to hold this money until next year.

Page 29

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

21 Obligations under leases and hire purchase contracts

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Operating lease commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
Land and buildings
Within one year
Between one and five years
Other
Within one year
Between one and five years		 2021
£
10,600
10,600
21,200
21,860
119,630
141,490

22 Pension and other schemes Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £2,100 (2020 - £2,167).

Page 30

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

23 Reserves

At 1 January 2021
Transfer of surplus funds
Unrealised gain on investments
At 31 December 2021
At 1 January 2020
Transfer of surplus funds
Unrealised gain on investments
At 31 December 2020		 Unrestricted
revaluation
reserve
£
96,399
(30,542)
69,939
135,796
Unrestricted
revaluation
reserve
£
122,128
(30,684)
4,955
96,399		 Total
£
96,399
(30,542)
69,939
135,796
Total
£
122,128
(30,684)
4,955
96,399

24 Contingent liabilities

Registration fees paid will be credited upon application by the breeder who paid the registration fee where registered animals have been slaughtered before they are 30 months old. All applications must be made within 4 months of the animal's slaughter. The Society estimates the contingent liability arising to be in the region of £10,000 per year.

25 Funds

Unrestricted funds
General
Unrestricted funds
Designated
National show
Genomic predictor
Total funds		 Balance at 1
January
2021
£
524,717
10,952
53,220
64,172
588,889		 Incoming
resources
£
198,037
975
-
975
199,012		 Resources
expended
£
(214,096)
-
-
-
(214,096)		 Other
recognised
gains/(losses)
£
69,939
-
-
-
69,939		 Balance at
31
December
2021
£
578,597
11,927
53,220
65,147
643,744

Page 31

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

Balance at
Balance at 1 Other 31
January Incoming Resources recognised December
2020 resources expended gains/(losses) 2020
£ £ £ £ £
Unrestricted funds
General
Unrestricted funds 523,907 202,253 (206,398) 4,955 524,717
Designated
National show 9,984 968 - - 10,952
Genomic predictor 53,220 - - - 53,220
63,204 968 - - 64,172
Total funds 587,111 203,221 (206,398) 4,955 588,889
The specific purposes for which the funds are to be applied are as follows:
Designated Funds
National Show
Allocation of half the proceeds from the Auction of Promises (£2,000) together with the Club fund net income
towards the costs of the 2021 National Show.
DNA Research
Council agreed in September 2014 to set aside up to £60,000 from the Society’s reserves towards this project
and the costs have amounted to £900 to date.
26 Analysis of net assets between funds
Total funds at
Unrestricted funds 31 December
General Designated 2021
£ £ £
Tangible fixed assets 31,194 - 31,194
Fixed asset investments 544,731 - 544,731
Current assets 49,302 65,147 114,449
Current liabilities (46,630) - (46,630)
Total net assets 578,597 65,147 643,744

Page 32

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted funds
General
£
Designated
£
32,247
-
479,381
-
57,298
64,172
(44,209)
-
524,717
64,172		 Total funds at
31 December
2020
£
32,247
479,381
121,470
(44,209)
588,889

27 Related party transactions

During the year the charity made the following related party transactions:

H M Ashcroft

(Trustee from 30 March 2021)

Purchases from the Society at arms-length value £3,551. At the balance sheet date the amount due from H M Ashcroft was £2,889 (2020 - £Nil).

A H Bartley

(Trustee to 30 March 2021)

Purchases from the Society at arms-length value £382.80. At the balance sheet date the amount due from A H Bartley was £42 (2020 - £130).

T J Bastard

(Trustee)

Purchases from the Society at arms-length value £600. At the balance sheet date the amount due to/from T J Bastard was £Nil (2020 - £Nil).

S A Brooks

(Trustee)

Purchases from the Society at arms-length value £271. At the balance sheet date the amount due from S A Brooks was £57 (2020 - £Nil).

E J Bunkum

(Trustee)

Purchases from the Society at arms-length value £958. At the balance sheet date the amount due from E J Bunkum was £52 (2020 - £36 due to).

J Fentem

(Trustee from 30 March 2021)

Purchases from the Society at arms-length value £2,481. At the balance sheet date the amount due to J Fentem was £95 (2020 - £Nil).

R A Ford

(Trustee to 30 March 2021)

Purchases from the Society at arms-length value £36. At the balance sheet date the amount due from R A Ford was £378 (2020 - £130).

C O F Grisedale

(Trustee from 30 March 2021)

Purchases from the Society at arms-length value £1,656. At the balance sheet date the amount due to/from C O F Grisedale was £Nil (2020 - £Nil).

Page 33

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

R E Hadley

(Trustee)

Purchases from the Society at arms-length value £367. At the balance sheet date the amount due to/from R E Hadley was £Nil (2020 - £Nil).

R V Hartshorn

(Trustee to 30 March 2021)

Purchases from the Society at arms-length value £117. At the balance sheet date the amount due from R V Hartshorn was £130 (2020 - £Nil).

E G Hawkins

(Trustee)

Purchases from the Society at arms-length value £916. At the balance sheet date the amount due from E G Hawkins was £131 (2020 - £Nil).

G T L Hocking

(Trustee to 30 March 2021)

Purchases from the Society at arms-length value £72. At the balance sheet date the amount due to G T L Hocking was £216 (2020 - £72 due from).

D L Irving

(Trustee to 30 March 2021)

Purchases from the Society at arms-length value £192. At the balance sheet date the amount due from D L Irving was £163 (2020 - £Nil).

D P Nixey

(Trustee) Purchases from the Society at arms-length value £324. At the balance sheet date the amount due to/from D P Nixey was £Nil (2020 - £Nil).

A L Pascoe

(Trustee)

Purchases from the Society at arms-length value £418. At the balance sheet date the amount due to/from A L Pascoe was £Nil (2020 - £Nil).

O W T Rounsevell

(Trustee to 30 March 2021)

Purchases from the Society at arms-length value £72. At the balance sheet date the amount due to/from O W T Rounsevell was £Nil (2020 - £Nil).

P S Rowe

(Trustee)

Purchases from the Society at arms-length value £3,708. At the balance sheet date the amount due from P S Rowe was £1,999 (2020 - £550).

J W Shinner

(Trustee)

Purchases from the Society at arms-length value £1,406. At the balance sheet date the amount due from J W Shinner was £358 (2020 - £70).

A T Threlkeld

(Trustee)

Purchases from the Society at arms-length value £622. At the balance sheet date the amount due from A T Threlkeld was £309 (2020 - £Nil).

J W J Virgin

(Trustee)

Purchases from the Society at arms-length value £981. At the balance sheet date the amount due to/from from J W J Virgin was £Nil (2020 - £338).

Page 34

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2021

J M White

(Trustee)

Purchases from the Society at arms-length value £3,123. At the balance sheet date the amount due from J M White was £2,889 (2020 - £Nil).

Page 35