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2023-12-31-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 2023

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 33

South Devon Herd Book Society

Trustees' Report

CHAIRMAN’S REPORT ON BEHALF OF THE TRUSTEES

for the year ended 31st December 2023

Welcome to my first report as Chairman. I cannot describe how much of an honour it was to be elected as Chairman of the South Devon Herd Book Society in April 2023. I took over the reins from Philip Laity, whom I thank for all his hard work and dedication to the Society.

I would like to take this opportunity to thank those members who have given up their time to be on Council. Thanks go to Helen Ashcroft, James Shinner, Jayne Farnsworth, Charles Grisedale, and John Fentem for their three years of service. I would also like to thank those members that have been an important part of our sub-committees, Breed Development and Breed Promotion whose tireless work continues behind the scenes.

In farming, we all need to look at being more efficient in our businesses; any article you see in the farming press is always talking about being more efficient and every article will mention the use of EBV’s as one of the tools in the box. I would encourage every member to submit any information they have to help us all. We have the breed that can do well in any system whether it be extensive or intensive. The South Devon will perform well as I witnessed firsthand when I judged the National Herd Competition with my fellow judges Lionel Pascoe and Gordon Tully.

Now with the onset of the Sustainable Farming Incentive and other environmental schemes we at last have a fantastic opportunity to succeed. A recent report from the Agriculture and Horticulture Development Board has identified that the South Devon Breed came TOP in three of the five native beef breed beef traits in AHDB’s breed rankings:

Going forward there is much work to do. We are working on a new website and ABRI in Australia are upgrading Breedplan. We are working closely with them and from what I've seen so far, the development work that they are doing will increase the user friendliness of their software system, making it easier for the office and for the membership to use. Later this year there will be the opportunity to meet with ABRI face to face.

As with all member based organisations such as ours, it is important that it is supported by ALL the membership. You will see from the accounts presented to you today that the Society needs to move from a deficit to a profit. All through my time as a member of the South Devon Herd Book Society, I have heard its membership and Council members talking about “The registrations being the lifeblood of the Society” , never such a true word being spoken. Returning the Society to profit can be done with three options:

Page 1

South Devon Herd Book Society

Trustees' Report

We are all responsible for the upkeep and future of the Society, and we all need to be supporting the Society wherever and whenever we can. A simple fix to our budget proposals would be for every member to register two additional animals per year.

Page 2

South Devon Herd Book Society

Trustees' Report

When they met in December, Council approved the budget which was showing a deficit of £34,541. Since then, the Executive Committee and Caroline have further reduced this to £14,405.

We have taken the decision to make all mailings, newsletters, pedigree certificates, statements and invoices, electronic where possible, and in doing so we have made some significant savings to the Society. This has not been an easy decision to make but in time more and more information will be sent out via e-mail. There will be further difficult decisions to make as we go forward. If you have anything that you would like to be discussed, then please do contact your regional representative and they can bring it forward to Council. Alternatively, my phone number and my e-mail address are in the Journal, and I am more than happy to speak to you about any of your concerns.

Unfortunately, we have had to cancel the National Show this year due to the bluetongue virus which is currently causing us all issues.

Page 3

South Devon Herd Book Society

Trustees' Report

I am so grateful that the Executive members remain the same and I would like to thank my deputy chairman Colin Edwards, Richard Hartshorn, Gordon Tully, Peter Rowe, Richard Ford and our treasurer Adrian Rundle for all their tireless hard work. The Executive Committee meet on average every six weeks, and they all take time out of their busy schedules to attend.

I would like to take this opportunity to thank all those breeders who dedicate so much time and effort in the show ring around the country. All the exhibitors work together to make everyone part of the same team in and out of the showring. In particular, to those exhibitors who put on such a great display of cattle at the National Show, held at the Royal Three Counties showground in June. What a wonderful show of cattle we had there. Thanks go to the interbreed team of three, from Nigel and Liz Bunkum, and Richard Rowe.

I would like to thank all our judges, who have conducted themselves impeccably throughout the season and a special mention to Roger Rundle for judging the National Show.

Page 4

South Devon Herd Book Society

Trustees' Report

Obviously, all the shows and events do not happen on their own and as you all know this cannot be done without the swans in the background, so thanks go to Caroline, Liz and David who take care of all the things that we don’t see.

We as members of the Society have so much work to do to promote this fantastic breed of cattle that we all know and love.

With all the talent and enthusiasm that I have seen, meeting with members and discussions with the office, we have the tools that can make this breed stand out from the competition. We can only succeed by working together as a team to achieve Council’s objectives.

Edward Hawkins, Society Chairman

Page 5

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 2023.

Page 6

South Devon Herd Book Society

Trustees' Report

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". 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 the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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 2 April 2024 and signed on its behalf by:

......................................... R W Bostelmann 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 2023.

Responsibilities and basis of report

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

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

Independent examiner’s statement

I have completed my examination. I confirm that no 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.

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 Chapman Gibbs BFP FCA Wortham Jaques Ltd Chartered Accountants and Charity Advisers

130a High Street Crediton Devon EX17 3 LQ

2 April 2024

Page 8

South Devon Herd Book Society

Statement of Financial Activities for the Year Ended 31 December 2023 (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 expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
25		 Unrestricted
funds
£
29,480
140,269
19,915
15,142
204,806
(9,939)
(227,985)
(237,924)
22,116
(11,002)
(11,002)
589,049
578,047		 Restricted
funds
£
550
-
-
-
550
(6)
(544)
(550)
-
-
-
-
-		 Total
2023
£
30,030
140,269
19,915
15,142
205,356
(9,945)
(228,529)
(238,474)
22,116
(11,002)
(11,002)
589,049
578,047

The notes on pages 13 to 33 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 2023 (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 expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
25		 Unrestricted
funds
£
32,143
166,003
23,842
11,841
233,829
(9,392)
(224,756)
(234,148)
(54,376)
(54,695)
(54,695)
643,744
589,049		 Total
2022
£
32,143
166,003
23,842
11,841
233,829
(9,392)
(224,756)
(234,148)
(54,376)
(54,695)
(54,695)
643,744
589,049

All of the charity's activities derive from continuing operations during the above two periods.

The notes on pages 13 to 33 form an integral part of these financial statements. Page 10

South Devon Herd Book Society

(Registration number: 00035107) Balance Sheet as at 31 December 2023

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		 2023
£
31,542
523,051
554,593
1,372
33,062
23,131
57,565
(34,111)
23,454
578,047
495,819
82,228
578,047
578,047		 2022
£
32,558
485,224
517,782
1,531
65,024
50,864
117,419
(46,152)
71,267
589,049
532,607
56,442
589,049
589,049

For the financial year ending 31 December 2023 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 33 form an integral part of these financial statements. Page 11

South Devon Herd Book Society

(Registration number: 00035107) Balance Sheet as at 31 December 2023

The financial statements on pages 9 to 33 were approved by the trustees, and authorised for issue on 2 April 2024 and signed on their behalf by:

......................................... R W Bostelmann Trustee

The notes on pages 13 to 33 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 2023

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

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 2023

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:

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 meetings and reimbursed expenses.

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.

Page 14

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

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.

Page 15

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

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 16

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

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 companies, trusts and similar
proceeds
Donations from individuals
Regular giving and capital donations
Total for 2023
Total for 2022		 Unrestricted
funds
General
£
1,513
1,271
26,696
29,480
32,143		 Restricted
funds
£
-
550
-
550
-		 Total
funds
£
1,513
1,821
26,696
30,030
32,143

4 Income from charitable activities

Members' services
Breed development
Total for 2023
Total for 2022		 Unrestricted
funds
General
£
138,683
1,586
140,269
166,003		 Total
funds
£
138,683
1,586
140,269
166,003

Page 17

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

5 Income from other trading activities

Trading income;
Sales of goods and services
Other trading income
Sponsorship income
Lotteries and competitions income
Total for 2023
Total for 2022		 Unrestricted funds
Designated
£
General
£
-
499
-
13,241
4,375
-
-
1,800
4,375
15,540
8,510
15,332		 Total
funds
£
499
13,241
4,375
1,800
19,915
23,842

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 2023
Total for 2022		 Unrestricted
funds
General
£
12,660
2,232
250
15,142
11,841		 Total
funds
£
12,660
2,232
250
15,142
11,841

7 Expenditure on raising funds

a) Costs of generating donations and legacies

Note
Depreciation, amortisation and other similar costs
Staff Costs
Allocated support costs
9
Total for 2023
Total for 2022		 Unrestricted
funds
General
£
20
970
337
1,327
1,345		 Total
funds
£
20
970
337
1,327
1,345

Page 18

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

b) Costs of trading activities

Note
Costs of goods sold
Lotteries and competitions
Depreciation, amortisation and other similar
costs
Staff Costs
Allocated support costs
9
Total for 2023
Total for 2022		 Unrestricted
funds
General
£
1,234
1,069
10
1,419
674
4,406
4,123		 Restricted
funds
£
6
-
-
-
-
6
-		 Total
funds
£
1,240
1,069
10
1,419
674
4,412
4,123

c) Investment management costs

Note
Other investment management costs;
Amounts payable to investment managers
Total for 2023
Total for 2022		 Unrestricted
funds
General
£
4,206
4,206
3,924		 Total
funds
£
4,206
4,206
3,924

Page 19

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

8 Expenditure on charitable activities

Note
Members' services
Breed development
Breed promotion
Depreciation,
amortisation and
other similar costs
Staff costs
Allocated support
costs
9
Governance costs
9
Total for 2023
Total for 2022
Members' services
Breed development
Breed promotion
Total for 2023
Total for 2022		 Unrestricted funds
Designated
£
General
£
1,817
48,355
181
12,255
3,333
21,780
-
956
-
87,520
-
32,904
-
18,884
5,331
222,654
3,828
220,928
Activity
undertaken
directly
£
50,504
12,448
25,313
88,265
86,737		 Restricted
funds
£
332
12
200
-
-
-
-
544
-
Activity
support costs
£
94,089
11,560
15,731
121,380
123,588		 Total
funds
£
50,504
12,448
25,313
956
87,520
32,904
18,884
228,529
224,756
Total
expenditure
£
144,593
24,008
41,044
209,645
210,325

In addition to the expenditure analysed above, there are also governance costs of £18,884 (2022 - £14,431) which relate directly to charitable activities. See note 9 for further details.

Page 20

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

9 Analysis of governance and support costs

Charitable activities expenditure

Basis of allocation
Prizes
Regional committees
Herd Book production
Travelling
Sponsorship
Breed research
Promotion and publicity
Breedplan costs
Shows, sales and competitions
Semen storage and distribution
DNA test costs
Journal production
Total for 2023
Total for 2022		 Unrestricted funds
Designated
£
General
£
-
187
-
155
-
1,555
-
6,076
-
510
-
377
-
2,744
-
24,359
5,331
21,467
-
928
-
14,454
-
9,579
5,331
82,391
3,828
82,909		 Restricted
funds
£
-
-
294
-
-
-
-
-
250
-
-
-
544
-		 Total
funds
£
187
155
1,849
6,076
510
377
2,744
24,359
27,048
928
14,454
9,579
88,266
86,737

Page 21

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

Support costs allocated to raising funds

Basis of allocation
Costs of generating donations and legacies A
Costs of trading activities
A
Total for 2023
Total for 2022
Support costs allocated to charitable activities
Basis of allocation
Members' services
A
Breed development
A
Breed promotion
A
Governance
A
Total for 2023
Total for 2022		 Information
technology
£
-
-
-
49
Information
technology
£
-
-
-
-
-
1,389		 Staff costs
£
970
1,418
2,388
2,420
Staff costs
£
64,186
10,039
13,293
7,082
94,600
95,103		 Administration
costs
£
189
378
567
644
Administration
costs
£
17,128
890
1,032
1,584
20,634
24,630		 Premises costs
including
depreciation
£
153
275
428
372
Premises costs
including
depreciation
£
12,135
570
713
428
13,846
12,276		 Other support
costs
£
15
31
46
-
Other support
costs
£
640
61
693
46
1,440
-		 Total
funds
£
1,327
2,102
3,429
3,485
Total
funds
£
94,089
11,560
15,731
9,140
130,520
133,398

Page 22

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

Basis of allocation

Reference

Method of allocation

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

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
Depreciation, amortisation and other similar costs
Other governance costs
Allocated support costs
Total for 2023
Total for 2022
10 Net incoming/outgoing resources
Net outgoing resources for the year include:
Other non-audit services
Depreciation of fixed assets		 Unrestricted
funds
General
£
6,236
275
210
361
2,450
5,500
30
1,794
2,028
18,884
14,431
2023
£
2,450
1,016		 Total
funds
£
6,236
275
210
361
2,450
5,500
30
1,794
2,028
18,884
14,431
2022
£
1,875
1,203

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.

Page 23

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

12 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs
Other staff costs		 2023
£
79,533
3,466
1,964
12,028
96,991		 2022
£
90,565
4,267
2,062
629
97,523

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:

2023 2022
No No
Charitable activities 2 3

2 (2022 - 3) of the above employees participated in the Defined Contribution Pension Schemes.

Contributions to the employee pension schemes for the year totalled £1,964 (2022 - £2,061).

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

13 Independent examiner's remuneration

Examination of the financial statements 2023
£
2,450		 2022
£
1,915

Page 24

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

14 Taxation

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

15 Tangible fixed assets

Cost
At 1 January 2023
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
16 Fixed asset investments
Other investments		 Furniture and
equipment
£
14,555
14,555
13,939
122
14,061
494
616		 Computer
equipment
£
22,177
22,177
20,182
399
20,581
1,596
1,995		 Trophies and
show
equipment
£
35,129
35,129
5,182
495
5,677
29,452
29,947
2023
£
523,051		 Total
£
71,861
71,861
39,303
1,016
40,319
31,542
32,558
2022
£
485,224

Page 25

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

Other investments

Cost or Valuation
At 1 January 2023
Revaluation
Additions
Disposals
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Listed
investments
£
462,102
22,116
91,545
(57,976)
517,787
517,787
462,102		 Unlisted
investments
£
23,122
-
92,544
(110,402)
5,264
5,264
23,122		 Total
£
485,224
22,116
184,089
(168,378)
523,051
523,051
485,224

The market value of the listed investments at 31 December 2023 was £517,787 (2022 - £462,102).

17 Stock

Stocks
18 Debtors
Trade debtors
Prepayments
Other debtors		 2023
£
1,372
2023
£
25,459
4,595
3,008
33,062		 2022
£
1,531
2022
£
57,121
4,538
3,365
65,024

Debtors includes £2,997 (2022: £2,997) receivable after more than one year.

Other debtors 2023
£
2,997		 2022
£
2,997

Page 26

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

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 2023
Amounts released from previous periods
Deferred income at year end		 2023
£
173
22,958
23,131
2023
£
22,606
2,553
4,890
3,522
540
34,111
2023
£
850
(210)
640		 2022
£
322
50,542
50,864
2022
£
31,898
5,517
4,365
3,522
850
46,152
2022
£
3,260
(2,410)
850

Deferred income relates to life membership subscriptions released over 10 years with a total unexpired value of £640 (2022: £850)

21 Obligations under leases and hire purchase contracts

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		 2023
£
-
50,350
50,350
6,782
7,089
13,871		 2022
£
6,758
-
6,758
-
167,446
167,446

Page 27

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

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 £1,964 (2022 - £2,061).

23 Reserves

At 1 January 2023
Transfer of surplus funds
Unrealised gain on investments
At 31 December 2023
At 1 January 2022
Transfer of surplus funds
Unrealised loss on investments
At 31 December 2022		 Unrestricted
revaluation
reserve
£
56,442
3,670
22,116
82,228
Unrestricted
revaluation
reserve
£
135,796
(24,978)
(54,376)
56,442		 Total
£
56,442
3,670
22,116
82,228
Total
£
135,796
(24,978)
(54,376)
56,442

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.

Page 28

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

25 Funds

Unrestricted funds
General
Unrestricted funds
Designated
National show
Genomic predictor
Breed promotion
Total unrestricted funds
Restricted funds
Directed donations
Total funds		 Balance at 1
January 2023
£
519,316
14,644
53,220
1,869
69,733
589,049
-
589,049		 Incoming
resources
£
200,431
4,375
-
-
4,375
204,806
550
205,356		 Resources
expended
£
(232,593)
(5,331)
-
-
(5,331)
(237,924)
(550)
(238,474)		 Transfers
£
(731)
731
-
-
731
-
-
-		 Other
recognised
gains/(losses)
£
22,116
-
-
-
-
22,116
-
22,116		 Balance at 31
December
2023
£
508,539
14,419
53,220
1,869
69,508
578,047
-
578,047

Page 29

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

Unrestricted funds
General
Unrestricted funds
Designated
National show
Genomic predictor
Breed promotion
Total funds		 Balance at 1
January 2022
£
578,597
11,927
53,220
-
65,147
643,744		 Incoming
resources
£
225,319
6,545
-
1,965
8,510
233,829		 Resources
expended
£
(230,320)
(3,828)
-
-
(3,828)
(234,148)		 Transfers
£
96
-
-
(96)
(96)
-		 Other
recognised
gains/(losses)
£
(54,376)
-
-
-
-
(54,376)		 Balance at 31
December
2022
£
519,316
14,644
53,220
1,869
69,733
589,049

Page 30

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

The specific purposes for which the funds are to be applied are as follows:

Designated Funds

National Show

Allocation of the Club fund net income (£731) plus sponsorship received this year towards the costs of the 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 £6,780 to date.

Breed Promotion

Council agreed to set aside funds to be used for breed promotional purposes, such as show equipment for the display of graphic and videos.

Directed Donations

Gifts received where the donor has specified their wishes for the use of the funds. This year specific donations were £250 towards the National Show costs and £300 towards Herd Book production costs.

The transfer of £731 from unrestricted funds to the National Show designated fund represents the designation of the net Club income this year.

26 Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted funds
General
£
Designated
£
32,558
-
485,224
-
48,339
69,733
(46,197)
-
519,924
69,733		 Total funds at
31 December
2022
£
32,558
485,224
118,072
(46,197)
589,657

27 Related party transactions

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

H M Ashcroft

(Trustee)

Purchases from the Society at arms-length value £703.50. Credits received relating to performance recording, animal registration credits or National Show exhibitor incentives totalling £190. At the balance sheet date the amount due to/from H M Ashcroft was £Nil (2022 - £Nil).

R W Bostelmann

(Trustee)

Purchases from the Society at arms-length value £262. At the balance sheet date the amount due to R W Bostelmann was £66 (2022 - £Nil).

Page 31

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

S A Brooks

(Trustee until 04/04/23)

Purchases from the Society at arms-length value £60. At the balance sheet date the amount due to/from S A Brooks was £Nil (2022 - £Nil).

E J Bunkum

(Trustee to 04/04/23) Purchases from the Society at arms-length value £90. At the balance sheet date the amount due to/from from E J Bunkum was £Nil (2022 - £58).

R C Burrough

(Trustee)

Purchases from the Society at arms-length value £2,532. At the balance sheet date the amount due to/from R C Burrough was £Nil (2022 - £Nil).

R W Camp

(Trustee from 04/0/23) Purchases from the Society at arms-length value £605. At the balance sheet date the amount due from R W Camp was £89 (2022 - £Nil).

J C Coward

(Trustee)

Purchases from the Society at arms-length value £1,081. Credits received relating to performance recording, animal registration credits or National Show exhibitor incentives totalling £150. At the balance sheet date the amount due to J C Coward was £108 (2022 - £Nil).

R L Dennis

(Trustee from 04/04/23) Purchases from the Society at arms-length value £81.84. At the balance sheet date the amount due to/from R L Dennis was £Nil (2022 - £Nil).

J Farnsworthy

(Trustee)

Purchases from the Society at arms-length value £60. At the balance sheet date the amount due to/from from J Farnsworthy was £Nil (2022 - £144).

J Fentem

(Trustee)

Purchases from the Society at arms-length value £2,353. Credits received relating to performance recording, animal registration credits or National Show exhibitor incentives totalling £360. At the balance sheet date the amount due to J Fentem was £108 (2022 - £90 due from).

C O F Grisedale

(Trustee)

Purchases from the Society at arms-length value £1,336.38. At the balance sheet date the amount due to/from to C O F Grisedale was £Nil (2022 - £144).

E G Hawkins

(Trustee)

Purchases from the Society at arms-length value £927. Credits received relating to performance recording, animal registration credits or National Show exhibitor incentives totalling £60. At the balance sheet date the amount due from E G Hawkins was £155 (2022 - £836).

D P Nixey

(Trustee to 04/04/23) Purchases from the Society at arms-length value £2,586. At the balance sheet date the amount due to/from D P Nixey was £Nil (2022 - £Nil).

Page 32

South Devon Herd Book Society

Notes to the Financial Statements for the Year Ended 31 December 2023

A L Pascoe

(Trustee)

Purchases from the Society at arms-length value £388. At the balance sheet date the amount due to/from A L Pascoe was £Nil (2022 - £Nil).

O W T Rounsevell

(Trustee)

Purchases from the Society at arms-length value £778. At the balance sheet date the amount due to/from from O W T Rounsevell was £Nil (2022 - £236).

P S Rowe

(Trustee)

Purchases from the Society at arms-length value £3,704. At the balance sheet date the amount due from P S Rowe was £656 (2022 - £412).

R Rowe

(Trustee from 04/04/23)

Purchases from the Society at arms-length value £1,039.84 Credits received relating to performance recording, animal registration credits or National Show exhibitor incentives totalling £240. At the balance sheet date the amount due from R Rowe was £30 (2022 - £Nil).

R A Rundell

(Trustee from 04/04/23)

Purchases from the Society at arms-length value £1,312.42. Credits received relating to performance recording, animal registration credits or National Show exhibitor incentives totalling £120. At the balance sheet date the amount due from R A Rundell was £404 (2022 - £Nil).

G Sell

(Trustee)

Purchases from the Society at arms-length value £993. At the balance sheet date the amount due to/from from G Sell was £Nil (2022 - £786).

J W Shinner

(Trustee)

Purchases from the Society at arms-length value £1,871. Credits received relating to performance recording, animal registration credits or National Show exhibitor incentives totalling £450. At the balance sheet date the amount due from J W Shinner was £389 (2022 - £Nil).

T R F Smyth

(Trustee)

Purchases from the Society at arms-length value £2,787. At the balance sheet date the amount due from T R F Smyth was £491 (2022 - £Nil).

J Tucker

(Trustee to 04/04/23)

Purchases from the Society at arms-length value £60. At the balance sheet date the amount due to/from from J Tucker was £Nil (2022 - £97).

Page 33