CompAny registration number: 00035107 Cbarity 8151On number. 254166 South Devon Herd Book Society (A wmpany lllnit¢d by Buarant¢¢) Annual R¢w>rt alld FiDancig1 Stst¢m¢nts rorthe ye En(kd 31 December 2025 Wortham Jaqu¢$ Ltd Chartered Accountants and chlty Advi8er8 130a High Str¢¢t Crditon EX173LQ
South Devon Herd Book Society Content5 Trustees, Report I to7 Independent Exarnin&s Report Stateent of Financial Activities 9tolO Balance Sheet No¢E5 to the Finan¢ial SlateUts 13to34
South Devon Herd Book Society Trn$tee$' Report ALF FTHETR TEE for the year ¢Dded 3 1st December 2025 The year 2025 ha5 undoubtedly been a challenging one for the livestock industry, and the South Devon Herd Book Society ha5 not been injmune to thos¢ pressures. However, despite the difficulties fed. l aln pleased to report that the Society has once a8ain demoJJstrat¢d r¢al resiliencr al dctcrtnination. Cattle re8l5trations for the year finished just 39 below the 2024 totsl a r¢sult that tnjly buck$ the wider industy trend. This is 8 Significant achieveTnent and is very much down to the hard worl committnettt atxd dedic&iion shown throughout the year by Anna Griffin and Hanttah Metcalfe. Their effo have played a ¢rn¢ial role in maintsining registrntion leve15 during what has been a particularly demandiTh8 period. As I said Isst year. registyaiions are the lifeblotsd of the Society, and this p¢rfornian¢¢ und¢rlin¢s just how strong that lif¢blood remains. From a financial perspective, l am delighted to ttwjrt that the Society ha5 fiTLished th¢ yeaT in a Strong PD51tion. recording a profit of over £12.000. This positive result provides rea55uvdnre and stability und allow5 the Society to look ahead with confidence. I would like to thank all our members for theiT continued support during what IMS been a ditTJcult yedr. Your loyalty, engagement gnd belief ift the South Devon breed temaiTL the foundation of the Society'5 Strength and succe5S. Members are once again to be congrawlatrd the outstrnding perfommnce of the South Devoll breed within the AHDB rdtthinss. The brced continue5 to lead native breed8 for.. Daily Livcwci8ht Gain Carcase Confjnnation tiointl CarrAS¢ Weight These results ire a wwerful testament to the quality, co118tencY and Commercial relevance of our breed and r¢fleci the ex¢eptiotLally high Stsndards upheld by breeders acros5 the county- My sincere thanks go to all Council member5 for their help, support and commikn)ent over th¢ past twelve rnonths. TheiT willingn¢s5 to give their tim¢ and exp¢rtise ensures the sociery continues to operate effectively 8t in th¢ best intrrcsts of it5 rnembers. In particular. I would like to recognise Adrian Ruttdle for his tireless work, first as a Council rnernber and now in hi5 rnle as Treasurer,.where his contribution continues to be invdluable. I would also like to place on record my sincere thank$ to Bob Boste]mann, our So¢iety President, for his unwavering supp)rt over the past year. His commitment to the Society and to the South Devon breed together vrith hi$ steady and Considered #pproach. has been greatly valued and has play¢d an importalli rol¢ in helping the Society navigate a challengin8 period. I would a150 like to take thi5 opporhlnity to thank Pedi¢ Livestock Services for their continued support artd hard work throughout the year. In particular, my thanks go to Hanrlah Metcalfe and kndy Ryder for their pmfe&sionali5m and dedication. It is also important to a¢knowledg¢ the work of the Executive Committee and Anna Griffllu our Breed Promotion sKtsry, whose ¢tYorts behind the scenes play a vitsl mle itL growing and promoting the Society. Sincere thatjks must also be extended to th¢)se iTLvolvtd in the Breed Developm¢ni Jud8es Advisors and Br¢¢d Promotion Committee5, who generously give their time and effort to promote and develop the South Devo breed. Their on80in8 committnent is essential to the fvtur¢ progtess and success of the breed. Page I
South Devon Herd Book Soeiety Truste¢$' Report While the breed's perforn)ance speaks for itself. it remains important that mernbers continue to actiYe]y promote South Devon cattle through IivEStock auctions around the county. Maintaining a Strong and visible presen¢¢ in the Cattle markds is essential to sustaining detnand and eThcouraging new inlere5t in the breed. I would also like to thank all those members who have attended shows throughou¢ the year with their cattle, proudly representing aod promoting the South Devon brccd. Your wmmiten¢ titne and fflJthu5la5m play a vital role in raisin8 ihe bre¢d's profile, show¢asing its quality. aDd geneTating interest from fellow breeder5 ar the wider industy. Your efforts at shows are a hugely important part of promoting South Devons and I very rnuch appr1¢ Finally, I would like to placE on record thanks to several iTLdividua15 who are stepping dow after 8ivin8 Valb]e service tts the Society. Colitl Edwards is thanked for hi5 Stx years of support and 8uidane¢ through what has been a particularly diffLcuIt period. I would a150 like to thank Richard Ford for his three years of sllPPOrt, and Gordon Tully. WILO has stepped down after completin8 his thrce-year temi. The meetittg room will not quite be the same without you all. over time we have fornied a unique bond. without which much of what hss been a¢hieved would llot have been possible. oking ahead to 2026, my focus is fJrn)ly on building upon the solid foundations we have mait2tained through a challengin8 period. A5 part of that forward fo¢us. an important prioriry for the Sociery is promote wider adoption of perfornnCe-rc¢0rdJng and genetic evaluation tools acros5 the breed. I would encourd8e members to make greater use of platftsm such as ABRI'S Breedplan and AHDB'5 Envirobeef genetic evaluaiion systems, whi¢h play & vital rol¢ in 5trengthenillg the accuracy alld confi(knce of breedin8 decision5. To support this, the Society will look to provide training and practical guidance for member5. Helping breeders to ¢olle¢4 interpret and apply perfoTTnance dath effectively 15 essential if we are to Malse the nefitS these tools can offer. It is o]$0 importbnt that we rleaTly communicate the environmentsl and commercial advantages of improved performance re¢Drding. Greater efficiency. better feed convcr5ion and reduccd erni55ion5 intensity not only support sustainabiliry go8ls but also enhan¢e marketability ond help meet the evolving expe¢tsiion8 of processors and retailers. Finally, continued collatM)ration with processors and ietsilers will be key. By engaging with supply4hain partners and understandin8 their datA requirements, we can ensure that South Devort breeders are well plated to meet emerging standar(ts and secure future OppOnitIes. By continuing to support our members, promoting the South Devon breed in the markets and maintsining the high stsndards for which the bre¢d is known, l am confident that w¢ can Str¢ngth¢n r¢stratIOns, brogden interest, and fuTthu enhance the Sociery's position. With the ¢oniinued ¢ommitment of our Mernbe, Council, committCC5 and staff. I believe the year ald offers real opportunity for progress and continued su¢¢ess I look forward to workin8 Wlth you all. Pag¢ 2
south Devon Herd Books Soekty Tru5tees' Report The trustees, who are directors for the pUrSe5 of company law, present the annual report together with the financial 5taLemenis of the charilable company for theyear ended 3 1 De¢embeT 2025. LEGALAND ADMINISTRATIVE DETAILS ststus The charity is a cornpany limited bi. Biiarantre (number 35107) and was incorporat1 on 2nd November 1891. li was registcred with the Charity Commission {number 24166) on 61h November 1967. The eompany was established under Memorandum ofAssociation which describes the objects and tK)wcrs of the charitsble company, and it is govemed under it5Articl¢s of Associaiion. Registered Ofllee olo Pedigree Livestock Services Holme House Dale Ainstsble CA4 9RH Bankers Lloyds Bank plc 41 Counenay Street NewtonAbbot Devon Investmettt Advi$er Brewin Dolphin Ltd Vanthge Point Woodwater Park Pyne5 Hill. Exeter Devon, EX2 5FD TQl2 2QW IDdepeDdeDt Ex8mlner Wortham Jaques 130 Hi8h Street Crcditon Devon EX17 3LQ Solicitor Michelmores LLP Woodwaier House Pyne$ Hill Exeter Devon. EX2 5WR Truste¢$ of the Society The trustees of the charity are the members of its Council who are electcd by the Society'5 members and who serve for a thre¢-year period after which they must stsnd down for one year befolf Ing eligible for re.CltiOtt. The trustees for the year end up to the dale this report wa5 signed were.. ion I ion ? N Bunkum A Smaridge R Rowe R Camp A Rundle R Dennis T Eustice J Tucker H Ashcrofi A Riches R Saunder5 R D Ash¢roft ion5 K Finch J Skiftner ion 6 R V Hartshom R Hadl¢y ion 7 Sir J Bell D Irving O Rounsevell, R C Burrough. J C Coward, G Sell. R W Bostelmann, T R F Smyth retired at the AGM in 2025.. and they were replaced by T Eusii¢e. H AshcrotL R S&under& J Skinner, R V Hartthorn, D Irving. R Rowe, A Rundle, R W Camp, R Denni&A Riches, R D Ashcroft will retire at th¢AGM in 2026. Recruitment •f trustees The trnstee5 Are nominated 8nd electcd by secret ballot bythe membersofthe Society in their re8ions Isandwh v3can¢ies ari%. Iffidudion training of trustees The trustecs are eneouraged to access infomtion from the Charitj¢5 Commi55ion website &s lo their roles and responsibilities, and a Charities Commission intrthluctory publication is m*Je available to them at the stsrt of their ternl as trustee. Thcre is no fornial trdinin8, but existing trustees assist new trustees with procedural prdctice, and help and advicc is available from the Breed Secretary. New trustees or¢ invited to attend the Council meeting immediately prior to the AGM where take oifict but without voting p)wers. PAge 3
South Devon Herd Books Soel¢ty Try$t¢ts' Report Offie¢rg ofthe Sotitty Chairn)an.' E G Hawkins Deputy Chairnian.. C J Edward5 Secretary.. P(yJi8rec Liveslock Service5 An Executive CommittEe appointed by Council formula and carries oul F(>li¢y as dir¢¢*d by Coun¢il. Members of th¢ Cotnrnittee attend Council mEetings but have tto voting rights unless also Council members. The followin8 were rnembers of the Executive Cotnmittec during the year: E Hawkins {Chaimian). C J Edward& RA Ford, R V Hartsho P S Rowe. R A Rllndle (c04)ptedl and G H Tully. Subsidiary cotTllnittee5- Breed Development and Breed Promoiion- mdduring the year to fomiulate and w out p)li¢y a5 dirttted by Council. Their members were appointed by Council. In addition, Judges Advisers met once with ttr Executive Committee. Work of the Society The Breed Secretary - Pedigree Livestock Services- has day to resF4)nsibiliiy for the running of the business. This includes Our pedigree registration work. DNA and managemeni of Breedplan. organising events, sourcing advi¢e for members and non-member& producing the Society'5 Lnforniation publications and the breed journal, our oifice Jministrdtion work and our bookkeepin8 and invoicin8. They a]so advise the Council on policy mwters and decisions. A Grilyin - Our Breed Promotion Executive is responsibl¢ for pnNnotin8 the breed and increasing our tnemkr5hip and regiratIOns. Engaging wi¢h existing and new m¢mb¢rs- Anna promote5 the breed and meets With rnernbers acT055 the country and attends thows and events- workin8 closely with Pedigree Livestock servic Executive and Council. Objtrtlves The Society exist5 to Tnaintain the purity #nd improve the breeding of South Devon cattle in the United Kingdom of Greai Britain and Northern Ireland or elsewhere tOughoUt the worfd. This is carri&l out by.. Producing and maintsining the South D¢von Herd Book records Encouraging pedigree regi5tration5, performance recording and DNA testing Advising tnembtss and the public through the medi4 and periodic publication5 H(Trlding pedi8ree saJe5 Promoting the breed at regional ond national agricultural show8 bnd ttthnirAI evenLS RecNiting new members Initiating resepmh projects associatoj with breed development. as appropriate Review of Sotitty Following the significant strllctUTal changes implemented in 2023 atKI embedded throughout2024, 2025 has been ayearof nsolidatioll, ¢ifi¢i¢n¢y. and 5t¢ady ptX>8r¢ss for the Society. The decision to streamline operation5, including outsouTcillg key adTninistrative functions and operating without a central otTice. has enabl¢yJ the Society to significantly rcducc its Cost base and improve financial stsbility. Careful financial martagement by Council and the Executive has ¢llSUTed that resollrces are bein8 Used Jnore effectively. allowing investment to bE directed towards tivitIeS thai directly benefit members and promotr th¢ bre. The partnership with Pedigree Livesto¢k SeNi¢es has continued to provide an efficient and reliable Service for registrdtion5 2nd herd >tsk management, while financial administration has remained well controlloj under the revised structure. The role of Breed Promotion Executive also continued to develop, with a clear focuson intr5)ng breed vistbility. member engagemenL and delivering value through t4rgded promotiond tivity. This more streamlined approach h&s created a Society that 15 leaner, more agil¢, and better positioned to respond to the needs ofits members and the wider industry. ImpK>rtantly. it ha5 allowed fora renewed focus on coreobjec¢iVesUpportIrtg breeder4 improving the breed. and womotLn8 South Devons to ix)th pedigree and commercial audiences. Overall, 2025 h&s demonstrated that the change5 impletntnttd in previous years ar¢ 4eliv¢rin8 P)siuv¢ out¢omes. Th¢ Society is now operating on a more 5UStainable footlng. with improvcd effL¢Len¢y, elearer direction, and the ability to iovest in future growth and development. Publle beneflt The trustees have complied the duty in stttion 17 (5) of the 2011 ChaTiti¢s Aci to have due regard to the guidance published by the Clwity Commission. Page 4
South Devott Herd Books Society Trnstees, Report The Society seeks to inform the publi¢ and its members of the benefits of brttdin8 South Devon cattle including its Suitability for environmental 5cheme5 and low carbon regenerative mixed fartning practjce5. It achieves this through its publication5, website, social media platfom, stagin8 of publi¢ity and informalion events. and participation ai public industry events such as agricultural shows, Lxhibitions and open days. It SEK)nsor5 youth activitics and holds cornpetitions specifically for younger members. Through its work the Society pn)motes the South Devon breed as a grazing beef breed native to the UK. contributing to the SU5tainability of the environment in high welfare, lom. ¢ar)ft emiiiing systems by converting pasture to a high Quality, healthy. consumable product. The Soci¢ty encourages its members to implement high biose¢uriry Attd welfare standard% and to protect their herds from range of ¢ndemi¢ cattle disea5e5 by way of knowledge tr8nsf¢r. Review of aetfvities Government 5UPPXlrtsysiems linked to environmental safeBuarding havecontinued to develop followin8 the transition from thc EU farni subsidy system. Alon8side this the ongoing impacts of climate change. carEon rcduction tat8ets, and wider industry pressures have created eontinued uncertainly for ihe agricultural sectOT. This has reinforced the impoT¢ance of efficien¢y, rr5ilienc¢, and adaptability within beef production systetns. The UK beef market rernained strong throughout 2025, with firm dernand Rnd high prices for both store and finished ¢attle. While this has benefited commercial pucer$, it has s0 led io more female5 being 501d for beef rdther than retaincd within pedigre¢ herds, contributin8 to a continued de¢line in female registrations. However. with this in mind, Ihe Society has maintained tts registrntion numbers well, whi¢h is 8 P05iiiv¢ indicator of continued member confidence and the underlying strength of thE South Devon breed. Member5 continue benefitfmm a rartge of Society services, including Fedigree regi$tratitsn% free weight recordin8. DNA testing, and regular communic41ions. Regional activity ha5 remained imFortanE with farm walks, herd eompetition4 and meetings helping to maintain 5tTon8 engagement across the membership. The So¢iety's Spring Show & Sale atExeter once a8ain demonstr&ted & strong tradeand remains a key event in the¢alendar. Mcnbers alw supported a numberof successful shows throughoui the year, Wlth South DcYon5 continuin8 to pcrfomi well in the show ring and represent the breed to a wide audi¢n. The Society maintained a prwnce at major 8grLcuItUTal event% providing valuobl¢ opportunities to protnote the breed to b)ih ped7C and commercial sectors. TheBre¢d Promoiion CornTnitttt placed astrong focus on increasing the Soeiety'$vi$ibility and engagement. This included the Production of a professional promotional video in collatoration wilh Oatey Medii designed to 5howca5e the srrengths of the breed io a wider audience. Social media continued to be a kty tool, with a number of high-perfonning campaigns and posts reachin8 both existing members and new audience5. Show highlights were also sharcd throughout the season, helping to celebrate member sUe$S and maintain momentum across platfornis. The Breed Development CoTnmittee made significant progress wilh the launch of the Society's onlin¢ 5¢m¢n ¢ats]ogu< providing rnembers with improved acce5S to genetic inforn)ation and making it easier to promole and utilise South Devon genetiC5. The Society's publications during the year included the at)nuo] Journal, sale ¢aialogue& semen inforniation, and Teglllar new51etters. These, alongside a ron51St¢nt Social media presence, have held ensure clear CommunitiOn with members and continued promoiion of the breed. Overall, 2025 has been a year of strong activity. with clear wo8ress made in breed promotion. digital developtnent, and member engagement. helpin8 to fvnh strethgthen the positson of th¢ South Devon breed within the industry. FknArt¢i41 review The gross incomin8 resource5 for the year amounted to £179.763 (£188,821 in 2024). Total expenditurc wa5 £166.563 {£290,224 in 2024). The results fn)m the year from nomAI activitie5 show a surplus of £13,200 COTnp&red to a defLCIt of £101,403 in theprevious 12 Jnonths. Ther¢ werenetrealisedgains fTom invesknentsof £36,588 (£28,502 in 20241, resulting in a tolal net movement in funds of £49,788. The total investment portfolio WU¢ at the ¢nd of the year sw¢)d at £546,025 (£441,023 in 2024). Total charity funds at the end of the year stood at £554,934 (£505:146 at the end of 20241. Page 5
South Devon Herd Rooks Sockty Thistees. Report Stwtistital inform8tionlwmm¢ot Nq¢mbeTshi Ai?31121?5 Full 407 Associate & Reted 41 Life Youth Introductory At 261UV25 33 20 505 5?4 istrdtK)ns 20?4 169 ?1?9 2024 Mak Female Males Fenmle 139 325 2075 215 309 lttvestthent PDliey #nd PrefeTen¢e The So¢iety'5 investment objective is to maintain and etthance the value of the fixed assets over the long term to Tnaintain and, if rrt)$sible. to increase the income available for the purpose of the charity. To achieve thi5 objective the lleY of the Society is to invest in a broad range of equitie5 and fixed inleresi inve5tmEllt5. The investsnents are regularly reviewed with the a5SiStance of independent expertise and their perfomiance compared with the OPPTopriale indices. Futllre Plans Th¢ So¢i¢ty's ongoing objectives remain to maintain the purity, impTOV¢ th¢ beding, 8nd promote the keeping of South Devon cattle both within the United Kingdom and internationally. Key priorities fortheyear ahead include continuin8to stren8then the integrity and accuracy of pedigree datMILlIe ensuring the availability of d]gree and perforniartce infornatiort to both members and thewider industy.The Society will eontinue to en¢our4ge the use of te¢hni¢al tools such as DNA testin& weight recording, and fema]e type ¢lassifi¢ation. alongside the increased application ofgenomic EBVS to SUPFX)rt informed breeding decisions and ongoing genetic improvement. Acontinued uS will be placed on promotin8 best practice in herd health. efficiency. and sU5tainability. en5urin8 the breed remain5 well positioned to meet the evolvin8 demand5 of the beef industry. Building on recent progress, the So¢iety will further develop its digital presene< with increased use of targe¢ed digital marketing, socia] medi4 and ortlirte resources to promote the breed more effe£iively. This will include the creatiort of enga8in8 conienLthe promotion ofkey breulattribute4 8nd Improv *cessibility to inforniation such asthe online 5emen catalogue and p¢rforniane¢ data. There will a150 be a 5trollg empha5i5 on increasing the brecd'5 appea] to commercial beef prDducer5. Thi5 will involve ¢leoreT communication of the South Devon'seconomic and environmental benefits. includinggrowth from ftsrag¢ maternal etYi¢iertcy, ond carcass quality, alongside strengthening relationships wth supply ¢hairts and industry Partners. Through these ¢ombin¢d ¢ffon$. the S¢Kidy aims to enh4n¢¢ the visibility, relevan¢e, and comnerciai value of the South Devon breed, ensuring its continued 8rowth and succe55 in a chan8in8 a8riculturdl landscape. Risk A55es8ment The Society's IOskAsse5smeni has been reviewed in 2024. and a Re8lSter of Risks is maintsined. Measures to reduce the exposure to risk are regularly reviewed. The Society has in place me&sures to acquire metnber permissiotl for publication of their contact details on the website and in paper publications tsTr protect personal dat& Rtserves Pojiey Unrestricted reserves at the end of the year tots]led £554.934 of which £74J15 has en desIg[ted by the Tnjstees for particular puryN)ses (as shown in the nott5 to the full aceountsl. This left general reserves of £480,619. The Trustees aim to maintain these re5ffvcs at a level 5uffJcientto cover business runnin8 C05t5 for a period of12 tnonth& taking into account the parti¢ul&r volatility of the agricultural industy- In addition. the wlicy is to keep surplus funds available for allocation to SlFie breed development andlor brttd proThtion ictivities &8 and when deeided by the Trustees.
South Devon Herd Book Society Trustees, Report StgteD)ent oftrnstees. resport$ibilltiey The trustee5 (who are atso th¢ dir¢¢t(>r5 of S(puth Ikvon Herd Book Society for the purposes of company law) are responsible for preparing the tJu$tees' Teport and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdotn Generally Accepted Accounting Prd¢tice), including FRS 102 'The Financial Repotting Standard applicable in the UK aThd Rcpllblic of Ireland" The Teport and a¢¢ounts have been prq)arEd in acrordance with the provisions in the Companies Act 2006 relatin8 to small Companies. Company law require$ the trustees to prepare financial Statements for ea¢h financial ycar. Und¢r company law the t]ustees must not approve the financial statements unless they are satisfied that they give a th2e and fair view of the state of affairs of the charitable company and of th¢ incoming resourtts and applic81ion of resource including it5 income and exFndÉture, of the charitable company for that period. In preparin8 these financial statements, the ttustee5 are required to.. select suitable accountin8 poli¢t¢s and apply them consisrt1y. observe the methods and principles in the Charities SOR. rnakc jud8ements and e$tirnatcs tbat aTE reasonable and prudent,. state wheth¢r applicable 8¢¢ounting siandatth. coTnpri5ing FRS 102 have been follow& subject to any material deparnr¢s dis¢los&l and explained in the financial statements.. and prepare the fjnancial statements on the going concem basis unle5$ It Is inappropriate to ptesume that the charitable cornpany will continu¢ in busin¢ss. The tn]stees are responsible for keeping proper accounting records that can disc105e with reasonable accuracy at a]]y tirne the financial position of the ch2ritable cornpany and enAble them io ensure that ttLe ffftancial ststements COTnply with the Companies Act 2006. They ar¢ also r¢sponsibl¢ for safeguarding the assets of the charitable company and hen¢e for taking reasonable 5tEps for the prevention and detection of fraud and other irregularities. The llusiees are responsible for the maintenance and integrity of the ¢ortrt)rdt¢ 8nd financial inform4tion irtcluded on the charitable company's website. t£8islation govemiD8 the preparation and dissemination of financial statements may differ froTn Icgislation in other jutisdictions. Srno11 companles provision statement Thi5 report ha$ bc¢n prepared in accordance with the smajl rompani¢s Tegime under the Companies Act 2Cfj6. The amiual report va5 approved by the trustees of the charity on 7 April 2026 and Sied on it8 behalf by.. E G Hawkins Ttustee 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 tny exaTnination of the accounts of the Company for the year ended 31 December 2025. Responslbllltks illd b*sls of report As the ¢harity's ttustees of the CoTnpany (8nd also it5 directors for the Purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requireTnents of thc Companies AGt 21Y)6 ('the 2006 Act'l. Having 5ati5fied Tlly5elf that the accounts of the Company are n(rt rquired to be audited under Part 16 of th¢ 2006 Act and are eligible for independent examination, I report respect of my examination of your charity'5 accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act'l. In carying out my exarnination I have followed the Directions given by the Charity Commission under section 145{51{b) of the 2011 Act. Independent extminer'5 Statement I have cop]eted my examination. I confirm that no matter5 have come to my attention in conncction with the examination giving me cause to believe-. accounting records w¢r¢ not k¢pt in r¢spert of South Devon Herd Book So¢iety as Tequir¢d by sxtion 380 of the 2006 Act., or 2. the accounts do not accord with those records; or 3. the account5 do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the acctsunts ghye a 'lrue and fair view which is not a matter considered as part of an indepe71dent exaTnination; or 4. the a¢¢ount5 have not been prqmred in accordance with the methods &nd principle5 of the Stste¢nt of Recommended Practice for accOLting and reporting by charities. I have no concerns and have ¢om¢ a¢ross no other matters in ¢onn¢¢tion with the examinatiott to which attention should be draw) in this report in or(L¢r to enable a proper understanding of the accounts to b¢ r¢a¢hed. Chailotte ChapTnan Gibb5 BFP FCA Wortham Jaques Ltd Chanered A¢¢ouniallis and Charity Advisets 130a High Street creth.ton Devon EX173 LQ Cq F!.PRI.L 20Z£ Pa8¢ 8
South Devon Herd Book Society Statement of Financial ACtitieS for the Year Ended 31 Dttember 2025 (Including Income and Expenditure Account and Statetnent ofTotal Recogni5ed Gains and Losses) Unrestiicted fund8 Totsl 2025 Not¢ Income and Endowments from". Donations and legacies Charitsble activities Other trading activities Investsnent inCOTne Other incotne 27,686 122,696 18,566 10,615 200 27.686 122.696 18.566 10.615 200 Total income 179,763 179,763 Expenditsre on: Raising fijnds Charitable activities 18,4331 1158,1301 18.433) {158.130) Total expeodity GaiD&ILosses on inv¢stm¢nt assets 1166,563) 36,588 (166.563) 36,588 Net income 49,788 49,788 Net movement in fiwds 49,788 49,788 Recontluatlon offynd$ Total fid8 brought forward 505,146 505.146 Total fimds Caled forward 25 554,934 554,934 The notes on page5 13 to 34 fonn an integral part of these fLnanciaL statements. Pa8e 9
South Devoll Herd Book Society Statement ofFinancial Activliles for the Year Ended 31 December 2025 (Including Income and Expenditure Account and Statement of Total Reeognised Gains and L05ses) Unrestrlcted funds Tot81 21J24 Note Income EndowmeDts frnm: Donations and legacies Charitable activities Other trading activities Investment income 28.014 124,415 21,283 15,109 28.014 124,415 21,283 15.109 Total income 188.821 188.821 Expendlture on: Raising fun(Ls Charitable actlVLtie5 (9.480) (280,744) (9.480) 1280.744) Total expenditure Gain511055e5 on investment assets 1290,224) 28,502 I2.224) 28.502 Net expetmliture 172.901) (72.901) Net movement in fiuMIs (72.9011 {72,901) Reeonciiiation of funds Total fid$ broughi fonvard 578,047 578,047 Totsl lld$ cwried fonward 25 505.146 505,146 All of the charity's aciiviues derive from continuing operatiotts durit)g the ab)ve periods. Th¢ note5 on page5 13 to 34 fonn an integral part of thtse finatlcial statements. Po8e 10
South Devon Herd Book Society (Registration number: 00035107) Balance Sheet a5 at 31 December 2025 2025 2024 Note Flxed as5ety Tangible asset$ Investments 15 16 34,287 511,738 546,025 33,747 441,023 474,770 Current a$sets Stocks Debtors Cash ot bank and in hand 17 3,482 35,114 911 3,601 44,908 12,058 19 39,507 60,567 Credltors: Amtsunt5 falling due withln one year Net current assets 20 130.598} {30.191) 8,909 30,376 Net 8Ssets 554.934 505.146 Funds of the ¢harlty: Ufftre$tricted ineome thnd$ Unrestricted fiJnd5 Revaluation reserve 442.845 112,089 405,055 I,091 Total unrestricted fi]nds 554,934 505,146 Total funds 25 554.934 505.146 For the fin8ncial year ending 31 Decembcr 2025 the charity was entitled to exemption fmm audit under section 477 of th¢ Companies Act 2(X)6 relating to STnall companies. Directors. responsiTr*iliii¢s- The Membe have not required the charity to obtsin an audit of its accounts for thc year in question in axordance with se¢tion 476.. and The directors acknowledge their responsibilities for complying with the requirements of the Act Wlth reSpt 10 acwunting tecord5 and the prtparatioTLof accoutts. These finartcial statements have been prepared in accordance with the special provisions relating to companies subject to dLe small companies r¢8im¢ within P8rt 15 of th¢ Companies A¢¢ 2006. The notes on pages 13 to 34 ftirjn an integral part of th¢se f]n2ncial statem¢t. Pagell
South Devon Herd Book Society (Regi5tr4tion number: 00035107) Balance Sheet as at 31 December 2025 The finan¢ial ststements on pages 9 to 34 were approved by the Inttes, and authorised for issue on 7 April 2026 ond 5i8ned on their behalf by: The notes on pa8es 13 to 34 forni integtal part of these financial statements. Pag¢ 12
South Devon Herd Book Society Notes to the Financial StY4tement5 for the Year Ended 31 December 2025 I Charity status The charity is limited by guaraniee, incorporated in England and Wales. and consequently does not have sharE capital. Each of the tnjslees 1$ liablc to ¢ontTibute an otnount not rxcceding £1 toivatd5 the assets tsf the charity in the event of liquidation. The address of its registered office is: Clo P¢diC Livestock Services Holme House Ainstable Carlisle CA4 9RH 2 Aceounting polieies Sllmmary of $lgnlfl¢ant tt¢ounting poli¢ie$ and key Iceouting estimate5 The principal accounting policies applied in the preparation of these fjnancial statements are set out below. These policies have been consistently applied to all the years presented. unless otherwise stated. Statement of compli8nce The financial ststem¢rtts have been Prepared in accoidance Accounting and Reporting by Charities= Statement of Reconunended Practice {appli¢able to chaTities preparing their accounts in accordance with the FinancÉal Reporting Standard applicable in the UK and R¢publi¢ of Jr¢land IFRS 102)) (issued in Octob¢r 2019) {Charities SORP {FRS 1021), the Financial Reporting Standard applitable in the UK and Republit of IreLand (FRS 102) and the Companies Act 21M)6. B*si8 of preparation South Devon Herd Book Society rnects the dcfinition of a public benefit entity undcr FRS 102. Assets and liabilities Sre initially recognised at historical cost ot transa¢tion va]ue unle&8 othenvise stated in the relevant accounting poli¢y note& Going toncern The tn]st¢¢s ¢onsid¢r that there ere no moterial uneeftainties about the Charitys ability io continue as a going concern nor any SIlfie3nt areas of un¢¢rtainty that affeci the ¢arrying value of assets held by ihe ¢hariry. IJ)come and endowmtDt8 All income is re¢ognis¢d on¢¢ th¢ charity has entitlement to the income, it is probable that the incoTne will be rcceived al the amount of the income re¢eivable Can be measured reliably. l)oMotions lega¢Ees Donaiions •re recognised when the chatity has been notified in writing of both the amount and settl¢rneTLt date. In the event that a donation is subJ'e¢t io conditions that require a level of perfomiance by the charity before the chariry is eniitl¢d lo th¢ fuTs, th¢ inrom¢ is d¢ferred alld not rwogni5ed until either those conditioDs are fully met, or the trettI of those Conditions is wholly within the control of the charity aTLd it is probable that these conditions will be lfilled in the reporting period. Page 13
South Devon Herd Book Society Notes to the Financial St&tem¢Dt5 for the Year Ended 31 De¢embeT 2025 Delerred income Deferred in¢oJnr represent5 amounts received for future periods and is released to incoming resources in the period forwhich, Lt has bccn received. Such ineome is only deferred when: - The donor specifies that the grant or doDation must only be u5¢d in filwre soUntIng P¢Tiods' or - Thr donor ha5 LInp05ed conditions which must be mct bdore the charity UDconditional entitlement. Inve51mentincome Interest on fi]n¢is held on deposlt Is included whet2 receivable and the atnount can be measured reliably by the charity- thLS 15 norn)ally uport notification of the interest paid or payable by the bank.Dividends are recognised onc¢ the divid¢nd has been th18red and notificaiion has been received of the dividend due. Expenditure All expendinjre is recognised once there is a legal or constructive obli8ation to that expenditure. it 15 probable s¢ttl¢ment is required and the arnount can be eaSUred reliably. All costs are allocated to the applicable expeDdiNre heading that aggrega* similar Costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis ¢onsistent with the use of re50wr¢s. with central Staff costs allocated on the basis of tinR spent. and depr¢¢iation Charges allocaled on the portion of the asset's use. OthEr support costs are all(uted based on the spread of staff costs. Roi$iKgfMnds The$e are costs in¢utsed in attrH¢ting voluntary incorne, the management of investments and those incUd in trading activitics that raise fijnds. ChArif4ble activities Cbaritable expenditure comprises those costs incurred by the charity in the delivery of its activities services for its benefL¢iari¢s. It includes costs that can be allocated dire¢ily to 5u¢h a¢iivities and thos¢ costs of 3n Indirt natur¢ necessary to support them. Support costs SUprt ¢o$i$ in¢lude central fimctions and have been allocat to activity cost cakgories on a basis consistent with the use of resources. for ¢xamplc. allocating property Costs by floor ar¢a5. or per capita, staff costs by thc tirne spent arml other costs by their usa8e. Governance eogts These include the ¢osts attributable to the charity's compliance with constitutional and statutory requirement5. includin8 audit, strdt¢gi¢ MOgeMent and ffitstees meetings and reimbutsed expenses. T4xitlon The ch8rity is considered io pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefor¢ it m¢ets the definiuon of a ¢haritsble company for UK Corporation tax purposes. Accordingly. the charity is potentially exempt from taxation in respect of income or capital gains ieceived within ¢ategories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Charge4ble Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable putposes. Tanglble filed a$stt5 Individual fixed assets costin8 £100.(M) or more {oth¢r than trophicsl a initially recorded at C05t. Trophies are recorded as a donation at valuation and are capitalised in the year of donation. Page 14
South Devon Herd Book Society Notes to the Financial Statements for the Year Ended 31 December 2025 DtpreclAtlon and #morti5&tioD Depreciation is provided on tangible fixed Assets so as to wriie off the Cost or valu&tion, less 8ny estimated r¢sidual value, over their expected usefvl economic life as follows.. Asset clA3$ Show equipment and trophies Offjce equipment CoTnputer equipment Furniture & fittings Depreeltlon method rats l(V/o ducIng balance 2(P/o reducing b&l8nce 2(Ph reducing balance I reductng balance Flxed asset Investnnts Fixed asset investments. other than prowdrnme related investments. are included at market valuc at the balance sheet dAte. Reolised gains and losses on inve5trnents are calcLdated as the difference between 5ale5 proceed5 and their market value at the start tsf the year, or their 5ub5equent cosL and are charged or Credit to the Staternent of Fi]w)cial Activities in the period of di5pos31. Unrealssed 8ains and losses represent the movement in m&rket values during the ye8r and are ¢r¢diied or char8ed to the Stsiement of Finan¢io1 Aciiviues based oo the market valu¢ at th¢ y¢ar ¢nd. Sto¢k Stock 15 valued at tbe lower of cost a[ e5ttnated Selling price le5S Costs to cornplete aDd sell. after due re8ard foi obsol¢te and slow moving stock5. C05t 15 determined using the fir5t-in. first-out (FIFO) method. Trade debtors Trdde debtors are amou due from Customers for mer¢handise sold or services perforn)ed in tbe ordinary course of busi[SS. Trade debtors are recoi$td initially at the transaction price. They are subsequently measured at arnortised cost using the effective intertst method. les5 pfovi510ll for impairment. A provision for the impairment of trade debtors is established when there is objtrtive eviden¢e that th¢ charity will not be obl¢ to collert 211 arnounts du¢ according to the original tcmls of the receivables. Csh #nd eash equivalents Cash and cash equivalents comprise cash on hand and tall deposit$, and other thort-temi hi8hly liquid investments that are readily convertible to a known amount of cash are subject to an insigllifi¢a risk of change in value. Trfide credltors Trade Creditors are obligations to pay for goods or services that have bttn acquired in the ordinary course of business from suppliers. Accounts payable are classified a$ current liabilities if the chariry does not have an Unc0[ltional right, at the end of the reporting perio¢ to def¢r settl¢m¢nt of the ¢rediior for at least twelve months after tbe reporting date. If there is an uncollditional right to defer settlement for at least [Ye month$ after the reportin8 datc, thcy are prcsented as non-current liabilitie5. Trade creditor5 are recognised initially at th¢ transa¢tion pri¢¢ and subs¢qu¢ntly measured at 4mortis¢d ¢ost using the effective interest mdho(L Pa8e 15
South Devon Herd Book Society Notes to the Financial Statements for the Year Ended 31 December 2025 Fund strueture Unrestricied in¢ome fi]nd3 aT¢ 8¢neral funds that ar¢ available for use at the trustee5 di5cretioll in furtherance of th¢ obje¢iiv¢s of the Charity. Designated fimds are unrestricted fid$ set aside for specific purposes at ihe discretion of the hStee$. Penslolls ind other post retlrernent obligation$ The charity operates a deflned contribution pension sch¢Tne 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 fvrther contributions even if the fund dLKS not hold 5uificienÈ asset5 to pay all employees the betlefits relating to employe¢ s¢rvi¢¢ in the Cumt and prior periods. Contributions to defincd contribution plans are rccognised in the Statcment of Financial Activities when they ate due. If contribution payments exceed the contribution due for servi¢< the excess is r¢cognised as a prepaymenL Httfinclal Instruments Financial assets and flnancial liabilitiE5 arc reco8i1id when thr rharity bctomes a party to the contrac1 provisions of the instrutnettt. Financial liabilities and equity instn]ments aT¢ ¢lassified according to the 5ub5tatLce of the contractual aTfdDgements entered into. An equity instnunent is any contract that evidence5 8 residual interest in ihe assets Of the charity after deducting all of it5 liabilities. Recogttuloh 4ndmeas#rentenl All finartcial assets and liabilities ar¢ initi8]ly measured at transaction price {including transaction costs). except for those financial assets ¢lassified as ai fair value through profil or loss, whi¢h are initially rne4sured at fair value (which is ThomllY the transactioD price excluding trdDsaction costs), unless the arrangernent constitute5 a financin8 transaction. If an arran8ement constitutes a fJnancin8 transaction, the financial asset or financial liability 15 measured at the present vale of the future payments discounted at i market rate of interest for a similar debt ill5trument. Fin4nri31 assets al liabilities arc only offset in the statement of finon¢ial position Whe and only when th¢r¢ exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a ¢1 basis, or ¢0 r¢alise the asset and settle the liability simultsneously. Financial assets are dereco8lli5ed when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled. bl the charity trdn5fers to another party substantially Èll of the risks and rewards of owiership of the fJn8ncial asset, or el the charity. despite havitLg tetained some, but TLo¢ all. 5ignificaDt risks alld reward5 of ownetsbip, has transferred control of the asset to another party. Financial liabilities are dcrecognised only when the obligation specified in the contract is discharged, Cancelled or expires. Page 16
South Devon Herd Book Society Notes to the Financial St2tement5 for the Year Ended 31 December 2025 Jnve51ments Investsnent$ irt non-wnvertible preference share5 and non-puttable ordinary or preference shares (where shares are publi¢ly traded OT their fair value is reliably mcasurable) are measured at fasr value through profjt or Ios5. Where fatr value catULOt be rneasured rcliably, investnJents are measured at ¢ost les8 impaim)eni. Investtntrtts in subsidiarie5 and a&lat¢S are me&wr¢d at cost less impairmenL For investments in subsidiaries acquired for consideration including the issue of shares qualifying for t[gET relirf, r05t Is tnea5ured by r¢ference to the nominal value of the shares is8u¢d plus fair value of oiher ¢ortsiderniion. Any prclnium is ignored. F4ir value n18sreMem1 The best evidence of fair value is a quoied price for an idelltical a&set in atl active Maet When quot¢d pri¢e5 are unavailable, the pri¢r of a fe¢ent tsansaction for an identical asset provides evidence of fair value as loog as there has not betn a signifjcant chartge in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and rec¢ni transaction5 of an idcntical asset on their are not a good estimate of fair value, th¢ fair value is esiimated by using a valuation lechnique. 3 Ineome fn)m donatlons 8nd legacks ijnrestrlcted fund5 Gener81 Total funds Donations and lesacies.. Donations fro indiyiduals Gift aid rttlaimed Regular 8ivin8 and capitsl donations 621 2,115 24,950 621 2,115 24,950 Tot&1 for 2025 27,680 27,686 Totsl for 2024 28,014 28,014 4 Incorne from charltsble a£tlvldes Unrestricted fund5 Ceneral Total funds Membcrs, scrviCCS Breed d¢v¢lopm¢nt 122.055 122.055 Total for 2025 122.696 122.696 Total for 2014 124,415 124.415 Pag¢ 17
South Dtvon Herd Book Society Note5 to the Financial Statements for the Year Ended 31 December 2025 5 Ineome from other tradlng aetlvlde8 Unrestrlcted funds Dtslgnated General Total funds Trading income. Sale5 of goods and services Other trdding income Lotterie5 and ComltionS illcoe 5,724 10,367 2.475 5.724 10,367 2,475 Total for 2025 18,566 18,566 Total for 2024 3.180 18.103 21.283 6 1nve5tJnent Income Unrestrlcted fundj General Totsl funds Incomc from dividends" Dividend5 receivable from other list&1 investrnents Jntere5t r¢rcivabl¢ and simi]at incoTne' Interest Teceivable on bank deposits Interest receivable on other loan5 10,346 10,346 19 250 19 250 Total for 2015 10,615 10,615 Total for 2024 15,109 15,109 7 Expendllure on ra1% funds a) Costs of generatlng donatlons and legacley Unrestrirted fullds General Totsl funds Note Depreciatio atnortisation atLd other similar costs Staff Costs Allccated support costs 551 551 Total for 202S 563 563 Total for 2024 1.207 1.207 Page 18
South Devon Herd Book Society Note5 to the FinaneiAI Statement5 for the Year Ended 31 December 2025 b) Costs of tradlng #etlvities UDrestrlctL.d fund5 Geeral Tot funds Note Costs of gfy)ds sold Lotteries and Competitions Depreciation, amortisation and other similar costs Staff Costs Other direct costs of a¢iiviues for gerteratittg fiujds Allocated suppon costs 119 475 22 119 475 22 2,335 698 2.335 698 Tot41 for 2025 3,651 3.651 TotAI for 2024 2.305 2.305 c) lllvestrnent mAnagem¢nt c•$t5 Unrestric¢ed fund$ General Total funds Note Other investhient manage¢t costs.. Amounts payable to investmcnt tTwiager5 4,219 4,219 Tfrtal for 2025 4,219 4.219 Total for 2024 4,108 4.108 Allocated 9pport eoats Totsl Dlre¢t co#t8 Costs of g¢n¢r4ting dotionS and legacies Costs of trading aciivitiC5 Inveslment management costs 563 722 563 3.651 4,219 2,929 4.219 Totxl for 2025 7,148 1,285 8.433 Tot41 for 2024 4.601 4,879 9,480 Pa8¢ 19
South Devon Herd Book Society Notes to the Financial Statements for the Year Ended 31 December 2025 8 Expendlture ebirltable aetivitiey Unrestricted furtd$ GtDernl Totsl fund Note MemFKrs' service5 Breed development Breed proTnotion Depreciation. amortisation 2nd oth¢r Similar costs Staff costs Allocated suprrf)rt costs Gov¢rnAn¢e ¢osts 37,169 10,021 49,782 1,027 88 49,174 10,869 37,169 10,021 49.782 1,027 88 49,174 10,869 Total for 2025 L58,130 158.130 Total for 2024 280,744 280,744 Actlvlty nd¢rtak¢n dlreedy Activity 511PPOrt eosts Totsl expertditure tbers, SETYice5 Breed development Breed promotion 37,169 10,021 49.782 33,532 7.179 9,578 70.701 17.200 59.360 Total for 2025 96,972 50,289 147.261 Total for 2024 76,196 176.373 252.569 In addition to th¢ expendittw¢ attalysed abovc, th¢r¢ are also 8ov¢man¢¢ co$ts of £10.869 (2024 - £28,175) which relate dircctly to charitable activities. See nots 9 for fi]rther detaijs. Pag¢ 20
South Devon Herd Book Society Notes to the Financial Statements for the Year Ended 31 December 2025 9 AnBlysls of governance and 9UPPOrt eostg Charitabl¢ a¢rfvltles expendlture Unrestricted funds General Total fvnd5 B#sls of alloe*tioTh Travelling Sp(pn$or$hip Promtion and publicity Breedplan costs Shows, sales and competitions Semen Sforage and distributiOTI DNA test ¢osts Journal prothL¢tion 6.147 6.147 400 33.119 19. 15,434 33,119 19.006 15.434 14,396 7,629 14,396 7,629 Tot•1 for 2025 96.972 96,972 Tot•1 for 2024 76,196 76,196 Page 21
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South Devon Herd Book Society Notes to the Financial Statements for the Year Ended 31 December 2025 g$1s of alloc4don Refertn¢e Method of llo¢atlon The amoun¢s all(tated to each actlvity Are detemiined by the dellmnd each activity has for ea¢b support resource. Governance costs Unr¢stricted funds G¢n¢ral Total funds Staff costs Othcr stafFcost5 Independent exatllit fees Examination of the flnancial 5tat¢ment5 Legal fees Deprectation, amorti5ation and other 5irnilar costs Other governance costs Allocated support costs 2,650 (230) 33 3,385 5,028 2.650 1230) 33 3,385 5.028 Tot81 foT 2025 10,869 10,869 Total for 2024 28.175 28.175 10 Net In¢oTnlngloutgolng Yesour¢e$ N¢t in¢ominWloutgoing) resourccs for the ar iTLclude- 2025 2024 Other nott-audit services Depreciation of fjxed &ss¢ts 2,650 1.093 2,570 2.667 11 Tru$tee5 rernunerathn attd expens¢5 No tNStre5. nor any persons connected with them, have reccived any rcmutleration from the charity during the No tNse5 have received any reimbursed expenses or any other benefits from the charity durin8 the year. Page 23
South Devon Herd Book Society Notes to the Financial Stalements for the Year Ended 31 December 2025 12 Slaff ¢ost$ The aggr¢gate payroll costs were 8$ ftsllows.. 21125 2024 StAff etssts durlng the year were: Wages and salaries Social securtty costs Pe]]sion costs Other staff costs 51.896 2.053 3.289 73.203 94 130,441 The monthly average number of persons (including senior management / leadership team) employed by the harity during th¢ year expressed a5 11 time equivalents wa5 as follows.. 2025 No 2024 No Charitable activitie5 {2024_ 2) of the aly)ve employEes participated in the Defined Contribution Pension Schcmes. Dllring the year, the cllarity made redundancy anwor tertnination payments which totalled £Nil 12024 £57.000). No employee received emolurnents of more than £60,(X)O during the year. 13 Indepertdent examiner's remuneration 21125 21124 Examinatiott of the fjnancial $tattyneots 2,650 2,570 Pag¢ 24
South Devon Herd Book Society Notes to the Financial Statements for the Year Ended 31 December 2025 14 Tax&tlon The charity is a registered charity and is ther¢foTr ¢xempt from laxaiion. 15 Tanglble fixed 998ets Trophle$ and show equlpment Furnlture and equipment Computer equlpmeDt Total Cogt At l January 2025 Additions 18.370 23233 35.129 1.632 76,732 1.632 At 31 December 2025 18,370 23,233 36.761 78.364 Depreclfitloll At l January 2025 Charge for the year At 31 December 2025 14.634 381 22229 201 6.122 510 42.985 1.092 15.015 22.430 6.632 44,077 Net book value At 31 DeMber 2025 3,355 803 30,129 34,287 At 31 D¢¢¢mber 2024 3,736 1,004 29,(K)7 33,747 16 Flxed A55et Investm¢nt$ 2025 2024 Other invesknent5 511,738 441.023 Pag¢ 25
South Devon Herd Book Society Note5 to the Financial Statements for the Year Ended 31 December 2025 Other Inves¢ments Listed inv¢$tments Unlisted investments Total Cost or Valugtion At l January 2025 Revaluation Additions Disposals At 31 D¢c¢mb¢r 2025 431,155 16,046 110,516 (122.904} 9,868 441,023 16,046 228,010 338,526 {160.9531 (283.8571 434,813 76.925 511,738 Net book value At 31 December 2025 434.813 76.925 511.738 At 31 DeCeber 2024 431,155 9,868 441.023 The znarket VY41ue of the listed inve5trneDts at 31 December 2025 Vds £511,738 {2024- £432,785). 17 Stock 2025 2024 Stocks 3,482 3.601 18 Debtors 2025 2024 Trade debtors Prep8ymetLts Accrued income VAT recoverable Other debtors 28,741 1,249 2,115 35.710 1,220 .336 1,682 4,960 35,114 44.908 Debtors includes £2,99712024.. £2.997) receivable after more than one year. 2025 2024 Other debtors 2,997 2,997 Page 26
South Devon Herd Book Society Notes to the Financial Statements for the Year Ended 31 December 2025 19 C&5h aDd c&5h equlv8lents 2025 2014 Cash atbank 911 12,058 20 Credltors: amountg falling due wlthln one year 2025 2024 Trade creditors Other taKation and social se¢urity Other creditor$ Accruals Deferred income 12,207 4,8S6 5,445 6,920 1,140 14,973 5.687 8,657 770 30,598 2025 30.191 2024 Deferred income at l January 2025 Resources defeed in the period Amounts released from previous periods 770 540 {1701 540 540 (3 10) Deferred income at year end 1.140 770 Defelred incotne relates to life mernF&ip sub$¢riptions r¢l¢as¢d over 10 years with 4 total un¢xpiffd value of £1,140 (2024.. £7701. 21 Obligatlon5 under lease$ And hlre purchase ¢ontra¢ts Operating lee eommitments Total tUre minimum lease payments under non-caneellable operating lease5 art a$ follow$.' 2025 2024 Other Within one ar Between otLe alld five yfdrs 10,327 6,789 4,253 10,327 11,035 22 Pension •nd otb¢r xh¢me$ Defln¢d contribution penslon scheme The charity operates a defined contribuiion pension schwne. The pellsion cost charge for the year represents cotLtributioDs payable by th¢ chlty to the scheme and 8mounted io £Nil {2024- £3,289). Page 27
South Devon Herd Book Society Notes to the Financial Statements for the Year Ended 31 December 2025 23 Reserves Unrestrleted revglu8tion re5ervt Total At l January 2025 Transfer of SUTplus fid5 Unreaiised gain on itLvestrnents 100,091 {24.590) 36.S88 100,091 (24.590) 36.588 Ai 31 December 2025 112.089 112,089 Unrestricted Tevaluation re5erwe Total At l Jatwary 2024 Transfrr of sU]uS fiuJd5 Unreali$ed g8in on invesknents At 31 December 2024 82.228 110,639) 28,502 82228 (10,639) 28.502 100,091 100.091 24 CoDdngent Ilabultles Registration fee5 paid will k credited upon applicatiott by the breeder who poid the registration fee where registered anIllls have bEell slaughtered before they are 30 months old. All applications rnwst be Djade within 4 onths of the allimal's slaughter. The Sociery estimates the contiwt liability arisin8 to be in tbe region of £]0,)0 per ycar. Page 28
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South Devon Herd Book Society Notes to the Financial Statements for Ihe Year Ended 31 December 2025 The specific puo)oses for whicb the fllll ate to be applted are 8$ follows.. Designated Funds National Show AllOtion of income towards the costs of the N&tional Show. DNA Re$earch Couocil agreed in September 2014 to set &8ide llp to £60,000 froTll the Society'5 reserves toward5 this project And the costs have amounted to £6,780 to date. Bre¢d Promotion Council agreed to set aside funds to be used for breed promotional purptsse4 5ucb as show equipment for th¢ display of graphic and videos. Direrted D)t)ations Gifts received where the donor has specified their wishes for th¢ us¢ of the fid$. 26 Analysts of net assets betwttn funds Tot81 funds at 31 December 21125 UnrÈ$tri¢ted fund5 Gener81 De$ignated TAngible fixed assets Fixed asset investments Current assets Current liabilities 34287 437,423 39,507 {30,598) 34,287 511.738 39.507 (30.598) 74,315 Total n¢t assets 480,619 74.315 554,934 Total funds at 31 December 2024 Unrestrf¢t¢d funds CeDeral De11?ted Tangible fixed assets Fixed asset itLve51ments Cutmit assets Current liabilities 33.747 366,708 60.567 (30.191) 33.747 441,023 60,567 130,191) 74.315 Tothl net a&scts 430,831 74.315 505.146 Page31
South Devon Herd Book Society Notes to the Financial Statements for the Ye4r Ended 31 December 2025 27 Analysls of funds At31 D¢¢ember 2015 At l Jnuary Flnanelng ¢a$h 2025 flows Cash at bank and in hand 12,058 {11.147) Net debi 12,058 111,1471 911 At31 DeCeber 2024 At l J•nN&ry Financing ¢a$h 2024 flow Cash at bank And in haftd 23,131 111,073 12.OS8 Net debt 23.131 111.0731 12,058 28 Related party transactions During the ytrdr the charity rnade the followin8 related party trdn5actions." H M Ashcroft {Tru5tee from 8 April 20251 Purcha5e5 frotn the Society at BrJDs-l¢n8th value £107. At the balance sheet date the amount duc to/from H M Ashcroft was £Nil (2024- £Nil). R Ashcroft {Tntstee) Purchases frorn the Society at 8rn18-length value £15. At the balance sheet da the amoutrt due ttslfrom R A$hcroft was £Nil (2024- £Nil). Sir J L Bell (Trustee) Purchase5 from the Society at anns-length value £5811. At the balan¢e sheet date th¢ amouttt due from Sir J L Bell wa5 £2,794 (2024. £Nil). R W Bo$telm*DII {Ttte utltil 8 Aptil 2025) Pu88eS from the Society at amis-length vallle £60. Credits weived r¢lating to perfonnance recording, anima] registration ¢redits or National Show exhibitor in¢entives tota]ling £25. At the balsnee sheet date the amount du¢ iolfrom R W B0Strat)n was £Nil (2024- £Nil). NW Bunkum {Tntte) Pur¢h2ses from the Society at amis-length value £502. At the balan¢¢ sheet dat¢ the amount due Èolfrom frorn N W Bthm was £Nil (2024- £132). R C Burrou8h (Ttte until 8 April 2025) PuTchase5 from the Society at arm5-l¢ngth value £165. At the balance sheet date the amount due tolfrorn from R C Burrough was £Nil (2024- £727). Page 32
South Devon Herd B(MJk Society Notes to the Financial Statements for the YeAr Ended 31 December 2025 Rwcfimp ITTusiee) Pur¢hases from the Society at anns-length value £336. Ctedits received relating to perfornut¢ Tecording, animal registiation credits or National Sbow exhibitor incethtives totalling £25.85. At the balance 5h¢¢t dat¢ the amount due froM from R W Camp was £Nil (2024. £2241. J C Cowxrd ITThtee until 8 April 2025) Purchases from the So¢iety at arTll5-l¢ngth value £19. Credits receiva relating to perforsnance recordin& animal rIstratiOn credits or NationAI Show exhibitor incentives totalling £30. At the balanee sheet date the amount due from J C Coward was £18012024- £Nil). R L Dennls ITNsieel PLucbases from ihe Society at arMS-len value £260. At the balonce sheet date the amount due from R L DeM)is was £IO12024- £Nill. T Eu5tlce (Trustee from 8 April 2025) Purchases from th¢ Society at arnJs-len8th value £796. At the balance sheet date the atlloutLt due tolfrom T Eu5tice was £Nil12024- £Nil). K S FID¢h {Tntee) Purchases from the Society at 8Tms-length value £908. At the balance $heet date the amount due to K S Finch was £18 {2024- £Nil). R E H8dley (Trustee) Purhases from the Society at arn-I¢nh value £2,134. At the balance sheet date the arnount thLe from R E Hadley wa$ £37112024- £Nil). R V Hirt5horn (Trustee from 8 April 2025) Purchases from the So¢i¢ty at arms-length Yalue £617. Credits re¢eived relating to perfonnance recorditLg, anin]al registration credits or National Show exhibitor incentives lotalling £120. At the balanG¢ sheet date the aInouDt due to/from R V Hartshorn was £Nil (2024- £Nil). D L Irying {Tnle¢ from 8 April 20251 Purchases from the Society at arn-1¢n8th value £525. At the balance sheet date the amount due to D L Irving was £8412024- £Nil). A Riehle5 {Trus¢ee) Iljrchascs froTn the Society at arn-[ength value £644.50. At the balaCe sheet date the amount due ¢olfrom A Richies was £Nil {2024- £Nil}. O W T Roun$¢vell (Trustee (until 8 April 20251 Pur¢ha5es from the Society at Arnls-length value £2,056. At the balance sheet date the amowxt due from O W T Rounsevell w&s £1,670 (2024- £Nil). R Rovle (Ttusteel Purchases from the Society at amis-length value £3.80]. At the bal8nce sheei date the arnOWLt due tolfrom R Rowe was £Nil (2024- £Nill. Page 33
South Devon Herd Book Soelety Notes to the Financial Statements for the Year Ended 31 December 2025 R A Rllndle (Tntsteel Purchases from the Society at arn-1¢n&th value £454. Ctedits received relating to perforn)ance recordin8. animal registration credits or National Show exhibitor incentive5 totalling £60. At the balance sheet date the amount duc tolfrom from R A Rundle was £Nil12024- £30). R A SauDder5 (Trustee from 8 April 20251 Purchases from the Society at arn]5-leTwh w41ue £613. At the balanc¢ sheet date the imount du¢ to R A Saunders was £796 (2024- £Nil). G Sell (Trustee until 8 April 2025) Purchases from the Society at arn-len8th value £60. At the balance sheet date the 8m¢)unt du¢ tolfrom G Sell £Nil12024- £Nil). J M Sklnner (Trustre from 8 April 2025) Pur¢has¢s from the So¢i¢ty at aTrlength Vdlue £964. At the balanc¢ she¢t dat¢ the amount due tolfrom J M Skinner Wd5 £Nil {2024- £Nill. A R Smarldge {Tn]stee) Purchases from the Society at a-length value £997. At the balance sheet date the amount dt tolfrom A R Smaridge wa5 £Nil12024- £Nil). TRFSmyth ITru5tE¢ until 8 April 20251 Purchoses from the Society at amis-length value £60. At the balance sheet dale the amouni due iolfrom T R F Srnyth was £Nil (2024- £Nii). J F Tucker (Trnstee) Purchases from the Society at am)s-length value £75. At the balance sheet date the aTnount due trtrlfrom J F Tucker was £Nil12024- £Nil). Page 34