CompAny registration number: 00035107
Cbarity ￿8151￿￿On 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 ch￿lty Advi8er8
130a High Str¢¢t
Crditon
EX173LQ

South Devon Herd Book Society
Content5
Trustees, Report
I to7
Independent Exarnin&s Report
State￿ent of Financial Activities
9tolO
Balance Sheet
No¢E5 to the Finan¢ial SlateU￿￿ts
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 f￿ed. 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, co1￿18tencY 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 sK￿tsry, 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 wmmit￿en¢ 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 appr￿1￿¢
Finally, I would like to placE on record thanks to several iTLdividua15 who are stepping dow￿ after 8ivin8
Val￿b]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 perforn￿nCe-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 M￿a￿lse 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 OppO￿nitIes.
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 al￿d 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 pUr￿Se5 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 incorporat￿1 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.Cl￿tiOtt. 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
regi￿ratIOns. 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 t￿￿OughoUt 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 intr￿5)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¢iVe￿sUpportIrtg
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 p￿￿ucer$, it has ￿s0 led io more female5 being 501d for beef rdther than retaincd
within pedigre¢ herds, contributin8 to a continued de¢line in female registrations. However. with this in mind, Ihe Society
has maintained tts registrntion numbers well, whi¢h is 8 P05iiiv¢ indicator of continued member confidence and the
underlying strength of thE South Devon breed.
Member5 continue ￿ benefitfmm a rartge of Society services, including Fedigree regi$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 ped7￿C 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 sU￿e$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 hel￿d ensure clear Communi￿tiOn 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 W￿U¢ 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 & Ret￿ed
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)$sible. to increase the income available for the purpose of the charity.
To achieve thi5 objective the ￿lleY of the Society is to invest in a broad range of equitie5 and fixed inleresi inve5tmEllt5.
The investsnents are regularly reviewed with the a5SiStance of independent expertise and their perfomiance compared with
the OPPTopriale indices.
Futllre Plans
Th¢ So¢i¢ty's ongoing objectives remain to maintain the purity, impTOV¢ th¢ b￿eding, 8nd promote the keeping of South
Devon cattle both within the United Kingdom and internationally.
Key priorities fortheyear ahead include continuin8to stren8then the integrity and accuracy of pedigree dat￿MILlIe ensuring
the availability of ￿d]gree and perforniartce infornatiort to both members and thewider industy.The Society will eontinue
to en¢our4ge the use of te¢hni¢al tools such as DNA testin& weight recording, and fema]e type ¢lassifi¢ation. alongside the
increased application ofgenomic EBVS to SUPFX)rt informed breeding decisions and ongoing genetic improvement.
Acontinued ￿uS will be placed on promotin8 best practice in herd health. efficiency. and sU5tainability. en5urin8 the breed
remain5 well positioned to meet the evolvin8 demand5 of the beef industry.
Building on recent progress, the So¢iety will further develop its digital presene< with increased use of targe¢ed digital
marketing, socia] medi4 and ortlirte resources to promote the breed more effe£iively. This will include the creatiort of
enga8in8 conienLthe promotion ofkey breulattribute4 8nd Improv￿ *cessibility to inforniation such asthe online 5emen
catalogue and p¢rforniane¢ data.
There will a150 be a 5trollg empha5i5 on increasing the brecd'5 appea] to commercial beef prDducer5. Thi5 will involve
¢leoreT communication of the South Devon'seconomic and environmental benefits. includinggrowth from ftsrag¢ maternal
etYi¢iertcy, ond carcass quality, alongside strengthening relationships wth supply ¢hairts and industry Partners.
Through these ¢ombin¢d ¢ffon$. 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 S￿lFie breed development andlor brttd proTh￿tion 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 consisr￿t1y.
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 Si￿ed 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 co￿p]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 accOL￿ting 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 ACti￿tieS 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 fi￿d8 brought forward
505,146
505.146
Total fimds Ca￿led 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 fi￿d$ 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 reSp￿t
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 In￿ttes, 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¢di￿C Livestock Services
Holme House
Ainstable
Carlisle
CA4 9RH
2 Aceounting polieies
Sllmmary of $lgnlfl¢ant tt¢ounting poli¢ie$ and key Iceou￿ting 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 SI￿lfie3nt 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¢ fuT￿s, th¢ inrom¢ is d¢ferred alld not rwogni5ed until either those conditioDs are fully
met, or the ￿tr￿￿ettI 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 s￿oUntIng 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 incU￿d 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
Indi￿rt natur¢ necessary to support them.
Support costs
SUp￿rt ¢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¢ MO￿geMent 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
Depreel*tlon method rats
l(V/o ￿ducIng balance
2(P/o reducing b&l8nce
2(Ph reducing balance
I￿￿ reductng balance
Flxed asset Investn￿nts
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 reco￿i$td initially at the transaction price. They are subsequently measured at arnortised cost
using the effective intertst method. les5 pfovi510ll for impairment. A provision for the impairment of trade
debtors is established when there is objtrtive eviden¢e that th¢ charity will not be obl¢ to collert 211 arnounts du¢
according to the original tcmls of the receivables.
C*sh #nd eash equivalents
Cash and cash equivalents comprise cash on hand and tall deposit$, 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 fi￿d$ set aside for specific purposes at ihe discretion of the h￿Stee$.
Penslolls ind other post retlrernent obligation$
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 reco8i1i￿d when thr rharity bctomes a party to the contrac￿1
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 Thom￿llY 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 val￿e 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 n18￿s￿reMem1
The best evidence of fair value is a quoied price for an idelltical a&set in atl active Ma￿et 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 Com￿ltionS illco￿e
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
Ge￿eral
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
9￿pport eoats
Totsl
Dlre¢t co#t8
Costs of g¢n¢r4ting do￿tionS 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
￿t￿bers, 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

f-
QQ rry
r• o rq o
a<<
0<<<<
uu

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 tNs*e5 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 D￿eMber 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 DeCe￿ber 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 defe￿ed 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 le￿e 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¢ ch￿lty 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 fi￿d5
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 anIll￿ls 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

* th
rq ¢0

I￿

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
AllO￿tion of income towards the costs of the N&tional Show.
DNA Re$earch
Couocil agreed in September 2014 to set &8ide llp to £60,000 froTll the Society'5 reserves toward5 this project
And the costs have amounted to £6,780 to date.
Bre¢d Promotion
Council agreed to set aside funds to be used for breed promotional purptsse4 5ucb as show equipment for th¢
display of graphic and videos.
Direrted D)t)ations
Gifts received where the donor has specified their wishes for th¢ us¢ of the fi￿d$.
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
De￿11?￿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 J*nuary Flnanelng ¢a$h
2025
flows
Cash at bank and in hand
12,058
{11.147)
Net debi
12,058
111,1471
911
At31
DeCe￿ber
2024
At l J•nN&ry Financing ¢a$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
{T￿￿tte utltil 8 Aptil 2025)
Pu￿￿88eS 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 B0Str￿at)n was £Nil (2024- £Nil).
NW Bunkum
{Tn￿tte)
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
(T￿￿tte 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
ITTh￿tee until 8 April 2025)
Purchases from the So¢iety at arTll5-l¢ngth value £19. Credits receiva relating to perforsnance recordin& animal
r￿IstratiOn 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
{Tn￿tee)
Purchases from the Society at 8Tms-length value £908. At the balance $heet date the amount due to K S Finch
was £18 {2024- £Nil).
R E H8dley
(Trustee)
Purhases from the Society at arn￿-I¢n￿h value £2,134. At the balance sheet date the arnount thLe from R E
Hadley wa$ £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
{Tn￿le¢ 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 bala￿Ce 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 d￿t 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