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2022-12-31-accounts

REGISTERED COMPANY NUMBER: 0989511 (England and Wales) REGISTERED CHARITY NUMBER: 262966

REPORT OF THE TRUSTEES AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE)

Murphy Salisbury Limited Chartered Accountants and Statutory Auditors Celixir House Stratford Business and Technology Park Stratford-upon-Avon Warwickshire CV37 7GZ

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

Page
Report of the Trustees 1 to 9
Chairman’s Report 10 to 10
Treasurer’s report 11 to 12
Report of the Independent Auditors 13 to 15
Consolidated Statement of Financial Activities 16 to 16
Consolidated Balance Sheet 17 to 17
Charity Balance sheet 18 to 18
Consolidated Cash Flow Statement 19 to 19
Notes to the Consolidated Cash Flow Statement 20 to 20
Notes to the Consolidated Financial Statements 21 to 34
Detailed Statement of Financial Activities 35 to 37

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

The trustees present their annual report and the audited financial statements of the year ended 31[st] December 2022.

Reference and administrative details

Charity number 262966 Company number 00989511 Principal address Concorde House & registered office 24 Warwick New Road Leamington Spa

CV32 5JG

Directors and trustees

The directors of the company who served during the year ended 31[st] December 2022 are listed as follows:

Martin Irvine** (appointed 08/11/22) National Member

Andrew Clark (appointed 21/09/22) National Member

Chris Eddy (appointed 21/09/22) National Member

Neil Blenkhorn** National Member

William Ferguson Member for South East

Will Forrester National Member, Executive Member

Guy Green Member for East Midlands

Dyfan James Member for S Wales and Mid West, Executive Member, Vice Chairman appointed AGM 21/9/22

Matthew Jordon National Member

William Lawson** Member for Scotland

Dr Cahir McAuley National Member

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BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

A COMPANY LIMITED BY GUARANTEE

Directors and trustees (Continued…)

Alan Myerscough** Member for North West

Finbar O’Brien (resigned 01/07/22) Member for Northern Ireland from 30/09/21to 01/07/22

Harry Parker (resigned 16/06/22)

Member for South West, Executive Member, Chairman to 16/06/22

Karl Suddes

Member for North East, Executive Member and Honorary Treasurer

Glyn Vaughan

Member for NW Midlands & N Wales, Executive member

Jonathan Watson**

National Member, Executive Member, Chairman, acting Chairman from 16/06/22 appointed Chairman at AGM 21/9/22

** Retires at AGM and is eligible for re-election

Staff and organisational structure

As at 31[st] December 2022 the Society employed the full-time equivalent of 6 staff: Charlotte Smith, Herdbook Administrator (resigned 11/02/22) Will Ketley, Breed Secretary (resigned 15/04/22) Alison Glasgow, Technical Manager Sue Stenner, Herdbook Manager (resigned 08/07/22) M Sahota (Herdbook Administrator, appointed 01/07/22) Jen Tyson, Herdbook Administrator (resigned 17/03/23) Karren Vince DNA Administrator (Appointed 1/8/22) Natalie Abbott, Herd Book Manager (Appointed 22/8/22, employment terminated 19/05/23) Alice Swift, CEO (Appointed 01/11/22)

Contracted Accounts Officer, Stephanie Tompkins also in position at 31/12/22, (service ended 10/03/23)

CEO appointed staff 2023:

Clara Hofstetter, Herd Book and Sales Administrator, appointed 27/03/23 Sue Stenner, Limousin Brand Integrity Manager, appointed 03/04/23 Laura Barber, Limousin Commercial Manager, appointed 17/05/23 Ruby Kanwar, Accounts Manager, appointed 05/06/23

Merryn Philp, Herd Book & Young Limousin Administrator, Harper Adams University College annual placement student, appointed 26/06/23

The CEO is responsible to the Council of Management of the British Limousin Cattle Society Limited and their role is to work closely with the Council to protect and promote the Limousin Brand through the Society’s Bye Laws and initiatives, whilst driving member engagement.

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BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

Reference and administrative details (cont.)

Auditors

Murphy Salisbury Ltd 15 Warwick Road Stratford upon Avon Warwickshire CV37 6YW

Solicitors

Wright Hassall LLP Olympus Avenue Leamington Spa Warwickshire CV34 6BF

Bankers

HSBC 126 Parade Leamington Spa CV32 4AJ

Investment advisors

Investec Wealth & Management Quartermile One 15 Lauriston Place Edinburgh EH3 9EN

Structure, Governance and Management

Governing document

The company is limited by guarantee and a registered charity governed by its Memorandum and Articles of Association dated 18[th] February 1993 and amended by special resolution in 1996, 2005 & 2006.

Appointment of trustees

The business of the Society is managed by the board of trustees (Council of Management) which comprises 15 members. The appointment of trustees is consistent with the provisions of the amended Memorandum & Articles of Association of 2006 and the Council rules. All trustees are prepared to take a full and active part in the operation of the charity and have responsibilities first and foremost to the charity, secondly the staff and thirdly, the membership. This being a legal obligation.

Extracts taken from the Memorandum & Articles of Association paragraphs 50-51

  1. Members elected to the Council shall serve a three-year term of office commencing on the date of the General Meeting of the Society at which the announcement of their election to membership of the Council is made. In the event that the office of any member of the Council is vacated under Article 49 (or otherwise) before completion of his threeyear term of office, a By-Election shall be held and the new member of the Council so elected shall complete the unexpired period of the three year term of the member of Council who has vacated his office and shall then retire. A retiring member shall be eligible for re-election.

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BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

Structure, Governance and Management - Continued

  1. No person other than a retiring member of the Council shall, unless recommended by the Council for election, be eligible for election to membership of the Council unless that member has in writing, been duly proposed and seconded by full members of the Society and has undertaken willingness to serve if elected. Nominations must be received not later than 42 days prior to the General Meeting and ballot papers (if there are more candidates than vacancies) will be posted to all members entitled to vote and must be received by the scrutineer appointed by the Council for the purposes of such election not less than 7 days prior to the General Meeting at which the result will be announced.

Trustee induction and training

Prior to attending their first Council Meeting, new trustees are provided with the following documents:

Organisation

The Board of Trustees administers the charity and meets quarterly. The Executive Committee has authority to make urgent decisions in the absence of an imminent Council Meeting, within Council policy. The Executive Committee comprises 7 members:

Limousin Solutions Limited

A trading company owned 100% by the charity. During the year after consolidated adjustments the turnover of the company was Nil (Nil, 2021) and an overall loss of £679 (£657, 2021).

Semenstore Limited

A trading company owned 100% by Limousin Solutions Limited. The company earns commission on the sale of bovine semen. During the year after consolidated adjustments the turnover of the company was £28,798, (£38,210, 2021) and an overall pre tax profit of £17,429, (£37,765, 2021)

Taurus Agridirect Limited

A trading company owned 100% by Limousin Solutions Limited, During the year after consolidated adjustments the turnover of the company was Nil, (Nil, 2020) and an overall loss £732, (£743 2021)

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BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

Structure, Governance and Management - Continued

Review and Complaints Procedure

The terms of reference of the Review and Complaints procedure are laid out in Byelaws 16-25 of the British Limousin Cattle Society Byelaws. A copy can be found on the Limousin society website www.limousin.co.uk , under the ‘Society’ menu tab, or a printed copy can be made available on request to the Society office.

Current members of the Review Committee are: Neil Blenkhorn (chairman) Michael Cursiter John Elliot Dyfan James Matthew Jordon

Current members of the Appeal Panel are: Vince Corbett Michael Diamond John Mason Chris Pennie Mary Tuckett Brian Walker

Related parties

The Society co-operates with the following parties in pursuit of its charitable objectives:

Objectives and Activities

Principal objects

The objects for which the Society is established are:

The promotion of agriculture for the public benefit by encouraging, promoting and improving the breeding of Limousin cattle in the United Kingdom of Great Britain and Northern Ireland, or elsewhere, and with a view thereto and if in so far as may be thought fit, to purchase, import, breed, hire or otherwise acquire and hold, recall, let out on hire or otherwise deal in Limousin cattle whether of British or foreign origin.

Aims

The main aspects of the Society’s work are:

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BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

Structure, Governance and Management - Continued

Objectives for the year

The main objectives for the year 2022 were:

Limousin Solutions Limited

Objectives:

To assist with the trade of the subsidiary companies and review potential opportunities in the future.

Semenstore Limited

Objectives:

To provide a service of the provision of semen straws and earn commission thereon.

Taurus Agridirect Limited

Objectives:

To assist with the trade of the subsidiary companies and review potential opportunities in the future.

Strategies

The Council of Management formulates an agreed plan of activity each year with a defined structure and budget. The necessary finance and resource is allocated to ensure that planned activities are fulfilled. Activities and budgets are reviewed on an ongoing basis. The Society adopts a collaborative and partnership approach with all areas of industry as required to meet and to further its objectives.

Achievements and performance

Pedigree registrations reached 15,071 with membership at 2,338 members

Limousin Solutions Limited

Continue to look for future opportunities

Semenstore Limited

Continue to build and strengthen the trading activities

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BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

Plans for the future

• To explore marketing opportunities for Limousins Green Credentials, that include benefits to both the commercial and pedigree membership.

Financial review

The accounts have been prepared in accordance with the Charities SORP (FRS102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015), Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006.

Risk management

Review process

The Council of Management actively reviews the major risks which the charity faces on a regular basis and believes that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The Council of Management has also examined other operational and business risks faced by the charity and confirms that it has established systems to mitigate the significant risks.

Risks

Whilst it is unlikely that the Society’s income would cease completely over this two-year period, it would be prudent to guard against crises which could lead to a serious dilution of income and an increase in the Society’s expenditure in order to assist its members through any period of uncertainty.

Reserves policy and performance

It is the Council of Management’s opinion that a level of reserves is required to allow the Society to continue for a twoyear period, taking account of the uncertainties in the agricultural community, not only of a commercial nature but also of the impact of disease etc.

The Society’s unrestricted outgoings in 2022 were £1,224,656 with the Society’s unrestricted reserves at 31st December 2022 being £2,922,962 . Thus, current reserves should be adequate to support the continuation of the charity’s aims and services over a two-year period.

Subsidiary

The subsidiary shall pay to the holders of the ‘A’ shares known as registered charity 262966, called at the date of the incorporation of the company ‘British Limousin Society’ whether by gift aid, covenanted donations to the charity within the meaning of the Income and Corporation Taxes Act 1988 or otherwise, such sum as, after due provision for the financial requirements of any business which are for the time being carried on by the company, as shall be defined by the directors in General Meeting.

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BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

Subsidiary – continued

This policy will be reviewed annually by the company, currently the company is building on its two areas of business being undertaken by its wholly owned subsidiaries and aims to strengthen the overall financial position.

Investment policy and performance

Investment policy

Under the memorandum and articles of association, the charity has the power to invest moneys of the Society not immediately required for its purposes in or upon such investments or securities as may be thought fit.

Investment objective

The British Limousin Cattle Society intends that the real value of the Society assets be maintained and enhanced within acceptable parameters over the long term by investment in a portfolio comprised of equities, fixed income stocks and cash.

Investment brief

In order to meet this objective the Council of Management has appointed Investec Wealth & Management (Investec) as the Society’s agent to manage a diversified portfolio of suitable investments on an advisory basis. It has selected a balanced investment objective with medium risk.

Investment review

During 2018 the Council of Management initiated a tender process for the Society’s investment portfolio and Investec were appointed as portfolio managers in place of Barclays Wealth. The transfer took place in October 2019. The proportions invested in equities, fixed income stocks and cash shall be reviewed with Investec in order to provide guidance on the ongoing suitability of that element of the investment policy. The Council of Management shall also keep under review the arrangements under which Investec acts as the Society’s agent.

Public benefit

The Trustees confirm that they have complied with their duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit.

The trustees ensure that this purpose is carried out for the public benefit by maintaining a high standard of Limousin Breed thus delivering a high-quality beef product for human consumption.

Trustees’ responsibilities

The trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of the charity for that period. In preparing those financial statements, the trustees are required to:

-select suitable accounting policies and then apply them consistently;

e judgements and estimates that are reasonable and prudent;

are the financial statements on the going concern basis unless it is inappropriate to presu he charity will continue in business.

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BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

In accordance with company law, as the company’s directors, we certify that:

• So far as we are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company’s auditors are unaware.

• Each trustee of the charitable company has taken all the steps that we ought to have taken in order to make the auditors aware of any relevant audit information and to establish that the charity’s auditors are aware of that information

Auditors

The auditors, Murphy Salisbury Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Small company exemptions

This report has been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small entities.

By order of the board,

Jonathan Watson (Sep 1, 2023 08:44 GMT+1)

Jonathan Watson Chairman, British Limousin Cattle Society Dated: Sep 1, 2023

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BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) REPORT OF THE CHAIRMAN FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

It gives me pleasure to present the audited accounts for the year ending 31.12.22. During this period, we welcomed Alice Swift as CEO in November 2022 and since then we have built a strong team of experienced and committed staff who are collectively aligned to deliver Societies strategies. During this period Alice has negotiated a new lease contract on Concorde House which is on track to quadruple the income earned from the property. This fixed income will reduce the reliance on member derived income both immediately and in the longer term.

Alice and team have spent considerable time meeting and talking with membership across the country be it at club events, shows and sales the length and breadth of UK. Having listened to membership feedback, several improvements have already been made to improve communication, direct support and more user-friendly systems.

One of the most significant projects being delivered is the re-build of Taurus. A complete engine rebuild is how I would summarise the project – a modern, bespoke, user friendly & efficient (both team and members) were key features of the brief with the ability to develop the data platform as demands for Taurus and the breed evolve. One of the primary features of New Taurus will be the statutory data integration (BCMS, APHIS and SCOTEID) allowing the crossreference and validation of pedigree data to ensure accuracy. There is no doubt this project has been a significant investment in the short term, but the new platform will provide significant potential to deliver an income stream for the Society in the longer term (advertising, outsourcing etc.) and reduce admin for staff and members. In conclusion, Council are extremely confident and proud to launch this revolutionary data management system to members in 2023.

2022 was clearly a difficult year for the agricultural sector in terms of fluctuating and uncontrollable costs particularly for suckler beef. The Limousin breed has been able to demonstrate its key traits and therefore shone in the sale ring with the highest number of bulls sold across all breeds throughout the UK. Those key traits which make the Limousin breed so popular with the butcher and processor area high killing out percentage and a higher meat yield within the primal cuts. Despite this success we must not lose one of the main benefits of our breed which is ease of calving.

It’s been a pleasure to see the Limousin breed doing so well in the show ring, sale ring and commercially in auction rings and direct sales across the country. It’s wonderful to see our fellow breeders reaping the benefits of this collective success and collectively we shall continue to champion the breed at every opportunity.

In summary, the period ending 31.12.22 was one of review, rebuild and refocus. With the foundations in place we have since focussed on marketing and promotion but please be assured review continues at every step. It’s evolution not revolution and our outgoing Council member should be proud of the work they have put in to accelerate the objectives in place.

Jonathan Watson (Sep 1, 2023 08:44 GMT+1)

Jonathan Watson Chairman Dated: Sep 1, 2023

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BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) REPORT OF THE TREASURER FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

As I write this report Limousin cattle are winning several accolades at the summer shows and dominating the live rings, which is what the breed has been doing since it was imported into the UK and goes from strength to strength each year.

Although the 50[th] anniversary (2021) were delayed owing to covid, celebrations were organised for 2022. The breed’s 50[th] anniversary celebrations dominate this year’s accounts which were delivered in spectacular fashion. Council set a budget for the celebrations, however with a few unforeseen costs, overall cost were marginally over.

Integrity of the Herd Book remains a key focus for the Society, which is shown through council’s commitment to herd inspections, therefore shows an increase in costs, but serves to ensure every member is on a level playing field.

It was a very good year for sales showing an increase in commission, which confirms confidence in the breed. The show schedule was back to normal and as a result expenditure is higher than 2021: as mentioned in last year’s report. It was great to see a return to normality on the show circuit enabling members to show off their fantastic Limousin cattle.

An increase in general costs, which have also been seen by many other organisations and other one off costs, such as legal fees have contributed to increased expenditure. Income from the share portfolio is up and back to pre-covid levels, however, its overall value has decreased significantly (£194k). These factors have all contributed to an overall loss for the Society in 2022.

Summary of the 2022 finances

At the end of the year BLCS funds stood at £2,895,573 (2021: £3,231,229).

Income

Total income for the year increased to £1,064,168 (2021: £992,913).

Investment income

Dividend income from the investment portfolio was up on 2021 to £43,050 (2021: £35,334).

Cattle Society Income

Registration income increased to £512,479 (2021: £450,268) Membership income remained constant at £135,561 (2021: £136,654) Rent received from Concorde House tenants decreased to £22,072 (2021: £27,230) Sales commission income decreased to £64,051 (2021: £90,776)

Semenstore consultancy income for the year decreased to £16,000 (2021: £25,000)

Expenditure

Total expenditure for the year increased to £1,206,318 (2021: £964,456)

Salary and pension costs increased to £327,526 (2021: £311,722) Herd inspection fees increased to £12,970 (2021: £10,717) Legal and professional fees increased to £49,744 (2021: £35,839) Shows and events costs significantly increased to £77,478 (2021: £32,754)

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BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) REPORT OF THE TREASURER FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

TREASURER’S REPORT Continued…….

Loss for year on trading activities totalled £142,151 (2021: £28,457 profit). A significant decrease in the market value of the share portfolio translated into an overall loss for the Society of £335,656 (2022: £202,471 profit)

During 2022 Council appointed a Chief Executive Officer (CEO) who is dedicated to delivering an efficient society that will work for the members and drive the breed forward. In addition, a crucial element of the CEO's role is to work with Council ensuring a healthy financial position and income generation for the Society, which has already been demonstrated since appointment. I would like to welcome Alice Swift and hope she enjoys her role.

A £180k investment in Taurus will deliver a brand new platform for both members and staff to manage their herd and the breed. The platform will streamline office processes and will be far more user friendly for members, creating efficiency for both. New Taurus is strategically game changing for the society and in time has the potential to generate additional income streams.

With rental income on Concord House down for 2022, council highlighted this as a key priority for the CEO to make use of this society asset. Work is already underway and the Society has partnered with local firm Meet by the Park to let the offices and conferencing facilities, thus relieving the burden from the office team so they can prioritise Limousin. This has resulted in full use of the building, therefore delivering a substantial increase in income for 2023, quadrupling from 2022 levels in 2024.

Income form Semenstore shows a decline, and ultimately the income gap will need to be filled; which again will be a key priority for Council and the CEO during 2023/24.

With costs increasing, fees to member have also had to increase but are still inline with other breed societies. However, with increased income generation from Concord House and potential income streams from New Taurus, this decreases the reliance on member income and diversifies income streams.

The financial objective for 2023 is to break even, drive further income generation and implement new technologies (Taurus) to create efficient processes for internal Society processes and members.

In summary, 2022 accounts show an overall loss, however given the economic challenges facing several sectors, agriculture was no exception, but the breed continues to perform well and the accounts still place the Society in a strong position. The 50[th] celebrations were a real highlight and it was great to see a return of the annual shows, serving to bring the Limousin community together again.

2022 was a year of review and stabilisation, going forward the Society has new income streams from Concorde House rentals and further projects in the coming year which will potentially lead to further income. Over recent years membership has remained stable throughout which demonstrates confidence in the breed. Office processes and procedures have been streamlined and a new team welcomed who are committed to driving the breed forward with strong marketing campaigns in the pipeline and links with key stakeholders which will further promote the Limousin breed. All of which places the society in a very good position with strong foundations for 2023/ 24 and beyond.

Karl Suddes (Sep 1, 2023 09:09 GMT+1) Karl Suddes Honorary Treasurer Dated: Sep 1, 2023

……………………………..

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BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) REPORT OF THE INDEPENDENT AUDITORS FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

Opinion

We have audited the financial statements of British Limousin Cattle Society Limited (the 'charitable company') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) REPORT OF THE INDEPENDENT AUDITORS FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

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BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) REPORT OF THE INDEPENDENT AUDITORS FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

We also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or to avoid a material penalty. These included compliance with GDPR.

Audit response to risks identified.

As a result of performing the above, we identified income recognition as a key audit matter related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Bullock

Mark Bullock (Sep 4, 2023 10:40 GMT+1)

Mark Bullock FCA (Senior Statutory Auditor) for and on behalf of Murphy Salisbury Limited Chartered Accountants and Statutory Auditors Celixir House Stratford Business and Technology Park Stratford-upon-Avon Warwickshire CV37 7GZ

Date: ............................................. Sep 4, 2023

Page 15

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED

REGISTERED COMPANY NUMBER: 00989511 (England and Wales) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Charitable activities
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Charitable activities
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
135,573
844,349
37,299
65,300
1,082,521
32,459
1,192,197
1,224,656
(193,505)
(335,640)
3,258,602
2,922,962		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-		 2022
Total
funds
£
135,573
844,349
37,299
65,300
1,082,521
32,459
1,192,197
1,224,656
(193,505)
(335,640)
3,258,602
2,922,962		 2021
Total
funds
£
136,655
766,183
41,696
62,574
1,007,108
34,703
950,013
984,716
174,014
196,406
3,062,196
3,258,602

The notes form part of these financial statements

Page 16

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

Notes
FIXED ASSETS
Intangible assets
13
Tangible assets
14
Investments
15
CURRENT ASSETS
Stocks
16
Debtors
17
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
20
Unrestricted funds
TOTAL FUNDS		 Unrestricted
fund
£
123,693
944,281
1,719,105
2,787,079
2,739
245,026
336,719
584,484
(448,601)
135,883
2,922,962
2,922,962		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-		 2022
Total
funds
£
123,693
944,281
1,719,105
2,787,079
2,739
245,026
336,719
584,484
(448,601)
135,883
2,922,962
2,922,962
2,922,962
2,922,962		 2021
Total
funds
£
33,735
987,598
1,907,276
2,928,609
2,760
236,990
522,617
762,367
(432,374)
329,993
3,258,602
3,258,602
3,258,602
3,258,602

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on Sep 1, 2023............................................. and were signed on its behalf by:

Jonathan Watson (Sep 1, 2023 08:44 GMT+1) ~~.................................~~ ............ Sep 1, 2023 J Watson - Trustee

Sep 1, 2023

Karl Suddes (Sep 1, 2023 09:09 GMT+1)

.. ~~.............................~~ ..............

K D Suddes - Trustee

The notes form part of these financial statements

Page 17

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) CHARITY BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

Notes
FIXED ASSETS
Intangible assets
13A
Tangible assets
14A
Investments
15A
CURRENT ASSETS
Stocks
16A
Debtors
17A
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
18A
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
Unrestricted funds
TOTAL FUNDS		 Unrestricted
fund
£
123,693
936,856
1,744,605
2,805,154
2,739
407,357
117,064
527,160
(436,741)
90,419
2,895,573
2,895,573		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-		 2022
Total
funds
£
123,693
936,856
1,744,605
2,805,154
2,739
407,357
117,064
527,160
(436,741)
90,419
2,895,573
2,895,573
2,895,573
2,895,573		 2021
Total
funds
£
33,735
977,698
1,932,776
2,944,209
-
386,467
307,061
693,528
(406,508)
287,020
3,231,229
3,231,229
3,231,229
3,231,229

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on Sep 1, 2023 ............................................. and were signed on its behalf by:

Sep 1, 2023

............................................. Jonathan Watson (Sep 1, 2023 08:44 GMT+1) J Watson - Trustee Sep 1, 2023 Karl Suddes (Sep 1, 2023 09:09 GMT+1)............................................. K D Suddes - Trustee

The notes form part of these financial statements

Page 18

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) CONSOLIDATED CASH FLOW STATEMENT 31 DECEMBER 2022

A COMPANY LIMITED BY GUARANTEE

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of tangible fixed assets
Sale of fixed asset investments
Interest received
Dividends received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2022
£
(130,677)
(130,677)
(108,843)
(6,273)
(167,309)
22,001
161,975
471
42,757
(55,221)
(185,898)
522,617
336,719		 2021
£
107,822
107,822
-
(40,713)
(338,310)
-
438,599
10
35,334
94,920
202,742
319,875
522,617

The notes form part of these financial statements

Page 19

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED

REGISTERED COMPANY NUMBER: 00989511 (England and Wales) CONSOLIDATED CASH FLOW STATEMENT

31 DECEMBER 2022

A COMPANY LIMITED BY GUARANTEE

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES


OPERATING ACTIVITIES
2022 2021
£ £
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities) (335,640) 196,406
Adjustments for:
Depreciation charges 50,937 40,387
Losses/(gain) on investments 193,505 (174,014)
Profit on disposal of fixed assets (4,463) -
Interest received (471) (10)
Dividends received (42,757) (35,334)
Decrease in stocks 21 5,754
(Increase)/decrease in debtors (8,036) 19,178
Increase in creditors 16,227 55,455
Net cash (used in)/provided by operations (130,677) 107,822
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.22 Cash flow At 31.12.22
£ £ £
Net cash
Cash at bank and in hand 522,617 (185,898) 336,719
522,617 (185,898) 336,719
Total 522,617 (185,898) 336,719

The notes form part of these financial statements

Page 20

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' EFA, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The consolidated financial statements include the accounts of the parent undertaking, it's subsidiary undertakings and proportion of the associate on an equity accounting basis, made up to the year ended 31st December 2022.

The results of the subsidiaries are included in the consolidated statement of financial activities from the date of their acquisition. No goodwill arose on consolidation.

In accordance with the concession granted under section 408 of the Companies Act 2006, no profit and loss account has been prepared for the holding company. Profits and losses dealt with in the accounts of the holding company are shown in note 12A

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Memberships are included under donations when they are receivable. Registrations are included in charitable activities.

The income from shows is shown gross with associated costs included in charitable activities. Deferred income is recognised as income that relates to the next financial period.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Direct charitable expenditure includes all expenditure considered to be directly related to the furtherance of the Charity's objectives.

Other costs of generating funds include the charity's shop and miscellaneous costs.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include all audit fees and costs linked to the strategic management of the charity.

Support costs include central functions which have been allocated to activities on the basis of the use of resources.

Allocation and apportionment of costs

Direct charitable expenditure includes all expenditure considered to be directly related to the furtherance of the Charity's objectives.

Other costs includes the Charity's shop and miscellaneous costs.

Support costs include central functions which have been allocated on the basis of the use of resources.

Intangible fixed asset amortisation

The Taurus database is being amortised over 10 years on a straight line basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

The notes form part of these financial statements

Page 21

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Motor Vehicles - 25% reducing balance basis Computer equipment - 50% straight line basis and 25% straight line basis

Fixed assets in excess of £200 are capitalised and land is not depreciated as this is deemed to be it's recoverable value.

Related party exemption

The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities have been eliminated on consolidation are not disclosed within the financial statements.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Group Undertakings

The following UK corporation tax arose on ordinary activities of Limousin Solutions Limited for the year 2022, £Nil (2021, £Nil), Semenstore Limited was £Nil (2021, £Nil) and Taurus Agridirect was also £Nil (2021: £nil)

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Investments

Investments

Listed investments have been professionally valued at 31st December 2021 and are included in the accounts at their fair value at that date. Realised and unrealised gains and losses on investments are dealt with in the statement of financial activities.

Unlisted investments have been valued at cost and reviewed for impairment.

Operating lease commitments

Rentals applicable to operating leases where substantially all of the benefits and risks ownership remain with the lessor are charged to income and expenditure as incurred.

Pension costs and other post-retirement benefits

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

Grant income

Grant income received and receivable is recognised in the Statement of Financial Activities when all performance conditions have been met.

Related Company and Consolidation

The notes form part of these financial statements

Page 22

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

1. ACCOUNTING POLICIES - continued

Investments

The Charity owns 100% of the issued share capital of Limousin Solutions Limited, (incorporated in the UK) It has agreed to pay over any of its profits to British Limousin Cattle Society Limited under gift aid. Limousin Solutions Limited owns 100% of Semenstore Limited which earns commission on the sale of semen and 100% of Taurus Agridirect Limited which is currently dormant.

All companies have a 31st December 2021 year end and their results are consolidated with those of British Limousin Cattle Society Limited in accordance with the SORP.

2. DONATIONS AND LEGACIES

Annual memberships
3.
OTHER TRADING ACTIVITIES
Shop sales
Miscellaneous
Semen sales
Remitted to suppliers
Entry fees
Packing and delivery
4.
INVESTMENT INCOME
Concorde house rent
Interest and dividends		 2022
£
135,574
135,574
2022
£
1,126
1,997
46,095
(33,310)
5,400
15,991
37,299
2022
£
22,072
43,228
65,300		 2021
£
136,654
136,654
2021
£
1,412
1,098
59,447
(45,793)
5,923
19,609
41,696
2021
£
27,230
35,344
62,574

The notes form part of these financial statements

Page 23

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

5. INCOME FROM CHARITABLE ACTIVITIES

Activity
Registration fees
Charitable activities
Registration refunds
Charitable activities
Import/export fees
Charitable activities
DNA testing
Charitable activities
Sale entries
Charitable activities
50thAnniversary
Charitable activities
Sales Commission
Charitable activities
Semen royalty (net)
Charitable activities
Sponsorship and advertising
Charitable activities
Limousin performance
recording
Charitable activities
6.
RAISING FUNDS
Other trading activities
Shop/ promotional goods
Packing and delivery
Health certificates
Support costs
Investment management costs
Support costs
Aggregate amounts
7.
CHARITABLE ACTIVITIES COSTS
Charitable activities		 Direct
Costs
£
715,979		 2022
£
512,479
(37,360)
2,400
171,113
6,500
62,639
64,051
11,982
13,875
36,670
844,349
2022
£
270
11,947
-
9,726
21,943
2022
£
10,516
32,459
Support
costs (see
note 8)
£
476,218		 2021
£
450,268
(32,810)
4,500
183,250
3,885
-
90,776
13,445
15,751
37,118
766,183
2021
£
5,754
10,852
(100)
7,886
24,392
2021
£
10,311
34,703
Totals
£
1,192,197

The notes form part of these financial statements

Page 24

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

8. SUPPORT COSTS

SUPPORT COSTS
Other trading activities
Investment management costs
Charitable activities		 Finance
£
621
8,857
2,428
11,906		 Governance
Other
costs
£
£
9,105
-
1,659
-
400,443
73,347
411,207
73,347		 Totals
£
9,726
10,516
476,218
496,460

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2022 2021
£ £
Depreciation - owned assets 32,052 32,387
Surplus on disposal of fixed assets (4,463) -
Taurus database amortisation 18,885 8,000

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

The company has reimbursed expenses incurred by trustees for travelling and council meeting expenses to the value of £8,121 (2021, £8,753) during the year. The number of trustees reimbursed was 11 (2021, 13).

11. STAFF COSTS

The aggregate payroll costs was as follows:

Wages and salaries
Social security costs
Pension costs		 2021
£
223,567
19,692
6,131
249,390		 2021
£
208,639
15,887
7,152
231,678

The average monthly number of employees during the year was as follows:

Breed secretary
Herd book personnel
Technical manager		 2022
1
5
1
7		 2021
1
4
1
6

The notes form part of these financial statements

Page 25

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

11. STAFF COSTS - continued

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2022
£60,001 - £70,000
1
£70,001 - £80,000
1
2
12.
SEMEN ROYALTY
2022
£
Gross sales
116,786
Less payment
(104,804)
Net amount
11,982		 2021
1
-
1
2021
£
107,459
(94,014)
13,445

12A. SURPLUS OF PARENT COMPANY

As permitted by Section 408 of the Companies Act 2006, the statement of Comprehensive income of the parent Company is not presented as part of these financial statements. The parent company's deficit for the financial year was £335,656 (2021: £202,471 surplus)

13. INTANGIBLE FIXED ASSETS (GROUP)

COST
At 1 January 2022
Additions
At 31 December 2022
AMORTISATION
At 1 January 2022
Charge for year
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021		 Taurus
database
£
69,735
108,843
178,578
36,000
18,885
54,885
123,693
33,735

The notes form part of these financial statements

Page 26

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

13A. INTANGIBLE FIXED ASSETS (CHARITY)

COST
At 1 January 2022
Additions
At 31 December 2022
AMORTISATION
At 1 January 2022
Charge for year
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021		 Taurus
database
£
69,735
108,843
178,578
36,000
18,885
54,885
123,693
33,735

14. TANGIBLE FIXED ASSETS (GROUP)

COST
At 1 January 2022
Additions
Disposals
At 31 December 2022
DEPRECIATION
At 1 January 2022
Charge for year
Eliminated on disposal
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021		 Freehold
property
£
1,073,689
4,130
-
1,077,819
136,035
18,506
-
154,541
923,278
937,654		 Fixtures
and
fittings
£
19,704
-
-
19,704
19,704
-
-
19,704
-
-		 Motor
vehicles
£
49,330
-
(27,655)
21,675
14,850
7,799
(10,118)
12,531
9,144
34,480		 Computer
equipment
£
64,683
2,143
(987)
65,839
49,219
5,747
(986)
53,980
11,859
15,464		 Totals
£
1,207,406
6,273
(28,642)
1,185,037
219,808
32,052
(11,104)
240,756
944,281
987,598

Included in cost or valuation of land and buildings is freehold land of £400,000 (2021 - £400,000) which is not depreciated.

The notes form part of these financial statements

Page 27

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

14A. TANGIBLE FIXED ASSETS (CHARITY)

COST
At 1 January 2022
Additions
Disposals
At 31 December 2022
DEPRECIATION
At 1 January 2022
Charge for year
Eliminated on disposal
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021		 Freehold
property
£
1,073,689
4,130
-
1,077,819
136,035
18,506
-
154,541
923,278
937,654		 Fixtures
and
fittings
£
19,704
-
-
19,704
19,704
-
-
19,704
-
-		 Motor
vehicles
£
49,330
-
(27,655)
21,675
14,850
7,799
(10,118)
12,531
9,144
34,480		 Computer
equipment
£
51,572
2,143
(987)
52,728
46,008
3,272
(986)
48,294
4,434
5,564		 Totals
£
1,194,295
6,273
(28,642)
1,171,926
216,597
29,577
(11,104)
235,070
936,856
977,698

Included in cost or valuation of land and buildings is freehold land of £400,000 (2021 - £400,000) which is not depreciated.

15. FIXED ASSET INVESTMENTS (GROUP)

Shares
Other
Additional information as follows:
MARKET VALUE
At 1 January 2022
Additions
Disposals
Revaluations
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021		 2022
£
1,715,105
4,000
1,719,105		 2021
£
1,903,276
4,000
1,907,276
Listed
investments
£
1,903,276
167,309
(161,975)
(193,505)
1,715,105
1,715,105
1,903,276

There were no investment assets outside the UK.

The notes form part of these financial statements

Page 28

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

15. FIXED ASSET INVESTMENTS (GROUP)- continued

Cost or valuation at 31 December 2022 is represented by:

Valuation in 2019
Valuation in 2020
Valuation in 2021
Valuation in 2022
Cost		 Listed
investments
£
(233,816)
20,093
174,014
(193,505)
1,948,319
1,715,105

Investments (neither listed nor unlisted) were as follows:

Cups and trophies
15A. FIXED ASSET INVESTMENTS (CHARITY)
Shares
Other
Additional information as follows:
MARKET VALUE
At 1 January 2022
Additions
Disposals
Revaluations
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021		 2022
£
4,000
2022
£
1,715,105
29,500
1,744,605		 2021
£
4,000
2021
£
1,903,276
29,500
1,932,776
Listed
investments
£
1,903,276
167,309
(161,975)
(193,505)
1,715,105
1,715,105
1,903,276

The notes form part of these financial statements

Page 29

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

15A. FIXED ASSET INVESTMENTS (CHARITY) - continued

There were no investment assets outside the UK.

Cost or valuation at 31 December 2022 is represented by:

Valuation in 2019
Valuation in 2020
Valuation in 2021
Valuation in 2022
Cost
Investments (neither listed nor unlisted) were as follows:
Investment in subsidiary
Cups and trophies		 2022
£
25,500
4,000
29,500		 Listed
investments
£
(233,816)
20,093
174,014
(193,505)
1,948,319
1,715,105
2021
£
25,500
4,000
29,500

The company's investments at the balance sheet date in the share capital of companies include the following:

The Charity's investments at the balance sheet date in the share capital of companies include the following:

Limousin Solutions Limited

Registered office: United Kingdom Nature of business: Charitable trading company

Limousin Solutions Limited
Registered office: United Kingdom
Nature of business: Charitable trading company
%
Class of share: holding
Ordinary 100
2022 2021
£ £
Aggregate capital and reserves 31,594 31,594
Semenstore Limited
Registered office: United Kingdom
Nature of business: Commission on sale of semen
%
Class of share: holding
Ordinary 100
2022 2021
£ £
Aggregate capital and reserves 19,338 19,320

The notes form part of these financial statements

Page 30

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

15A. FIXED ASSET INVESTMENTS (CHARITY) - continued

Taurus Agridirect Limited

Registered office: United Kingdom
Nature of business: Dormant
%
Class of share:
holding
Ordinary
100
Aggregate capital and reserves
16.
STOCKS (GROUP)
Stocks
16A. STOCKS (CHARITY)
Stocks
17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (GROUP)
Trade debtors
Other debtors
Prepayments and accrued income
17A. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (CHARITY)
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 2022
£
2,159
2022
£
2,739
2022
£
2,739
2022
£
215,154
-
29,872
245,026
2022
£
208,617
169,045
-
29,695
407,357		 2021
£
2,159
2021
£
2,760
2021
£
-
2021
£
209,294
158
27,538
236,990
2021
£
205,675
153,385
158
27,249
386,467

The notes form part of these financial statements

Page 31

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (CHARITY)

Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income		 2022
£
141,449
14,116
15,013
278,023
448,601		 2021
£
91,423
34,626
2,440
303,885
432,374

Deferred income includes £119,160 in respect of subscriptions invoiced in 2022 but relating to 2023 subscriptions. £121,670 deferred in 2021 was released in 2022.

8A. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (CHARITY)

Trade creditors
Amounts owed to group undertakings
Social security and other taxes
Other creditors
Accruals and deferred income		 2022
£
136,262
134
13,408
15,013
271,924
436,741		 2021
£
71,819
137
34,318
2,440
297,794
406,508

Deferred income includes £119,160 in respect of subscriptions invoiced in 2022 but relating to 2023 subscriptions. £121,670 deferred in 2021 was released in 2022

19. LEASING AGREEMENTS (GROUP)

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2022
£
7,894
29,024
36,918		 2021
£
7,894
29,024
36,918

19A. LEASING AGREEMENTS (CHARITY)

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2022
£
7,894
29,024
36,918		 2021
£
7,894
29,024
36,918

The notes form part of these financial statements

Page 32

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

20. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above a
Unrestricted funds
General fund
TOTAL FUNDS		 re as follows:
Incoming
resources
£
1,082,521
1,082,521		 At 1.1.22
£
3,258,602
3,258,602
Resources
expended
£
(1,224,656)
(1,224,656)		 Net
movement
in funds
£
(335,640)
(335,640)
Gains and
losses
£
(193,505)
(193,505)		 At
31.12.22
£
2,922,962
2,922,962
Movement
in funds
£
(335,640)
(335,640)

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.1.21
£
3,062,196
3,062,196		 Net
movement
in funds
£
196,406
196,406		 At
31.12.21
£
3,258,602
3,258,602

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
1,007,108
1,007,108		 Resources
expended
£
(984,716)
(984,716)		 Gains and
losses
£
174,014
174,014		 Movement
in funds
£
196,406
196,406

The notes form part of these financial statements

Page 33

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

20. MOVEMENT IN FUNDS - Continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.1.21
£
3,062,196
3,062,196		 Net
movement
in funds
£
(139,234)
(139,234)		 At
31.12.22
£
2,922,962
2,922,962

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
2,089,629
2,089,629		 Resources
expended
£
(2,209,372)
(2,209,372)		 Gains and
losses
£
(19,491)
(19,491)		 Movement
in funds
£
(139,234)
(139,234)

Unrestricted Fund:

The unrestricted funds represents the free funds of the charity, which are not designated for particular purposes.

Grant Funding :

A grant in respect of specific costs incurred on a specific project. During the year £Nil (20178: £44,280) was spent in respect of the Maternal Trait project of this £Nil (2017: £44,280 has been capitalised as an intangible asset and written off during the year..

21. EMPLOYEE BENEFIT OBLIGATIONS

British Limousin Cattle Society Limited operates a defined contributions pension scheme. The cost of contributions to the pension scheme amounted to £3,994 (2021: £5,040). At 31 December 2022 the outstanding amount was £nil (2021: £nil).

22. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’, not to disclose related party transactions with the wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

23. STATUS OF THE CHARITY

British Limousin Cattle Society Limited is a company limited by guarantee not having any share capital.

The notes form part of these financial statements

Page 34

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

INCOME AND ENDOWMENTS
Donations and legacies
Annual memberships
Other trading activities
Shop sales
Miscellaneous
Semen sales
Remitted to suppliers
Entry fees
Packing and delivery
Investment income
Concorde house rent
Interest and dividends
Charitable activities
Registration fees
Registration refunds
Import/export fees
DNA testing
Sale entries
50thAnniversary income
Sales Commission
Semen royalty (net)
Sponsorship and advertising
Limousin performance recording
Total incoming resources
EXPENDITURE
Other trading activities
Shop/ promotional goods
Packing and delivery
Health certificates
Charitable activities
Office supplies
Carried forward		 2022
£
135,573
135,573
1,126
1,997
46,095
(33,310)
5,400
15,991
37,299
22,072
43,228
65,300
512,479
(37,360)
2,400
171,113
6,500
62,639
64,051
11,982
13,875
36,670
844,349
1,082,521
270
11,947
-
12,217
45,336
45,336		 2021
£
136,655
136,655
1,412
1,098
59,447
(45,793)
5,923
19,609
41,696
27,230
35,344
62,574
450,268
(32,810)
4,500
183,250
3,885
-
90,776
13,445
15,751
37,118
766,183
1,007,108
5,754
10,852
(100)
16,506
45,274
45,274

This page does not form part of the statutory financial statements.

Page 35

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

Charitable activities
Brought forward
Subscriptions
Publications
Shows and events
Clubs
Other sales
50th anniversary
Taurus costs
DNA testing
Computer costs
Legal and professional
Communication and marketing
Limousin performance recording
Bad debts
Northern Ireland 50th show and sales
Herd inspections
Prize fund and sponsorship
Human resources
Support costs
Finance
Investec fees
Bank and credit card charges
Foreign exchange
Other
Salary and pension costs
Staff expenses - travel and accommodation
Concorde house premises expenses
Council expenses
Amort of taurus database
Freehold property
Fixtures and fittings
Motor vehicles depreciation
Computer equipment depreciation
Profit on sale of tangible fixed assets
Governance costs
Salary costs
Accounts and audit
Publications
Staff expenses - travel and accommodation
Council expenses		 2022
£
45,336
3,880
46,713
77,478
28,975
20,458
118,611
15,788
183,601
9,060
50,010
32,952
20,000
13,416
8,401
12,970
2,810
25,520
715,979
8,857
5,203
(2,154)
11,906
295,932
6,609
53,067
9,126
18,884
18,506
-
7,799
5,747
(4,463)
411,207
31,594
20,863
12,555
868
7,467
73,347		 2021
£
45,274
2,936
32,299
32,754
22,982
14,943
-
48,930
186,519
9,139
36,140
39,615
17,017
125
-
10,717
2,710
3,000
505,100
8,791
6,014
2,171
16,976
274,073
13,559
40,012
3,063
8,000
18,368
52
9,431
4,536
-
371,094
37,649
15,529
5,867
3,855
12,140
75,040

This page does not form part of the statutory financial statements.

Page 36

BRITISH LIMOUSIN CATTLE SOCIETY LIMITED REGISTERED COMPANY NUMBER: 00989511 (England and Wales) DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 A COMPANY LIMITED BY GUARANTEE

2022 2021
£ £
Total resources expended 1,224,656 984,716
Net (expenditure)/income before gains and
losses (142,135) 22,392
Realised recognised gains and losses
Unrealised / realised investment gain/loss (193,505) 174,014
Net (expenditure)/income (335,640) 196,406

This page does not form part of the statutory financial statements.

Page 37

British Limousin Cattle Society Consolidated Accounts

Final Audit Report

2023-09-04

Created: 2023-08-31 By: Mark Bullock (chris.ingram@murphysalisbury.com) Status: Signed Transaction ID: CBJCHBCAABAAp4uVPF3iLN5x8VWTX070L8ow7PBfJShI

"British Limousin Cattle Society Consolidated Accounts" History

Document created by Mark Bullock (chris.ingram@murphysalisbury.com)

2023-08-31 - 1:20:59 PM GMT

Document emailed to jonathan@bowsdenmoor.co.uk for signature

2023-08-31 - 1:46:08 PM GMT

Email viewed by jonathan@bowsdenmoor.co.uk

2023-09-01 - 7:41:32 AM GMT

Document e-signed by Jonathan Watson (jonathan@bowsdenmoor.co.uk)

Signature Date: 2023-09-01 - 7:44:35 AM GMT - Time Source: server

Document emailed to karl_suddes@hotmail.com for signature

2023-09-01 - 7:44:36 AM GMT

Email viewed by karl_suddes@hotmail.com

2023-09-01 - 8:06:15 AM GMT

Signer karl_suddes@hotmail.com entered name at signing as Karl Suddes 2023-09-01 - 8:09:21 AM GMT

Document e-signed by Karl Suddes (karl_suddes@hotmail.com)

Signature Date: 2023-09-01 - 8:09:23 AM GMT - Time Source: server

Document emailed to mark.bullock@murphysalisbury.com for signature 2023-09-01 - 8:09:25 AM GMT

2023-09-01 - 10:07:04 AM GMT

Agreement completed.

2023-09-04 - 9:40:14 AM GMT